Silver rates in India, today, on July 2 fell to the lowest level this year. The metal is quoted at Rs. 5780/100 grams in India, falling sharply by Rs. 120/100 grams. As the US dollar index is sharply bullish today and US bond yields are also on the verge of gaining, silver rates are under pressure.
The gold market is also showing the same trend in the international markets, due to the same reason. However, the high inflation rate can further push the rates above.
According to a Kitco News report, "The key outside markets today see Nymex crude oil prices higher and trading around $108.80 a barrel. The U.S. dollar index is solidly higher in early US trading. The yield on the 10-year US Treasury note is fetching 2.954%."
Today, in the Comex futures market, silver was quoted at $19.855, falling by 2.44%, and yesterday the metal closed at $20.352. In the past 1 year, in Comex silver prices have fallen sharply by 25.48%. In the spot market, silver prices stood at $20.00, falling by 1.73%. Significantly, the US dollar index in the spot market surged to 105.10. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 58,182/kg, falling by 1.20%.