Silver Rate Falls Sharply By 1.43% In The International Futures Market

In the international markets, silver rates plunged sharply after the US Consumer Confidences level drops to 98.7 in June. Today, on June 28, the silver rate is quoted at Rs. 6000/100 grams in India, falling by Rs. 30/100 grams. Indian silver rates are decided based on the global price graph. The US Consumer Confidences fell sharply due to inflationary pressures.

Today, in the Mumbai Commodity Exchange (MCX), silver July futures are quoted at Rs. 59690/kg, falling by 0.43%. In the Comex futures market, silver was quoted at $20.86, falling by 1.43%, and yesterday the metal closed at $21.16. In the past 1 year, in Comex silver prices have fallen sharply by 21.04%.

"July silver futures bears have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the June high of $22.565 an ounce. The next downside price objective for the bears is closing prices below solid support at the May low of $20.42. First resistance is seen at this week's overnight high of $21.535 and then at $21.75. Next support is seen at $21.00 and then at $20.845," according to analyst Jim Wyckoff, who commented to Kitco News about the upcoming price estimation.

Today's silver rates in important Indian cities: