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Silver Rate Falls To Rs. 605/10 Grams In India, Invest Now?
Silver is a precious metal that is gaining investors' notice due to its good long-term returns. Today, on June 22, the silver rate was quoted at Rs. 605/10 grams in India, by falling marginally. From March 2020, when the pandemic started to hit, metal prices also thrived sharply. However, this year silver has not seen any major gain, rather from April 2022, silver prices have fallen significantly. Hence, for good long-term returns, investors can buy along with gold, to beat the rising inflation.
Today, in the Mumbai Commodity Exchange (MCX), silver July futures are quoted at Rs. 60698, falling by 0.94%. In the Comex futures market, silver was quoted at $21.455, falling by 1.44%, and yesterday the metal closed at $21.76. In the past 1 year, silver prices have fallen by -17.54% globally.
Today's silver rates in different Indian cities:
| City | Silver rate |
|---|---|
| Mumbai | Rs. 605 |
| Delhi | Rs. 605 |
| Ahmedabad | Rs. 605 |
| Kolkata | Rs. 605 |
| Chennai | Rs. 660 |
| Bangalore | Rs. 660 |
| Hyderabad | Rs. 660 |
According to analyst Jim Wyckoff, who commented to Kitco News about the upcoming price estimation, said, "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 the overnight high of $21.675 and then at $22.00. Next support is seen at the overnight low of $21.205 and then at $21.00."
