Silver Rate In Drop By A Tad, Quoted At Rs. 6000: Check Rates In Cities

Silver rates in India this week have mostly been bearish due to a fall in international prices. Today, on June 24, the silver rate is quoted at Rs. 6000/100 grams in India. The rates have fallen only by Rs. 20/100 grams today. If investors are thinking of other assets than gold to invest in, silver can be a good option. This month, the gold market has been highly volatile, however, silver has shown lesser volatility in prices. But, the metal is known for giving good long-term returns. In April, gold has seen a sharp drop in prices after the Russia - Ukraine war eased, rates dropped by 6.07% in the month. Since then, the rates have been falling consistently. So, for a high long-term return, you can invest in silver.

In the Indian markets, on March 13, this year, the silver rate stood at Rs. 747/10 grams, and today, on June 24 the rate went down to Rs. 600/10 grams. So, the metal has fallen significantly by Rs. 147/10 grams in the past 6 years. Today, in the Mumbai Commodity Exchange (MCX), silver July futures are quoted at Rs. 59669, gaining by 0.28%. In the Comex futures market, silver was quoted at $21.13, surging by 0.44%, and yesterday the metal closed at $21.04. In the past 1 year, silver prices in the futures markets have fallen by --19.57% globally. It is known that silver rates in the global markets are influenced by the inflation rate, interest rate hikes, economic developments, and demands. These factors again impact the domestic silver prices, as Indian silver rates are fixed depending on the global markets.

Today's silver rates in different Indian cities: