Silver Rate In India Gains Marginally, Follows Global Trend: Check Rates Here

Silver prices in the country have gained surged marginally today, on July 7, in line with the international trend. Silver is quoted at Rs. 5700/100 grams in India. The metal has gained only by Rs. 10/100 grams today. However, the metal has been sharply bearish yesterday; silver rates dropped by Rs. 200/100 grams. The silver market has been down for the consecutive three months. In June the metal dropped by 3.30%, in May the metal dropped by 2.99%, in April the metal dropped by 6.07%.

Today, in the Comex futures market, silver was quoted at $19.18 gaining by 0.11%, and yesterday the metal closed at $19.159. In the past 1 year, in Comex silver prices have fallen sharply by 27.10%. In the spot market, silver prices stood at $19.33, gaining by 0.16%. Significantly, the US dollar index in the spot market surged to 107.11, gaining by 0.05%. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 56916/kg, surging by 0.33%.

Commenting on the silver price estimation, analyst Jim Wyckoff stated, "September silver futures bears have the solid overall near-term technical advantage as prices hit a two-year low Wednesday. Silver bulls' next upside price objective is closing prices above solid technical resistance at the May low of $20.525. The next downside price objective for the bears is closing prices below solid support at $18.00. First resistance is seen at $19.50 and then at $19.85. Next support is seen at $19.00 and then at this week's low of $18.705."

Today's silver rates in important Indian cities:

City	Silver rate (100 grams)
Mumbai	Rs. 5700
Delhi	Rs. 5700
Ahmedabad	Rs. 5700
Kolkata	Rs. 5700
Chennai	Rs. 6240
Bangalore	Rs. 6240
Hyderabad	Rs. 6240