Silver Rate In India Nosedives by Rs. 22000 in Just 48 Hrs; Gold Rates Crash Too; Check City-Wise Prices Today

After a stunning rally that pushed prices to record highs, silver rates in India are finally showing signs of cooling off. The precious metal has seen a sharp correction of nearly 10% over the last two sessions, mainly because of profit booking by investors after the recent surge.

On the Multi Commodity Exchange (MCX), silver futures for the March 5 expiry rebounded modestly after the steep fall seen earlier. At the time of writing, MCX silver futures were trading at around Rs. 2,36,862 per kg, up about 5.4%, showing some short-term recovery after the correction.

According to ICICI Direct, the near-term outlook for silver remains range-bound. The broking said, "MCX Silver March is expected to trade in the range of Rs. 2,20,000 to Rs. 2,32,500. A decisive break below Rs. 2,20,000 could turn the trend bearish, with prices potentially drifting towards Rs. 2,18,000."

Silver Rate in India Today

On Dec 30, the retail silver rates in India fell by Rs 18,000 per kg to cost Rs 2,40,000. Similarly, 100 grams of silver cost Rs. 24,000 after declining by Rs. 1800.

Silver Prices in Other Major Indian Cities

Silver prices in Chennai today dropped even more, as 1 kg of silver in Chennai costs Rs 2,58,000 after falling by Rs 23,000.

Bangalore silver prices today, on December 16th, are Rs 240,000 per 1 kg, which fell by Rs 18,000.

On a similar note, silver prices in Hyderabad today are standing at Rs. 2,58,000 after falling by Rs. 23,000 per kg.

Just like in Chennai, Bangalore & Hyderabad, the silver rate in Mumbai fell by Rs. 18,000, bringing the prices to Rs. 240,000 per kg.

Gold Rates in India Today

On 30th December, the 24-carat gold rates in India crashed by Rs. 3,050 to cost Rs. 1,36,200, while the 22-carat gold rate today fell by Rs. 2,800 to retail at Rs. 1,24,800. Meanwhile, the 18-carat gold rates in India also declined by Rs. 2510, currently at Rs.1,01,930.

Silver Price Analysis

"Silver tumbled 11% in its biggest intraday decline since September 2020. Both metals posted a sharp retreat from fresh all-time highs that triggered signals that their rallies had run too fast, too soon. Technical indicators for bullion supported the selloff, with the 14-day relative strength index, a gauge of buying and selling momentum, in overbought territory for the past two weeks. The white metal gained more than 25% since mid-December, with its RSI staying well above 70. Silver's sharp reversal Monday came hours after soaring above $84 an ounce as surging Chinese investment demand pulled the metal higher." as per IBJA.

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