Silver Rates Drop Rs. 800 In The Past 3 Days, Want To Buy: Check Rates

The Indian silver market is marginally down this week. Silver prices, on July 23, is quoted at Rs. 5510/100 grams, falling by Rs. 30/100 grams in one day. Today, in the international markets also, silver has been significantly bearish. However, the silver rates have fallen by Rs. 80/100 grams in the past 3 days, so it has fallen by Rs. 800/1 kg during the same period. In the country, showing a bearish trend, the metal plunged by 3.30% in June, setting a better scope for the retail market to gain.

Today, in the Comex futures market, silver was quoted at $18.49 falling by 1.22%, and yesterday the metal closed at $18.719. In the past 1 year, in Comex silver prices have fallen sharply by 25.07%. In the spot market, silver prices stood at $18.67, falling by 1.49%. Significantly, the US dollar index in the spot market stood at 106.56. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 55100/kg, falling by 0.56%.

Commenting on the silver and other precious metal market, analysts Phillip Streible told Kitco News, "We remain bearish, taking tactical shorts on U.S equities on any significant bounce targeting the Nasdaq and Russell 2000. The leveraged stocks that make up these indices are most at risk during a recession. One of the most popular precious metals questions I fielded this week was, "at what levels will the "bearish trend" shift to "bullish/neutral"? Those levels are $1787 for August Gold, $3.82 for September Copper, $903.1 for October Platinum, and $20.20 for September Silver. If we see closes above these levels, you can expect the short covering to accelerate into outright longs. Any new positioning should be in December 2022 or into 2023 on futures contract purchases."

Today's silver rates in important Indian cities:

City	Silver rate (100 grams)
Mumbai	Rs. 5510
Delhi	Rs. 5510
Ahmedabad	Rs. 5510
Kolkata	Rs. 5510
Chennai	Rs. 6120
Bangalore	Rs. 6120
Hyderabad	Rs. 6120