Chandi Ki Chamak Giri! Silver Rates On Oct-24; Check Silver Prices In Chennai, Hyderabad, Mumbai, More Cities

Silver rates in India declined sharply on October 24, an opposite trend from gold rates in India that jumped significantly. 1Kg silver price is down by Rs 3,000! The trend in silver prices of India tracked the international spot gold price which was headed for a 6% decline in the current week. Investors are likely concerned that silver is overpriced and hence profit booking is seen. What should investors do ahead?

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1Kg silver price plunged by Rs 3,000 to Rs 1,56,000, while 100 grams and 10 grams silver rates dropped by Rs 300 and Rs 30 to Rs 15,600 and Rs 1,560 respectively. 8 grams of silver is down by Rs 24 to Rs 1,248 and the cheapest silver is priced at Rs 156 per 1 gram which is down by Rs 3.

It needs to be noted that silver prices have been falling since October 16th. Prior to October 24th, 1kg silver price dropped by Rs 1,000 on October 23rd, followed by steep decline of Rs 4,000 on October 22nd. The second worst single-day performance was seen on October 21st, where 1Kg silver plunged by Rs 8,000 and Rs 13,000 respectively. Silver rate was unchanged on October 20th and 19th.

This month, the worst single-day decline in silver was on October 18th by Rs 13,000. Earlier, silver fell by Rs 4,000 to Rs 1,000.

From October 16th to October 24h, 1Kg silver price has nosedived by Rs 34,000.

Check Silver Rates In Major Cities:

Silver Rates In Mumbai + Silver Rates In Delhi + Silver Rates In Kolkata:

In these three cities, the price of 1kg silver is at Rs 1,56,000, while 100 grams and 10 grams is available at Rs 15,600 and Rs 1,560.

Silver Rates In Bengaluru:

Unlike the above-mentioned cities, 1Kg silver is available at Rs 1,58,000. The prices of 100 grams and 10 grams silver is at Rs 15,800 and Rs 1,580.

What Is Impacting Silver Prices?

As per Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA), silver has experienced a modest correction following its excellent performance at the beginning of this month, responding to a combination of international signals and investor profit-taking. Also, slowing industrial demand has temporarily declined the market sentiment.

Silver Rates Outlook Ahead:

Looking ahead, Kamboj expects silver to have a positive long-term picture behind it due to its dual positioning as a precious and industrial metal. With clean-energy applications continuing to expand, growth or increased activity is expected to resume once prices stabilize after a period of fluctuation.

Spot Silver Price:

Silver slipped to around $48.6 per ounce on Friday and was on track to lose over 6% for the week, as profit-taking swept through the market amid concerns that the metal may have entered overvalued territory, as per Trading Economics.

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