Silver Rates in India Nosedive by Rs. 5000/ kg, March 14; White Metal Sees Sharp Weekend Fall

The White Metal on Saturday crashed sharply despite the spike in demand for retail silver this week. Silver rate in India has fallen by Rs. 15000 in the last 3 days.

The sharp crash is bad news for investors who have bought silver futures at higher levels when silver was at record high at Rs. 4,15,000 per kg. At the same time, the drop in the silver rate in India is being welcomed by common people who were already frustrated over rising rates. Silver is currently below 33% from its 52-week high level.

Silver prices in the international market extended losses at the end of the week's trading, with spot silver now above $80 per ounce after losing more than 4%.

"Silver declined in the previous trading session, falling by around 1.31% to $82.34 per ounce (approximately Rs. 2,44,696 per kg) as rising crude oil prices and persistent inflation concerns weighed on the metal. Crude oil (WTI) also climbed to $96.61 per barrel (around Rs. 8,930), driven by escalating tensions related to the Iran conflict and fears of supply disruptions. The volatility in commodity markets, particularly due to rising energy prices and inflation risks, has kept traders cautious," said Gaurav Garg, Research Analyst at Lemonn Markets Desk.

Even on the Multi Commodity Exchange, silver futures prices fell 0.62% before settling on Friday at Rs. 2, 59,279 per kg.

According to a report by Nirmal Bang Securities, "Silver prices are expected to correct. Traders can sell at 271000 with a stop loss of 277000 for the target at 263000-255000."

Silver Prices in Other Major Indian Cities

Here is the list of City-wise Silver Prices on Saturday, March 14

City	Silver Price Today (per kg)
India (Average)	Rs. 2,75,000 (-Rs. 4,900)
Chennai	Rs. 2,80,000 (-Rs. 10,000)
Bengaluru	Rs. 2,75,000 (-Rs. 5,000)
Hyderabad	Rs. 2,80,000 (-Rs. 10,000)
Mumbai	Rs. 2,75,000 (-Rs. 5,000)

Latest Spot Silver Price

"Silver prices retreated over 4% toward $80 per ounce on Friday as a resurgent US dollar amid fading expectations for interest rate cuts overshadowed the traditional appeal of precious metals. The dollar strengthened as investors sought safety after the United States military announced its largest wave of strikes yet against Iranian targets following the continued blockade of the Strait of Hormuz." as per Trading Economics.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.