Silver Rates Observe Sharp Rise By 4% In Global Market: Check Indian Silver Rates

Silver prices in the international markets have shown a sharp rise today, even after the publication of US employment data in the last week. A weak US Dollar index has helped both gold and silver rates to surge globally. Silver rate, on August 8, in India, is quoted at Rs. 5740/100 grams. Silver rates plunged significantly on the last trading day, as US jobs data improved surprisingly to 528,000 in July, indicating an improving economic condition. The US Fed is also trying to control inflation by raising the interest rate. However, today's fall in the US Dollar index has been positive for silver, on the first trading day of this week, globally and domestically.

Estimating the upcoming market trend for silver, analyst Jim Wyckoff told Kitco News, "September silver futures bears have the overall near-term technical advantage. However, recent price gains suggest a market bottom is in place. Silver bulls' next upside price objective is closing prices above solid technical resistance at $21.50. The next downside price objective for the bears is closing prices below solid support at $19.00. First resistance is seen at the August high of $20.51 and then at $20.75. Next support is seen at $20.40 and then at the overnight low of $19.745."

Today, in the Comex futures market, silver was quoted at $20.64 gaining by 4.00%, and yesterday the metal closed at $19.842. In the past 1 year, in Comex silver prices have fallen sharply by 16.04%. In the spot market, silver prices stood at $20.72, gaining by 3.58%. Significantly, the US dollar index in the spot market stood at 106.32, falling by 0.31%. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 59076/kg, gaining by 2.98%.

Today's silver rates in major Indian cities: