Silver Prices Fall By Rs 3000, Check Latest Prices In Your City Here

Silver prices saw a sharp fall in the global markets, with a near 5% sell-off, as investors booked profits at higher levels. Reflecting the global mood, Silver on the MCX for July delivery dropped as much as Rs 3000 or nearly 4%. Silver on the MCX for July delivery is now quoting at Rs 73,781.

Spot silver rates in India are also expected to open lower by Rs 3000 per kg at the very least. Silver rates in Bangalore per kg, which were at Rs 77,600 per kg, should likely dip by Rs 3000 or slightly lower. Chennai silver per kg which was at Rs 82,00 per kg, should follow a similar trend. Mumbai, silver rates which were at Rs 77600 per kg, should also decline by about Rs 3000, when establishments selling silver ware open-up. Spot rates tend to follow overnight MCX rates. Hyderbad silver rates and Delhi too are likely to see sharp decline by almost 4%.

Globally, a sudden sell-off in silver caught some investors by surprise as the price dropped significantly below $25 an ounce.

However, while silver could see further selling pressure in the near term, some analysts said its structural bull market remains intact.

"Today's price action was mostly profit-taking and weak long liquidation from the shorter-term futures traders," said Jim Wykoff, senior technical analyst at Kitco.com. "However, strong follow-through selling pressure and a technically bearish weekly low close on Friday would begin to suggest a market top is in place. Bulls need to step up Friday."