Gold and silver rates in India are decided based on the international prices daily. Today, on June 29, silver rate is quoted at Rs. 5940/100 grams in India, falling sharply by Rs. 60/100 grams. The precious metal's rates highly depend on the US Dollar index. As the US currency is getting firmer against the other currencies, the commodity has seen a sharp drop.

Today, in the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 59847.00/kg, falling by 0.57%. In the Comex futures market, silver was quoted at $20.79, falling by 0.39%, and yesterday the metal closed at $20.87. In the past 1 year, in Comex silver prices have fallen sharply by 21.04%.

According to analyst Jim Wyckoff, who commented to Kitco News, "July silver futures were down $0.136 at $20.67 in midday trading today and nearer the session low. The silver bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the June high of $22.565 an ounce. The next downside price objective for the bears is closing prices below solid support at the May low of $20.42. First resistance is seen at $21.00 and then at Tuesday's high of $21.355. Next support is seen at the June low of $20.545 and then at $20.42."