Silver prices fell, prices fell from Delhi to Mumbai; Check the latest rates of major 10 cities Silver Price Today

A decline in silver prices has been recorded in the Indian bullion market today amid fluctuations in the prices of precious metals. Weakness in global commodity markets and fluctuations in domestic industrial demand have had a direct impact on retail prices. Silver prices have come down from the capital Delhi, Mumbai, Kolkata to the South Indian markets, which has brought some relief to the buyers of jewelery and coins.

According to commodity experts, there is pressure in the bullion market due to the strength of the dollar index at the international level and the upcoming economic stance of the US Federal Reserve. Along with this, selling pressure was also seen in the domestic spot markets due to profit booking on the Multi Commodity Exchange (MCX).

Latest silver prices in 10 major cities of the country

There is a slight variation in silver prices in different states and cities of the country due to local transport expenses, octroi charges and state level VAT/tax. Today’s prices in major cities are as follows:

Note: In addition to these basic bullion market rates, 3% GST and jewelers’ making charge is payable separately while purchasing jewelery or bars.

Main reasons for fall in silver prices

Bullion traders and financial analysts believe that several domestic and global factors are at work behind the current decline:

• Slowdown in global markets: Both domestic futures and spot markets have been affected by the selling of silver in the international spot market (Comex).

• Dollar strength: The strengthening of the US dollar makes commodity purchases more expensive for countries with other currencies, leading to reduced demand.

• Stagnation in Industrial Demand: There has been a temporary slowdown in new purchases of industrial silver from the automobile, electronics and solar panel sectors.

• Profit Booking: After seeing a bullish trend in the last few sessions, big investors and traders have booked profits at higher levels.

Why does the price of silver remain high in South India?

It is often seen that silver prices are slightly higher in South Indian cities like Chennai and Hyderabad as compared to North India. The main reason for this is the high traditional and cultural demand for silver in South India. Additionally, supply chain logistics and premiums set by local bullion associations also influence these rates.

Pay special attention to these things while shopping

If you are planning to buy silver for jewelery or investment purposes, be sure to check these parameters:

• Hallmarking and Purity: Always check for 999 (pure silver), 925 (sterling silver) or 900 purity standards. BIS hallmarked products guarantee purity.

• Bills and GST: Make sure to get a firm bill of purchase, which clearly mentions the net weight of silver, metal rate, making charges and 3% GST.

• Buyback Policy: Get complete information about the buyback terms from the jeweler in advance.