Silver Price Update – Silver prices plummeted a few days ago, making purchasing difficult. But now, some relief is on the horizon. A significant reduction in silver prices in the bullion market has brought cheer to customers. According to a report, gold prices have fallen by approximately 17%.
It once seemed that silver would surpass Rs 2 lakh per kg, but now there’s a sigh of relief. Before Dhanteras and Diwali, silver prices skyrocketed to Rs 1.85 thousand per kg, but then saw a sharp drop.
On Friday, the last day of the trading week, silver was recorded at Rs 1.47 lakh per kg. This means that the price has fallen by approximately Rs 38,000 in ten days, bolstering customer expectations.
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Silver Prices in the Global and Domestic Markets
According to a media report, the global silver price was recorded at $54.47 per troy ounce a week ago. However, on Friday, the last day of the trading week, it remained at $48.5 per troy ounce. According to ET, bullion traders reported that large shipments from the US and China to London have certainly eased the pressure on prices.
Simultaneously, the price of silver in India trended at Rs 1.85 lakh per kilogram on October 15. Furthermore, the London stock market directly influences silver prices. The sharp drop in silver prices is expected to lead to a surge in buying among consumers.
Gold and silver prices continue to fluctuate.
For information, gold and silver prices in the Indian bullion market have been fluctuating for quite some time. It once seemed that the price of silver would surpass Rs 2 lakh per kilogram. But now the situation has returned to normal. A drop of up to Rs 38,000 in the last ten days has brought great joy to consumers. If you are considering buying silver, don’t delay.
