New Delhi: The Indian bullion market—spanning from New Delhi to Mumbai and Kolkata—has witnessed a continuous downward trend in silver prices, bringing smiles to the faces of customers. On Friday, the final day of the trading week, a decline of ₹5,000 was recorded in the market price of silver.
Key Takeaways
Quick Read- The Decline: Silver prices fell by ₹5,000 per kilogram on the final trading day of the week.
- Current Rate: 999-purity silver is now retailing at ₹2.70 lakh per kilogram across major cities.
- Previous Day: The market closed at ₹2.75 lakh per kilogram on Thursday.
- Recent Peak: Just a few days ago, silver had surged to a historic high of ₹4.10 lakh per kilogram.
If you are planning to purchase silver, do not delay. We are here to provide you with the latest information regarding silver rates, thereby completely resolving any confusion you may have.
Massive Single-Day Drop
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The Decline: Silver prices fell by ₹5,000 per kilogram on the final trading day of the week.
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Current Rate: 999-purity silver is now retailing at ₹2.70 lakh per kilogram across major cities.
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Previous Day: The market closed at ₹2.75 lakh per kilogram on Thursday.
2. Major Correction from All-Time Highs
Today’s price of ₹2.70 lakh reflects a substantial cooling off from previous peaks:
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Recent Peak: Just a few days ago, silver had surged to a historic high of ₹4.10 lakh per kilogram.
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Total Correction: Silver is currently trading ₹1.40 lakh cheaper than its recent peak, marking a significant market shift.
Check Rates in These Major Cities
In Mumbai, the price of 999-purity silver tumbled by ₹5,000, settling at ₹270,000 per kilogram. In contrast, the previous day saw silver trading at ₹275,000 per kilogram. In Delhi, the rate for 999-purity silver dropped by ₹5,000, bringing the price down to ₹270,000 per kilogram. Just a day earlier, the silver rate was observed trading at ₹275,000 per kilogram.
Furthermore, silver prices in Chennai also slid by ₹5,000. The current rate for silver in Chennai is being recorded at ₹270,000 per kilogram, whereas the previous day’s rate stood at ₹275,000 per kilogram.
In Lucknow as well, 999-purity silver was recorded at ₹270,000 per kilogram following a decline of ₹5,000. The previous day’s rate in Lucknow was recorded at ₹275,000 per kilogram. Similarly, in Bhopal, the rate for 999-purity silver is currently trending at ₹270,000 per kilogram, down from the previous day’s rate of ₹275,000 per kilogram.
Silver Had Reached Significant Highs
Before this decline, silver prices in the Indian bullion market had been recorded at significantly high levels. A few days ago, the price of 999-purity silver surged to ₹4.10 lakh per kilogram. Subsequently, a gradual downward trend began.
Currently, silver is trading at ₹2.70 lakh per kilogram. This means that, overall, silver is now trading at a level that is ₹1.40 lakh per kilogram below its peak.
