Silver Price Today: Rate Falls Rs 50 per 10 gm to Rs 2,200 in 7 Cities

New Delhi, Oct 23: Silver is priced at Rs. 2,200 for 10 grams in seven of the 10 cities on Friday, namely Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad, which makes it Rs. 22,000 for 100 grams and Rs. 2,20,000 for a kilogram. The rate works out to Rs. 220 per gram, which is the national rate. That is Rs. 50 lower than the Rs. 2,250 per 10 grams charged in every city on Thursday.

Chennai, Hyderabad and Kerala stayed at Rs. 2,250 per 10 grams, which means they now carry a Rs. 50 premium over the rest of the country. In the seven cities that fell, 100 grams is Rs. 500 cheaper and a kilogram is Rs. 5,000 cheaper than on Thursday, a fall of about 2.2 per cent.

It is the second straight cut in the seven cities, which were at Rs. 2,300 on Wednesday and Rs. 2,250 on Thursday. The three southern markets, at Rs. 2,400 on Monday, October 19, paused after Thursday’s cut. Taken from Monday, the rate is Rs. 100 lower in the seven cities, a drop of about 4.3 per cent, and Rs. 150 lower in the three southern markets, a drop of about 6.3 per cent.

Domestic equities were weaker. The Nifty 50 was at 22,494.60 at 10:47 am, down 193.05 points or 0.85 per cent from Thursday’s close of 22,687.65.

City-Wise Prices

Silver prices in 10 cities across India on Thursday, October 22, and Friday, October 23, per 10 grams, along with the difference.

Source: Goodreturns.in

The change is larger over a longer stretch. The table below sets Friday’s rates against those of Monday, October 12, per 10 grams.

Source: Goodreturns.in

Every city is lower by the same Rs. 200 per 10 grams over the 11 days, a fall of about 8.3 per cent in seven cities and 8.2 per cent in Chennai, Hyderabad and Kerala.

These are rates for the metal alone. Silver jewellery costs more once making charges and 3% GST are added. On a 10 gram purchase at Rs. 2,200, the GST alone comes to Rs. 66.

With Dussehra behind us and Dhanteras and Diwali still ahead, coins, idols and utensils tend to draw buyers. At Rs. 2,200 per 10 grams, 100 grams costs Rs. 500 less than it did on Thursday in seven cities. The question is whether Rs. 2,200 holds as a floor.

Jewellery Stocks Today

Jewellery stocks were sharply lower in morning trade on Friday as the Nifty 50 fell 0.85 per cent. Senco Gold (SENCO) fell 4.60 per cent, PN Gadgil Jewellers (PNGJL) 4.35 per cent, Vaibhav Global (VAIBHAVGBL) 4.23 per cent and Silgo Retail (SILGO) 1.31 per cent.

Source: NSE market data

Senco Gold was trading at ₹302.00 around 10:46 am, down ₹14.55 or 4.60 per cent from Thursday’s close of ₹316.55. It opened at ₹315.00, which was also its high of the day, and then slid. It touched a low of ₹299.80, 5.3 per cent below the previous close, and is trading below its volume-weighted average price (VWAP) of ₹305.51.

PN Gadgil Jewellers opened at ₹570.10 against a previous close of ₹577.15, a gap-down of about 1.2 per cent, and touched a high of ₹573.65 in the opening minutes. It then slipped in steps to a low of ₹550.10, 4.7 per cent below the previous close, and has since traded in a narrow band. It is at ₹552.05, down 4.35 per cent and below its VWAP of ₹559.14.

Vaibhav Global opened at ₹195.05 against a previous close of ₹195.22, and its high of ₹195.22 was the same as that previous close. It then fell steadily to a low of ₹185.91 around 10:40 am, 4.8 per cent below the previous close. It is trading at ₹186.96, down 4.23 per cent, below its VWAP of ₹189.70.

Silgo Retail opened at ₹68.90, the same as its previous close, which was also its high of the day. It dipped in the opening minutes and again around 10:15 am, with a low of ₹67.41, 2.2 per cent below the previous close. It is trading at ₹68.00, down 1.31 per cent and below its VWAP of ₹68.25.

Order book data showed sellers ahead on all four counters. Senco Gold had 64.28 per cent of total quantity on the sell side, with 1,67,031 shares against 92,818 on the buy side. Silgo Retail was at 62.34 per cent sell, with 14,778 shares against 8,929, PN Gadgil Jewellers at 61.58 per cent, with 65,727 against 41,010, and Vaibhav Global at 54.95 per cent, with 43,505 against 35,662.

Investors looking to diversify beyond physical silver can also explore the list of Silver ETFs in India, which allow exposure to silver prices without the need to store physical metal: https://hdfcsky.com/etf/silver-etf

Source:

• Goodreturns.in
• NSE market data. Rates are indicative and subject to change; confirm with your local dealer before purchase.