New Delhi, Oct 22: Silver is priced at Rs. 2,250 for 10 grams in all 10 cities tracked by Goodreturns.in on Thursday, which makes it Rs. 22,500 for 100 grams and Rs. 2,25,000 for a kilogram. The rate works out to Rs. 225 per gram. That is Rs. 50 lower than the Rs. 2,300 per 10 grams charged in every city on Wednesday.

Every one of the 10 cities is Rs. 50 cheaper per 10 grams than on Wednesday, a fall of about 2.2 per cent. Chennai, Hyderabad and Kerala have come down along with the rest of the country. In every market, 100 grams is Rs. 500 cheaper at Rs. 22,500 and a kilogram is Rs. 5,000 cheaper at Rs. 2,25,000.

The cut follows Wednesday’s Rs. 100 fall in Chennai, Hyderabad and Kerala, which had ended the premium those three markets were charging. Tuesday was a trade holiday on account of Dussehra, so Wednesday’s moves were measured against Monday’s rates. Taken from Monday, October 19, the rate is Rs. 150 lower in the three southern markets, from Rs. 2,400, a drop of about 6.3 per cent, and Rs. 50 lower everywhere else, from Rs. 2,300, a drop of about 2.2 per cent.

Domestic equities were weaker. The Nifty 50 was at 22,668.30 around 10:20 am, down 143.05 points or 0.63 per cent from Wednesday’s close of 22,811.35.

City-Wise Prices

Silver prices in 10 cities across India on Wednesday, October 21, and Thursday, October 22, per 10 grams, along with the difference.

Source: Goodreturns.in

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

Source: Goodreturns.in

Every city is lower over the ten days. Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad are down Rs. 150 per 10 grams, a fall of about 6.3 per cent, while Chennai, Hyderabad and Kerala are down Rs. 200, about 8.2 per cent.

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. 2,250, the GST alone comes to Rs. 67.50.

With Dussehra behind us and Dhanteras and Diwali still ahead, coins, idols and utensils tend to draw buyers. At Rs. 2,250 per 10 grams, 100 grams costs Rs. 500 less than it did on Wednesday. The question is whether Rs. 2,250 holds as a floor.

Jewellery Stocks Today

Jewellery stocks were lower in early trade on Thursday as the Nifty 50 fell 0.63 per cent. All four counters we track were in the red. Silgo Retail (SILGO) fell 3.65 per cent, Senco Gold (SENCO) 1.59 per cent, Vaibhav Global (VAIBHAVGBL) 0.55 per cent and PN Gadgil Jewellers (PNGJL) 0.21 per cent.

Source: NSE market data

Senco Gold was trading at ₹325.45 at 10:13 am, down ₹5.25 or 1.59 per cent from Wednesday’s close of ₹330.70. It opened at ₹329.60, touched a high of ₹330.70, the same as the previous close, in the opening minutes and then sagged. It slid to a low of ₹324.45 around 10:08 am. It is below its volume-weighted average price (VWAP) of ₹327.16.

PN Gadgil Jewellers opened at ₹575.25 against a previous close of ₹574.65 and touched a high of ₹576.75. It dipped sharply to a low of ₹567.30 within minutes of the open, recovered quickly and has since traded in a narrow band. It is at ₹573.45, down 0.21 per cent and just below its VWAP of ₹573.59.

Vaibhav Global opened at ₹197.49 against a previous close of ₹199.32, a gap-down of about 0.9 per cent, and slid to a low of ₹195.50 around 9:25 am. It then recovered in stages to a high of ₹198.51 towards 10:18 am. It is trading at ₹198.23, down 0.55 per cent, about 1.4 per cent above its low and above its VWAP of ₹197.02.

Silgo Retail opened at ₹67.10 against a previous close of ₹68.71, a gap-down of about 2.3 per cent, but jumped to a high of ₹69.75 within the first few minutes. It then faded in steps and slid to a low of ₹65.70 around 10:08 am, 4.4 per cent below the previous close. It is trading at ₹66.20, down 3.65 per cent and below its VWAP of ₹67.56.

Order book data showed sellers ahead on three of the four counters. Silgo Retail had 85.65 per cent of total quantity on the sell side, with 28,794 shares against 4,826 on the buy side. PN Gadgil Jewellers was at 64.32 per cent sell, with 63,353 shares against 35,148, and Senco Gold at 62.26 per cent, with 1,82,446 against 1,10,595. Vaibhav Global was the exception, with buyers at 55.28 per cent, 49,876 shares against 40,347 on the sell side.

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

Gold prices fell for the second straight session on Thursday. According to Goodreturns.in, 10 grams of 24-carat (99.9% purity) gold costs Rs 1,44,380 in most cities. The price of 10 grams of 22-carat (91.6% purity) gold is Rs 1,32,350, while 18-carat (75% purity) gold is selling at Rs 1,08,290. Prices are for bullion and exclude taxes and making charges. On Wednesday, 10 grams of 24-carat, 22-carat and 18-carat gold cost Rs 1,46,080, Rs 1,33,900 and Rs 1,09,560, respectively. This represents falls of Rs 1,700, Rs 1,550 and Rs 1,270 per 10 grams, respectively, or around 1.2% across all three categories. Wednesday’s rates had themselves been Rs 1,960 lower than Monday’s, so 24-carat gold has now shed Rs 3,660 per 10 grams in two sessions.

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