Silver Remains Flat Nationally in Key Cities on Thursday After Rs 50 Jump in Previous Session

Mumbai: Mumbai: Silver prices remained unchanged across India on Thursday, with rates quoted at Rs 2,400 per 10 grams at the national level (equivalent to Rs 240 per gram or Rs 2,40,000 per kilogram). The metal’s total movement versus yesterday’s rate is Rs 0 after silver jumped Rs 50 during the preceding two trading sessions combined. Bullion traders said much of Thursday’s action has been overshadowed by gold’s rally to fresh record highs.

Silver prices have risen modestly so far this week, bolstered by a combination of fresh safe-haven demand as well as robust uptake from industrial sectors such as electronics manufacturing and solar photovoltaic panel production. Thursday’s unchanged price action should be viewed as a “pause” in the short-term rather than a trend change, traders added, with the white metal likely to continue responding to dollar index moves and safe-haven flows stemming from the ongoing Iran-US crisis for the rest of the week. Buyers should note that silver is subject to a basic import duty of 12.5% in addition to state-level taxes levied on top of the quoted price at bullion stores. 

Chennai witnessed the highest price realization in the country at Rs 2,450 per 10 grams on Thursday, unchanged from its Rs 2,450 close on Wednesday. Hyderabad and Kerala too held steady at Rs 2,450 per 10 grams on Thursday. The top 3 cities as of Thursday’s quoting session continue to exhibit the steepest premium to the national average compared to other cities tracked in the survey. Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad stayed aligned with the national average at Rs 2,400 per 10 grams on Thursday, with no deviations from yesterday’s closing price either. 

As every city surveyed reported no price change on Thursday, traders said retail and wholesale demand and supply for silver has currently reached a standstill. Activity is likely to pick up again once a new trigger arrives, either from the global markets or a further escalation in Iran-US tensions, they added. 

Gold Price Today 

Rates for gold bullion in India were almost flat on Thursday morning after surging to new record levels yesterday. At 9 am, the average price for 24 karat gold was Rs 1,46,520, Rs 1,34,310 for 22 karat gold, and Rs 1,09,890 for 18 karat gold, all quoted per 10 grams. This is a marginal Rs 10 increase at each purity level compared with Wednesday’s closing at Rs 1,46,510, Rs 1,34,300 and Rs 1,09,880 respectively. During the regular session on Wednesday alone, the 24 karat benchmark rose Rs 968 or 0.7%, but is still down 0.04% overall from the beginning of the year. 

10 Gram Silver Rates Across Major Indian Cities — Thursday vs Wednesday 

Source

• goodreturns.in