Silver Prices Slip on Friday Following Range-bound Session on Thursday

Mumbai, April 18: Prices of silver eased by ₹5 on Friday in contrast to its stable movement during the previous session across all the major cities of India. As per MCX (Multi Commodity Exchange), silver prices were ₹265 per gram at the national level or ₹2,650 per 10 grams which is ₹50 cheaper than yesterday’s ₹2,700 per 10 grams. Profit booking and weaker global cues lowered silver prices on Friday.

On Thursday, silver rates traded flat or unchanged after rallying over 2% mid-week. The precious metal turned volatile on Friday after witnessing positive momentum in the last session. Traders were seen booking profits to take home some gains amid receding geopolitical tensions that have lifted crude prices over recent days.

Reduced concerns around the crisis in Iran, easing crude prices has brought down fears about inflation and thereby capped gains for silver prices. Further, investors awaited cues from the US-China trade war front on whether leaders from the two countries will reach any diplomatic settlement in the upcoming meetings or not. These softer cues reduced risk-averse sentiment further denting safe-haven demand for precious metals.

Silver prices in Mumbai, Delhi, Kolkata, Bangalore, Pune, Vadodara and Ahmedabad slipped to ₹2,650 per 10 grams on Friday from ₹2,700 on Thursday. Prices came down by ₹50 in most of the cities as demand for silver remained consistent.

Chennai, Hyderabad and Kerala traded their respective benchmarks at premiums for the fourth consecutive day on Friday. Prices of silver edged lower by ₹50 to ₹2,750 per 10 grams from ₹2,800 per 10 grams on Thursday due to high local taxes and an increase in demand.

Silver Prices Comparison (10 grams)