Gold and silver prices in India are fixed based on global trends. Today, both the metals have fallen sharply in the futures and spot markets, after the publication of US employment data which has improved than expected. Silver rate, on August 6, is quoted at Rs. 5740/100 grams, falling by Rs. 80/100 grams. Silver rates in India have experienced a plunge of 1.02% in the month of July, and the trend is expected to be continued in August.
Yesterday, the US Bureau of Labor Statistics stated that a total of 528,000 jobs have been created in the country in July, sharply beating analysts’ expectations of a job addition of around 250,000. An improved job market indicated that the economic conditions are gaining momentum. Although the country is dealing with a 40-year high-level inflation rate and some economists are expecting that a recession can be experienced later this year, but the optimistic employment figure is a hope for the economy. The US Federal Reserve is also focused on controlling the inflation rate, the central bank is hiking the interest rate aiming that. This is another reason that the gold and silver markets have mostly been bearish in the past few months. As the silver market is down in India now, investors can look out for investment to buy silver at lower prices, for good long-term returns.
Today, in the Comex futures market, silver was quoted at $19.86 falling by 1.30%, and yesterday the metal closed at $20.122. In the past 1 year, in Comex silver prices have fallen sharply by 22.42%. In the spot market, silver prices stood at $20.01, falling by 1.22%. Significantly, the US dollar index in the spot market stood at 106.55. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 57390/kg, gaining by 1.02%.
Today’s silver rates in major Indian cities:
|City||Silver rate (100 grams)|
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Story first published: Saturday, August 6, 2022, 17:46 [IST]