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Silver Price Today: Silver Prices Rise Again; Check Latest Rates in Your City Before Buying
Silver Price Today: Silver prices moved higher on 22 July, supported by gains in both domestic and global markets. Futures on the Multi Commodity Exchange (MCX) climbed over 1% in early trade, while strong international demand continued to keep bullion prices elevated. If you are planning to buy silver or invest in the precious metal, here's a look at the latest market trend and city-wise rates.
Silver extends gains in domestic and global markets
Silver witnessed fresh buying interest on Wednesday, pushing prices higher across major markets.
On the MCX, silver futures crossed ₹2,26,350 per kilogram during early trading, reflecting a gain of more than 1%. Meanwhile, in Delhi's bullion market, silver was quoted around ₹2,36,900 per kilogram (inclusive of taxes).
Internationally, silver also remained strong. On the COMEX, prices surged close to 4%, trading near $59.32 per ounce, close to record levels. The global rally has continued to provide support to domestic silver prices.
IBJA and retail market rates
According to the Indian Bullion and Jewellers Association (IBJA), silver was priced at ₹2,23,204 per kilogram on Wednesday morning.
Retail market data from bullion dealers showed silver trading around ₹2,35,000 per kilogram in several cities, highlighting the difference between benchmark and retail prices due to taxes, dealer margins, and local market factors.
Latest Silver Prices in Major Indian Cities
| City | 10 Gram | 100 Gram | 1 Kilogram |
|---|---|---|---|
| Delhi | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Mumbai | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Kolkata | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Chennai | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Jaipur | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Lucknow | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Ahmedabad | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Surat | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Pune | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Bengaluru | ₹2,350 | ₹23,500 | ₹2,35,000 |
| Hyderabad | ₹2,349 | ₹23,490 | ₹2,34,900 |
| Bhubaneswar | ₹2,349 | ₹23,490 | ₹2,34,900 |
Most other major cities, including Patna, Noida, Gurugram, Chandigarh, Indore, Raipur, Nagpur, Nashik, Meerut, Kanpur, Ayodhya, Ludhiana and Guwahati, were also quoting silver at around ₹2,35,000 per kilogram.
Why are silver prices rising?
Several global factors are supporting the rally in precious metals:
- Strong investment demand in international markets.
- Ongoing geopolitical tensions in the Middle East, increasing safe-haven buying.
- Investor focus on the upcoming US Federal Reserve policy meeting for clues on future interest rates.
- Inflation concerns, which often boost demand for gold and silver as hedge assets.
Market participants are closely monitoring global economic developments, as any change in monetary policy expectations or geopolitical events could influence bullion prices in the coming days.
Should you buy silver now?
Silver prices remain highly sensitive to international market movements, currency fluctuations, and economic developments. Investors planning fresh purchases should compare local bullion rates, check making charges (for jewellery), and consider market volatility before making any investment decision.
Disclaimer: Precious metal prices change frequently based on market conditions. Investors should verify the latest rates with local bullion dealers or exchanges and consult a qualified financial advisor before making investment decisions.
