Silver price on January 8: The prices of silver rebounded by Rs 1,200 to Rs 92,600 per kg in major Indian cities on Wednesday (January 8), mainly due to a weak rupee and some pick-up in demand from industrial users.
The white metal traded above $30 an ounce in global markets, which also bolstered its prices in local markets. Spot Silver was up 0.14 per cent to $30.10 an ounce in early Asian trade. The metal moved between $30.01 an ounce and $30.15 an ounce in early trade.
Silver price today in major metro cities:
Delhi- Rs 92,600 per kg
Mumbai- Rs 92,600 per kg
Chennai- Rs 100,100 per kg
Silver price on January 7 was Rs 101600.0 per kg and last week’s silver price on January 2 was Rs 1,00,600.0 per kg.
Kolkata- Rs 92,600 per kg
Bengaluru- Rs 94,700.0 per kg
Silver price on January 7 was Rs 93500.0 per kg and last week’s silver price on January 2 was Rs 92500.0 per kg.
Hyderabad
Silver prices today in Hyderabad is Rs 103400.0 per kg. The silver price on January 7 was Rs 1,02,200.0 per kg, and last week’s silver price on January 2 was Rs 101200.0 per kg
Visakhapatnam
Silver Prices today in Visakhapatnam is Rs 1,01,800.0 per kg. The silver price on January 7 was Rs 1,00,600.0 per kg, and last week’s silver price on January 2 was Rs 99,600.0/Kg.
What are the factors which affect 'Silver prices'?
- The price of silver constantly fluctuates due to various factors, i.e, both domestic as well as international.
- Global Demand: The overall demand for gold and silver worldwide plays a significant role in price changes.
- Currency Fluctuations: Changes in the value of currencies, particularly the US dollar, relative to other currencies can affect the attractiveness of gold and silver as investments.
- Interest Rates: Higher interest rates can make gold and silver less attractive as investments as they offer no interest income.
- Government rules/regulations: Government policies and regulations related to the gold and silver trade can impact prices.
- World Events: Economic conditions, geopolitical events, and other global factors can influence the demand for and price of precious metals.
- Insights from Jewellers: Jewellers, as experts in the precious metals industry, can provide valuable insights into market trends and potential price movements.
