NEW DELHI: Silver prices witnessed a downward trend on Friday, July 24, driven by profit booking and investor caution over high crude oil prices. According to the All India Sarafa Association, silver in Delhi fell by ₹300 to trade at ₹2.29 lakh per kilogram.
In the futures market, silver experienced a sharper pull-back on the Multi Commodity Exchange (MCX). Ahead of the market opening, MCX silver futures dropped by 3.41% or ₹7,748 to ₹2,19,250 per kg, down from its previous session close of ₹2,26,998 per kg.
International Market Trends
Global precious metal markets also recorded losses:
- COMEX Gold Futures: Fell 0.06% to trade at $4,047.70 per ounce.
- COMEX Silver Futures: Slipped 0.26% to $57.905 per ounce.
Silver Rates Across Major Indian Cities
Retail silver prices varied across regions due to local market conditions and taxes:
| City | 10 Grams | 100 Grams | 1 Kilogram |
| Delhi | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Mumbai | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Kolkata | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Bangalore | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Ahmedabad | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Pune | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Lucknow | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Jaipur | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Patna | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Chandigarh | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Noida | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Gurugram | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Ghaziabad | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Kanpur | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Meerut | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Ayodhya | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Ludhiana | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Guwahati | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Indore | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Surat | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Vadodara | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Nagpur | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Nashik | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Raipur | ₹2,400 | ₹24,000 | ₹2,40,000 |
| Chennai | ₹2,450 | ₹24,500 | ₹2,45,000 |
| Hyderabad | ₹2,450 | ₹24,500 | ₹2,45,000 |
| Bhubaneswar | ₹2,450 | ₹24,500 | ₹2,45,000 |
What is Driving the Decline?
Market analysts attribute the price drop primarily to profit-booking at higher levels. Additionally, sustained high crude oil prices have sparked fears of prolonged global inflation. This could prompt central banks to delay expected interest rate cuts or tighten monetary policy further.
With geopolitical risks and energy costs influencing overall market sentiment, bullion traders are keeping a close watch on upcoming macroeconomic data and policy signals for further direction.
