Silver Prices Today, February 11:Silver prices continued to decline across markets. On the Multi Commodity Exchange (MCX), silver futures fell to Rs 2,52,300 per kg on Wednesday morning. In the international market, spotsilverslipped to USD 82.16 per ounce, while Comex silver futures declined to USD 81.25 per ounce. Silver had earlier touched a record high of Rs 4,20,048 per kg on January 29.
In the domestic physical market, the All India Sarafa Association said silver prices in Delhi dropped by Rs 7,500 to Rs 2,64,500 per kg (inclusive of all taxes).
Meanwhile, according to a GoodReturns report, silver prices fell sharply by Rs 10,100 to Rs 2,890,900 per kg. Earlier, on January 29, silver had hit an all-time high of Rs 4,10,100 per kg. The Indian Bullion and Jewellers Association (IBJA) noted that as of Wednesday morning, silver prices were at Rs 2,59,100 per kg.
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Below are the latest city-wise silver jewellery rates for buyers looking to track current prices.
Traders said silver prices fell mainly because investors booked profits after recent gains and the US dollar strengthened, limiting further upside in domestic bullion markets.
The dollar index, which measures the US currency against a basket of six major currencies, edged up 0.09% to 96.90. A stronger dollar typically makes gold and silver more expensive globally, putting pressure on prices.
“Silver fell to below USD 82 per ounce on Tuesday, breaking a two-day advance as traders locked in profits, while volatility in the precious metals market persisted following a historic rout in recent weeks,” said Jigar Trivedi, Senior Research Analyst at IndusInd Securities.
He added that the white metal is still down about 33% from its all-time high touched on January 29, after a sharp selloff erased nearly half of its value.
Anurag Kumar is an Assistant Editor at Times Now, where he plays a pivotal role on the News Desk, driving impactful coverage across national politics,...View More
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