Today's Silver Prices (May 16, 2024): Updates for Mumbai, Delhi, Kolkata, Bengaluru, Chennai, and other Indian cities

On Thursday, silver rates saw a significant increase across India. In Delhi, 1kg of silver would cost you ₹ 89100 today. Meanwhile, on the MCX, silver contracts for June delivery traded higher by ₹1,500 settling at ₹89,100 per 1kg. The rising silver prices reflect increased investor interest amid global economic uncertainties and fluctuating currency values, driving demand for this precious metal.

Here is an extensive daily list to give you the most recent information on silver prices in India's key cities.

Check silver rates in different cities on 16th May 2024

The US Producer Price Index (PPI) data for April exceeded expectations, indicating a rise in inflationary pressures. Both month-on-month and year-on-year figures surpassed forecasts, with PPI excluding food and energy also showing significant upticks. Initially, bond markets and silver prices reacted negatively to the news. However, markets rebounded as some elements crucial for the Personal Consumption Expenditures (PCE) deflator didn't suggest excessive inflation, coupled with downward revisions to prior data softening the impact. Federal Reserve Chair Jerome Powell's characterisation of the data as 'mixed' further bolstered bond markets and silver prices, suggesting a cautious approach amid evolving economic indicators.

“COMEX Silver prices rose more than 3% to a fresh 39-month high on Wednesday as a plunge in dollar index and treasury yields improved the risk sentiments. This move after the US CPI report offered some relief over inflationary pressures and reinforced bets the Fed will start lowering interest rates in September. Annual inflation and core rates slowed as expected and the US CPI rose 0.3% m/m from March, below forecasts of 0.4%. As a result, the odds for a Fed ease increased, with bets for September currently standing near 70% and for November at 83%,” says the daily commodity insight report from Kotak Securities.

Silver rates experience daily fluctuations influenced by various short- and long-term factors, including shifts in supply and demand, economic indicators, geopolitical developments, currency movements, and investor sentiment. Effective monitoring and analysis of pricing data are crucial for investors and traders to make informed decisions in the dynamic precious metals market. While these insights aid in navigating the silver market, investors are advised to conduct their due diligence before investing.

As the day progresses, remaining vigilant and closely monitoring gold rates for emerging trends or market developments is encouraged. By staying informed about these daily price fluctuations, investors can identify potential trading opportunities and make well-informed investment decisions.

For daily updates and in-depth analysis of silver rates, continue following our coverage on Business Insider India.

Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.