Silver Rate Today (May 20, 2024): Prices Across Major Indian Cities

On Monday, there was a noticeable hike in silver rates across India. In Delhi, the current rate for 1kg of silver is ₹ 101000. Meanwhile, on the MCX, silver contracts for June delivery rose by ₹3,500, settling at ₹96,500 per 1kg. The increase in silver prices indicates high investor interest amidst global economic uncertainties and fluctuating currency values, which is driving demand for this valuable 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 20th May 2024

City	10 grams	1 Kg
Delhi	₹965	₹101000
Mumbai	₹965	₹96500
Kolkata	₹965	₹96500
Chennai	₹1,010	₹101000
Bengaluru	₹965	₹96500
Hyderabad	₹1,010	₹101000
Ahmedabad	₹965	₹96500
Pune	₹965	₹96500
Surat	₹965	₹96500
Nagpur	₹965	₹96500
Kerala	₹1,010	₹101000
Vijayawada	₹1,010	₹101000

Silver continues to attract attention following its surge to an 11-year peak above $30 last Friday. Its value is bolstered by its status as a safe-haven asset, alongside the weakening U.S. dollar and its industrial utility. Observers anticipate a possible advance towards the $35 mark, where it might encounter resistance from a significant multi-year horizontal line dating back to notable swing highs in 2011 and 2012.

The current Comex silver price is $32, reflecting market value influenced by factors such as supply, demand, economic indicators, and geopolitical events. Despite fluctuations, the settlement price, demonstrated by $32, signifies the agreed-upon value for silver futures contracts at expiry. These differences underscore the dynamic nature of commodity markets and the complexities of pricing mechanisms therein.

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 silver 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.