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 7th June 2024
Silver COMEX experienced a decline in its last trade, closing at 30.430, down by 0.937 points, marking a 2.99% decrease. During the trading session, silver prices fluctuated, reaching a high of 31.670 and dropping to a low of 30.355. The market opened at 31.470, indicating initial optimism, but prices ultimately trended downwards. This notable drop in silver prices reflects market volatility and may be influenced by broader economic factors and investor sentiment. The sharp decrease highlights the metal's sensitivity to market dynamics and the ongoing uncertainties in the global economic environment.
The domestic market is showing encouraging signs of stability, with the benchmark index displaying lower volatility over the past two trading sessions. Meanwhile, the Nifty50 index experienced a choppy session but maintained its higher levels, ending the week positively at 22821 with a gain of nearly 0.90%. The index has rebounded over 61.80% from its recent decline and is now above all its major Exponential Moving Averages (EMAs) on the daily chart, signaling a return to bullish territory. Broad market participation underscores this bullish sentiment.
Meanwhile, the 20-day Simple Moving Average (SMA) around 22600 and the 61.80% Fibonacci retracement level at 22552 are expected to provide strong support. On the upside, the 2300 mark poses significant resistance and requires a cautious approach. The upcoming RBI monetary policy outcome will likely influence the market's near-term direction. Traders should focus on identifying key themes and managing risks effectively, maintaining a balanced perspective despite recent market improvements.
Silver is widely considered a reliable hedge against inflation due to its tendency to maintain or increase in value during inflationary periods, making it an attractive option for investors seeking to protect their wealth. The current fluctuation in silver prices is attributed to strong or weak global cues, expectations of interest rate cuts by central banks later this year, and ongoing geopolitical conflicts. These factors influence silver's appeal as a safe haven, driving its demand and impacting its market value.
As the day progresses, we encourage investors to remain vigilant and monitor silver rates closely for any emerging trends or market developments. 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.