From The Indian Express · Express Web Desk · · 2m
Silver prices fall on Dhanteras as metals face volatility
Retail silver in India drops 2.22% to Rs 2,05,000 per kg on November 6, reversing gains from the previous day.
In brief
Retail silver in India drops 2.22% to Rs 2,05,000 per kg on November 6, reversing gains from the previous day. Silver prices fell 2.22% to Rs 2,05,000 per kg in India on Dhanteras, November 6, after volatility following US midterm elections. Originally reported by The Indian Express.
Silver falls on Dhanteras
Silver prices in India declined on November 6, Dhanteras, after precious metals experienced volatility following the US midterm elections.
Retail rates drop 2.22%
Retail rates for 999 fine silver fell two point two two percent to Rs 2,05,000 per kilogram, a drop of Rs 5,000 from the previous day.
Futures market also declines
MCX silver contracts for December 4 fell over two percent at eleven forty AM on Friday to Rs 1,83,270 per kilogram.
What is 999 fine silver
Silver 999 is ninety nine point nine percent pure and is commonly used for investment products such as bars and coins.
January peak was much higher
The highest price silver commanded in India was around Rs 4,04,500 per kilogram in January end, according to the All India Sarafa Association.
Dhanteras drives demand spike
Usually around Dhanteras, demand for silver spikes as many Hindu households in India consider it auspicious to acquire metal items like idols, coins, bars, or utensils.
What you can buy today
A small 999 plus silver Lakshmi or Ganesh idol costs Rs 5,000 to Rs 10,000. A ten gram coin costs Rs 2,500 to Rs 3,500. Silver jewellery starts at Rs 1,200 to Rs 6,000.
Same rate across ten cities
Silver rates are uniform across Chennai, Mumbai, Delhi, Kolkata, Bengaluru, Hyderabad, Kerala, Pune, Vadodara, and Ahmedabad at Rs 205 per gram or Rs 2,05,000 per kilogram.
Premiums add to metal cost
A ten gram coin's metal is worth Rs 2,050, but quoted prices range from Rs 2,500 to Rs 3,500, implying a markup of roughly twenty two percent to seventy one percent over metal value.
The big picture
Silver prices fell 2.22% to Rs 2,05,000 per kg in India on Dhanteras, November 6, after volatility following US midterm elections.
