Silver Rate Today: On one hand, gold is seeing a continuous rise on weekly basis. On the other hand, the price of silver has decreased on a weekly basis. The price has come down by Rs 8000 in a week. On October 19, silver is at Rs 172000 per kg. In Delhi’s bullion market, the price of silver fell by Rs 7,000 to Rs 1,70,000 per kg on Dhanteras. On last Dhanteras, silver was at Rs 99,700 per kg. It has become costlier by Rs 70,300 or 70.51 percent in one year.
Let us know what is the rate of silver in 10 big cities of the country…
Demand for silver was more than gold on Dhanteras
Consumer demand for silver overtook gold on Dhanteras. Sales of silver coins registered an annual increase of 35 to 40 percent, while the total value more than doubled. Despite the huge increase in prices, Indian consumers spent an estimated Rs 1 lakh crore on Dhanteras this year due to huge purchases of gold and silver.
International markets fell by more than 6%
Silver prices fell by more than 6% in the international markets, which is considered to be its biggest fall in the last six months. After the recent sharp rise in the price of silver, investors booked huge profits on Friday. Experts say that reduction in credit quality concerns in the US and easing of US-China trade tensions have reduced the demand for gold and silver as safe investments. The “supply shortage” that has been going on for the last two weeks in the London silver market is now gradually reducing. Before falling on Friday, the price of silver had reached near $54.50 an ounce, its new all-time high.