If you too are thinking of buying or investing in silver jewellery, then there is a good news for you. Today, on Tuesday, August 18, a significant fall in the prices of silver has been seen in the bullion markets of the country. Today, the price of one kilogram of silver across the country was recorded at Rs 2,35,086, a huge fall of Rs 2714 per kg.
Let us tell you that earlier yesterday i.e. on Monday evening, the price of silver had closed at Rs 2.35 lakh with a rise of Rs 1711. But today its attitude changed as soon as the market opened. If you are planning to buy silver today, then definitely know the latest rates of different cities.
Today's silver price in major cities of the country
Capital Delhi Today, the rate of one kilogram of silver in the bullion market remains at Rs 2.35 lakh. Here the price of silver has fallen by Rs 2714 per kg. Today in the bullion market of Delhi, the rate of 10 grams of silver was Rs 2,350 and the price of 100 grams of silver was Rs 23,300.
capital of uttar pradesh Lucknow Softening of silver prices was also observed in 2017. Today the price of silver in Lucknow was Rs 2,37,300 per kg, where a fall of Rs 2319 was recorded in the prices today.
capital of bihar Patna Talking about silver, today the price of silver was recorded at Rs 2.35 lakh per kg. Today silver has become cheaper by Rs 2301 in the bullion market of Patna.
of Rajasthan Jaipur Silver's attitude is also cold. Today the price of silver in Jaipur remains at Rs 2,35,100 per kg and here the price of silver has decreased by Rs 2700.
Whereas, the financial capital of the country Mumbai In 2017 also the price of silver was recorded at Rs 2,35,692 per kg, where today the prices of silver have decreased by Rs 2345.
Why did this fall in silver prices happen?
1. Profit Booking Pressure: The biggest and main reason for this fall in silver prices is considered to be profit booking. In the last few days, the prices of silver had increased rapidly. In such a situation, the investors who had earlier bought silver at a lower price, took advantage of this rise and started selling to earn their profits. Due to this sudden large-scale selling, the supply in the market increased and due to pressure on the prices, the prices came down.
2. Crude oil prices and fear of inflation: The second major reason for the decline is the rising prices of crude oil in the international market and increasing concerns about inflation. Due to increasing tension between Iran and America, Brent crude has crossed $ 91 per barrel in the global market. Expensive crude oil can increase inflation across the world. In such a situation, the possibility of the US central bank 'Federal Reserve' keeping the interest rates high for a long time or even increasing it further has increased significantly. This has had a direct impact on the prices of other metals including silver.
3. US Fed decisions and cooling in the market: Apart from this, the eyes of investors around the world are currently focused on the upcoming decisions of the US Federal Reserve. If there are signs the Federal Reserve will raise interest rates further or keep rates high for a longer period of time, investors may shy away from putting money into 'non-yielding assets' like silver. Also, after the strong and sharp rise in silver prices in the past few days, the natural cooling down of the market is also an important reason for this fall.