Silver Rates In India Today Rebound After Falling Rs 45,000 In 5 Days; Why Silver Outlook Turns Bearish Today?

Silver rates in India today, Tuesday March 24, have rebounded to Rs 235 per gram and Rs 2,35,000 per kilogram. This surge has come after silver rates in India have fallen by Rs 45,000 per kg in the last 5 days. However, as escalating geopolitical tensions in the Middle East and uncertainty surrounding Iran-US negotiations continue to have a significant impact on investor sentiment, silver prices have seen further pressure on the global market, falling below the key $67 threshold. Precious metals like silver are less appealing in the foreseeable future due to ongoing inflation worries and forecasts of more rate hikes, which have strengthened the dollar outlook and elevated downside risks.

Silver Rates In India Today

Silver prices in India have witnessed a noticeable uptick today, reflecting a steady rise across all weight categories. The price of silver per gram has increased to Rs 235 from Rs 230 recorded yesterday, marking a gain of Rs 5. The rate for 10 grams has climbed to Rs 2,350 from Rs 2,300, while 100 grams now costs Rs 23,500, up by Rs 500 compared to the previous day. At the kilogram level, silver prices have surged by Rs 5,000, reaching Rs 2,35,000 from Rs 2,30,000.

Silver Rates In Top Cities In India Today

Below are the current silver rates for major Indian cities.

City	10 Gram	100 Gram	1 Kg
Chennai	₹2,400	₹24,000	₹2,40,000
Mumbai	₹2,350	₹23,500	₹2,35,000
Delhi	₹2,350	₹23,500	₹2,35,000
Kolkata	₹2,350	₹23,500	₹2,35,000
Bangalore	₹2,350	₹23,500	₹2,35,000
Hyderabad	₹2,400	₹24,000	₹2,40,000
Kerala	₹2,400	₹24,000	₹2,40,000
Pune	₹2,350	₹23,500	₹2,35,000
Vadodara	₹2,350	₹23,500	₹2,35,000
Ahmedabad	₹2,350	₹23,500	₹2,35,000

MCX Gold Outlook Today

"On the technical front, MCX Silver made a new lower low in yesterday's session; however, it closed sharply higher near the support line highlighted on the chart. The daily chart continues to depict weakness, and MCX Silver is expected to face selling pressure at higher levels. 199,640 now acts as a key support level; a move below this could drag prices towards 181,000. On the higher side, 240,000-246,800 is expected to act as a hurdle for the day. The outlook continues to remain cautious," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers Ltd.

Gold & Silver Price Outlook Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade sideways to slightly lower for the day; as gold and silver prices fell as investors weighed conflicting statements on the war in the Middle East, with a postponement of US strikes on Iran's energy infrastructure bringing only brief respite from the precious metal's dramatic wartime decline," commented the research analysts of Nirmal Bang Securities.

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