Silver price today: Rates drop 3.46% at $56.90 amid tight supply; Check 24K, 22K,18K prices in your city

Silver price today

Spot silver prices dipped approximately 3.46 percent at $56.90 an ounce on December 5, as of 6:48 a.m (IST) amid tight supply and hopes for additional rate cuts by the US Federal Reserve next week.

India’s December silver futures opened the Friday session at Rs 1,79,308 per 1 kilogram of 999 purity, and continued to hover at Rs 1,82,109 as of 1:07 p.m (IST), which is approximately 2.23 percent up from previous close.

The Indian Bullion and Jewellers Association (IBJA) announced the price of yellow at Rs 1,76,625 for 1 kilogram of 999 purity in their 18:30 p.m rate session on December 4.

Check out below to see the prices of 1 kilogram of 999 purity silver.

City-wise silver prices in India Today

Silver rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.

Why silver prices are holding steady

The Augmont Bullion report published on December stated that Silver can continue its rally towards $60 (Rs 1,85,500) and $62 (Rs 1,91,000), with firm support at $57 (Rs 1,77,000), if tight supply conditions continue.

Outlook: Will silver regain momentum this week?

"Industrial demand signals have turned softer, keeping near-term trading momentum on the lighter side. Broader direction remains dependent on global manufacturing trends and macro flows. Price movement is expected to remain steady yet cautious, alongside modest swings with changes in international market sentiment," said Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA).