Spot silver prices held strong at $58.49 an ounce on December 3, as of 7:09 a.m (IST) amid tight supply and hopes for additional rate cuts by the U.S Federal Reserve next week.
India’s December silver futures on Wednesday opened the session at Rs 1,84,305 per 1 kilogram of 999 purity, which is approximately 1.48 percent jump from previous close
The Indian Bullion and Jewellers Association (IBJA) announced the price of yellow at Rs 1,74,650 for 1 kilogram of 999 purity in their 18:30 p.m rate session on December 2.
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 3 stated that gold and silver continue to rise as recent data indicates a gradual cooling of the US economy, combined with dovish signals from Fed policymakers, has bolstered market expectations for a 25-basis-point rate cut at the US central bank's meeting next week, with traders pricing in an 89 percent chance of the move.
"While short-term volatility is normal, silver continues to hold long-term appeal as both an industrial metal and a store of value. For those with a medium- to long-term horizon, this could be a prudent entry point." said Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA).
Outlook: Will silver regain momentum this week?
The Augmont Bullion report further predict 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.
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