Silver prices today: White metal futures plunge 6% to Rs 2,35,952 per kg - check prices in your city

Silver price today

• Silver price dropped 4.9% to $72.54 after reaching a record $82.95.
• Profit-taking and eased Russia-Ukraine tensions led to the price drop
• Silver expected to consolidate between $70 and $75 this week

Did our AI summary help?

The spot price of silver on Wednesday (December 31) stood at $72.54 as of 9:11 am IST, representing a decline of 4.90 percent in a day and a gain of 0.52 percent in a week.  The price of the precious metal has tumbled approximately $10 after reaching an all-time high of $82.95 on December 29.

The domestic futures price of silver on MCX opened the Wednesday session at Rs 2,35,952 per 1 kilogram of 999 purity. That's a decline of 6 percent from its previous close at Rs 2,51,012. The price has dipped almost 8 percent from Monday's peak performance at Rs 2,54,783.

Why is silver down?

The Augmont Bullion report published on December 30 noted that silver experienced the biggest volatility. The severity of silver's slide was exacerbated by the CME's decision to boost overnight margin requirements to $25,000—the second rise this month. This modification most likely caused forced liquidations among leveraged traders, resulting in position closures independent of individual market outlooks.

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

Source: Indian Bullion Jewellers Association – 18:30 rate session as on Dec. 30.

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.

Source: Goodreturns

Outlook: Will silver regain momentum this week?

The Augmont Bullion report predicts silver prices to consolidate between $70 (Rs 2,23,000) and $75 (Rs 2,37,000), after the sharp sell-off.