Silver prices in India today observed no major movement after the volatility seen this week, where silver rates fell by around 60000 per kg. The precious metal market has undergone a lot of ups and downs in this year. This was the first time ever that white metal has gained a historic 293% jump before the crash happened and currently the silver prices are 30% below their record high level of 4.15lac per KG This disappointed a lot of investors but retail silver buyers are now at peace as silver is now slightly affordable for lower and middle income households.
In the international market spot silver extruded some gains after recent declines and is now above the $82 per ounce mark,
The silver rate today is stable across major cities, including Bangalore, Delhi, Hyderabad, Chennai and Ahmedabad.
Silver Rate Today In India
On February 11th, the silver rate in India was stable at Rs. 2,90,000 per kg, while the silver rate per 100 gram hovered near Rs. 29,000.
According to a report by Nirmal Bang Securities, “Silver prices are expected to rise. Traders can buy from 257000 with a stop loss of 250000 for the target at 265000-278000”
MCX Silver Futures Prices
Silver on MCX is posting gains this morning. As of 10 am Silver futures prices were trading 2.66% higher at Rs. 2,59,256 per Kg.
“Silver prices are expected to rise. Traders can buy from Rs. 257000 with a stop loss of Rs. 250000 for the target at Rs. 265000- Rs. 278000.” as per Nirmal Bang Securities.
Spot Silver Prices
Silver prices in the international market rose on Wednesday due to a fall seen in treasury yields ahead of key US jobs data. According to Reuters, Spot silver was up 2.2% at $82.43 per ounce.”
As per Kotak Securities, “In the previous session, silver failed to sustain above the key resistance at 83 and slipped below the 20-period EMA, indicating short-term weakness. However, prices sustain above its previous session low. Today’s session opened moderately higher and prices have reclaimed the 20-period EMA. It is currently consolidating within a symmetrical triangle, suggesting a potential breakout phase ahead. A sustained move above 83 would reinforce the short-term bullish bias, opening upside toward 95.8 and possibly 102.”
Silver Prices in Other Major Indian Cities On Feb 11
Chennai + Hyderabad
Both Silver prices in Chennai & silver prices in Hyderabad today were stable at Rs. 3,00,000 per kg.
Bangalore + Mumbai
Similarly, silver rate in Bangalore & silver prices today in Mumbai were retailing atthe same levels, on February 11, at Rs. 2,90,000 per 1 kg with no movements today
Gold Rates in India Today, Feb 11
On 11th of February, the 24-carat gold rates in India declined by Rs. 270 to cost Rs.1,58,510 per 10 grams, while the 22-carat gold rate today dropped by Rs. 250 to retail at Rs. 1,45,300. Meanwhile, the 18-carat gold rates in India also dropped by Rs. 200, currently at Rs. 1,18,890.
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