Silver Rate Today (May 17, 2024): Prices Across Major Indian Cities

On Friday, silver prices remained unchanged throughout India. In Delhi, the current rate for 1kg of silver is ₹ 89100. Meanwhile, on the MCX, silver contracts for June delivery rose by ₹1,500, settling at ₹89,100 per 1kg. The stability in silver prices indicates sustained investor interest amidst global economic uncertainties and fluctuating currency values, which is driving demand for this valuable metal.

Here is an extensive daily list to give you the most recent information on silver prices in India's key cities.

Check silver rates in different cities on 17th May 2024

Click to view the details of the silver rate on May 16th, 2024

In April, the US Producer Price Index (PPI) data surpassed expectations, indicating a significant rise in inflationary pressures. Both the month-on-month and year-on-year figures exceeded forecasts, with PPI excluding food and energy also showing substantial upward trends. Initially, bond markets and silver prices reacted negatively to this news. However, they bounced back as certain key elements for the Personal Consumption Expenditures (PCE) deflator didn't suggest excessive inflation, and downward revisions to prior data mitigated the impact. Federal Reserve Chair Jerome Powell's description of the data as 'mixed' further bolstered bond markets and silver prices, indicating a cautious approach amid evolving economic indicators.

“COMEX Silver prices rose 0.5% and breached the crucial $30/oz mark, for the first time since 2013 and MCX price was just shy of hitting all time high, buoyed by softer dollar index and positive trend in base metals. Swaps traders now see a 51% chance the Fed will pivot by September, compared with 30% at end-April. Silver prices trade sideways today in line with mixed trend in base metals after data indicating an uneven recovery in China,” says the Daily Commodity Insight from Kotak Securities.

COMEX Silver prices surged over 3% on Wednesday, reaching a fresh 39-month high. This increase was attributed to a decline in the dollar index and treasury yields, which improved risk sentiments. This move followed the US CPI report, which provided some relief over inflationary pressures and reinforced expectations of the Fed starting to lower interest rates in September. Annual inflation and core rates slowed as anticipated, with the US CPI rising 0.3% month-on-month from March, slightly below forecasts of 0.4%. Consequently, the likelihood of a Fed rate cut increased, with bets for September currently at around 74%.

Silver rates experience daily fluctuations influenced by various short- and long-term factors, including shifts in supply and demand, economic indicators, geopolitical developments, currency movements, and investor sentiment. Effective monitoring and analysis of pricing data are crucial for investors and traders to make informed decisions in the dynamic precious metals market. While these insights aid in navigating the silver market, investors are advised to conduct their due diligence before investing.

As the day progresses, remaining vigilant and closely monitoring gold rates for emerging trends or market developments is encouraged. By staying informed about these daily price fluctuations, investors can identify potential trading opportunities and make well-informed investment decisions.

For daily updates and in-depth analysis of silver rates, continue following our coverage on Business Insider India.

Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.