Silver Price Today: Global and Indian Markets See Notable Correction Amid Tight Supply & Fed Expectations
Silver prices witnessed a sharp correction on Thursday, driven by profit booking and renewed expectations of a US Federal Reserve rate cut next week. Despite tight global supply, both international spot prices and Indian futures slipped noticeably.
Global Market Update
Spot silver fell 3.46% to $56.90 per ounce on December 5 (6:48 a.m. IST). Analysts attribute the decline to short-term profit booking, even as long-term supply concerns remain intact.
Indian Market Movement
In India, December silver futures closed at ₹1,77,951/kg (999 purity) on Thursday — a 2.41% drop from the previous session.
The Indian Bullion and Jewellers Association (IBJA) recorded silver at
₹1,76,625/kg (999 purity) in its December 4, 6:30 p.m. session.
City-Wise Silver Prices (999 Purity)
Silver rates across major Indian cities remained largely consistent, with only slight variations arising from:
- Local taxes
- Jeweller margins
- Logistics and transportation
(Your website can embed the rate table here.)
Why Silver Prices Are Still Holding Long-Term Strength
According to Augmont Bullion’s December 4 report, silver has surged nearly 100% this year, driven by:
- Global liquidity concerns
- Falling inventories in the US and China
- Inclusion in the US “vital minerals” list
- A persistent structural supply deficit
The report suggests silver could continue rising towards:
- $60 (₹1,85,500)
- $62 (₹1,91,000)
if supply tightness persists.
Market Outlook
Rahul Gupta, Chief Business Officer at Ashika Group, noted:
“Silver is easing due to profit booking, though its structure remains intact. Immediate MCX support stands at ₹1,76,200, and resistance near ₹1,83,000. A breakout above this zone may trigger a renewed rally.”
Originally published on 24×7-news.com.
