Silver Prices Fall in India Amid Profit Taking

Silver prices in India fell by Rs 50 per 10 grams on Friday to hit a national average rate of Rs 2,350 per 10 grams or Rs 235 per gram and Rs 23,500 per kg. This drop came despite gold easing off record highs set earlier on the same day.

The price action for silver had been flat on both Thursday and Friday's intraday sessions before changing direction toward the close, causing spot prices to hold steady between Rs 2,350 and Rs 2,400 across Wednesday, Thursday, and most of Friday. However, market participants started booking profits, leading to a loss.

Bullion dealers attributed this fall to profit taking after silver's recent rally and also due to the dollar index trading firmer on Friday, which tends to weigh marginally on dollar-denominated commodities by making them slightly more expensive for buyers looking to purchase with foreign currency. They also stated that until domestic demand from the jewellery and industrial sector improves further, prices will continue to trade primarily off international prices.