Silver Prices Plummet by Up to Rs 13,200 in India Amid Global Decline
Silver prices plummeted by up to Rs 13,200 per kilogram in India's domestic bullion market on Thursday, October 2. The decline came as global silver prices slid from $65.50 to $61.07 per troy ounce over the past week.
According to market expert Mayank Mohan, tensions in West Asia have disrupted market dynamics, creating an atmosphere of uncertainty that has affected precious metals such as gold and silver. He noted that India imports around 85% of its gold requirements from international markets and approximately 80% of its silver demand.
The decline in silver prices was evident across various cities in India. In Delhi, the metal fell by Rs 12,900 per kilogram to trade at Rs 2,27,000 per kilogram. Similarly, in Mumbai, Ahmedabad, Kolkata, Jaipur, Surat, Pune, Bengaluru, Patna, Bhubaneswar, and Hyderabad, silver prices ranged from Rs 2,26,800 to Rs 2,32,000 per kilogram.