Silver Prices Drop Across India Today Even as Gold Rate in India Jump; Check Dec 8 Silver Rate in Major Cities

Silver prices in India today declined on Monday after a surge observed during the weekend. Last week alone, silver recorded a cumulative rise of Rs. 5,000 per kg, despite the ongoing volatility in global and domestic markets. However, the gold rate in India jumped higher today across all purities despite silver's decline.

The most beloved white metal is no longer a cheap alternative to gold, as silver is now seeing an unprecedented rally, with prices more than doubling up over 105% in the past 12 months. On December 8 last year, silver was priced at Rs. 92,000 per kg, whereas today it stands at Rs. 189,000 per kg and is one of the sharpest year-on-year jumps in recent history.

On the Multi Commodity Exchange (MCX), silver futures for March 5 expiry were trading at Rs. 182,962 per kg, down 0.24% at the time of writing. Despite the dip, analysts expect the broader trend to remain positive. According to ICICI Direct, "MCX Silver March is expected to rise towards Rs. 185,000 as long as it stays above Rs. 179,000. A move above Rs. 185,000 would open the doors towards Rs. 186,800."

Silver Rate in India Today

On Dec 8th the silver rates in India fell by Rs 1000 per kg to cost Rs 189,000. Similarly, 100 grams of silver cost Rs. 18,900 after declining by Rs. 100.

Silver Prices in Other Major Indian Cities

Chennai

Silver prices in Chennai today also slipped slightly. 1 kg of silver in Chennai costs Rs 198,000 after falling by Rs 1000.

Bangalore

Bangalore silver prices today, on December 8th, are Rs. 189,000 per 1 kg, which fell by Rs. 1000.

Hyderabad

On the bright side, silver prices in Hyderabad today are standing at Rs. 198,000 after rising by Rs. 2100 per kg.

Mumbai

Just like in Chennai, Bangalore & Hyderabad, the silver rate in Mumbai FELL by Rs. 1000, bringing the prices to Rs. 189,000 per kg.

Gold Rates in India Today

On 8th December, the 24-carat gold rates in India spiked by Rs. 270 to cost Rs. 130,400, while the 22-carat gold jumped Rs. 250 to retail at Rs. 119,550. Meanwhile, the 18-carat gold rates in India also soared to Rs. 210, currently at Rs. 97,820.

100 grams of 22-carat gold jumped by Rs. 2,500, bringing the prices to Rs. 11,95,500. Similarly, the 24-carat gold per 100 grams surged Rs. 2,700 to retail at Rs. 13,04,000. Lastly, 18-carat gold rates rose to Rs. 2100 per 100 grams, costing Rs. 978,200.

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