Silver rate today in India is below ₹2.40 lakh. Is this the right time to buy the white metal?AI Quick ReadMCX silver prices witnessed weakness in today’s session, reflecting cautious sentiment in the commodities market. MCX silver futures for May expiry were trading at around ₹2,37,100 per kg, down by ₹2,818 or 1.17%. The metal opened at ₹2,35,850 and touched an intraday high of ₹2,37,589, while the day’s low stood at ₹2,35,133, indicating a volatile trading range.
Experts believe that silver prices on the Multi Commodity Exchange (MCX) are expected to remain under pressure in the near term, tracking weaker safe-haven demand amid fragile ongoing ceasefire negotiations and a firm US dollar.
In the physical market, domestic silver prices are near ₹255,000/kg as of April 9, reflecting a broader cooling trend after recent sharp swings.
Further, experts added that macroeconomic indicators are still unfavourable. A strong dollar and high US yields put strain on gold, while decreasing geopolitical tensions are lowering defensive investments. Traditionally, times of reduced conflict have triggered short-term sell-offs in precious metals.
Meanwhile, a rebound in oil prices alongside a stronger dollar and rising bond yields added pressure on silver. The broader risk-on sentiment in equities also triggered profit booking, limiting further upside in prices, according to analysts.
In the international market, Silver slipped to around $73.5 per ounce on Thursday after a volatile session where prices had surged 6.3% following the ceasefire announcement before giving back most gains.
According to Jigar Trivedi, Senior Research Analyst at IndusInd Securities, MCX silver faces immediate resistance at Rd. 2,46,500, followed by Rs. 2,50,000. On the downside, key support is seen at Rs. 2,36,000; a break below this could extend losses toward Rs. 2,34,500.
On the strategy front, Trivedi advised an adopt a sell-on-rise approach below ₹2,40,000, targeting ₹2,36,000 and ₹2,34,500 a kg.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players.
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At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors.
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Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation.
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Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.