Silver is one of the most popular precious metals in the world, used for various purposes such as jewelry, industrial applications, investment, and trading. The price of silver depends on various factors such as demand and supply, global economic and political events, currency movements, inflation expectations, and market sentiment. In this article, we will look at the silver rate forecast for today, tomorrow, and next month as well as the next 6 months. We will also look at the silver rate forecast of some of the major Indian cities.
Silver Rate Forecast Today
Silver rate forecast for today – 10 Gram Silver Price in INR
Date – 02nd Dec 2023
|Today’s Silver Rate (Predicted)||₹ 805|
|Today’s High (Predicted)||₹ 809|
|Today’s Low (Predicted)||₹ 791|
|Yesterday’s Close (Actual)||₹ 796|
The silver rate in India is expected to rise by -6.11% today, reaching Rs 803 per 10 grams. The predicted high and low for today are Rs 809 and Rs 791 per 10 grams, respectively. The silver rate closed at Rs 791 per 10 grams yesterday, indicating a change of Rs 07. The silver rate forecast is based on various factors such as global market trends, currency movements, and supply-demand dynamics.
Silver Rate Forecast for Tomorrow – 10 Gram Silver in INR
Date – 04th Dec 2023
|Tomorrow’s Silver Rate (Predicted)||₹ 812|
|Tomorrow’s High (Predicted)||₹ 815|
|Tomorrow’s Low (Predicted)||₹ 791|
|Tomorrow’s Close (Predicted)||₹ 801|
The silver rate in India is expected to fall by -1.06% tomorrow and will reach Rs 748per 10 grams. The predicted high and low for tomorrow are Rs 759 and Rs 741 per 10 grams, respectively. The silver rate is expected to close at Rs 756 per 10 grams tomorrow, indicating a change of Rs -8. The silver rate prediction is based on various factors such as global market trends, currency movements, and supply-demand dynamics.
Next 31 days
Silver Rate Forecast – 10 Gram Silver (INR)
|01-12-2023||₹ 795||₹ 3.00||0.41%||₹ 730||₹ 741|
|02-12-2023||₹ 790||-₹ 5.00||-0.68%||₹ 726||₹ 737|
|03-12-2023||₹ 815||₹ 20.00||2.74%||₹ 703||₹ 719|
|04-12-2023||₹ 812||-₹ 3.00||-0.42%||₹ 700||₹ 715|
|05-12-2023||₹ 816||₹ 4.00||0.57%||₹ 707||₹ 719|
|06-12-2023||₹ 811||-₹ 5.00||-0.70%||₹ 699||₹ 718|
|07-12-2023||₹ 811||₹ 0.00||0.00%||₹ 700||₹ 715|
|08-12-2023||₹ 826||₹ 15.00||2.12%||₹ 715||₹ 726|
|09-12-2023||₹ 835||₹ 9.00||1.25%||₹ 729||₹ 736|
|10-12-2023||₹ 839||₹ 4.00||0.55%||₹ 725||₹ 739|
|11-12-2023||₹ 837||-₹ 2.00||-0.27%||₹ 728||₹ 736|
|12-12-2023||₹ 841||₹ 4.00||0.55%||₹ 731||₹ 740|
|13-12-2023||₹ 850||₹ 9.00||1.22%||₹ 739||₹ 751|
|14-12-2023||₹ 842||-₹ 8.00||-1.07%||₹ 748||₹ 756|
|15-12-2023||₹ 837||-₹ 5.00||-0.66%||₹ 739||₹ 755|
|16-12-2023||₹ 830||-₹ 7.00||-0.94%||₹ 736||₹ 746|
|17-12-2023||₹ 825||-₹ 5.00||-0.67%||₹ 730||₹ 741|
|18-12-2023||₹ 820||-₹ 5.00||-0.68%||₹ 725||₹ 736|
|19-12-2023||₹ 817||-₹ 3.00||-0.41%||₹ 729||₹ 740|
|20-12-2023||₹ 811||-₹ 6.00||-0.82%||₹ 714||₹ 731|
|21-12-2023||₹ 818||₹ 7.00||0.97%||₹ 720||₹ 736|
|22-12-2023||₹ 825||₹ 7.00||0.96%||₹ 731||₹ 740|
|23-12-2023||₹ 819||-₹ 6.00||-0.82%||₹ 724||₹ 739|
|24-12-2023||₹ 815||-₹ 4.00||-0.55%||₹ 719||₹ 731|
|25-12-2023||₹ 809||-₹ 6.00||-0.83%||₹ 716||₹ 729|
|26-12-2023||₹ 802||-₹ 7.00||-0.97%||₹ 720||₹ 736|
|27-12-2023||₹ 812||₹ 10.00||1.38%||₹ 731||₹ 749|
|28-12-2023||₹ 801||-₹ 11.00||-1.49%||₹ 741||₹ 759|
|29-12-2023||₹ 806||₹ 5.00||0.67%||₹ 751||₹ 760|
|30-12-2023||₹ 803||-₹ 3.00||-0.40%||₹ 739||₹ 756|
|31-12-2023||₹ 808||₹ 5.00||0.67%||₹ 748||₹ 761|
The silver rate forecast shows that the price of 10 grams of silver in INR will decline gradually in the next 30 days. It will reach a low of Rs 676 on November 4. The highest silver rate target is Rs 710 on October 12, and the lowest silver rate target is Rs 707 on November 4. The silver rate target will have some fluctuations, but the overall trend is downward. The average silver rate target for the entire period is Rs 735. The silver rate target is based on various factors such as global market trends, currency movements, and supply-demand dynamics.
Silver Price Forecast for 6 Months
Silver rate target – 1 Gram Silver (INR)
|Oct-23||₹ 725||₹ 9||1.26%||₹ 731||₹ 720|
|Nov-23||₹ 730||₹ 5||0.69%||₹ 738||₹ 721|
|Dec-23||₹ 749||₹ 19||2.60%||₹ 755||₹ 740|
|Jan-24||₹ 760||₹ 11||1.47%||₹ 766||₹ 751|
|Feb-24||₹ 767||₹ 7||0.92%||₹ 775||₹ 759|
|Mar-24||₹ 787||₹ 20||2.61%||₹ 792||₹ 780|
The silver price forecast shows that the price of 1 gram silver in INR will increase steadily in the next 6 months, and will reach a high of Rs 787 in March 2024. The silver price prediction indicates a growth of 8.55% from the current price of Rs 725 in October 2023. The silver price forecast is based on various factors such as global market trends, currency movements, and supply-demand dynamics. The silver price forecast may change depending on the actual market conditions and events.
Compare Silver Rate Forecast in The Top Cities of India
The silver rate today in Mumbai is Rs. 80.50 per gram and Rs. 80,500 per kilogram. This is lower than the silver rate today in Hyderabad, which is Rs. 83.50 per gram and Rs. 83,500 per kilogram. The silver price today in Ahmedabad is also lower than in Hyderabad, at Rs. 83.50 per gram and Rs. 83,500 per kilogram.
The silver rate today in Chennai is higher than in Mumbai and Ahmedabad, at Rs. 83.50 per gram and Rs. 83,500 per kilogram. The silver price today in Jaipur is the same as in Chennai, at Rs. 80.50 per gram and Rs. 80,500 per kilogram.
The silver rate today in Delhi is lower than Chennai and Jaipur, at Rs. 80.50 per gram and Rs. 80,500 per kilogram. The silver rate today in Bangalore is the same as in Delhi, at Rs. 80.50 per gram and Rs. 80,500 per kilogram.
Based on these data, we can see that Hyderabad has the highest silver rate today among the top Indian cities, followed by Chennai and Jaipur. Mumbai and Ahmedabad have the lowest silver rates today, followed by Delhi and Bangalore.
Benefits of Silver Rate Forecast:
- Helps investors and traders plan strategies based on expected silver price movements.
- Assists consumers and sellers in budgeting and negotiating deals for silver items.
- Aids industries use silver as a raw material to optimize production and supply chain.
- Supports the research on silver market trends and their relation to various factors.
Challenges of Silver Rate Prediction:
- Difficulty in predicting exact silver prices due to dynamic factors like demand, supply, global trends, and more.
- Susceptible to errors and biases from differing assumptions, data, models, and algorithms.
- Not a guarantee or recommendation; actual silver prices may vary due to unforeseen circumstances.
Demand supply and price of Silver
Silver is traded in the stock market in the form of coins, bullion, futures, options, exchange-traded funds (ETFs), and mining stocks. The price of silver depends on various factors, such as supply and demand, market sentiment, geopolitical events, currency fluctuations, and more. The main factor is the rate calculation, which is based on the weight of silver in troy ounces. One troy ounce is equal to 31.103 grams. The price of silver is determined by several major international banks, which are used by the London bullion market members for trading that day. The prices are then displayed in different currencies, such as USD, EUR, and GBP.
The demand for silver remains stable because of its unique properties and diverse applications. Silver is used for various purposes, such as jewelry, window coatings, photography, mirrors, stained glass, and specialized confectionery. It also plays an enduring role in most human cultures as a symbol of status and wealth. In medicine, silver is used in wound dressings that act as an antibiotic coating in medical devices. In industries, silver is demanded in bulk to manufacture electronic and electrical devices, such as conductors and cavity filters. It is also a raw material that is used in creating an alloy for making ceramic capacitors and other components.
The supply and demand dynamics of the silver market determine the price of silver in the stock market. The supply of silver consists of three main sources: mine production, scrap supply, and net hedging. The demand for silver consists of four main categories: industrial fabrication, jewelry and silverware, coin and bar investment, and net physical demand.
Change in silver rate since last 3 years
The silver rate in India has been on a rollercoaster ride since 2020. It has reached record highs in 2021 and 2022, before cooling down in 2023.
Starting from Rs.42,500 per kg in 2020, the silver rate plunged to Rs.37,825 per kg in March due to the COVID-19 pandemic. However, it recovered in the second half of the year, reaching Rs.63,435 per kg in December.
The silver rate continued to rise in 2021 and reached a record high of Rs.76,900 per kg in August. This was due to strong demand from investors and industrial users, as well as a weaker Indian rupee against the US dollar.
The silver rate remained elevated in 2022 and averaged around Rs.62,500 per kg. However, it started to cool down in the second half of the year due to rising interest rates in the US and a stronger Indian rupee against the US dollar.
The silver rate continued to cool down in 2023 and reached Rs.74,500 per kg on October 10, 2023. This is still significantly higher than the silver rate at the beginning of 2020. The silver rate in India has increased by over 70% since 2020. This is a significant increase, and it has made silver a popular investment for many Indians.
How does rate fluctuation affect the market?
Silver rate fluctuation affects the stock market in various ways, depending on the type and direction of the fluctuation.
Some of the factors that affect silver prices are the U.S. dollar exchange rate, the festivals and wedding season in India, black marketing and speculation, and industrial demand.
Silver rate fluctuation affects the performance of companies that use silver in their products or manufacturing processes, such as electronics, photography, jewelry, coins, etc. If the price of silver goes up, the cost of doing business for these companies can increase, which can lower their profits and stock prices.
Silver rate fluctuation affects the sentiment and behavior of investors who buy and sell silver as a hedge against inflation, currency devaluation, or market uncertainty. If the price of silver goes up, investors may feel more confident and optimistic about the market, which can boost their demand for stocks.
In conclusion, understanding the dynamics and intricacies that influence silver prices is crucial for making well-informed financial decisions. The forecasts provided in this article offer valuable insights into expected silver price movements for today, tomorrow, the coming month, and the next six months.
FAQs – Silver Rate Forecast
1. What is MCX silver and how is it relevant to the silver rate forecast?
Ans. MCX Silver refers to silver trading on the Multi Commodity Exchange. Monitoring Silver MCX helps predict future silver rates, aiding investors and traders in decision-making.
2. How can I access real-time silver rates?
Ans. Real-time silver rates can be accessed through platforms like NCDEX Live, NCDEX Live 24, or financial news websites that provide updated market information.
3. Can I track MCX Silver live and why is it important?
Ans. Yes, MCX Silver live tracking allows real-time updates on silver prices, helping traders to make timely decisions and adapt strategies accordingly.
4. What should I consider before trading based on the silver rate forecast?
Ans. Before trading, consider factors like the accuracy of the forecast, overall market conditions, your risk tolerance, and conduct thorough research to make informed trading decisions.