Silver rate today: Silver price in India extended their fall on Tuesday, March 24, as geopolitical turmoil in the Middle East unsettled global markets and drove investors away from precious metals.
On the domestic front, MCX silver prices extended its decline, cracking 4.21% or ₹9,474 at ₹215,693 per kg, while MCX gold also slipped 1.77% or ₹2,460 to ₹136,800 per 10 grams.
MCX gold rate today for April futures contracts opened lower by ₹849, or 0.61%, at ₹1,38,411 per 10 grams as against its previous close of ₹1,39,260 level. Gold prices declined as much as ₹2,576, or 1.85%, to a low of ₹1,36,684 level.
MCX silver price today for May futures contracts opened lower by ₹6,539, or 2.90%, at ₹2,18,628 per kilogram, as against its previous close of ₹2,25,167 level. MCX silver prices hit a low of ₹2,15,414 level, slipping as much as by ₹9,753, or 4.33%.
In the global market, Spot silver declined by 2.9% to $67.11 per ounce, while Spot gold dropped 1.6% to $4,335.18 per ounce, according to the data from 0227 GMT. The metal reached its lowest point since November 24 on Monday.
Silver prices outlook
Ponmudi R, CEO of Enrich Money, said that the bias remains bearish. Further Ponmudi, said that MCX Silver is trading in the ₹2,15,000- ₹2,20,000 range after a sharp gap-down, reflecting continued selling pressure. Immediate resistance is seen at ₹2,24,000- ₹2,28,000.
"A move above ₹2,30,000 can trigger recovery toward ₹2,34,000- ₹2,38,000. On the downside, a break below ₹2,12,000- ₹2,14,000 can accelerate the fall toward ₹2,08,000- ₹2,10,000, and further toward ₹2,00,000- ₹2,05,000.
According to Ponmudi R, COMEX Silver is holding above $64 after a corrective phase but continues to trade with a bearish undertone. Industrial demand is offering limited support, but momentum remains weak.
"The $68-$70 zone is a strong resistance band. A breakout above $70 is required for a bullish reversal toward $72-$74. Failure to hold above $65 can push prices toward $64-$61, with deeper support at $57-$59. The trend remains weak unless resistance is broken," said Ponmudi.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.