Silver Prices Dip Sharply: Global Rates Fall 3.46%, Indian Markets See Similar Decline

Silver Price Today: Global and Indian Markets See Notable Correction Amid Tight Supply & Fed Expectations

Silver prices witnessed a sharp correction on Thursday, driven by profit booking and renewed expectations of a US Federal Reserve rate cut next week. Despite tight global supply, both international spot prices and Indian futures slipped noticeably.

Global Market Update

Spot silver fell 3.46% to $56.90 per ounce on December 5 (6:48 a.m. IST). Analysts attribute the decline to short-term profit booking, even as long-term supply concerns remain intact.

Indian Market Movement

In India, December silver futures closed at ₹1,77,951/kg (999 purity) on Thursday — a 2.41% drop from the previous session.

The Indian Bullion and Jewellers Association (IBJA) recorded silver at
₹1,76,625/kg (999 purity) in its December 4, 6:30 p.m. session.

City-Wise Silver Prices (999 Purity)

Silver rates across major Indian cities remained largely consistent, with only slight variations arising from:

• Local taxes
• Jeweller margins
• Logistics and transportation

(Your website can embed the rate table here.)

Why Silver Prices Are Still Holding Long-Term Strength

According to Augmont Bullion’s December 4 report, silver has surged nearly 100% this year, driven by:

• Global liquidity concerns
• Falling inventories in the US and China
• Inclusion in the US “vital minerals” list
• A persistent structural supply deficit

The report suggests silver could continue rising towards:

• $60 (₹1,85,500)
• $62 (₹1,91,000)
  if supply tightness persists.

Market Outlook

Rahul Gupta, Chief Business Officer at Ashika Group, noted:

“Silver is easing due to profit booking, though its structure remains intact. Immediate MCX support stands at ₹1,76,200, and resistance near ₹1,83,000. A breakout above this zone may trigger a renewed rally.”

Originally published on 24×7-news.com.