Delhi, 23 October (H.S.): The domestic bullion market continued its downward trend on Thursday as the price of silver experienced a significant drop, falling by as much as ₹6,000 per kilogram on the auspicious occasion of Bhai Dooj.In the national capital, silver prices fell by ₹4,000 per kilogram, bringing the new rate to ₹1,59,900 per kilogram.

The sharpest decline was recorded in Chennai, where the precious metal’s price plunged by ₹6,000 per kilogram. Across other major metropolitan areas, including Mumbai, Ahmedabad, Kolkata, Jaipur, Surat, and Pune, silver was trading at a uniform rate of ₹1,59,000 per kilogram.

In Bengaluru, the price stood at ₹1,60,000 per kilogram, while in Patna and Bhubaneswar, it was trading at ₹1,59,400 per kilogram. Despite the substantial price correction, Chennai and Hyderabad continued to have the highest silver rates in the country, with the metal holding at ₹1,74,000 per kilogram.

The decline in domestic prices reflects trends in the global market, where the spot price of silver fell by 0.20 percent to $48.43 per ounce. According to bullion market expert Mayank Mohan, the price drop is being driven by a combination of factors.

An increase in supply in the London silver market has resolved the previous availability crisis, leading to a drop of up to 9.15 percent in global silver prices, Mohan explained.

He added that significant profit-booking by traders in both international and domestic markets is further contributing to the current downward pressure on silver prices.

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Hindusthan Samachar / Jun Sarkar