Image Source : PIXABAY Silver price today January 7
Silver price today decreased by Rs 100, with one kilogram of the metal selling at Rs 91,400. The price of one kilogram of silver in Delhi is in line with prices in Mumbai, Banglore, and Kolkata at Rs 91,400. However, prices are high in Chennai. Check city wise list of silver prices here.
As per the experts, investing in silver is one of the smartest choice for those who regularly want to save money. Investors can choose between multiple options including silver coins, silver bars, and silver futures.
Silver price today Mumbai
Silver rate in Mumbai was Rs 91,400/Kg on January 7, while it was priced at Rs 91,500/Kg on the previous day.
Silver price today Kolkata
Today, the silver rate in Kolkata is Rs 90,400/Kg and for 10 gram, it was priced 904.
Silver price today Delhi
Silver rate in Delhi today is Rs 94500.0 per kg. The price recorded yesterday on January 6 was Rs 94600.0 per kg, and the price from a week ago on January 1 was Rs 93500.0 per kg.
Silver price today Chennai
The price of one kilogram of silver in Chennai stood at Rs 98,900.
Factors affecting silver price
The price of silver is influenced by several crucial factors, including demand and supply, inflation, industrial demand, and the strength of the U.S. dollar, as explained below:
Demand and supply: The balance between supply and demand has a significant impact on silver prices. Any changes in this ratio—whether an increase or decrease in supply or demand—can cause fluctuations in the price of silver.
Inflation: Inflation, which refers to the general rise in prices of goods and services, is directly related to silver prices. When inflation is high, the value of currency starts diminishing, leading people to invest in tangible assets like silver, because its price keep increasing. For instance, when inflation is low, silver prices tend to decrease.
Industrial demand: As countries like India focus more on industrialisation, the demand for silver in sectors like electronics, solar energy, and jewelry increases, and as a repercussion, the silver prices also tend to increase.
Strength of the U.S. Dollar: The U.S. dollar is world’s dominant currency and has a strong influence on the silver prices. A change in the value of the U.S. dollar can lead to significant transition in the silver rate.
