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Silver Prices Reach All-Time High in India as Global Uncertainty Rises
23 Jul
Summary
- Silver prices in India hit an all-time high of ₹1.18 lakh per kg
- Weaker rupee against US dollar makes silver imports costlier
- Investors turn to silver as a safe-haven asset amid trade tensions
On Tuesday, July 23rd, silver prices in India opened at an all-time high, tracking gains in global bullion markets and a weaker rupee against the US dollar. The price of silver rose to ₹1.18 lakh per kg, the highest level seen in domestic markets so far.
Silver prices in India closely follow international trends and also react to movements in the rupee-dollar exchange rate. A weaker rupee makes imports of silver costlier, even if global prices remain flat. Globally, spot silver dipped slightly by 0.3% to $39.15 per ounce, but prices remain near a 14-year high as traders turn to precious metals amid policy and trade concerns.
Analysts expect silver to find support at $38.75-38.55 per ounce and face resistance at $39.45-39.65 an ounce. In India, silver has support at ₹1,14,780-1,13,850 per kg and resistance at ₹1,16,450-1,16,950 per kg. Experts believe silver has more room to rise, with the potential to reach $48-58 per ounce in the next two years, as the metal transitions from being the "poor man's gold" to a strategic investment.
