Market experts attribute recent slump to global factors, including declining industrial demand and fluctuations in international commodities market
Published Date – 27 November 2024, 01:31 PM
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Hyderabad: Silver prices in Hyderabad fell to a one-month low on Wednesday, trading at Rs 97,900 per kilogram.
This marks a marginal drop of Rs 100 from the previous day’s rate of Rs 98,000 per kilogram and shows a significant downward trend from earlier this month, when the rates hovered above Rs 1,00,000 per kilogram.
Data from the last 10 days reveals that silver prices remained steady at Rs 1,01,000 per kilogram from November 20-24, before witnessing a sharp decline of Rs 500 on November 25 and a more substantial Rs 2,500 drop on November 26.
Wednesday’s decline brings the total drop in silver prices to Rs 3,100 in the past three days.
A one-month performance analysis shows that silver traded at Rs 1,05,000 per kilogram at the beginning of November. However, a steady decline was observed mid-month, as prices dipped to Rs 99,000 by November 18 before temporarily rebounding to Rs 1,01,000.
The current level of Rs 97,900 is the lowest recorded since late October.
According to market experts, the recent slump is driven by global factors, including declining industrial demand and fluctuations in the international commodities market.
