Silver rate today: Silver price falls over 3% to Rs 1.93 lakh per kg on MCX

Silver prices fell sharply on Friday, October 23, with MCX silver declining more than 3% to around Rs 1.93 lakh per kg as precious metals came under selling pressure. The fall comes as searches for “silver rate today” and “today silver rate” trend on Google.On the Multi Commodity Exchange (MCX), silver futures were trading at Rs 1,93,545 per kg at 10:11 am, down Rs 6,054, or 3.03%, from the previous close. The contract had touched an intraday high of Rs 1,96,924 per kg and a low of Rs 1,92,800 per kg, according to the data available.Separately, India Bullion Rates showed silver at Rs 1,93,980 per kg at around 10:10 am, down Rs 6,400, or 3.19%. Rates can differ across sources because of the contracts and pricing methods used.SILVER RATE TODAY IN INDIAThe price of 999 fine silver was around Rs 1,93,980 per kg in the India Bullion Rates data updated at 10:10 am on Friday. This works out to approximately Rs 19,398 per 100 grams and Rs 1,940 per 10 grams. Here is the silver rate today across selected cities, based on the rates supplied.CitySilver price per kgDelhiRs 1,93,290MumbaiRs 1,93,780KolkataRs 1,93,520ChennaiRs 1,94,340The city-wise prices were last updated at around 10:10–10:15 am on October 23. Local bullion prices can vary depending on the source, location and applicable charges.WHY IS SILVER FALLING TODAY? The available price data shows a broad decline in silver futures on MCX, with the contract down more than 3% during the morning session. However, the supplied data does not establish a specific reason for the fall.Silver prices can be influenced by international bullion prices, the US dollar, interest-rate expectations, investor demand and industrial demand. Unlike gold, silver has substantial industrial uses, including in electronics, solar panels and other manufacturing applications. This can make its price sensitive to changes in expectations for industrial activity as well as investment demand.Investors tracking the silver rate today should also distinguish between MCX futures and physical silver prices. The futures price reflects trading in a specific exchange contract, while the price quoted by a bullion dealer may include local market factors and other charges.SHOULD YOU BUY SILVER AFTER THE FALL?A sharp fall in the silver rate does not automatically mean that prices have reached a bottom. Investors considering silver should assess their investment horizon, risk appetite and the reason for buying the metal.Silver can experience larger price swings than gold because of its combination of investment and industrial demand. Those buying physical silver should also account for the difference between the quoted market price and the final purchase price, including applicable taxes and dealer charges.For investors tracking precious metals, the key levels to watch are the day's low and the movement in international silver prices. The MCX silver contract had touched Rs 1,92,800 per kg during the morning session. Further movement will depend on market conditions and fresh buying or selling interest.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends