NEW DELHI, 6 November (H.S.): The domestic bullion market continued its downward trend on Thursday as the price of silver recorded a significant decline across the country. The lustrous metal saw its value drop by a margin of ₹400 to as much as ₹2,000 per kilogram.The most substantial price correction was observed in Chennai and Hyderabad, where silver plummeted by ₹2,000 per kilogram.

Following this latest downturn, silver is trading in a range of ₹1,49,700 to ₹1,62,900 per kilogram in various domestic markets.

In the nation's capital, Delhi, the price of silver settled at ₹1,50,400 per kilogram, a rate mirrored in Mumbai, Ahmedabad, and Kolkata. In other key cities such as Jaipur, Surat, and Pune, silver was priced slightly lower at ₹1,49,700 per kilogram. Meanwhile, Bengaluru's market saw a rate of ₹1,50,600 per kilogram, while Patna and Bhubaneswar quoted the metal at ₹1,49,900 per kilogram.

Despite the steep fall, Chennai and Hyderabad still record the highest silver prices in the country, with the metal trading at ₹1,62,900 per kilogram. This price point comes after a significant correction over the past three weeks, during which silver has become cheaper by over ₹44,000.

On October 15, silver in these two cities was trading at ₹2,07,700 per kilogram, reflecting a cumulative drop of ₹44,800 to date.

According to bullion market expert Mayank Mohan, a major reason for this decline is a slump in the industrial demand for silver in the international market, which has directly impacted domestic rates. He added that local demand has also weakened following the end of the festive season, despite the commencement of the wedding season.

However, Mohan believes this price dip is temporary and expects silver to maintain a long-term upward trajectory.

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Hindusthan Samachar / Jun Sarkar