Silver prices in Chennai witnessed a sharp decline on Wednesday, February 5, reflecting weakness in global bullion markets. According to the latest available data, silver is trading at Rs 3,000 per 10 grams in Chennai, while the price of 100 grams stands at Rs 30,000. On a larger scale, one kilogram of silver is priced at Rs 3,00,000 in the city.
The fall in Chennai silver prices comes in line with the broader national trend, as domestic rates closely tracked a steep correction in international silver markets. Compared to the previous session, silver prices have declined significantly, mirroring the sharp drop seen in global prices and MCX silver futures.
At the retail level, the uniform pricing across weights indicates that local demand and supply conditions in Chennai remained stable, while prices adjusted primarily due to external factors. Jewellers and bullion traders in the city noted that the decline was driven by global cues rather than any city-specific developments.
Globally, silver came under heavy selling pressure after failing to sustain a brief rebound. A stronger US dollar, hawkish signals from the US Federal Reserve, and easing geopolitical tensions reduced safe-haven demand for precious metals, weighing on silver prices worldwide. As India is a major importer of silver, such international movements tend to reflect quickly in domestic markets, including Chennai.
With silver prices showing high volatility, market participants in Chennai are closely tracking global developments and currency movements for further direction in the coming sessions.
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