Silver prices in Madurai stayed steady on January 21, in line with trends observed across several southern Indian cities amid firm global precious metal cues.
According to the latest data, silver in Madurai is priced at Rs 3,400 per 10 grams. Meanwhile, 100 grams of silver costs Rs 34,000, while 1 kilogram of silver is priced at Rs 3,40,000.
How Madurai compares with other cities
Silver rates in Madurai are at par with cities such as Coimbatore, Chennai, Vijayawada and Bhubaneswar, where silver is also trading around Rs 3,400 per 10 grams. In contrast, cities like Mumbai, Delhi, Kolkata, Ahmedabad and Pune are witnessing slightly lower silver prices at approximately Rs 3,300 per 10 grams.
What is influencing silver prices?
Silver prices continue to be driven by global spot prices, movements in the US dollar and demand from industrial sectors including electronics, solar energy and manufacturing. Investor interest in precious metals as a hedge against inflation and geopolitical uncertainty is also lending support to prices.
Market outlook
Looking ahead, silver prices are expected to remain sensitive to global macroeconomic developments, including interest rate expectations, currency movements and demand trends. Local prices may vary marginally based on taxes, logistics costs and jeweller margins.