Silver prices in Chennai remained elevated on Wednesday, May 20, even as international silver prices witnessed sharp volatility amid rising geopolitical tensions, inflation concerns and uncertainty surrounding US interest rates.
According to the latest rates, silver in Chennai was priced at Rs 285 per 10 gram, Rs 28,500 per 100 gram and Rs 2,85,000 per kilogram.
Globally, silver traded below $75 an ounce after plunging more than 5% in the previous session. Market sentiment remained under pressure as escalating tensions between the United States and Iran increased concerns over inflation and the possibility of higher interest rates.
US President Donald Trump warned that the US could resume strikes on Iran within “two or three days” if Tehran failed to accept Washington’s peace terms. The prolonged conflict has also kept focus on disruptions around the Strait of Hormuz, pushing crude oil prices higher and increasing inflationary pressure across global markets.
Silver prices have also given up some of the gains recorded earlier this month that were supported by optimism around AI linked demand and data centre infrastructure related metal consumption.
Silver rate today in Chennai
| Quantity | Today Price |
|---|---|
| 10 gram | Rs 2,850 |
| 100 gram | Rs 28,500 |
| 1 kilogram | Rs 2,85,000 |
Silver price movement today
| Quantity | Today | Yesterday | Change |
|---|---|---|---|
| 1 gram | Rs 285 | Rs 285 | No Change |
| 10 gram | Rs 2,850 | Rs 2,850 | No Change |
| 100 gram | Rs 28,500 | Rs 28,500 | No Change |
| 1 kilogram | Rs 2,85,000 | Rs 2,85,000 | No Change |
Why silver prices are volatile today
Silver prices are currently reacting to developments in crude oil markets, geopolitical tensions, inflation expectations and movements in US bond yields.
Higher oil prices linked to the Iran conflict have increased concerns over inflation and global economic uncertainty. Rising Treasury yields and expectations of elevated interest rates have also impacted sentiment in precious metal markets.
Analysts said silver prices may remain volatile in the near term as investors continue tracking geopolitical developments, energy prices and signals from the US Federal Reserve.
Disclaimer: Silver prices mentioned above are indicative and may vary across cities and jewellers due to local taxes and other charges.