courtesy: 5paisa
Silver rate today gains ground on economic uncertainty
The silver rate today on May 16, 2024, witnessed a notable surge on the Multi Commodity Exchange (MCX), with the precious white metal gaining ground amid broader economic uncertainty.
As per the latest quotes, the silver rate for delivery in July stood at ₹87,239 per kilogram, marking a jump of ₹374 or 0.43% from the previous close of ₹86,865 per kg.
Silver rate in retail market today
For those looking to buy silver for investment or industrial purposes, the retail rate inclusive of the 3% Goods and Services Tax (GST) would be around ₹89,856 per kg.
Note: It’s important to note that silver prices may vary across different cities depending on local demand-supply dynamics and premiums charged by traders.
The rise in the silver rate today can be attributed to concerns over slowing economic growth and persistent inflationary pressures, which have boosted the safe-haven appeal of precious metals.
