Live Silver Prices
| Last | Change | % |
|---|---|---|
| 81,321.0 | -50.0 | -0.06% |
| High | Low |
|---|---|
| 81,700.0 | 80,914.0 |
TECHNICAL SIGNAL BUY & SELL
| 5 Min Signal | 1 Hour Signal | 1 Day Signal |
|---|---|---|
| Buy | Sell | Buy |
MOVING AVERAGES
| Period | MA 20 | MA 50 |
|---|---|---|
| 5 Minutes | 81450.05 | 81382.86 |
| 1 Hour | 81320.43 | 81442.02 |
| 1 Day | 90489.90 | 89903.00 |
| 1 Week | 84932.05 | 77515.65 |
TECHNICAL RESISTANCE LEVEL
| Resistance 1 - R1 | Resistance 2 - R2 | Resistance 3 - r3 |
|---|---|---|
| 81,742.7 | 82,157.0 | 82,528.7 |
TECHNICAL SUPPORT LEVEL
| Support 1 - S1 | Support 2 - S2 | Support 3 - S3 |
|---|---|---|
| 80,956.7 | 80,585.0 | 80,170.7 |
Disclaimer – Live prices displayed here are for informational purposes only. We cannot guarantee accuracy. Please do your own research before making any financial decisions.
Today MCX Silver Price
MCX Silver refers to the silver contract traded on the Multi Commodity Exchange of India Ltd (MCX), one of the largest commodity exchanges in India. The current MCX Silver Price/Rate is ₹80415.00.
Silver is a precious metal after gold in the world. It has a wide range of applications across various industries and is valued both as a precious metal and an industrial commodity. MCX Silver refers to silver futures contracts traded on the Multi Commodity Exchange (MCX) in India. These contracts allow traders and investors to check the future price movements of silver in the market. MCX is one of the leading commodity exchanges in India, which provides trading options for all the metals.
The price of silver in the Multi Commodity Exchange of India Ltd (MCX) fluctuates every day. Let’s understand what MCX Silver.
The current MCX Live Silver price is 82668.00 Rs.
As of Tuesday, 08 May 2024 15:15 PM, India Time, Market Open
Last Trade: 82655.0
Change: -300
Change in %: -0.36%
High: 83044
Low: 82514
Open: 82955
Are you wondering why the price of silver fluctuates so much in the MCX? It is because of its demand and supply in the market. In India, silver is highly famous for jewellery, but there are many other uses of silver where they are used and affect the demand and supply. When there is high demand, it is sign of low price and low in demand is a sign of high price.
MCX Silver stands for Silver in Multi Commodity Exchange of India Ltd (MCX). Silver has an important significance in the commodity market due to its diverse applications in various industries, including electronics, jewellery, photography, and medicine. Trading in MCX Silver offers investors and traders opportunities to hedge against inflation, diversify their portfolios, and speculate on price movements.
- MCX Silver contracts are standard agreements to buy or sell a specified quantity of silver at a predetermined price on a future date. The trading specifications for MCX Silver contracts typically include:
- Contract Size
- Price Quotation
- Delivery Months
- Trading Hours
Key Factors that Influence MCX Silver Price
The price of silver changes every day in the MCX market. Here are the factors which influence the price of MCX Silver-
- Global Demand and Supply: The demand for silver is everywhere in industrial applications like jewellery manufacturing, and investment purposes which influence the price of silver. The supply of silver also affects the price when there is a reduction in mine production, recycling rates, etc.
- Market Sentiment: Investor sentiment, economic indicators, geopolitical events, and macroeconomic factors such as inflation, interest rates, and currency movements can affect the price of silver in the trading market. Investors who invest in silver closely monitor the silver factor and adjust their trading position.
- Currency Fluctuation: Silver prices are denominated in Indian Rupees (INR) on the MCX platform. When there is a change in the exchange rate between INR or other currencies, it impacts the purchasing power of investors and affects silver prices.
- Investor Demand: Silver’s price can be influenced by investor demand for it as a safe-haven asset or as an alternative investment. Short-term price swings can be caused by speculative trading activity, central bank purchases, and investment flows into silver exchange-traded funds (ETFs).
- Industrial Usage: Silver is highly used in industrial applications too. They are used in electronics, solar panels, medical devices, and automotive components. When there is a change in industrial demand, technological advancements, and shifts in manufacturing trends where silver is in demand, it affects the silver price.
How Does MCX Silver Hallmarking Work in India?
To ensure the purity of silver, the MCX Silver Hallmarking procedure is a must. If your silver has a hallmark, then it is a sign of purity of silver and it meets the required standards. There are the silver hallmark categories to check the silver purification-
- Sterling Silver: It means, it has a purity of 92.5%. It symbolizes the S capital in the hexagon.
- Standard Silver: It means, it has a purity of 95.0%. It symbolizes the S capital in the oval.
- Britannia Silver: It means, it has a purity of 95.84%. It symbolizes the lady in the oval.
Usages of Silver:-
Jewellery: Silver is a very popular base metal for jewellery because of its lovely shine. The use of silver, which reflects light readily, gives the jewellery a sense of luxury and unique charm. Since silver is a soft metal, it may be used to create jewellery with complex shapes and exquisite designs. It can also be treated in a number of ways, including plating and alloying with other metals. In addition, silver goods are easier for consumers to buy because they are less expensive than gold or platinum from their point of view. A wide variety of people adore silver products because of their affordability and attractiveness.
Investing: Another highly prized precious metal is silver. Despite not being as strong as gold, many investors still choose it as a genuine asset since it is less prone to inflation. Although the market price of silver varies with time due to factors including industrial demand, production volume, and economic conditions, it generally holds a steady value in the long run. Investing in silver can be done through exchange-traded funds (ETFs), futures trading, and physical assets. For many retail investors in particular, physical investing is a good alternative because it represents the value of silver immediately. The fact that silver is less expensive than gold makes it more appealing to novice investors who wish to begin modest investments.
Industry: Silver is utilised in many different goods and is also highly sought after for industrial uses. In particular, it is utilised in a wide range of well-known products, including dry batteries, photographic film, solar power production panel electrode materials, and electronic industry components. Medical equipment uses silver because of its antimicrobial qualities.
Frequently Asked Questions:-
MCX Silver refers to the silver commodity traded on the Multi Commodity Exchange of India (MCX). It allows investors and traders to buy and sell silver contracts.
The price of MCX Silver is influenced by various factors such as global silver prices, supply and demand dynamics, currency fluctuations, and economic indicators. Additionally, geopolitical events and changes in industrial demand for silver also play a role.
The trading hours for MCX Silver on the MCX exchange typically start from 9:00 AM and continue until 11:30 PM IST (Indian Standard Time) on weekdays. Hours may vary on public holidays.
The MCX Silver contract specifications include contract size (in kilograms), tick size, trading hours, expiry dates, and delivery methods. These details are specified by the exchange.
Margin requirements for MCX Silver trading are set by the exchange and vary depending on market volatility and contract size. Traders must maintain a margin account to cover potential losses.
MCX Silver prices are influenced by international market prices, currency exchange rates, inflation, industrial demand, geopolitical tensions, and changes in interest rates.
To start trading MCX Silver, you need to open a trading account with a registered broker. After completing the necessary paperwork and KYC process, you can start trading MCX Silver contracts.
Trading MCX Silver involves market risks such as price volatility, margin calls, and liquidity risks. It is essential to have a risk management strategy and understand the market before trading.
The tax implications depend on the country and its tax regulations. In India, gains from trading MCX Silver may be subject to capital gains tax or business income tax, depending on the nature of the trade.
Some common strategies for trading MCX Silver include technical analysis (using charts and indicators), fundamental analysis (considering economic data and news), and arbitrage (taking advantage of price differences across markets). Always perform your due diligence before trading.