Silver Rate on July 29: Prices steady; check how much you have to pay for 1kg 999 silver

Silver prices after declining in the previous session were steady today. According to GoodReturns.in, silver price stood at ₹2,35,000 per kg.

In last 10 days, swinging between gains and losses, silver prices traded in a rangebound manner.

Silver rate across major cities

Price you need to pay for 1 kg 999 silver

For 1 kg 999 silver, at today's price ₹2.38 lakh (Senco Gold and Diamonds), you would need to pay a total of ₹2,69,654 per kg.

Factors influencing silver rate in India

In line with the sharp gains in silver prices internationally, silver traded with substantial gains on the MCX. At around 12:49 pm, silver September futures traded with gains of 1.23% or ₹2,661 at ₹2,18,501 per kg.

At around the same time, US spot silver traded higher by a significant 1.91% at $58.217 per ounce. Silver September futures, meanwhile, traded with gains of 1.5% at $58.4 per ounce.

Similar to gold, silver prices also saw a drag amid stronger dollar, hovering near a one-month high. Also cautious investor sentiment ahead of the Federal Reserve policy outcome weighed on the bullion. Nevertheless, prices recovered intra-day after an initial blow.

In its 2-day meeting, the US Federal Reserve is widely expected to keep interest rates unchanged.

Meanwhile, geopolitical developments in the US-Iran war remained on investors' radar, adding uncertainty to financial markets.