Silver Rate Today, May 6: How much you have to pay for 999 silver jewellery

Silver prices increased sharply amid hopes of an end to the US-Iran war. In Delhi, silver price quoted at ₹2.65 lakh per kg, increasing by ₹10,000 per kg today.

In India, price of the white metal is influenced by a host of factors, including international silver price movement, currency exchange rate, import duty etc.

Senco Gold: 1 kg 999 purity silver will cost ₹3,09,309 per kg ( the rates are inclusive of GST and making charges)

Joyalukkas: 20 gm silver bar costs ₹6,229.

Factors influencing silver rate today

Silver prices have seen a sharp surge today amid improving geo-politicial tensions in the Middle East crisis. A decline in the dollar index coupled with softening in the crude oil price is also supporting the white metal.

The dollar index, last at around 11:46 am, after inching higher, traded with a cut of 0.4% at 98.09.

Meanwhile, oil price, while still above $100 per barrel level, has retreated from the previous day's high of over $110 per barrel.

On the US-Iran war front, the US has temporarily halt its military action, as it assesses the development in reaching the final agreement with Tehran.

Investors are now keeping a close watch on crucial US non-farm payroll data as it will offer cues on the Fed's interest rate outlook.

On the MCX, silver July futures traded in the green, with gains of 2.88% or ₹ 7,042 at ₹2,51,358 per kg. At the day's high, silver futures hit levels of ₹2,52,000 per kg.

Internationally, US silver futures traded higher by 3.83% at 76.4 per ounce.