Domestic Silver Futures Edge Higher, Hover Near Rs 65,300 Mark

Silver Price: Domestic silver futures fluctuated between gains and losses on Wednesday, amid lacklustre movement in global rates ahead of the US central bank's policy statement. Multi Commodity Exchange (MCX) silver futures quoted between Rs 64,660 and Rs 65,460 during the session, compared to their previous close of Rs 65,004. At 12:11 pm, MCX silver futures - due for delivery on September 4 - traded stronger by Rs 326 - or 0.50 per cent - at Rs 65,330. (Track Current Silver Price Here)

For the September 4 contract, the average silver price currently stands at Rs 65,113.07, as against Rs 66,340.46 on Tuesday.

(Also Read: Gold Futures Turn Flat After Scaling New Record Peak)

The price of silver jewellery was at Rs 65,302 per kilogram on Wednesday, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). The price excludes the incidence of Goods and Services Tax (GST). 

Gold and silver prices in the country vary from state to state due to VAT or value added tax. Domestic jewellery prices are arrived at by taking into account factors such as excise duty and making charges.

International silver prices were last seen trading 1.7 per cent at $24.16 per ounce on Wednesday, as focus turned to a Federal Reserve meeting widely expected to reinforce loose monetary policy.

The fast-spreading COVID-19 and an escalation in US-China tensions have dented hopes of quick economic recovery, and have been driving inflows to safe-haven assets.

The US central bank will publish its interest rate decision at 1800 GMT (11:30 pm in India), widely expected to keep rates unchanged, following which Chair Jerome Powell is scheduled to hold a press conference.

This week, the silver rate touched the $25.81 mark, its highest since April 2013.