India's Silver Benchmark Falls to 181,863 Rupees Per Kilogram

The India Bullion and Jewellers Association set its indicative rate for 999-purity silver jewellery at 181,863 rupees per kilogram on Nov. 6, a drop of 5,437 rupees from the previous day.

The association’s rate measures silver jewellery, while December silver futures on India’s Multi Commodity Exchange were a separate measure. Those futures were at 184,815 rupees per kilogram during Friday trading.

The Indian figures followed gains in gold and silver as the dollar weakened on Nov. 4. Spot silver rose 5.1% to $52.29 per ounce, and silver futures finished at $52.28, also up 5.1%, as the 10-year Treasury yield fell and election projections pointed to Democratic control of Congress.

On Nov. 5, December silver futures opened at $52.32 per ounce, up 0.1% from the prior session, and reached $52.98 by 9:25 a.m. ET. These international quotes come from earlier sessions and different markets and instruments than the Nov. 6 Indian benchmark rate.