Silver Rate in Andhra pradesh

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Silver Rate in Andhra Pradesh

Silver is the second most traded precious metal in the world, finding use in multiple industries and trades. Being a natural resource, the demand for silver has never faded away, with it forming the core of our past. Andhra Pradesh is one of the few states in India which produce silver, making it an extremely important entity for silver trade. Excellent ports have ensured that imported silver can reach Indian shores through the state. With development on the cards in Andhra Pradesh, a large portion of the population has resources to invest in silver, with silver rates not being a deterrent for them. In spite of being a silver producer, silver prices in Andhra Pradesh are related to international prices, depending on multiple factors.

Trend of Silver Rate in Andhra Pradesh for December 2020 (rates per kg)

Trend of Silver Rate in Andhra Pradesh for November 2020 (rates per kg)

Trend of Silver Rate in Andhra Pradesh for October 2020 (rates per kg)

Trend of Silver Rate in Andhra Pradesh for September 2020 (rates per kg)

Trend of Silver Rate in Andhra Pradesh for August 2020 (rates per kg)

Trend of Silver Rate in Andhra Pradesh for July 2020 (rates per kg)

Trend of Silver Rate in Andhra Pradesh for June 2020 (rates per kg)

Trend of Silver Rate in Andhra Pradesh for May 2020 (rates per kg)

• In Andhra Pradesh, the price of silver opened at the rate of Rs.42,530 per kg for the month of May 2020. By 3 May, the rates of the precious white metal had dropped to Rs.41,210 per kg. The metal witnessed the fall in its price as the U.S. Dollar had firmed. However, the prices had been trading above the previous session's low as the risk sentiment saw a decrease after the increasing Washington-Beijing tensions over the recent wide-spread Corona virus pandemic. Silver prices had risen after a drop during the previous trading rally as a weak and grim U.S. economic data had underscored the impact of the virus. The week came to an end with the price of silver standing at the rate of Rs.43,510 per kg.
• The second week of the month started with the metal standing at Rs.43,610 per kg. In the following days, the rates had witnessed a decrease as the U.S. Dollar had gained from safe-haven buying which was driven by the wide-spread fears over another wave of the COVID-19 virus hitting the economy. On 15 May, the price of silver had risen to the rate of Rs.43,160 per kg. Silver prices had risen to be below the three-week high that it achieved during the previous session, and this was underpinned by talks about another U.S. stimulus. This was also driven by increasing tensions between USA and China. The price of the metal had increased to Rs.46,900 per kg on 16 May, the last day of the second week. This increase in price was led by the increasing trade tensions between the USA and China. This had in turn added to the fears over a weak global economy which was just recovering from the impact of the coronavirus.
• The third week opened in Andhra Pradesh with the metal being priced at a lower rate of Rs.46,710 per kg. The price decrease was affected by a surge in the stocks and oil over the optimism of a potential vaccine for the Corona virus. The prices kept fluctuating over the next few days and then hit Rs.48,200 per kg on 21 May. The rates of silver continued to increase. On 23 May, the week ended with the metal being sold at Rs.48,350 per kg. This increase in silver rates was due to the fears over a long global economic weakness and this pushed aside a premature enthusiasm over a possible vaccine for the coronavirus. This had led investors to seek refuge in this safe-haven metal for their investments.
• On 24 May, silver was trading at the rate of Rs.48,360 per kg. The price of the metal had then hit its highest price for the month on 25 May 2020 at Rs.51,400 per kg. The rates had surged higher due to the increasing concerns over the relation between USA and China and this had an impact on the risk appetite of investors. The price had then decreased to Rs.48,000 per kg on 26 May. After increasing to Rs.48,700 per kg on 27 May, the rates of silver had fallen to Rs.47,910 per kg on 28 May. The week had closed with the price of the precious metal standing at the rate of Rs.48,560 per kg. The month had ended with the white metal standing at the rate of Rs.50,100 per kg. During this month, the metal saw an overall increase in its performance by 17.79%.

Trend of Silver Rate in Andhra Pradesh for April 2020 (rates per kg)

• Silver opened in Andhra Pradesh at a price of Rs.40,500 in the month of April and remained steady for the first five days of the month in keeping with global trends as investors turned to precious metals as a safe-haven investment as coronavirus pandemic affected stock markets around the world. The investors stayed away from investing in riskier assets as almost every country going for lockdowns and restrictions, which were affecting the economy. The price of the white metal remained steady in the first week of April due to the anticipation around the release of US jobs data, which would reveal the true extent of the coronavirus pandemic. However, by the end of the week, prices dropped to the lowest price point for the month of April at Rs.40,360 per kg on 6 April. This was in due to the number of deaths due to coronavirus falling which led to optimism around the economy getting back on track, leading to an increase in appetite for risk once again, thus resulting in a dip in prices of precious metals and its appeal as a safe-haven investment.
• By the second week of April, white metal prices again began to surge, remaining at Rs.41,100 for three consecutive days as the long weekend loomed ahead of the Good Friday holiday. There was also an easing of the US dollar, as the US Federal Reserve released the stimulus measures in response to the coronavirus pandemic, the OPEC meet, and increasing worries about the global economy delaying to get back to normal very slowly as Covid-19 continued to force the economy to struggle. This led the investors to turn to precious metals as a safe haven investment in the face of increasing volatility around the economy and equities which helped to keep prices steady.
• By the third week of the month, prices continued to wobble, with the highest price point for the month of April being Rs.42,710 per kg on 21 April. The rise was driven by fears of a global recession continuing while Trump’s announcement of the economy reopening helped to drive prices down.
• By the end of the month, prices of oil fell significantly, leading to further volatility in equities which led to a steadying of prices of the white metal as investors looked to it as a safer option. Overall, the trend for silver in the month of April was an incline with a percentage change of 2.51%.

Trend of Silver Rate in Andhra Pradesh for March 2020 (rates per kg)

• In Andhra Pradesh, silver prices opened at the rate of Rs.47,400 per kg for the month of March 2020. There was no change in the rates when compared to the previous month’s closing price.
• There was a rebound from the steep drop in the prices on 29th February owing to which the rates of the white metal increased by Rs.1,100 per kg the following day. The price of the precious metal continued to climb and touched the highest for the month on 6th March with every kilogram costing Rs.50,700. The increase in the prices was accounted to the fact that the US Federal Reserve cut the interest rates given the current situation across the globe.

• Following that, the rates slipped in the state as investors embarked on a selling spree to meet margin calls across markets which suffered because of the coronavirus outbreak. The drop in the prices meant that the rates slipped to the lowest for the month on 19th March before closing the week at Rs.40,500 per kg. Silver’s overall performance witnessed a declining trend in the state.
• For the month of March 2020, the price of silver closed at the rate of Rs.40,500 per kg. There was an overall decline of –14.55% in the performance of the white metal.

Trend of Silver Rate in Andhra Pradesh for February 2020 (rates per kg)

• Safe-haven investments had an increasing demand as the month of February began which corresponded to the fear of the coronavirus outbreak spreading outside China affecting global stock markets.
• Silver rose to its highest price point of Rs.52,900 by 24 February as it became clear that the coronavirus was not restricted to the borders of China alone but had spread to more countries in Europe and the Middle East, thus stoking fears of a global economic meltdown and safe haven instruments becoming the last resort for investors to park their money.
• However, silver slipped to its lowest by the end of the month of 29 February as investors started finding cash more attractive which resulted in assets being liquidated based on increasing fears of the coronavirus.
• Silver had an overall downward trend in February at –5.76% because of the impact of coronavirus on the global economy.

Trend of Silver Rate in Andhra Pradesh for January 2020 (rates per kg) 

• In Andhra Pradesh, price of silver stood at Rs.50,300 per kg on 1 January. In comparison to the previous month’s closing price, the rates of the white metal dropped by Rs.600.
• There rates in comparison to the previous month’s closing price increased gradually. The rates of the white metal touched it highest value on 8 January and was valued at Rs.52,600 per kilogram.
• The rates slipped to Rs.49,200 per kg on 30 January which had already started fluctuating due to the outbreak of Corona Virus in China. Apart from that, weakening dollar, tensions in the Middle East, and concerns regarding the trade deal between China and U.S.A also played its part.
• In Andhra Pradesh, silver closed the first month of 2020 at Rs.50,200 per kg after reducing to its lowest for the month the previous day. The overall performance of the white metal in Andhra Pradesh declined by 0.19%, trending downwards.

Also Check Silver Price in Metro Cities

Details of Silver Price in Andhra Pradesh (1 Kg) - Till December 2015

Silver is generally purchased in bulk quantities, with 100g, 500g and 1kg options being popular in Andhra Pradesh. Individuals who wish to purchase a 1kg bar of silver in the state would have to shell out Rs 35,534 (as of December 17, 2015). The current prices are a result of a drop over the last week, which saw prices fall by almost Rs 1,300 per kg. Silver prices over the year have been anything but steady, with the price reaching highs of Rs 43,566 per kg in May and lows of Rs 35,266 in March. December too has witnessed a huge drop in rates, primarily due to international factors. The price of 1 kg silver remained under the Rs 40,000 mark for most of the year, enabling people to purchase it without financially taxing themselves.

Also Check Silver Price in NearBy Cities of Andhra Pradesh

Silver as an investment

Silver, unlike traditional investment modes is considered a safe investment option, primarily due to its demand across the globe. The importance of silver in festivals and celebrations has made it a culturally significant metal, finding a place in our homes and banks. The low cost of silver compared to gold provides an investment opportunity to new investors and those with moderate resources, helping them build a decent investment portfolio. Two of the most popular modes of silver investment in Andhra Pradesh are silver contracts and physical silver, each having unique benefits.

Physical Silver – Physical silver accounts for most of the silver consumed in Andhra Pradesh, with silver coins, bars and jewellery being the preferred choice for millions in the state. No wedding and celebration are complete without silver, with people considering it auspicious. Sale of silver peaks during festivals like Diwali, with great prices on offer. Silver coins can be purchased from both banks and jewellers, with the ones purchased from banks generally costing more on account of purity checks and quality. Jewellers across the state cater to different budgetary requirements, offering products ranging from chains, rings, amulets, etc.

Silver contracts and futures – Indian markets have grown over the years, helping people make money through smart investment choices. Silver can be purchased through these markets, with it being traded on the Multi Commodity Exchange, National Commodity and Derivatives Exchange, etc. These options can help one make quick profits but are also riskier than traditional investment modes, and one should exercise caution while investing.

Read more on Silver

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• How To Buy Silver Bullions?
• Silver Jewelry
• Global Demand And Silver Rates In India
• What Are Silver Futures?