Silver Rate in Bhopal

Silver Price in Bhopal

India is the largest importer of silver in the world. Not surprisingly, most consumers in Bhopal hold silver in high regard. Many investors view the white precious metal as a surrogate for the yellow metal, especially when there are restrictions on the gold trade. Non-traditional and small investors, therefore, view silver as a safe haven in terms of investment.

According to experts, most consumers gravitate towards conventional forms of investment such as precious metals and more so towards silver which is more affordable than the yellow metal. Silver is used in a variety of industries apart from fashionable and trendy silverware and articles which are commonplace. Silver rate in Bhopal depends on various international and national developments such as inflation, investment flow and correction in the price of gold among other factors.

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

• One kilogram of silver had been priced at Rs.48,560 on 1 July. During the month, the metal had seen a lot of fluctuations.
• Factors like a weak U.S. dollar and hopes over more stimulus measures being rolled for combatting the economic slump caused by the pandemic had led to the increase in the price of the metal. The month had seen a lot of concerns over the increasing impact of the pandemic on the economy and the Sino-U.S. tensions.
• With an overall increase by 29.75%, the price of the metal had settled at Rs.63,010 per kg on 31 July.

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

• In Bhopal, the price of silver was recorded at Rs.50,120 per kg at the start of the month. There was an increase of Rs.20 in the rates when compared to the closing price of the previous month.
• The price of the white metal fluctuated over the month in the city. It can be accounted to a variety of factors like increased demand, increasing number of coronavirus cases across the world denting the chance of a quick economic recovery etc.
• The precious metal recorded its lowest price for the month of June on 16th day of the month with a kilo costing Rs.47,110, and closed the month at Rs.48,510 per kg. The rates witnessed a declining trend over the month with the percentage change standing at -3.21%.

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

• The price of silver opened in the month of May in Bhopal at Rs.42,530 per kg. Although there was a fall in prices the very next day which also recorded the lowest numbers for silver the month at Rs.41,010 per kg, silver was still on track for an upward tick as various Governments all over the world released various stimulus packages to boost their economy in response to the coronavirus pandemic. However, prices soon fell before the end of the first week as optimism about the lockdowns being eased rose, as investors looked to invest in riskier assets. This prompted investors to book profits. However, prices remained steady overall as the dollar continued to remain unchanged. The rising tensions between US and China also played a role in the weakening of the risk sentiments among investors in the stock market, which worked in favor of silver ultimately.
• In the second week of May in Bhopal, silver started at a price of Rs.42,060 and ended at a price of Rs.42,960, although it had surged to Rs.43,620 on 11 May 2020. The rise in silver prices could be attributed to a strong unemployment data which brought back the fears of global recession, thus forcing the investors to turn to precious metals as a safe-haven investment in uncertain times. However, the US jobs data of April was being awaited by investors. The anticipation of the US nonfarm payrolls data led to an increase in global silver prices.
• Silver prices in the third week of May in Bhopal started off at Rs.43,160, quickly rising to Rs.46,900, with prices more or less rising through the rest of the week, to end the week at Rs.48,200 per kg of silver. The high in prices could be linked to the US jobs data which presented a bleak economy and hampered hopes of a quick turnover for the economy. The rising tensions around US-China trade relations contributed to the appeal of safe-haven investments. However, risk appetite also improved side by side as reports emerged of successful early-stage trials for a vaccine to combat Covid-19.
• In the last week of May, silver prices in Bhopal started at Rs.48,250 per kg and ended the month at Rs.50,100 per kg, with the month’s highest price falling on 25 May at Rs.51,400. Tensions related to protests in Hong Kong resulted in the US-China trade relations being strained even more. Increased economic stimulus packages also played a role in boosting the price of white metal as investors lowered their risk appetite in such a volatile global economic scenario. There was a further rise in silver prices as the US dollar weakened as US Government remained mum regarding their response to China’s management of the Hong Kong protests. Overall, the trend for silver in the month of May in Bhopal was an incline of 17.79% which was in keeping with the overall global trends that were playing out politically and in the stock markets.

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

• In Bhopal, silver price stood at Rs.40,500 per kg on 1st of April. The opening price of the precious metal was the same to what was charged on the last day of the previous month. Over the month, the white metal witnessed an inclining trend with the percentage change being 2.51%.
• Having stayed constant for the first five days of the month, the rates slipped by Rs.140 for every kilo on 6th April as equities gained after signs emerged as there was slowdown in the number of fresh novel coronavirus cases across the world. Silver was retailed for Rs.40,360 per kg in the city on the mentioned date.
• The rates fluctuated a lot over the next two weeks in the city as demand increased, value of dollar rose, stimulus was announced by central banks, U.S. crude oil prices dipped etc. The precious metal recorded its highest price for the month in the city on 21st April with a kilo of the silver being retailed for Rs.42,710. The price of the white metal continued to witness fluctuations over the final week and closed the month at Rs.41,520 per kg in Bhopal.

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

• Silver prices in Bhopal opened at Rs.47,400 per kg on the first day of March. When compared to the last day of the month of February, there were no changes in the prices of the white metal.
• However, the prices of silver in the city shot up and touched its highest on 6 March at Rs.50,700 per kg after news that US Federal Reserve has cut interest rates in order to counter the havoc created by Covid-19 on the global markets.
• The prices of silver dropped after that as investors embarked on a selling spree which resulted in the prices of silver falling. The lowest rate in March for Silver was recorded on March 19 as markets all around the world suffered due to the outbreak of Coronavirus all over the world.
• The silver prices overall rounded up a disappointing month by closing at Rs.40,500 per kg on the last day of the month.
• Overall, the prices of silver in the city of Bhopal declined by 14.55%.

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

• Silver prices in Bhopal were at Rs.50,300 per kg on 1 February 2020 and Rs.47,400 on 29 February 2020. Overall, the price of the white metal saw a decline of 5.76% in the city.
• After the prices remained the same over the first three days of the month, silver rates fluctuated until 14 February 2020. The outbreak of the coronavirus ensured the prices fluctuated during this period.
• From 15 February to 24 February, the price of silver increased due to the coronavirus spreading outside China and an increase in demand. The price of silver hit its highest rate for the month on 24 February at Rs.52,900 for a kg.
• After peaking to its highest rate, the price of silver reduced until the end of the month. The last day of the month saw the prices of silver fall by Rs.2,400 when compared to the previous day. Profit booking by investors was the main reason for the reduction in prices. Bhopal saw a 5.76% decline in silver rates over the course of the month.

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

• For the month of January, in Bhopal, silver prices opened at Rs.50,300 per kg and showed a declining trend throughout the month due to various political and geopolitical factors. Silver prices were the highest in the first week of January whereas showcased a marginal dip in prices as the month ended.
• The highest price of the month in January was Rs.52,600 per kg on 8 January as the tensions between Yemen and the United States of America escalated to a great extent. This resulted in traders shifting to the bullion as a safe-haven asset. However, the prices of the metal dipped yet again in the second week.
• As the interim Phase-1 trade deal was finally signed by China and the United States of America, the U.S. dollar’s value increased in the market. Investors shifted back to the bullion due to positive global market trends with strong U.S. data in the consumer durables along with positive manufacturing data in China.
• However, as the fears of the Coronavirus outbreak intensified, the traders relied on the bullion as a safe-haven asset. The price of the metal increased slightly at the end of the month, but not enough. With a percentage decline of 0.19, silver closed January at Rs.50,200 per kg.

Also Check Silver Price in NearBy Cities of Bhopal

Silver as an investment in Bhopal

Many view the white precious metal as a safe haven in terms of investment. Silver is regarded as a store of wealth given its intrinsic value. There is a view that in the event of a government default, the price of the yellow metal may shoot up. During times of economic instability, most consumers turn to traditional investment forms such as silver.

Physical silver: Most consumers buy silver in the form of jewellery or artefacts. There are several prominent stores across Bhopal which offer a wide range of silverware, coins and jewellery including designer silver jewellery with intricate kundan work. Silver bars and coins are also sought.

Silver contracts: Silver is traded in Multi Commodity Exchange (MCX) and National Commodity & Derivatives Exchange (NCDEX). Silver micro is traded in 1 kg. The initial margin is 5%. Customers should bear various charges such as brokerage, exchange levy and stamp duty among others.

Silver rates in Bhopal

The rate of silver in Bhopal has been plummeting since January 2015. The precious white metal is pegged at Rs.34,415 per kg, a -5.1% decrease from Rs.36,265 in the month of November. The white precious metal which was pegged at Rs.39,985 in January plummeted in the following months of February, March and April at Rs.37436, Rs.36424 and Rs.36340 respectively. The price of silver continued the downward trend in June and July barring mini rallies. The white precious metal which was pegged at Rs.35476 towards the end of August registered a -1.2% decrease towards the end of September at Rs.35049.

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