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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 December 2016 (rates per kg)
|December 1st Rate||Rs.40,450 per kg|
|December 31st Rate||Rs.39,035 per kg|
|Highest Rate in December||Rs.41,630 per kg on 8th December|
|Lowest Rate in December||Rs.38,700 per kg on 23rd December|
December 2016 - Week 1 (1st to 4th):
- Silver prices rose consistently over the first week of December as silver was seen trading at Rs.40,450 per kg.
- On 2nd, prices climbed up a little bit more for silver to trade at Rs.40,795 and increased a little bit more to Rs.41,070 on the 3rd.
- At the end of the week on 4th, silver traded at Rs.41,070 per kg as an increase of Rs.570 was seen.
December 2016 - Week 2 (5th to 11th):
- When second week begam silver prices witnessed considerable fluctuations to see silver trade at Rs.41,055 per kg.
- Prices increased slightly on 9th to Rs.41,290 per kg as there was an upswing in demand.
- At the end of the week on 11th, however, silver prices recovered slightly to help the metal trade at Rs.41,345 per kg.
December 2016 - Week 3 (12th to 18th):
- The third week of December , silver prices seemed to decrease as markets were rather strong.
- On 12th, silver was trading at Rs.41,345 per kg but fell to Rs.40,605 per kg on 15th.
- At the end of the week on 18th, silver was trading at Rs.39,305 per kg, resulting in a steep decrease in price trends.
December 2016 – Week 4 (19th to 25th):
- There wasn’t much demand for silver during week 4 because of which prices began to drop.
- On 19th, silver was seen trading at Rs.39,345 per kg and fell to Rs.38,815 per kg on 22nd December.
- On 23rd, prices dropped further to Rs.38,700 per kg but improved on the next day.
- Silver traded at Rs.38,725 per kg on 25th December, as economic conditions continued to be unfavourable.
December 2016 – Week 5 (26th to 31st):
- When week 5 began on the 26th, silver prices had further slumped to Rs.Rs.38,460 per kg
- Silver traded at Rs.39,680 per kg on 29th as markets fluctuated, but silver fell to Rs.39,035 per kg on 31st December.
- Silver prices declined by over 3% for the month of December due to poor demand.
- Overall, silver prices in Bhopal saw a change of -3.46% for the month of December.
|November 1st Rate||Rs.42,910 per kg|
|November 30th Rate||Rs.41,055 per kg|
|Highest Rate in November||Rs.44,960 per kg on 9th November|
|Lowest Rate in November||Rs.40,190 per kg on 25th November|
November '16 - Week 1 (1st to 6th)
- Silver in Bhopal traded high as demand from the industrial sector as well as jewellers kept prices high.
- Silver traded at Rs.42,910 per kg on 1st November amidst steady demand from the retail sector due to the festive season.
- International demand was also high as markets fluctuated and investors put their money into assets like bullion.
- Silver traded at Rs.44,180 per kg on 6th November.
November '16 - Week 2 (7th to 13th)
- Silver prices rose as industrial and retail demand was high.
- Silver traded at Rs.43,685 per kg on 7th November as news of the election of Donald Trump led to markets falling and silver demand rising.
- The surprise announcement of the demonetisation of Rs.1,000 and Rs.500 notes led to domestic markets falling, which led to a spike in demand for silver.
- Silver reached its monthly high of Rs.44,960 per kg on 9th November immediately following the demonetisation announcement.
- Silver ended the week trading at Rs.42,005 per kg on 13th November.
November '16 - Week 3 (14th to 20th)
- Prices fell as demand slowed due to a currency shortage as a result of the demonetisation policy.
- Silver traded at Rs.41,760 per kg on 14th November as domestic markets recovered from the previous week’s losses.
- International demand also began to fall as stock and currency markets rallied on positive economic data.
- Silver traded at Rs.40,735 per kg on 20th November on muted demand.
November '16 - Week 4 and 5 (21st to 30th)
- Silver failed to recoup its losses from the previous week as demand continued to be sluggish due to the currency shortage and strengthening markets.
- Silver traded at Rs.40,890 per kg on 21st November and fell to a monthly low of Rs.40,190 per kg on 25th November.
- Prices rose marginally but continued to trade below expected levels as the U.S. Dollar rose on the possibility of a Fed rate hike.
- Silver ended the month trading at Rs.41,055 per kg on 30th November, registering an overall loss of 4.32% compared to the start of the month.
|October 1st Rate||Rs.45,900|
|October 31st Rate||Rs.43,035|
|Highest Rate in October||Rs.45,900 on October 1st and October 2nd|
|Lowest Rate in October||Rs.41,685 on October 7th|
October ’16 – Weeks 1 and 2 (1st to 9th)
- Silver was priced at Rs.45,900 on the 1st of October, and rates remained stable for another day.
- Prices then started to fall gradually until the 8th, when they touched Rs.41,800 and remained stable on the 9th as well.
- The overall decline in prices between the 1st and 9th of October was Rs.1,100.
October ’16 – Week 3 (10th to 16th)
- Silver was valued at Rs.42,600 on the first day of the third week of October, marking an increase of Rs.800 from the last day of the second week.
- Prices then declined by Rs.15 to settle at Rs.42,585 on the 11th and 12th of October, after which they began declining on a consistent basis for the following three days.
- Silver prices stood at Rs.41,780 on the 15th of October and remained constant on the 16th to close the week at the aforementioned rate.
- Silver ended the third week of the month at a decline of Rs.820 in comparison with the previous week.
October ’16 – Week 4 (17th to 23rd)
- The price of silver was Rs.41,970 thanks to an increase at the start of the week.
- An increase of Rs.320 on the second day of the week saw prices soar to Rs.42,290 after which they declined and increased by Rs.20 on the following two days to remain at Rs.42,290 on the 20th of October.
- Prices declined on the 21st of October, but an increase on the 22nd to Rs.42,130 saw rates remain stable for another day and close the week at the aforementioned rate.
- Silver prices increased by Rs.160 between the first and last day of the fourth week of October.
October ’16 – Week 5 (24th to 31st)
- The value of silver on the 24th of October was Rs.42,330 thanks to an increase in rates from the closing levels of the previous week.
- Rates rose for the next two days in succession before a decline on the 27th brought them down to Rs.42,295.
- Prices stood at Rs.42,500 on the 28th and then declined and remained stable for two days at Rs.42,270.
- A significant increase on the last day of the month saw prices climb to Rs.43,035 and end the month on a strong note.
|1st Day||Rs.45,225 per kilogram|
|Last Day||Rs.45,750 per kilogram|
|Highest Price||Rs.47,820 per kilogram on 7th September|
|Lowest Price||Rs.45,225 per kilogram on 1st September|
September '16 - Week 1 (1st to 4th)
- Silver experienced its lowest rate for the month on 1st when it traded at Rs.45,225 per kilogram.
- A positive outlook took over the market as the expectations of a Fed rate hike died down amid weak U.S. economic data.
- By the end of the week, silver rates had reached Rs.46,760 per kilogram as demand was high.
September '16 - Week 2 (5th to 11th)
- The inclining trend of silver rates continued to progress into the second week of September.
- Silver traded at Rs.46,760 per kilogram on 5th September.
- Silver soared to Rs.47,820 per kilogram on 7th September, the highest rate for this month.
- Demand dipped as prospects of a Fed rate hike erupted in the market again.
- Silver traded at Rs.46,835 per kilogram on 11th September.
September '16 - Week 3 (12th to 18th)
- Silver traded at Rs.45,715 per kilogram on 12th September.
- Demand continued to slide down as the trends in the market weren't bright.
- The U.S. Federal Reserve geared up to introduce an interest rate hike despite economic data being weak.
- With bearish sentiments in the overseas market, domestic demand was hushed.
- By the end of the week, silver rates fell to Rs.45,370 per kilogram.
September '16 - Week 4 (19th to 25th)
- Pressure of the interest rate hike by the U.S. Federal Reserve was released as the U.S. presidential elections were too close. The rate hike was put off till December.
- With that settled for the time being, the market sentiments turned bullish.
- Silver traded at Rs.46,110 per kilogram on 19th September.
- Demand in the domestic market surged with an increase in the industrial offtake.
- By 23rd September, the price of silver dropped to Rs.47,535 per kilogram but steady demand kept prices constant.
September '16 - Week 5 (26th to 30th)
- Silver traded at Rs.46,950 per kilogram on 26th September.
- The dollar was on the rise and had its impact on the global markets.
- Reduced offtake by coin makers and industrialists led to a fall in silver prices.
- The U.S. Federal Reserve stated that the rate hike was up for discussion in November.
- Silver traded at Rs.45,750 per kilogram on 30th September.
- The overall trend for this month was an increase of 1.16%.
|1st August||Rs.49,430 per kilogram|
|31st August||Rs. 45,460 per kilogram|
|Highest Price||Rs.49,670 per kilogram on 03rd August|
|Lowest Price||Rs.44,805 per kilogram on 29th August|
|Trend||Decline in silver prices|
August '16 – Weeks 1 (1st to 7th)
- On 1st of August, silver traded at Rs.49,430 per kilogram.
- Rs.49,670 per kilogram was the highest silver rate recorded in the month on 03rd August.
- Silver price declined and closed at Rs.47,255 per kilogram at the end of the first week.
August '16 – Week 2 (8th to 14th)
- Silver traded at Rs.47,460 per kilogram on the first two dates of the week.
- A slight increase in silver prices was tracked on 10th and 11th of August when silver was traded at Rs.48,595 per kilogram and Rs.48,330 per kilogram respectively.
- On 14th August, silver prices decreased due to muted demand and speculated FED rate hike and closed at Rs.47,750 per kilogram.
August '16 – Week 3 (15th to 21st)
- On the third week of August, silver opened at Rs.47,750 per kilogram and closed at Rs.46,690 per kilogram.
- Silver prices decreased due to weak global cues, positive U.S employment rate and subdued demand from local silver spots and coin makers.
- Overall, silver prices had a downward curve this week.
August '16 – Week 4 (22nd to 28th)
- Silver opened at Rs.45,800 per kilogram and managed to remain stable without major fluctuations.
- Silver prices slightly increased on 23rd August and traded at Rs.45,935 per kilogram.
- Silver prices closed at Rs.45, 040 per kilogram by the end of the week.
August '16- Week 5 (29th to 31st)
- On the first day of the week, 29th of August, lowest silver rate of Rs.44,805 per kilogram was reported.
- On the last two days of the month, 30th and 31st of August, silver prices increased slightly due to increase in demand.
- Silver closed at Rs.45,460 per kilogram on the last day of the month.
|1st Day||Rs.46,490 per kg|
|Last Day||Rs.48,970 per kg|
|Highest Price||Rs.49,745 per kg on 11th July|
|Lowest Price||Rs.46,490 per kg on 1st July|
July'16 - Week 1 and 2 (1st to 10th)
- Silver opened at Rs.46,490 per gram. This rate was the lowest at which silver was priced during the month of July.
- Prices, however, marginally increased from thereon to Rs.47,920 per kg on the 2nd and stayed steady until the 3rd.
- Price of silver shot up to Rs.49,300 per kg on the 6th which was also the highest rate of silver for the week.
- Silver rates fell marginally after that to close at Rs.47,720 per kg on the last day of week 2.
July'16 - Week 3 (11th to 17th)
- Silver opened at Rs.49,745 per kg which was also the highest at which silver was priced for the month of July.
- Rate of silver decreased marginally by Rs.500 the next day.
- Although there was a stable demand abroad for this precious metal, it was not seen in domestic rates and silver rates continued to fall, albeit marginally.
- Silver rate stayed steady at Rs.48,840 per kg on the last two days of the week.
July '16 - Week 4 (18th to 24th)
- Price of silver fell marginally on the 18th to cost Rs.48,360 per kg and decreased even further the following day.
- There were minor fluctuations noted in the price of silver as the week progressed.
- Rate of silver fell dramatically to Rs.46,665 per kg on the 21st amid reducing global demand but picked up immediately the next day.
- On the final day of the week, the price of silver was Rs.47,420 per kg.
July‘16 - Week 5 (25th to 31st)
- There were certain minor variations noted in the price of silver during the final week of July.
- Price of silver fluctuated between Rs.47,160 per kg to Rs.47,375 per kg before increasing slightly.
- On the last two days of the week, the price of silver was steady at Rs.48,970 per kg.
|June 1st Rate||Rs. 38,640 per 1 kg|
|June 30th Rate||Rs. 44,635 per 1 kg|
|Highest Rate in June||Rs. 44,635 per 1 kg for 1 kg for 30th June|
|Lowest Rate in June||Rs. 44,635 per 1 kg on June 1st|
Jun'16 - Week 1 (1st to 4th)
- Silver traded at Rs. 38, 640 per 1 kg on the 1st of June.
- Silver price surged by Rs.225 per kg on the 3nd of June at Rs. 38,865 per kg.
- Silver traded at Rs.39,755 per kg on the 4th of June.
Jun'16 - Week 2 (5th to 11th)
- Silver traded at Rs. 39,755 per kg on the 5th of June as there was no change in the price from the previous week.
- The price of silver came down by Rs.65 from Rs. 39,755 per kg to Rs. 39,690 per kg on the 6th of June.
- Silver witnessed a further decline as prices dropped down to Rs. 39,585 per kg on the 8th of June.
- Prices steadily increased over the week and silver traded at Rs.41,510 per kg on the 11th of June.
Jun'16 - Week 3 (12th to 18th)
- Silver remained unchanged and traded at Rs.41,510 per kg on the 12th of June.
- Silver hit Rs.41,935 per kg on the 14th of June.
- Silver traded at Rs.42,958 per kg on the 16th of June.
- The price declined further over the week and silver hit Rs.42,235 on the 18th of June.
Jun'16 - Week 4 (19th to 25th)
- Silver traded at Rs.42,235 per kg on the 19th of June.
- Due to heavy demand in the global market,the price of silver rose to Rs.42,405 per kg on the 21st of June.
- The price of silver relatively increased over the week and hit Rs.43,465 per kg on the 24th of June.
- The price of silver remained unchanged on the 25th of June at Rs.43,465 per kg.
Jun'16 - Week 5 (26th to 30th)
- Silver traded at Rs.43,465 per kg on the 25th and 26th of June.
- The price further increased to Rs.43,980 per kg on the 29th of June.
- Silver closed the month at Rs.44,635 per kg on the 30th of June.
|1st May rate||Rs. 42,590|
|31st May rate||Rs. 39,065|
|Highest rate in May||Rs. 42,675 on 2nd May|
|Lowest rate in May||Rs. 38,795 on 30th May|
May '16 - Weeks 1 and 2 (1st to 8th)
- The first two weeks of May saw prices decline marginally in Bhopal, as demand for silver dropped on international trends.
- Silver retailed at Rs. 42,590 per kg on the 1st of May, with the price rising to Rs. 42,675 per kg on the 2nd of May.
- This followed slump as prices fell to Rs. 41,565 on the 4th of May, a fall of Rs. 1,110 per kg due to demand being weak.
- The price rallied towards the end of the week but closed at Rs. 41,875 per kg.
May '16 -Week 3 (9th to 15th)
- Prices during the this week dropped marginally due to speculation of a Federal rate hike, rallying the Dollar and stock markets and leading to a dip in silver demand.
- Prices for the 9th of May closed at Rs. 41,725 per kg and dropped further for the subsequent days, with the weekly low being Rs. 40,890 per kg on 10th of May.
- A slight recovery in the last few days saw prices level at Rs. 41,255 per kg on the 15th of May.
May '16 - Week 4 (16th to 22nd)
- Silver prices fell as demand slowed in the domestic market, continuing the trend of low prices.
- Silver retailed at Rs. 41,255 per kg on the 16th of May, with the price rising by Rs. 290 on the 17th of May to Rs. 41,545.
- As demand dropped and stock markets made small gains, silver prices fell again, touching Rs. 40,825 per kg on the 19th of May.
- The price continued to dip as the week ended, with silver trading at Rs. 40,135 per kg on the 22nd of May.
May '16 - Weeks 5 and 6 (23rd to 31st)
- Silver dropped further in the last week of May as the market reacted positively to the news that a Federal Reserve rate hike appeared likely in June.
- Silver traded at Rs. 40,060 per kg on the 23rd of May, suffering losses due to sinking demand amid surging markets.
- The price plunge continued into the week as silver dropped to Rs. 38,795 on the 30th of May as data from the U.S. job market was released.
- The month end trading price for silver was Rs. 39,065 per kg.
|April 1st Rate||Rs.36,780|
|April 30th Rate||Rs.42,590|
|Highest Rate in April||Rs.42,690 on the 29th of April|
|Lowest Rate in April||Rs.36,000 on the 4th of April|
|Overall Performance||Gain / Positive|
Apr'16 - Weeks 1 & 2 (1st to 10th)
- Silver rates were on the decline during the first four days of the month after which a steady increase was recorded over the next three days before they became constant for remainder of the ten-day period.
- Prices were recorded at Rs.36,780 on the 1st of the month and Rs.36,620 on the tenth day of April.
- Prices began to increase on the fifth day of trading thanks to firming international and domestic trends.
Apr ‘16 - Week 3 (11th to 17th)
- Silver rates increased steadily during the third week of the month.
- Prices were recorded at Rs.37,115 on the 11th of April and Rs.39,110 on the 17th.
- The increase in prices over the week was nearly Rs.2000.
Apr ‘16 - Week 4 (18th to 24th)
- Silver rates fluctuated during the week before becoming constant towards the end of the seven-day period.
- Prices were recorded at Rs.38,920 on the first day of the week and Rs.41,155 on the last.
- Prices increased by more than Rs.2200 during course of the week, making it the week with the highest incline in April.
Apr ‘16 - Week 5 (25th to 30th)
- Barring a marginal drop in prices on the fourth and last day of trading, silver prices increased steadily over the last week of April.
- Prices were recorded at Rs.40,810 on the first day of the week and Rs.42,590 on the last day of the month.
|1st March rate||Rs.37,005|
|31st March rate||Rs.36,495|
|Highest rate in March||Rs.38,640 on 18th|
|Lowest rate in March||Rs.36,455 on 29th|
Mar'16 - Week 1 (1st to 6th)
- Prices were down as the month began.
- Prices were Rs.37,005 on 1st and Rs.36,640 on 6th.
- Silver lost Rs.365 in this week’s trading.
Mar'16 - Mar'16 - Week 2 (7th to 13th)
- Prices appreciated marginally in this week.
- Rates were Rs.37,695 on 7th and Rs.37,710 on 13th.
Mar'16 - Week 3 (14th to 20th)
- Prices were up again in the third week.
- Rates were Rs.37,650 on 14th and Rs.37,865 on 20th.
- Silver peaked at Rs.38,455 during this week.
Mar'16 - Week 4 (21st to 27th)
- There was a drop of a little below Rs.1,250 in this week’s trading.
- Rates were Rs.37,930 on 21st and Rs.36,685 on 27th.
Mar'16 - Week 5 (28th to 31st)
- Prices continued falling in the last days of the month.
- Prices were Rs.36,570 on 28th and Rs.36,495 on 31st.
|1st February rate||Rs.34,970|
|29th February rate||Rs.36,295|
|Highest rate in February||Rs.38,640 on 12th|
|Lowest rate in February||Rs.34,970 on 1st|
Week 1 (1st to 7th)
- Silver prices appreciated at the beginning of the month.
- Prices were Rs.34,970 on 1st and Rs.36,925 on 7th.
- Silver posted a total of Rs.1,955 on gains over the first week.
Week 2 (8th to 14th)
- Silver had another stellar week in February.
- Rates were Rs.36,950 on 8th and Rs.38,525 on 14th.
- Prices gained Rs.1,575 in value during this week’s trading.
Week 3 (15th to 21th)
- Prices were up but subdued in the third week.
- Prices were Rs.37,220 on 15th and Rs.37,930 on 21st.
- Silver managed to post Rs.710 in profits this week as trading remained in the 37,000s over the week.
Week 4 (22nd to 29th)
- Silver broke its winning streak in the last week of February.
- Prices were Rs.37,615 on 22nd and Rs.36,295 on 29th.
- Silver lost Rs.1,320 during this week’s trading.
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.
Also Check Silver Price in NearBy Cities of Bhopal
|Silver Rate in Delhi||Silver Rate in Indore||Silver Rate in Raipur|
|Silver Rate in Mumbai||Silver Rate in Pune||Silver Rate in Nagpur|
|Also Know: Gold Rate in Bhopal|
Read more on Silver
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- Global Demand for Silver
- How to Find Certified/Authentic Silver
- Why Should You Invest in Silver?
- Are Long Term Silver Investments a Good Idea?