Silver Rate in Bhubaneswar

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Silver Price in Bhubaneswar

Silver is highly sought-after in Bhubaneshwar due to various factors including it being viewed as a conventional form of investment. Silver is extensively used in the form of silverware, gifts during festive occasions and weddings among others. Silver is sought by people across different age groups. Jewellery exhibitions are often held attracting large crowds across the city. Different items of jewellery such as bajubandh, necklaces, bracelets and rings are sold. Handcrafted jewellery by expert craftsmen from Cuttack are also much in demand.

For many customers, silver is a viewed as an effective hedge against inflation. Small investors in Bhubaneswar are more keen on silver than the yellow metal given that the former is comparatively more affordable. Silverware, coins and articles used in rituals is also commonplace. The prices of silver in Bhubaneswar depends on various national and international factors such as correction in the yellow metal owing to a slowdown in China and so forth.

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

• Silver started in the month of March at 1% higher than the previous month, recovering gradually from the worst one-day decline in almost 7 years following the coronavirus pandemic’s impact on the global economy. This increased the safe-haven appeal of precious metals, prompting investors to ditch volatile equities for more stable investments in silver and similar precious metals. Silver opened at Rs.47,400 per kg in March.
• Towards the second week, it maintained its upward trend, rising to the highest in the month of March at Rs.50,700 per kg on 6 March. This was the largest weekly gain in nearly 11 years.
• However, towards the middle of the month, silver slipped as energy and equity markets plummeted leading to investors selling bullions to cover up for margin costs. This led to the lowest rate in the month of March on 19 March when silver slipped to Rs.37,800 per kg. Even though several banks announced support measures and the dollar surged significantly, the impact of the coronavirus on economies around the world led to fears of a global recession. This led to investors turning to cash as a safeguard against such challenging times, which led to selling of precious metals and the prices crashing.
• By the end of the month, silver had recovered considerably to rise to Rs.40,500 per kg on 31 March. Even though this was still a dip of 2%, it was still on track to reach a sixth straight quarterly incline. The decline in Asian equities led to a slowdown in global growth and the stimulus boost from the US Federal reserve helped to hold up silver prices considerably.
• Overall, the performance of gold in Bhubaneswar in March was on a decline of –14.5%.

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

• The month of February, in Bhubaneswar, opened with the rate of silver standing at the rate of Rs.50,300 per kg. With the global economy likely to be in a state where it might face a slowdown in the light of the breakout of the Corona virus in China, the precious metal is being considered as a great investment option for investors around the globe.
• During the month of February, the precious metal had hit the highest price point of Rs.52,900 per kg on the 24th of February. The lowest recorded rate for the month of February was Rs.47,400 per kg and it was recorded on 29 February 2020. The report of Corona virus hitting 6 other countries had affected the overall investment scenario in the market.
• The World Health Organisation announced that Corona virus has turned out to be a global epidemic. This was one of the biggest reasons behind the fall in the price of the precious metal. The price of silver came to a close at the rate of Rs.47,400 per kg for the month of February 2020.
• The overall percentage change in the performance of silver for the month of February 2020 was –5.76%.

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

• Silver opened the month of January at Rs.50,300 per kg in Bhubaneswar. Over the month, the rates of the white metal showed a declining trend. This was accounted to tensions in the Middle East and outbreak of coronavirus in China
• The rates of silver recorded its highest for the month on 8 January as traders shifted to the bullion as a safe-haven asset. In Bhubaneswar, every kilo of the white metal was traded for Rs.52,600 on the said date.
• Silver prices fluctuated a lot after that as investors were concerned about the demand for the white metal. The rates dipped to Rs.49.800 per kg in the city as of 22 January.
• In Bhubaneswar, the prices plunged further as fears regarding the outbreak of the global epidemic intensified. Silver prices slipped to its lowest for the month on 30 January before closing the first month of 2020 at Rs.50,200 per kg.

Trend of Silver Rate in Bhubaneshwar for December 2019 (rates per kg)

• Silver opened at Rs.48,100 per kg in Bhubaneswar with tensions rising around the US-China trade war and the Chinese factory sector expanding well.
• It hit a snag at the middle of the month at Rs.46,400 per kg with optimism around Brexit and a US-China trade deal too.
• It hit the highest price point by the end of the month at Rs.50,900 with year-end trading being thin as US-Iran tensions increased.
• Overall, the monthly performance was at an incline of 5.82% closing at Rs.50,900 compared to the Rs.48,100 that it opened at during the start of the month.

Trend of Silver Rate in Bhubaneshwar for November 2019 (rates per kg)

Trend of Silver Rate in Bhubaneshwar for October 2019 (rates per kg)

Trend of Silver Rate in Bhubaneshwar for September 2019 (rates per kg)

Trend of Silver Rate in Bhubaneshwar for August 2019 (rates per kg)

Trend of Silver Rate in Bhubaneswar for July 2019 (rates per kg)

Trend of Silver Rate in Bhubaneswar for June 2019 (rates per kg)

• The month began with the silver rate in Bhubaneswar trading at Rs.39,400 per kg. The price remained the same as it did at the end of May. This was primarily due to the fact that the local and industrial demand for the metal stagnating. This was also the lowest price that the metal stood at for the month.
• The Federal Bank’s decision to reduce rates of interest created a speculation that the economy would decline. This caused the value of the dollar to plummet causing the price of silver to substantially rose to Rs.40,100 per kg on June 14.
• A monthly high was recorded on June 21 as the Federal Reserve Bank mentioned it was on the verge of cutting interest rate. During this time, silver traded at Rs.41,500 per kg.
• The month ended with silver trading at Rs.40,800 per kg, recording a 3.55% monthly incline.

Trend of Silver Rate in Bhubaneswar for May 2019 (rates per kg)

• There was a drop in bullion interest which impacted silver prices in Bhubaneswar as local industrial demand was unable to prop up prices after opening at a stagnant Rs.40,500 per kg.
• Sluggish overseas demand as well as a drop in local demand due to a steady U.S. dollar rate saw prices dip to Rs.40,100 per kg on 11 May, despite fluctuating equity markets caused by the continued Sino-U.S. trade dispute.
• Weak industrial offtake from China weighed down bullion demand as the metal dropped to Rs.39,700 per kg on 17 May, as local demand was unable to keep prices steady as global equities rebounded and interest in safe-haven assets fell.
• Silver prices remained stagnant for the remainder of the month despite a marginal increase in overseas interest, resulting in the metal trading at Rs.39,400 per kg on weak global demand.

Trend of Silver Rate in Bhubaneswar for April 2019 (rates per kg)

Trend of Silver Rate in Bhubaneswar for March 2019 (rates per kg)

• At the start of the month, silver dropped in value to Rs.42,700 per kg as the dollar strengthened. During the same time, equities dipped in value. This was the highest that the metal stood at for the month.
• After the European Central Bank postponed their interest hike, the dollar surpassed the Euro in value which stunted the growth of silver. On 7th, the silver rate in Bhubaneswar stood at Rs.41,000 per kg.
• The lowest point for silver in the month was on 29th when it traded at Rs.40,200 per kg. Uncharacteristically, equities also saw a dip in value.
• The value of silver for the month declined by 4.91% when silver was priced at Rs.40,600 per kg.

Trend of Silver Rate in Bhubaneshwar for February 2019 (rates per kg)

• Fluctuating overseas demand caused the silver rate in Bhubaneshwar to stand strong at.43,900 per kg at the start of the month. The US dollar remained volatile in comparison to other currencies during this time and During this time which had dominant impact on the price of silver.
• The price of the metal then rose to Rs.44,100 per kg on 5 February as the equity markets showed signs of weakness. As the dollar recovered during the same period, investors looked to invest in bullion. However, on 14 February, silver dipped in value to Rs.42,700 per kg.
• Due to the uncertain economic conditions of Brexit and the Sino-U.S. trade crisis, the price of silver in Bhubaneshwar rose to Rs.43,600 per kg on 18 February as the US dollar dipped in value in comparison with other currencies..
• Positive economic trends in the U.S. rose the value of the dollar in comparison to other currencies, thereby reducing the value of silver. As the interest in silver plummeted, the demand for the metal dipped too. At the end of the month, on 28 Feb, the metal stood at Rs.43,300 per kg.

Trend of Silver Rate in Bhubaneshwar for January 2019 (rates per kg)

• Silver was priced at Rs.41,500 per kg on 1 January and rose to Rs.42,600 per kg on 10 January as local industrial demand was on the rise due to favourable market cues.
• Asian industrial demand was muted due to the trade sanctions on China which was reflected in a slight dip in price when silver traded at Rs.42,100 per kg on 19 January.
• Market uncertainty over the impact of Brexit and the U.S. government shutdown resulted in renewed investor interest in bullion as silver prices recovered to trade at Rs.43,200 per kg on 26 January.
• The surge in demand for silver from coin makers and retail sales boosted the metal’s value significantly as silver prices in Bhubaneshwar closed the month at Rs.43,900 per kg to record a rise of 5.78% during the month.

Trend of Silver Rate in Bhubaneswar for December 2018 (rates per kg)

Silver Rate Trend in Bhubaneswar for December 2018:

• Steady local industrial demand kept silver prices in Bhubaneswar steady in spite of some overseas fluctuations with the industrial metal priced at Rs.38,500 per kg on 1 December.
• Prices rose on increased interest in bullion as market volatility kept the dollar low, boosting demand from local coin makers and retail buyers as silver traded at Rs.40,700 per kg on 11 December.
• A marginal dip was recorded on 19 December when the metal traded at Rs.39,800 per kg due to a slide in offtake from Asian industry but prices quickly recovered on sustained global demand.
• The U.S. government shutdown and economic slowdown fears rattled markets and increased silver demand as the metal traded at Rs.41,500 per kg on 31 December to record a significant 7.79% rise in value over the course of the month.

Trend of Silver Rate in Bhubaneswar for November 2018 (rates per kg)

Silver Rate Trend in Bhubaneswar for November 2018:

• Demand for silver declined steadily as poor local demand from coin makers as well as a weak rupee led to a steep dip in orders.
• Silver rates in Bhubaneswar traded at Rs.40,900 per kg on 1 November but prices dipped on a drop in retail sales in spite of the festive season due to rising import costs.
• Prices dropped sharply towards the third week as local industrial demand was also on the decline due to weak overseas cues, with the metal trading at Rs.39,800 per kg on 20 November.
• Rumours of a possible interest rate hike by the Federal Reserve boosted the dollar and stock markets, which further dented silver’s appeal among investors as the metal closed at Rs.38,800 per kg on 30 November.

Trend of Silver Rate in Bhubaneswar for October 2018 (rates per gram)

October 2018 – Week 1 (1-7):

• The month of October began with silver trading at Rs.41,100 per kg in Bhubaneswar. The week witnessed a sharp increase in the price of silver, led by falling equities and a rise in demand for the industrial metal.
• On October 3, the silver rate reached its monthly high at Rs.42,000 per kg before descending to Rs.41,600 per kg the very next day.
• The rupee-dollar dynamic dictated the price for the remainder of the week. On October 7, silver ended the week at Rs.41,900 per kg, making a gain of Rs.800 per kg since the start of the week.

October 2018 – Week 2 (8-14):

• At the start of the second week, the silver rate in Bhubaneswar was seen holding steady at Rs.41,500 per kg on October 8. The price dipped as the greenback recovered some lost ground over the weekend.
• Through the week, the demand for silver receded among the local jewellers and industrial units. Consequently, the price of silver continued to go down gradually.
• On October 11, the white metal hit its weekly low at Rs.41,100 per kg. Thereafter, it recovered some of its recent losses on the back of falling equities. It ultimately ended the week at Rs.41,500 per kg on the 14th.

October 2018 – Week 3 (15-21):

• The third week of October started with silver trading at Rs.41,900 per kg. The price spiked over the weekend owing to a poorly performing dollar coupled with an increase in demand from local coin makers and industries.
• The first couple of days of the week were volatile owing to the rupee-dollar relationship. On the 18th, the price dropped down to Rs.41,700 per kg.
• As the week went by, the dollar recovered some of its losses and investors switched from metals to the greenback. The price retreated further thereafter, ending the week at Rs.41,500 per kg on the 21st.

October 2018 – Week 4 (22-28):

• The second last week started with the silver rate in Bhubaneswar holding at Rs.41,500 per kg on October 22.
• On the 24th, the prices surged sharply to Rs.41,900 per kg amid highly volatile stock markets and a weakening rupee against the dollar.
• Trading went on for the rest of the week as a strong dollar led to a drop in the silver imports domestically. Consequently, it ended the week at Rs.41,700 per kg on October 28.

October 2018 – Week 5 (29-31):

• The final week of October saw silver commence trading at Rs.41,600 per kg on October 29, as the dollar improved slightly over the weekend.
• The greenback continued to gain over the remainder of the week against other apex currencies. As a result, silver concluded the week at Rs.41,200 per kg on the 31st.

Trend of Silver Rate in Bhubaneswar for September 2018 (rates per gram)

September 2018- Week 1 (1-8)

• On 01 September 2018, silver opened at Rs.40,000 per kg in Bhubaneswar amid steady demand for the metal.
• A slight increase in silver rate was recorded on the 2nd of the month when the price of the metal inclined by Rs.100 per kg and tradd at Rs.40,100 per kg. However, from the 5th to the 7th of the month, as the demand for silver fell, the price of the metal fell and hit a monthly low of Rs.39,500 per kg.
• By the end of the week, silver rates in Bhubaneswar recovered and closed at Rs.39,700 per kg as the ongoing trade war negatively affected the stock market and investors turned towards safe-haven assets.

September 2018- Week 2 (9-15)

• When trading for the metal opened for week 2 in Bhubaneswar, silver prices remained unaffected and continued trading at Rs.39,700 per kg.
• As the value of the US dollar fell, silver rates inclined and traded at Rs.39,700 per kg from 11 to 13 of the month.
• After the US inflation data was released, the value of the US dollar fell further compared to other apex currencies which caused silver rates to incline to Rs.39,800 per kg on 14 before closing at Rs.39,500 per kg on 15.

September 2018- Week 3 (16-22)

• Though silver continued to trade at Rs.39,500 per kg on 16 September, the price of the metal inclined during the week as the demand for the metal increased in Bhubaneswar.
• On 17 September, the price of the metal in Bhubaneswar inclined to Rs.39,700 per kg. Silver rates further inclined to Rs.39,800 per kg and Rs.40,000 per kg on 18 and 19 September respectively.
• The price of silver further inclined and traded at Rs.40,100 per kg on 20 and 21 September before closing at Rs.40,300 per kg on 22 amid global trade tension.

September 2018- Week 4 (23-30)

• In Bhubaneswar, silver opened at Rs.40,300 per kg on 23 September.
• Due to weak demand, the price of the metal fell to Rs.40,000 per kg on 24 September but silver rates quickly inclined to Rs.40,200 per kg on 25 and further inclined to Rs.40,800 per kg on 26 September.
• Silver hit a monthly high of Rs.41,200 per kg on 29 and 30 September and recorded an overall incline of 3% for the month in Bhubaneswar.

Trend of Silver Rate in Bhubaneswar for August 2018 (rates per kg)

August 2018 - Week 1 (1 - 05):

• The price of silver at the start of August 2018 stood at Rs.41,400 per kg. This was the highest the metal stood at for the entire month.
• On 4 August, the price of the metal increased by Rs.200 per kg to Rs.41,300. High demand for the metal was recorded during this time.
• On 5 August, the metal traded at Rs.41,300 per kg, unaffected by the surge in demand from the previous day.

August 2018 - Week 2 (6 - 12):

• Silver was trading at Rs.41,300 per kg in Bhubaneswar on 6 August, the same as it did at the end of week 1.
• On 9 August, silver experienced a hike in its value as it stood at Rs.41,400 per kg, due to the decline in the value of the dollar. This was also the highest price point of silver in the city for the month of August 2018.
• Week 2 ended on a high as silver in Bhubaneswar rose in value to Rs.41,200 per kg.

August 2018 - Week 3 (13 - 19):

• At the start of week 3, silver began trading at Rs.41,200 per kg, the same as it had been priced at the end of week 2.
• US recorded a positive trend in their economy after they released their employment data. This caused the price of silver to decline to Rs.39,900 per kg on 16 August.
• Bhubaneswar then enjoyed a rise in silver price, and at the end of week 3, silver was priced at Rs.40,000 per kg.

August 2018 - Week 4 (20 - 26):

• At the start of week 4, silver began to trade at Rs.40,000 per kg, unaltered from what it was priced at the end of week 3.
• On 23 August, silver dipped in value while the dollar rose in value in comparison to other currencies. On this day, the metal was trading at Rs.39,900 in Bhubaneswar.
• The silver price in the city increased during the end of week 4 to Rs.40,200 per kg.

August 2018 - Week 5 (27 - 31):

• Silver in the city commenced trading at Rs.40,200 per kg at the start of week 5.
• Domestic demand for the metal from local industries and jewellers rose during the course of week 5, thereby increasing the price of silver in Bhubaneswar.
• Silver experienced a negative trend of -2.65% for the month of August 2018. The month ended with silver in the city being priced at Rs.40,300 per kg.

Trend of Silver Rate in Bhubaneswar for July 2018 (rates per kg)

July 2018- Week 1 (1-7)

• Silver opened at Rs.42,800 per kg on 1 July 2018.
• Though the price of silver rose briefly towards the end of the first week in Bhubaneswar, the overall trend of silver was declining.
• After remaining stable on 2 July, silver prices dropped to Rs.42,400 per kg on 3 July as the demand for the metal from local coin makers and traders fell ahead of the Federal Reserve testimony.
• As fears over the impact of the ongoing trade war between the US and China led to markets falling steeply, it worked positively for silver. Silver prices rose to Rs.42,800 per kg on 4 July.
• However, the white metal prices could not rise as the demand for the metal fell. Silver closed at Rs.42,700 per kg on 7 July.July 2018- Week 2 (8-14)

• On 8 July, a drop of Rs.100 per kg was noted in the prices of the metal. Silver prices fell and traded at Rs.42,600 per kg on 8 July due to muted demand from local players.
• Prices rose to Rs.42,900 per kg on 9 July as geopolitical tensions and the growing tariff war led investors to look to bullion as a safe-haven asset though the local demand did not pick up.
• Though the international market for the precious metal looked positive, due to poor demand, silver prices could not sustain and fell to Rs.42,200 per kg on 12 July.
• There was a slight recovery as the week ended, with silver priced at Rs.42,300 per kg on 14 July. However, the hike was not significant.

July 2018- Week 3 (15-21)

• At the beginning of week 3, silver continued to trade at Rs.42,300 per kg as the demand for the metal was stable.
• Though demand for the metal played a huge role in determining silver prices, the value of the US dollar played a crucial role in week 3. Following the positive economic outlook indication, speculation of a rate hike led to the dollar rising as markets also surged on bullish sentiment.
• Silver prices fell by Rs.200 per kg and traded at Rs.42,100 per kg on 17 July.
• As the value of the US dollar increased, silver prices dropped sharply to Rs.41,700 per kg on 18 July. Poor demand for the metal from local industrial units also played a role in falling silver prices.
• Minor fluctuations in the price were observed before silver ended the week at Rs.41,700 per kg on 21 July.

July 2018- Week 4 (22-31)

• As the retail demand for the metal picked up, silver rose by Rs.100 traded at Rs.41,500 per kg on 25 July.
• Silver prices increased on 26 July to Rs.41,800 per kg as the value of the US dollar fell. Though the decline in the US dollar rate played positively for silver prices, poor demand for the metal caused silver rates to fall.
• As on 28 - 29 July, the price of silver stood at Rs.41,200 per kg. This was the lowest silver rate recorded in the month of Bhubaneswar for the month of July.
• By the end of the month, the price of silver increased as dollar rates dropped slightly. The metal stood at Rs.41,400 per kg on 30 - 31 July.
• Overall, silver rates in Bhubaneswar for the month of July fell by 3.27%.

Trend of Silver Rate in Bhubaneswar for June 2018 (rates per kg)

June 2018 - Week 1 (1 - 10):

• Silver was priced at Rs.42,800 per kg when trading started for the month of June. Rates were on the lower side this month as the US dollar seemed to be rising consistently.
• As cues from the international market remained weak, and local demand was also on the fall, silver rat in Bhubaneswar went down to Rs.42,600 per kg on the 2nd.
• There was low yet steady demand as a result of which silver traded at Rs.42,600 per kg from the 3rd to the 5th.
• With the relationship between the G7 nations remaining weak ahead of the summit, the dollar collapsed. This caused silver rates to rise up to Rs.43,900 per kg on the 6th of June.
• After the dollar improved, silver rates fell to Rs.43,800 per kg on the 7th and then to Rs.43,600 per kg on the 8th of the month.
• Over the final two days of this week, silver traded at Rs.43,700 per kg as demand from local industries and coin makers were on steady.

June 2018 - Week 2 (11 - 17):

• When the second week of June began on the 11th, silver was priced at Rs.43,900 per kg - a Rs.200 incline from the previous day’s rates.
• This surged to Rs.44,000 per kg as demand for the metal improved, before falling to Rs.43,900 per kg the subsequent day after a buoyant dollar curbed the rise of the precious metal demand.
• On the 15th, silver rate in Bhubaneswar went up to Rs.45,000 per kg - the month’s highest rate - as certain quarters of the market were cautious about the upcoming Fed meeting.
• Once it was made clear that the outcome was positive and interest rate hikes were being considered, silver rates dropped to Rs.44,300 per kg.
• When the week ended, silver rates were recorded at Rs.44,300 per kg.

June 2018 - Week 3 (18 - 24):

• The third week of June opened with silver trading at Rs.43,400 per kg - a Rs.900 drop from the previous day’s rates.
• This dropped to Rs.43,500 per kg on the 19th before going down further to Rs.43,100 per kg on the subsequent day.
• Silver prices continued to fall with the metal hitting Rs.42,900 per kg on the 21st, before a steady demand from industries helped stabilise the prices.
• When the week ended, silver rates were still holding at Rs.42,900 per kg.

June 2018 - Week 4 (25 - 30):

• The final week of silver trading in Bhubaneswar started with the metal being priced at Rs.43,200 per kg - a Rs.300 rise from the previous day.
• This happened because the US dollar fell slightly which the investors took advantage of by investing in silver and other precious metals.
• As the US dollar began to climb, silver began to suffer and fell consistently over the remaining days of the month.
• The metal traded at Rs.43,000 per kg on the 28th which then fell to Rs.42,800 per kg on the 29th as cues from the global market were weak.
• When the month ended, silver was still priced at Rs.42,800 per kg.
• A 0% change was recorded this month compared, with plenty of fluctuations being recorded over the four week period.

Trend of Silver Rate in Bhubaneswar for May 2018 (rates per kg of silver)

May 2018 - Week 1 (1st - 6th):

• Silver was priced at Rs.42,000 per kg when trading started for the month of May.
• Due to a steady rise in demand, silver rates went up to Rs.42,600 per kg on the 3rd of May. This rise in purchases was due to the US-China trade war concerns.
• The, then ongoing, hot and cold talks between North Korea and the US also helped with the price increase.
• After the US dollar regained some of its value, the white metal’s prices decreased. On the final day of this week, silver was seen trading at Rs.42,600 per kg.

May 2018 - Week 2 (7th - 13th):

• This week saw silver prices drop during the initial days before increasing as the days progressed.
• On the 7th of May, the white metal was priced at Rs.43,200 per kg as there was a steady demand for the metal in the market.
• However, rates went down to Rs.43,000 per kg after the US Dollar started on a upward path and gained against various world currencies.
• As the tussle between the US and North Korea seemed to intensify, prices of precious metals were on the rise.
• Silver prices also recorded a slight rise with the metal trading at Rs.43,100 per kg on the 9th and then at Rs.43,300 per kg on the subsequent day.
• With local demand, particularly from jewellers and industries increasing, silver rates in Bhubaneswar went further up to Rs.43,500 per kg on the 11th.
• For the remaining two days of this week, the white metal continued to trade at Rs.43,500 per kg.

May 2018 - Week 3 (14th - 20th):

• Third week’s trading started with silver opening at Rs.43,600 per kg on the 14th as there were speculations regarding the North Korea-US summit.
• On the 15th, the white metal was priced at Rs.43,300 per kg which then dropped to Rs.43,000 per kg as demand weakened locally amidst poor global cues.
• Prices went up to Rs.43,200 per kg on the 17th - a brief rise - before falling back to Rs.43,000 per kg on the 18th as the US dollar rose against other currencies.
• On the final day of this week, the metal was priced at Rs.43,100 per kg as there was a low yet steady demand in the local market.

May 2018 - Week 4 (21st - 27th):

• This week saw silver prices rise steadily as demand surged ahead of strong global cues.
• On the 21st of May, the white metal was priced at Rs.43,100 per kg. As tensions rose in key regions in Europe and the Middle East, demand for safe haven assets also increased.
• The 23rd saw silver trade at Rs.43,500 per kg before dropping by Rs.200 to Rs.43,300 per kg on the 24th of May.
• For the remaining few days of the week, silver rates remained steady and the metal was seen trading at Rs.43,600 per kg at the time of closing.

May 2018 - Week 5 (28th - 31st):

• The final week of May saw silver opening at Rs.43,000 per kg - a Rs.600 decline from the previous day’s rates.
• This rose slightly to Rs.43,100 per kg on the 29th as demand also decline ahead of increased buying from the local market.
• After US President Donald Trump confirmed that the cancelled summit would go ahead as planned, silver rates in Bhubaneswar dropped further to Rs.42,900 per kg.
• A surge in demand, though, helped silver close on a slightly high note of Rs.43,100 per kg. Price trends recorded a 2.61% increase this month, thanks to strong demand from the domestic market.

Trend of Silver Rate in Bhubaneswar for April 2018 (rates per kg)

April 2018- Week 1 (1st - 7th):

• The week began in Bhubaneswar with silver trading at Rs.41,400 per kg on the 1st with consistent domestic demand brought about by strong industrial orders.
• The dollar weakened over the next couple of days with the US-China trade concerns and the US-North Korean tensions rising, leading to an increased investor demand for safe-haven assets such as the bullion.
• Positive trends overseas coupled with steady domestic demand led to silver being priced at Rs.41,600 per kg on the 3rd
• However, with the US dollar recovering from the initial shock, demand for the metal plunged. This led to silver being priced at Rs.41,100 per kg on the 6th.
• The week came to an end with the industrial metal trading at Rs.41,200 per kg on the 7th amid firm trend overseas.

April 2018- Week 2 (8th - 15th):

• Silver price in Bhubaneswar were greatly influenced by the unevenly performing equities market and unsteady dollar performances during the week.
• Silver was recorded trading at Rs.41,200 per kg when the week began amid firm overseas trends.
• With the US-North Korean relations worsening, investor demand for the bullion surged. This led to rates rising to Rs.41,700 per kg on the 11th.
• The 12th saw silver rate in Bhubaneswar surging to Rs.42,000 per kg as the US dollar lost against other apex currencies, pushing demand higher for the metal.
• Trading concluded for the week with the industrial metal trading at Rs.41,900 per kg on the 15th with subdued but steady domestic demand amid positive global cues.

April 2018- Week 3 (16th - 22nd):

• Trading commenced for the week with the white metal priced at Rs.42,100 per kg on the 16th with markets participants speculating over the possible impact of the US-led missile strikes on Syria.
• The poorly performing dollar and losing equities resulted in demand surging in the international markets.
• Strong demand coupled with firm trend overseas led to silver rates holding at Rs.43,700 per kg on the 19th.
• silver rate in Bhubaneswar remained on the stronger side with strong international trends pushing demand higher for much of the week.
• However, with the US dollar regaining lost ground against other apex currencies, silver rates dropped to Rs.41,900 per kg on the 22nd.

April 2018- Week 4 (23rd - 30th):

• The final week witnessed silver price in Bhubaneswar rising initially before plunging due to a decline in industrial demand for the metal.
• With investors awaiting the US central bank meeting and the nation’s industrial data, demand for the metal dropped towards the end of the week.
• Trading opened for the week with the industrial metal priced at Rs.43,700 per kg on the 23rd amid positive overseas trends.
• However, with the US dollar recovering, investor demand for the metal dropped and silver was recorded trading at Rs.43,000 per kg on the 26th.
• Silver rate in Bhubaneswar remained untouched at Rs.42,800 per kg for the next couple of days on account of subdued but steady demand from industrial units and coin makers.
• The month came to an end with silver rates in Bhubaneswar holding at Rs.42,300 per kg on the last day, registering an increase of 2.17% in prices during the month.

Trend of Silver Rate in Bhubaneswar for March 2018 (rates per kg)

March 2018- Week 1 (1st-4th)

• Silver prices in Bhubaneswar were on the rise on positive market developments as well as consistent demand from industrial units.
• Trading opened at Rs.41,100 per kg as the month began, with steady demand due to consistent offtake from industrial units.
• Prices climbed to Rs.41,400 per kg on 2 March on positive market cues and a declining U.S. Dollar.
• Coin makers also increased orders which led to a rise in demand for the industrial metal as silver prices rose to Rs.41,600 per kg on 4 March.

March 2018- Week 2 (5th-11th)

• The second week saw silver prices continue to rise on positiv market trends.
• Silver was priced at Rs.41,700 per kg on 5 March as domestic demand rose on positive international trends.
• Prices dropped to Rs.41,400 per kg on 6 March before a revival in interest led to prices rising to Rs.41,900 per kg on 7 March.
• A declining dollar and geopolitical tensions in the U.S. led to markets falling and investors seeking safe-haven assets like bullion.
• Prices regularised during the week as silver dropped to Rs.41,300 per kg on 9 March.
• Prices recovered as the week ended on 11 March, trading at Rs.41,600 per kg.

March 2018- Week 3 (12th-18th)

• The third week saw a gradual decline in demand for silver which was reflected in the price of the industrial metal.
• Silver was priced at Rs.41,600 per kg on 12 March on stable demand though local industrial demand was on the decline due to a rise in the dollar value.
• Silver dropped to Rs.41,600 per kg on 13 March on reduced demand from coin makers while equity markets stabilised on positive market cues.
• The surprise firing of the U.S. Secretary of State led to a rise in silver demand, which rose to Rs.41,700 per kg on 14 March.
• Demand fell for the rest of the week on a strengthening dollar.
• The week ended with silver priced at Rs.41,100 per kg on 18 March following a steep fall in demand.

March 2018- Week 4 (19th - 25th)

• Silver prices fell as the week began, trading at Rs.41,000 per kg on 19 March on poor international demand.
• Prices fluctuated on conflicting market cues as silver rose to Rs.41,200 per kg on 20 March on unsteady equity markets.
• Geopolitical tensions in the U.S. led increasing interest in bullion as silver prices rose to Rs.41,500 per kg on 22 March.
• Local demand rose as interest in silver peaked overseas which kept silver at Rs.41,600 per kg on 23 March.
• Local demand remained constant as the week ended with silver priced at Rs.41,600 per kg on 25 March.

March 2018- Week 5 (26th -31st)

• Silver was priced at Rs.41,600 per kg on 26 March as industrial offtake was bolstered by weak equity markets.
• Prices rose to Rs.41,800 per kg on 27 March as markets plunged on the possibility of a trade war with China due to prohibitive trade tariffs.
• Demand for the industrial metal slipped as the week progressed as local coin makers reduced offtake due to a rise in the dollar rate, making silver imports more expensive.
• Reducing industrial demand resulted in silver prices dropping to Rs.41,400 per kg on 29 March as prices remained unchanged for the rest of the week.
• In spite of a fall in demand towards the end of the month, silver prices rose by 0.72% during the month.

Trend of Silver Rate in Bhubaneswar for February 2018 (rates per kg)

February 2018 - Week 1 (1st - 4th):

• The month began in Bhubaneswar with the white metal trading at Rs.42,600 per kg on the 1st after the US dollar weakened ahead of the US employment data. This was also the lowest monthly figure recorded in the city.
• Silver rate in Bhubaneswar remained unaltered at Rs.42,600 per kg on the 2nd owing to strong domestic demand amid the positive global cues.
• However, the US dollar index rose against other emerging currencies after the US payrolls data proved to be stronger than expected. This led to silver price in Bhubaneswar plunging to Rs.41,700 per kg on the 3rd.
• Thanks to the subdued but steady demand from industries and coin manufacturers, the rest of the week saw the industrial metal prices holding steady at Rs.41,700 per kg on the 4th.

February 2018 - Week 2 (5th - 11th):

• When trading commenced for the second week, silver was priced relatively lower at Rs.41,500 per kg on the 5th after demand for the metal declined amid weak global cues.
• Though rates rose to Rs.41,900 per kg the next day, silver price in Bhubaneswar plunged to Rs.41,400 per kg on the 7th with the US dollar index rising against other apex currencies in the international market.
• Poor trends overseas compounded by weak demand resulted in silver rate in Bhubaneswar dropping further to Rs.40,800 per kg on the 8th.
• The 9th saw the white metal rates rebounding to Rs.41,000 per kg following an unexpected incline in domestic demand despite the poor trend overseas.
• However, with the dollar and equities market performing well in the international trade, silver rates in Bhubaneswar plummeted to Rs.40,600 per kg on the 10th. This was also the lowest recorded monthly figure in the city.
• The week concluded with the industrial metal trading at Rs.40,600 per kg on the 11th with poor demand amid the weak trends overseas.

February 2018 - Week 3 (12th - 18th):

• Poor dollar performances coupled with weakly performing equities resulted in silver price in Bhubaneswar rising considerably during the course of the week.
• The week began with silver priced relatively higher at Rs.40,900 per kg on the 12th with the US dollar losing ground ahead of the US inflation data.
• The next couple of days saw silver rate in Bhubaneswar rising after markets awaited the inflation data for clues on the pace of Fed rate hikes during the year. The white metal was recorded trading at Rs.41,300 per kg on the 13th before rising to Rs.41,400 per kg on the 14th amid the positive trends overseas.
• Prices surged to Rs.41,800 per kg on the 15th before plunging to Rs.41,700 per kg on the 16th with the US dollar strengthening following the US inflation data.
• With investors and traders gravitating on safe-haven assets to hedge against inflation concerns, demand for the metal surged. This led silver prices holding steady at Rs.41,700 per kg for the remainder of the week.

February 2018 - Week 4 (19th - 25th):

• The fourth week commenced with the industrial metal priced at Rs.41,600 per kg on the 19th.
• However, silver rate in Bhubaneswar plunged to Rs.41,200 per kg the next day after the US dollar strengthened against other emerging currencies.
• Though rates remained untouched at Rs.41,200 per kg on the 21st amid the poor trends overseas, silver price in Bhubaneswar rebounded to Rs.41,400 per kg the next day with an increase in demand from local industries and coin manufacturers.
• Prices surged further to Rs.41,600 per kg on the 23rd with the US dollar index and equities market losing in the international market.
• The 24th saw rates declining slightly to Rs.41,500 per kg after domestic demand stabilised amid the firm trends overseas.
• Thanks to steady demand from industries and coin makers, the rest of the week saw silver trading firm at Rs.41,500 per kg amid the positive trend overseas.

February 2018 - Week 5 (26th - 28th):

• When trading commenced for the last week, silver price in Bhubaneswar were recorded holding at Rs.41,600 per kg on the 26th.
• Silver rate in Bhubaneswar surging to Rs.41,700 per kg on the 27th as markets were shaky.
• The month came to an end with the industrial metal trading at Rs.41,200 per kg on the 28th with silver trade in Bhubaneswar registered a loss of 3.28% during the course of the month.

Trend of Silver Rate in Bhubaneswar for January 2018 (rates per kg)

January 2018 - Week 1 (1st - 7th)

• Bhubaneswar saw silver rates rise significantly due to incredibly high demand.
• When the month of January began gold was priced at Rs.38,925 per kg.
• The initial few weeks saw rise slowly but surged by large margins towards the last couple weeks of the month.
• Silver prices in Bhubaneswar surged to to Rs.39,115 per kg on the 2nd, thanks to an improved demand from local investors.
• The 3rd saw silver rates in Bhubaneswar fall to Rs.39,110 per kg due to a slight change in sales
• On the 4th, however, prices picked back up and the white metal was seen trading at Rs.39,115 per kg.
• The 5th saw silver prices to rise to Rs.39,265 per kg as demand began to increase over to increased local demand.
• The final two days of this week, i.e., the 6th and the 7th saw silver trade at Rs.39,355 per kg, which continued on till the closing hours.

January 2018 - Week 2 (8th - 14th)

• When the second week of January began, silver rates had dropped slightly to Rs.39,265 per kg.
• The 9th saw silver prices drop to Rs.39,110 per kg as a steadying equity market had a positive impression on the US dollar.
• Silver rates in Bhubaneswar continued to hold at Rs.39,110 per kg levels over the next few days as demand from industrial units and coin manufacturers remained steady.
• Prices went up to Rs.39,265 per kg on the 13th and went up to Rs.39,355 per kg on the 13th, as the US dollar began showing cracks. This was largely due to the rising concerns against various decisions taken by the US president Donald Trump.
• A steady local demand helped silver trade at Rs.39,355 per kg when the week came to an end on the 14th of January.

January 2018 - Week 3 (15th - 21st)

• There was a consistent change in prices this week owing to uneven demand.
• When the week began on the 15th, the white metal was trading at Rs.39,680 per kg - recording a Rs.325 increase from the previous day’s rates.
• The 16th saw rates drop to Rs.39,670 per kg and continued at the same rate on the 17th as well as demand was low.
• Silver rates in Bhubaneswar dropped again on the 18th - this time to Rs.39,265 per kg - as investors backed out while the dollar surged.
• The white metal was seen trading at Rs.39,265 per kg when trading closed for the week on the 21st.

January 2018 - Week 4 (22th - 28th)

• This week started on a strong note and the metal was trading at Rs.42,000 per kg on the 22nd of January.
• Silver prices in Bhubaneswar continued at Rs.42,000 per kg over the 23rd and the 24th as well, thanks to steady demand from the domestic market.
• The 25th saw silver rates in Bhubaneswar rise to Rs.43,100 per kg as positive change in overnight trading positions led to an upswing in demand.
• Silver rates continued at Rs.43,100 per kg as demand from investors like coin makers and industrial units held steady. Rates seen from the 25th to the end of the week were the highest for the entire month.
• When the week ended, the white metal was still trading at Rs.43,100 per kg as demand saw no change and so did the prices.

January 2018 - Week 5 (29th - 31st)

• When trading began for the final week on the 29th of January, the white metal was priced at Rs.42,700 per kg.
• Silver price in Bhubaneswar fell to Rs.42,200 per kg on the 30th - the second day of this week as the US dollar remained strong, thanks to a firm equity market.
• The 31st too saw silver rates continue at Rs.42,200 as the demand form the previous day continued to flourish.
• As demand rose consistently - and by big margins - this month silver rates recorded one of the best growth compared to the last few years.
• A weak dollar and a strong domestic demand were the key determinants of this month’s price rise.
• Silver price trends saw a massive 8.41% increase during this month, which was due to incredible rise in sales numbers.

Silver as an investment

Most consumers in Bhubaneshwar view silver as a safe form of investment due to its intrinsic value. Silver is in demand from various segments of people in Bhubaneswar given that the the white precious metal has a store of value. It is, therefore, considered a safe bet during any financial crises.

According to experts, there is a strong demand for silver given that the demand for the yellow metal amongst the rural populace has seen a decline in the recent past.

Physical silver: Silver is used in manifold ways in a wide variety of forms both for ornamentation purposes and paraphernalia associated with various traditional rituals in the city. There are several prominent stores across Bhubaneshwar which offer a wide range of silverware, coins and jewellery.

Intricate silver jewellery with kundan work is much in demand.

Silver contracts: The white precious metal is traded in Multi Commodity Exchange (MCX), National Multi Commodity Exchange (NMCE). The minimum contract which is traded (silver micro) is 1 kg while the initial margin is 5%. Consumers incur various other charges such as stamp duty and brokerage fees among others. Trade in silver futures is influenced by various factors such as price of gold, inflation and industrial demand among others.

Silver rates in Bhubaneswar

Silver rates in Bhubaneshwar (1kg) have been hovering around Rs.37,000 in the month of December 2015. 1 kg of the white precious metal was pegged at Rs.35,273 towards end of November before plummeting to a Rs.33,589 in the middle of December, registering a -4.7% decrease over a period of 30 days. The price of the precious metal, however rose by 10% to Rs.37,185 towards the end of December 2015. The price of silver witnessed fluctuations from the start of 2015 with 1 kg of silver pegged at Rs.38,463 in January. The price of silver plummeted through the following months with 1 kg of the precious metal pegged at Rs.36,754 in March, Rs.35810 in June and Rs.34970 in September. The prices rose marginally by 4.4% to Rs.36541 in the month of October.

Also Check Silver Price in NearBy Cities of Bhubaneswar