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 July 2020 (rates per kg)

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

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

• May had seen the price of silver go through an increase in its price by 17.79%. In Bhubaneswar, silver opened at Rs.42,530 per kg on 1 May. After two days, on 3 May, the prices of silver had dipped by Rs.1,320 to Rs.41,210 per kg, driven by a firm U.S.
• dollar ad a decrease in investors’ risk sentiment after the U.S.-China tensions started to crop up. The metal was trading higher by Rs. 800 at Rs.42,010 per kg. The white metal rates prices had seen an increase after a drop during the previous session as a weak U.S. economic data had been released and this underscored the impact of the wide-spread virus. Most investors across the world were eagerly waiting for the U.S. which is one of the world’s largest economies to release its jobless claims report. The first week of the month had come to a close with the metal standing at Rs.43,510 per kg.
• The next week of May had opened with silver trading at Rs.43,610 per kg. On 10 May and 11 May, the silver rates had seen an increase and had then dipped by Rs.520 to Rs.43,090 per kg. The silver prices saw a fall in its prices because the U.S. dollar had stayed firm from investors adhering to safe-haven buying, led by the increasing fears of people over the possibility of one more wave of the virus impacting the global economy. The rates of the white metal silver had had then increased by Rs.70 to Rs.43,160 per kg on 15 May. The prices of the precious metal saw an increase after silver had hit a three-week high in the previous trading rally. This had been underpinned by the talks over the U.S. releasing another economic stimulus. This had been further driven by the increasing tension over the U.S.-China relations. The rates of the metal white had then seen a surge by Rs.3,740 to Rs.46,900 per kg by 16 May. This was the last day of the week and the increase in rates had been driven by the trade tensions between the two countries, the U.S. and China. These had been catalysts of the fears over a weakening global economy.
• Silver stepped into the next week, standing at Rs.46,710 per kg. The rates had fallen after hitting a high, led by a surge in oil and stocks over people being optimism over a vaccine for the wide-spread Coronavirus. The rates had then kept witnessing a lot of fluctuations throughout the week and had increased by Rs.1,490 and reached Rs.48,200 per kg by 21 May. The prices had then seen an increase over the next few days. By 23 May, the stood at Rs.48,350 per kg. The hike in the price of silver rates was because of the fears over a global economic weakening. This had, in turn, pushed aside the enthusiasm over a vaccine for the Coronavirus. This had then driven most investors across the world to find refuge in the safe-haven metal, silver.
• By 24 May, the metal had been trading at Rs.48,360 per kg. The rates of silver had reached its highest point for May by 25 May 2020. On this day, the metal price had increased by Rs.3,040 and stood at Rs.51,400 per kg. The prices had edged higher because of the concerns over the tensions between the U.S. and China. This had taken a toll on the investors’ risk appetite. The rates had then dropped by Rs.3,400 to Rs.48,000 per kg by 26 May. The price had increased by Rs.700 to Rs.48,700 per kg by 27 May, and 28 May had seen the rates of the metal dip by Rs.790 to Rs.47,910 per kg. May had come to an end with the white metal being priced at Rs.50,100 per kg.

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

• Silver opened at a price of Rs.40,500 per kg in April in Bhubaneswar. It remained at the same price point for 5 days in the first week, staying steady due to worries about the global impact of the coronavirus pandemic created a strong appeal for safe-haven investments such as precious metals. However, by the sixth day, there was a dip to Rs.40,360, which was also the lowest price point for the month. This could be attributed to a strengthening of the US dollar and a corresponding increase in the global equity market as the coronavirus seemed to be slowing down across the globe. This resulted in what would be a temporary drawing away from precious metals.
• However, by the second week, the prices of silver started picking up again, remaining at Rs.41,100 for three days consecutively. This was on the back of markets remaining closed for the long weekend following the Good Friday holiday. The coronavirus continued to spike resulting in increasing fears around a global recession. Combined with the stimulus measures from the US Federal Reserves, bullions continued to hold steady in the face of faltering equities.
• By the third week, silver continued to rise as fears of a global pandemic continued with lockdowns being extended in several countries around the world, leading to further falling back on precious metals as a safe haven investment. The highest price point for silver in the month of April was on 21 April at a price of Rs.42,710 per kg. This was in part due to the falling oil prices that offset a strong US dollar which resulted in higher bullion prices across the board.
• By the last week of the month, prices continued to hold steady, with some highs and lows in between, with the highs being driven by rising US-China tensions around the coronavirus and the lows being driven by several countries reopening after lockdowns, which increased the confidence of investors in equities, resulting in a dip in safe-haven investments. Still, the overall trend for silver in the month of April in Bhubaneswar was an upward incline of 2.51%.

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.

Also Check Silver Price in NearBy Cities of Bhubaneswar

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.