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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 November 2016(rates per kg)
|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)
- Consistent demand and market conditions resulted in silver prices staying high at the start of November.
- Silver traded at Rs.42,910 per kg on 1st November, with prices rising as the week progressed.
- The festive season led to increased demand from jewellers, which also helped raise demand for silver.
- Silver traded at Rs.44,180 per kg on 6th November on strong demand.
November '16 - Week 2 (7th to 13th)
- Prices continued to remain high in the second week as markets tumbled following the surprise victory of Donald Trump in the U.S. presidential race and the withdrawal of Rs.1,000 and Rs.500 currency notes.
- Silver was priced at Rs.43,685 per kg on 7th November as investors put their money in bullion following the election result market crash.
- The demonetisation of large currency notes also sent markets into freefall, which led to greater demand for silver.
- Silver traded at Rs.44,960 per kg on 9th November before settling at Rs.42,005 per kg on 13th November.
November '16 - Week 3 (14th to 20th)
- Demand for silver began to fall as a currency shortage affected all sections of the economy, halting silver purchases.
- Silver traded at Rs.41,760 per kg on 14th November as domestic markets began to recover.
- International demand also fell as the U.S. Dollar rose, leading to a reduction in export demand for silver.
- Silver traded at Rs.40,735 per kg on 20th November, trading low due to decreasing demand.
November '16 - Week 4 and 5 (21st to 30th)
- Prices continued to fall during the last two weeks of November as demand continued to fall.
- Silver traded at Rs.40,890 per kg on 21st November as stock markets rallied on positive economic data.
- Domestic demand continued to be poor due to the shortage of legal tender, which curtailed spending during the festive season.
- Silver fell to a record low of Rs.40,190 per kg on 25th November before recovering as the week ended to trade at Rs.41,055 per kg on 30th November.
|1st Day||Rs.45,900 per kilogram|
|Last Day||Rs.43,035 per kilogram|
|Highest Price||Rs.45,900 per kilogram on 1st and 2nd October|
|Lowest Price||Rs.41,685 per kilogram on 7th October|
October 2016 – Week 1 and 2 (1st to 9th)
- Demand for silver was high at the start of the month and silver traded at Rs.45,900 per kilogram.
- Rising expectations of the Fed rate hike turned market sentiments bearish.
- Silver prices declined through the week.
- On 8th and 9th October, silver traded at Rs.41,800 per kilogram.
- Demand is expected to pick up as the festive season takes off.
October 2016 – Week 3 (10th to 16th)
- Market trends turned positive for silver and prices rose on the back of increased demand.
- On 10th October, silver traded at Rs.42,600 per kilogram.
- In light of weak economic data, theU.S. Federal Reserve was unsure of the rate hike this month.
- Towards the end of the week, silver prices dropped as industrial offtake was reduced.
- Silver traded at Rs.41,780 per kilogram by the end of the week.
October 2016 – Week 4 (17th to 23rd)
- Silver traded at Rs.41,970 per kilogram on 17th October.
- High expectations of the Fed rate hike led to a fall in demand.
- Increased offtake by industrialists and coin makers helped silver rates climb back up.
- With the wedding season blossoming, silver was able to traded at Rs.42,130 per kilogram by the end of the week.
October 2016 – Week 5 (24th to 31st)
- A weak dollar played in favour of silver.
- Trends in the global market were bullish leading to an increase in demand.
- At the start of the week, silver traded at Rs.42,330 per kilogram and rose to Rs.43,035 per kilogram by 31st October.
- Increased industrial offtake was also a major factor for the rise in silver prices this week.
- The trend for this month was a decline of 6.24% in silver prices.
|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)
- The U.S. economic data slowed down indicating that a hike in interest rate by the U.S. Federal Reserve is unlikely this month.
- Amid expectations of the Fed rate hike dampening, demand for silver returned.
- Silver trading opened at Rs.45,225 per kilogram in the month of September.
- The rate went up to Rs.46,760 per kilogram around 3rd and 4th of the month.
- The week’s incline was noted at 3.39%.
September '16 - Week 2 (5th to 11th)
- Silver prices saw some fluctuation this week owing to uncertainty of the impending Fed rate hike.
- Silver reached Rs.46,760 per kilogram on 5th of the month.
- Silver reached its highest in the week on 7th at Rs.47,820 per kilogram.
- With the prospect of rate hike rising, silver prices fell to Rs.46,835 per kilogram on 10th and 11th of the month.
September '16 - Week 3 (12th to 18th)
- Silver continued to fall during week 3 with the impact of hawkish comments from the Federal Reserve.
- Demand for silver also declined owing to a weak trend overseas.
- Silver traded at Rs.45,715 per kilogram on 12th September.
- Demand for silver in the domestic market saw a decline followed by a fall in offtake from industrialists and coin makers.
- Silver dipped by Rs.1,465 per kilogram by the end of week 3, trading at Rs.45,370 per kilogram on 17th and 18th September.
September '16 - Week 4 (19th to 25th)
- Silver price hit Rs.46,110 per kilogram on 19th September.
- With the Fed rate hike being put aside, silver started going up this week.
- The rate hike has been put on hold till December as the presidential elections are around the corner.
- Silver reached its peak this week on 22nd September at Rs.47,590 per kilogram.
- Although demand went up, prices fell marginally to Rs.47,535 per kilogram on 23rd September and maintained the same rate till the end of the week.
September '16 - Week 5 (26th to 30th)
- Owing to weak industrial support for silver, its rates dipped.
- Silver traded at Rs.46,950 per kilogram on 26th September.
- The dollar strengthened leading to weakened trend overseas.
- Silver fell to Rs.45,750 per kilogram by 30th September.
- Despite a drop in silver prices this week, the overall trend for this month was recorded at an increase of 1.16%.
|1st August||Rs.49, 430 per kg|
|31st August||Rs. 45, 460 per kg|
|Highest Price||Rs.49, 670 per kg on 03rd August|
|Lowest Price||Rs.44, 805 per kg on 29th August|
|Trend||Decline in silver prices|
August '16 – Weeks 1 (1st to 7th)
- Silver traded at Rs.49,430 per kilogram on the 1st of August.
- After marking the highest silver rate of Rs.49,670 per kilogram on the 03rd of August, silver prices fell due to subdued buying interest.
- Silver drifted to Rs.49,080 per kilogram and settled at Rs.47,255 per kilogram on the 06th and 07th of August.
August '16 – Week 2 (8th to 14th)
- A slight increase of Rs.205 per kilogram was reported on 08th of August.
- Demand from local spots helped silver price perform better on 08th and 09th of August when silver traded at Rs.47,460 per kilogram.
- Silver prices continued to rise on 10th and 11th of AUgust when silver was priced at Rs.48, 595 per kilogram and 48, 330 per kilogram, respectively.
- On 12th August, silver prices fell due to lacklustre demand for in domestic market. Silver closed at Rs.47, 750 per kg on the last day of the week.
August '16 – Week 3 (15th to 21st)
- Silver price remained steady on the first day of the week and traded at Rs.47,750 per kilogram.
- Slight increase of Rs.190 per kilogram was seen in silver prices on 16th August.
- Silver prices continued to fall during the week due to U.S rate hike speculations, strong U.S employment data and muted demand by silver participants.
- Silver closed at Rs.46,690 per kilogram on 21st August.
August '16 – Week 4 (22nd to 28th)
- Minor fluctuations in silver prices was seen in the fourth week of the month. Silver opened at Rs.45,800 per kilogram on 22nd August.
- A slight increase of Rs.135 per kilogram was reported on 23rd August due to increase in demand from domestic market despite weak trend overseas.
- Silver prices closed at Rs.45, 040 per kg by the end of the week.
August '16 - Week 5 (29th to 31st)
- Lowest silver rate of Rs.44,805 per kilogram was recorded on the first day of the week.
- Following weak trend overseas, silver prices declined on 30th August by Rs.320 per kilogram.
- Silver further drifted and closed at Rs.45,460 per kilogram on 31st of August.
|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)
- The opening rate of silver was Rs.46,490 per gram and was also the lowest rate of silver for the month of July.
- Silver rates increased slightly thereafter to cost Rs.47,920 per kg on the 2nd and 3rd.
- There were marginal fluctuations in the price of silver after that but it shot up on the 6th to cost Rs.49,300 per kg which is also the highest for the first two weeks of July.
- Rate of silver decreased slightly to close at Rs.47,720 per kg on the 10th.
July'16 - Week 3 (11th to 17th)
- The highest rate at which silver was prices at was noted on the 11th at Rs.49,745 per kg.
- There was a decline of Rs.500 in silver rate the next day.
- Domestically, the demand for silver was not high which is why price of silver fell steadily through the week with a few minor fluctuations here and there.
- On the last two days of the week, the rate of silver was steady at Rs.48,840 per kg.
July '16 - Week 4 (18th to 24th)
- There was a marginal decline in the rate of silver on the 18th to Rs.48,360 per kg and reduced even further the next day.
- Silver rate continued fluctuating as the week progressed.
- A sharp decline was noted in the price of silver to Rs.46,665 per kg on the 21st which was also the lowest for the week.
- Silver closed at Rs.47,420 per kg on the last day of the week.
July‘16 - Week 5 (25th to 31st)
- Variations were noted in silver prices throughout the week although these fluctuations were not steep.
- Silver prices varied between Rs.47,160 per kg to Rs.47,375 per kg before rising 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 kg|
|June 30th Rate||Rs.44,635 per kg|
|Highest Rate in June||Rs.44,635 per kg on the 30th of June|
|Lowest Rate in June||Rs.38,640 per kg on the 1st of June|
Jun'16 - Week 1 (1st to 4th)
- Silver traded at Rs.38,640 per kg on the 1st of June.
- It hit at Rs.38,865 per kg on the 3rd of June.
- Silver closed the week at Rs.39,755 per kg on the 4th of June.
Jun'16 - Week 2 (5th to 11th)
- Silver opened the week at Rs.39,755 per kg on the 5th of June.
- The price of silver dropped down to Rs.39,370 per kg on the 7th of June.
- Silver managed to recover over the week as it hit Rs.41,510 per kg on the 11th of June.
Jun'16 - Week 3 (12th to 18th)
- The price of silver remained unchanged at Rs.41,510 per kg on the 12th of June.
- Silver increased steadily over the week as it hit Rs.42,235 per kg on the 18th of June.
Jun'16 - Week 4 (19th to 25th)
- Silver traded at Rs.42,235 on the 19th of June.
- Prices dropped down to Rs.42,020 per kg on the 22nd of June.
- Silver closed the week at Rs.43,465 per kg on the 25th of June.
Jun'16 - Week 5 (26th to 30th)
- Silver traded at Rs.43,410 per kg on the 27th of June.
- The price further increased over the week despite a lot of fluctuation and hit 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 of May|
|Lowest rate in May||Rs. 38,795 on 30th of May|
May '16 - Weeks 1 and 2 (1st to 8th)
- Silver trading opened for May at Rs. 42,590 per kg, with silver declining in price over the course of the week.
- The price reached a peak of Rs. 42,675 per kg as markets looked unsteady, leading investors to put their money in bullion.
- The price dropped as demand fell for the rest of the week, with silver priced at Rs. 41,565 per kg on the 4th of May.
- Fluctuating rates for the rest of week brought down the overall price, as the week closed with silver trading at Rs. 41,875 per kg.
May '16 -Week 3 (9th to 15th)
- Demand for silver continued to stagnate, keeping prices low as the U.S. Federal Reserve hinted at an early interest rate hike, driving markets up.
- Silver started the week at Rs. 41,725 per kg on the 9th of May before falling Rs. 835 in a single day to close t Rs. 40,890 per kg on the 10th of May.
- A rally towards the middle of the week saw prices rise by a fraction, as silver traded at Rs. 41,570 on the 12th of May.
- A dip in demand was reflected in the price as silver traded at Rs. 41,255 over 13th-15th of May.
May '16 - Week 4 (16th to 22nd)
- Prices for the week were low as global markets strengthened, reducing demand for silver.
- The price on the 16th of May was Rs. 41,255 per kg, which rose to Rs. 41,545 on 17th of May.
- The price dipped again, falling to Rs. 40,040 on the 20th of May as renewed speculation about a rate hike led to a rise in the Dollar rate.
- The silver rate on the 22nd of May was Rs. 40,135, a marginal increase from the weekly low.
May '16 - Weeks 5 and 6 (23rd to 31st)
- As markets anticipated a strong showing from the U.S. job market data, markets rallied and the Dollar rose, reducing the demand for silver.
- Domestic prices were affected as well, as silver traded at Rs. 40,060 per kg.
- The price fell by a slim margin, stabilising at Rs. 39,365 per kg on the 28th and 29th of May, before plunging to Rs. 38,795 on 30th of May.
- The month ended with silver trading at 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 four 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 owing 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 first day of the week and Rs.39,110 on the last.
- The overall increase in prices over the week was recorded in excess of 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 18th of April and Rs.41,155 on the 24th.
- Prices increased by over Rs.2200 during course of the seven-day period, making it the week with the highest price increase 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)
- Silver started March on a negative note as prices fell.
- Prices were Rs.37,005 on 1st and Rs.36,640 on 6th.
- Silver lost a cumulative Rs.365 during the week.
Mar'16 - Mar'16 - Week 2 (7th to 13th)
- Silver was up by Rs.15 in the second week.
- Rates were Rs.37,695 on 7th and Rs.37,710 on 13th.
- Prices experienced low fluctuations and were stable for the most part.
Mar'16 - Week 3 (14th to 20th)
- Silver gained some more value in this week.
- Rates were Rs.37,650 on 14th and Rs.37,865 on 20th.
- Prices reached a high of Rs.38,640 on 18th.
Mar'16 - Week 4 (21st to 27th)
- Silver experienced substantial losses in this week.
- Rates were Rs.37,930 on 21st and Rs.36,685 on 27th.
- A total drop of Rs.1,245 was observed during the week.
Mar'16 - Week 5 (28th to 31st)
- Silver lost again in the fifth week.
- 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 continued its positive streak from January into February.
- Prices were Rs.34,970 on 1st and Rs.36,925 on 7th.
- Silver breached the Rs.36,000 mark and settled at Rs.36,925 by week end, Rs.75 shy of the Rs.37,000-mark.
Week 2 (8th to 14th)
- There was more gains for silver in the second week.
- Rates were Rs.36,950 on 8th and Rs.38,525 on 14th.
- Prices dipped till 11th before rising substantially on 12th and remaining more or less stable for the last two days to post Rs.1,575 in profits.
Week 3 (15th to 21th)
- Silver had lower gains in the third week when compared to the first and second weeks.
- Prices were Rs.37,220 on 15th and Rs.37,930 on 21st.
- Silver fluctuated between gains and losses over the week, finally resting Rs.710 higher at Rs.37,930, Rs.70 shy of the Rs.38,000-mark.
Week 4 (22nd to 29th)
- Silver lost value in the final days of the month.
- Prices were Rs.37,615 on 22nd and Rs.36,295 on 29th.
- Silver was down for the majority of the week, ultimately settling in the 36,000 range at Rs.36,295 by the end of the week and month.
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
|Silver Rate in Kolkata||Silver Rate in Raipur||Silver Rate in Ranchi|
|Silver Rate in Visakhapatnam|
|Also Know: Gold Rate in Bhubaneswar|
Read more on Silver
- About Silver Mining
- Amazing Facts About Silver
- Global Demand for Silver
- How to Find Certified/Authentic Silver
- Need for Silver as an Industrial Commodity