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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 Bhubaneshwar for August 2016 (rates per kg)
|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