Silver Rate in Bihar

  • Today's Silver Rate in Bihar( 15 Aug 2020 )

    ₹ 66.95
    Today's Silver Rate per gram

    Compare Silver Rate In Bihar (Today & Yesterday)

    Rate Change
    Silver (1 gram) ₹ 66.95 ₹ 65.01 ₹ 1.94 ↑
    Bar Silver (1 Kg) ₹ 66,950 ₹ 65,010 ₹ 1,940 ↑

    Silver Price In Bihar for Last 10 Days

    Date Silver (1 gram) Bar Silver (1 Kg)
    14 Aug 2020 ₹ 66.95 ₹ 66,950
    13 Aug 2020 ₹ 65.01 ₹ 65,010
    12 Aug 2020 ₹ 72.55 ₹ 72,550
    11 Aug 2020 ₹ 75.16 ₹ 75,160
    10 Aug 2020 ₹ 74.22 ₹ 74,220
    09 Aug 2020 ₹ 74.21 ₹ 74,210
    08 Aug 2020 ₹ 76.52 ₹ 76,520
    07 Aug 2020 ₹ 73.51 ₹ 73,510
    06 Aug 2020 ₹ 71.51 ₹ 71,510
    05 Aug 2020 ₹ 65.06 ₹ 65,060

    Weekly & Monthly Graph of Silver Rate in Bihar

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    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    Silver Rate in Bihar

    Bihar has a long and impressive past, being the birthplace of some of the biggest kingdoms and religions in India. Over the years, the state has managed to retain some of its lost history, forming a unique cultural identity. Silver forms an integral part of the state today, with no celebrations and festival complete without it. The growth of a few cities have increased the disposable income of residents and silver is viewed as a great investment option here. Silver rates in Bihar are closely related to international silver prices, on account of India being a major importer of this white metal.

    Trend of Silver Rate in Bihar for July 2020 (rates per kg)

    Parameters Silver Price (per kg)
    July 1 Rate Rs.48,560per kg
    July 31 Rate Rs.63,010 per kg
    Highest Rate in July Rs.66,010 per kg on 30 July
    Lowest Rate in July Rs.48,510 per kg on 5 July
    Overall Monthly Performance Incline
    Percentage Change 29.75%

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

    Parameters Silver Price (per kg)
    June 1 Rate Rs.50,120 per kg
    June 30 Rate Rs.48,510 per kg
    Highest Rate in June Rs.50,160 per kg on 2 June
    Lowest Rate in June Rs.47,110 per kg on 16 June
    Overall Monthly Performance Decline
    Percentage Change -3.21%

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

    Parameters Silver Price (per kg)
    May 1 Rate Rs.42,530 per kg
    May 31 Rate Rs.50,100 per kg
    Highest Rate in May Rs.51,400 per kg on 25 May
    Lowest Rate in May Rs.41,010 per kg on 2 May
    Overall Monthly Performance Incline
    Percentage Change 17.79%
    • On 1 May, silver had opened at Rs.42,530 per kg. The metal had then seen a dip in the fall of its rates on the next day. Governments across the world had started releasing a lot of stimulus packages in order to help the economy rise from the impacts of the Coronavirus. However, the prices had fallen soon fell before the end of the first week as optimism about the lockdowns being eased rose, as investors looked to invest in riskier assets. 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 kicked off with the metal being sold at Rs.43,610 per kg. 10 May and 11 May had seen the rates of silver dip to Rs.43,090 per kg. The prices had fallen as the U.S. dollar gained from rapid safe-haven buying. This was led by the fears of one more possible wave of the coronavirus impacting the economy. By 15 May, the rates of the metal had increased to Rs.43,160 per kg. The prices of the white metal had increased and the price hike was led by the increasing U.S.-China tensions. On 16 May, silver stood at Rs.46,900 per kg. The rise in price had again been led by the trade tensions between the two countries and this had added to the growing fears over the global economy weakening.
    • The silver rates during in the third week of the month in this state had kicked off at Rs.43,160 and had then risen to Rs.46,900. The with prices had been rising through the week, and the week had closed with the metal being priced at Rs.48,200 per kg. The increase in prices is because of the U.S. jobs data which showed a very weak economy. The tensions of the US-China trade relations had also led to the appeal of safe-haven metal.
    • By 24 May, the metal traded at Rs.48,360 per kg. The rates of the metal had reached its highest for the month by 25 May 2020. On this day, the metal was sold at Rs.51,400 per kg. The prices had then increased due to the concerns over the U.S.-China trading relations. After silver prices had risen to Rs.48,700 per kg by 27 May, it had decreased to Rs.47,910 per kg by 28 May. The month closed with the metal priced at Rs.50,100 per kg on 31 May.

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

    Parameters Silver Price (per kg)
    April 1 Rate Rs.40,500 per kg
    April 30 Rate Rs.41,520 per kg
    Highest Rate in April Rs.42,710 per kg on 21 April
    Lowest Rate in April Rs.40,360 per kg on 6 April
    Overall Monthly Performance Incline
    Percentage Change 2.51%
    • Silver opened in Bihar at a price of Rs.40,500 in the month of April and remained unchanged for the first five days of the month in keeping with global trends as investors turned to precious metals as a safe-haven investment as coronavirus pandemic affected stock markets around the world. The investors stayed away from investing in riskier assets as almost every country going for lockdowns and restrictions, which were affecting the economy. The price of the white metal remained steady in the first week of April due to the anticipation around the release of US jobs data, which would reveal the true extent of the coronavirus pandemic. However, by the end of the week, prices dropped to the lowest price point for the month of April at Rs.40,360 per kg on 6 April. This was in due to the number of deaths due to coronavirus falling which led to optimism around the economy getting back on track, leading to an increase in appetite for risk once again, thus resulting in a dip in prices of precious metals and its appeal as a safe-haven investment.
    • Global market performance instilled fears of a global economic recession led by the wide-spread coronavirus. This led to the increase in the price of the white metal as investors turned towards safe havens such as silver. Weak manufacturing data released by the U.S. and the low retail sales also played a role in traders moving away from riskier assets.
    • By the second week of April, silver prices again began to surge, remaining at Rs.41,100 for three consecutive days as the long weekend loomed ahead of the Good Friday holiday. There was also an easing of the US dollar, as the US Federal Reserve released the stimulus measures in response to the coronavirus pandemic, the OPEC meet, and increasing worries about the global economy delaying to get back to normal very slowly as Covid-19 continued to force the economy to struggle. This led the investors to turn to precious metals as a safe haven investment in the face of increasing volatility around the economy and equities which helped to keep prices steady.
    • By the third week of the month of April, prices did not do much, with the highest price for the month of April being Rs.42,710 per kg on 21 April. The surge in price was driven by fears of a global recession continuing while Trump’s announcement of the economy reopening helped to drive prices down.
    • By the end of the month, prices of oil fell drastically, leading to further volatility in equities which led to a steadying of prices of the white metal as investors looked to it as a safer option. Overall, the trend for silver in the month of April was an incline with a percentage change of 2.51%.

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

    Parameters Silver Price (per kg
    March 1 Rate Rs.47,400 per kg
    March 31 Rate Rs.40,500 per kg
    Highest Rate in March Rs.50,700 per kg on 6 March
    Lowest Rate in March Rs.37,800 per kg on 19 March
    Overall Monthly Performance Decline
    Percentage Change -14.5%
    • On 1 March 2020, the price of silver in Bihar was at R.47,400 for a kg. When compared to the last day of February, silver rates remained the same. On 2 March 2020, silver prices increased and were at Rs.48,500 per kg.
    • Silver prices jumped significantly in the first week of March. Traders expecting the US Federal Reserve to reduce the interest rates and a strong dollar were the main reasons for the prices of the white metal to increase. During this period, silver hit its highest rate for the month and was at Rs.50,700 per kg on 6 March 2020.
    • Silver prices were at Rs.50,500 per kg at the beginning of the second week. After fluctuating in the initial days of the week, the prices reduced significantly by the end of the week. The coronavirus outbreak ensured that the prices reduced drastically from 14 March 2020 to 19 March 2020. Silver hits its lowest rate on 19 March 2020 and was at Rs.37,800 per kg.
    • From 24 March to 31 March the prices of silver were stagnant at Rs.40,500 for a kg. The US Federal Reserve introduced several measures to help the economy during the coronavirus outbreak. This ensured that the prices of silver did not fall. Overall, silver saw a 14.5% decline in its prices for the month in Bihar.

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

    Parameters Silver Price (per kg)
    February 1 Rate Rs.50,300 per kg
    February 29 Rate Rs.47,400 per kg
    Highest Rate in February Rs.52,900 per kg on 24 February
    Lowest Rate in February Rs.47,400 per kg on 29 February
    Overall Monthly Performance Decline
    Percentage Change -5.76%
    • In Bihar, the price of silver opened at Rs.50,300 per kg as safe-haven investments continued to grow in appeal globally with the coronavirus outbreak affecting the Chinese economy and by extension, the global economy as well.
    • It hit a high of Rs.52,900 per kg on 24 February as the virus spread beyond China to other countries as well, resulting in rising panic among investors leading to increased buying of safe-haven investments around the world.
    • Silver slipped to its lowest in February on the last day of 29, being a leap year, with investors liquidating assets and finding cash more attractive due to the increasing spread of the coronavirus.
    • The overall trend in February was on a decline of –5.76% because of the coronavirus proving to be a global pandemic now.

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

    Parameters Silver Price (per kg)
    January 1 Rate Rs.50,300 per kg
    January 31 Rate Rs.50,200 per kg
    Highest Rate in January Rs.52,600 per kg on 8 January
    Lowest Rate in January Rs.49,200 per kg on 30 January
    Overall Monthly Performance Decline
    Percentage Change -0.19%
    • In Bihar, silver opened the month of January at Rs.50,300 per kg. The rates of the white metal saw an incline in the first week due to the persisting tensions between Washington and Tehran over the killing of a top Iranian military general.
    • The rates climbed to its highest for the month on 8 January with every kilo being traded for Rs.52,600 per kg. This was accounted to investors shifting to the bullion as a safe-haven asset as tensions between the United States and Yemen escalated.
    • With the outbreak of coronavirus in China the rates fluctuated in the state as investors feared that the demand for the metal will take a hit. As of 22 January, silver was traded for Rs.49,800 per kg.
    • Silver closed the month at Rs.50,200 per kg after the rates slipped to Rs.49,200 per kg on 30 January as the World Health Organization (WHO) declared coronavirus as a global epidemic. The overall performance of the white metal in Bihar was -0.19%, trending downwards.

    Silver as an investment

    Gold and silver have always been popular in India, but with new import duties on gold it has become more expensive and out of reach for a major portion of the population. Silver, thereby becomes a safe and viable investment choice for millions in Bihar, enabling them to own this precious metal without having to empty their pockets. Silver is also culturally significant in Bihar, with no auspicious ceremony complete without it. Residents of Bihar who wish to invest in silver can do so through different means, with physical silver and commodity futures being the popular investment modes today.

    Physical silver – There is no doubt that Indians love tangible investments and silver in its physical form is the most preferred mode of silver investments in the country. Investors and households, both continue to purchase silver either in the form of coins or jewellery. Silver coins can be a better investment choice compared to jewellery, given the fact that they are pure and there are no wastage or making charges associated with them. Silver jewellery like chains, bangles, rings, etc. serve a dual purpose, acting both as an investment and an adornment. Silver can be purchased from banks and jewellers in Bihar, with a number of shops catering to different budgetary requirements.

    Commodity Futures – Commodity futures provide an exciting option to new investors, with silver being one of the popular commodities traded on the market. One can trade through the MCX and NCDEX, having freedom to choose the amount of silver they wish to purchase. The major drawback about futures trading is the purity guarantee and storage, which can confuse new players.

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