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Silver Rate in Chennai
Silver is among the most popular commodities in India. Silver rates in Chennai, or for that matter other cosmopolitan cities like Mumbai or Delhi, are a reflection of the international silver prices as decided by various market dynamics. Silver as a commodity is traded mainly on the MCX or Multi-Commodity Exchange in India, which is also among the top 3 destinations worldwide for silver trading.
Chennai is one of the highest consumers of silver in the country. Most of the consumption is in the form of jewelry or silverware. This is a national trend where most of the imported silver is used more for individual consumption rather than industrial usage. Across the world, more than half the total silver consumption is mainly for industrial purposes, as silver is a highly useful metal with a range of properties that make it attractive for large industries such as manufacturing, medicine etc.
Silver production in India is minimal and most of the internal demand has to be met through imports. For consumers in Chennai, silver has emerged not only as a metal for jewelry and ornamentation, but also as a safe bet for savings in the long and short run.
Trend of Silver Rate in Chennai for December 2016 (rates per kg)
|December 1st Rate||Rs.40,495 per kg|
|December 31st Rate||Rs.39,035 per kg|
|Highest Rate in December||Rs.41,495 per kg on 8th December|
|Lowest Rate in December||Rs.38,725 per kg from 23rd-25th December|
December '16 - Week 1 (1st to 4th)
- Silver prices in Chennai increased in the first week of December due to stable demand from industry.
- Silver was priced at Rs.40,495 per kg on 1st December and rose to Rs.41,070 per kg on 3rd December.
- Demand from overseas was high as markets were unstable due to fears of a slowdown.
- Silver ended the week at Rs.41,070 per kg on 4th December, marking a nominal increase in price.
December '16 - Week 2 (5th to 11th)
- Prices of silver were stable, rising marginally during the week as demand increased.
- Silver traded at Rs.40,650 per kg on 5th December, with the price rising to Rs.41,495 per kg on strong cues from the international bullion market.
- Festive demand also bolstered prices to an extent, as the currency shortage showed signs of easing.
- Silver prices fell marginally as the week ended, trading at Rs.41,345 per kg on 11th December.
December '16 - Week 3 (12th to 18th)
- Prices fluctuated during the week as markets rose, reducing demand for bullion.
- Silver traded at Rs.40,880 per kg on 12th December, rising to Rs.41,340 per kg on 13th December.
- Demand eased as the U.S. Dollar gained on global currencies, which led to demand for silver falling.
- Silver fell as retail demand dropped, resulting in silver ending the week priced at Rs.39,305 per kg on 18th December.
December '16 – Week 4 (19th to 25th)
- The week before Christmas saw increased demand overseas, though domestic demand remained low.
- Silver traded at Rs.39,265 per kg on 19th December due to a reduction in industrial demand.
- Demand from Asian countries reduced as industrial bookings dropped, which led to prices lowering.
- Silver traded at Rs.38,725 per kg on 25th December, with prices recording a marginal drop in value.
December '16 – Week 5 (26th to 31st)
- The last week of December saw prices rise marginally, though demand as well below projections.
- Silver traded at Rs.38,455 per kg on 26th December, with prices rising throughout the week.
- Demand rose overseas, which helped raise domestic prices to Rs.39,605 per kg on 29th December.
- Domestic markets performed well as currency was available freely, which led to silver demand dropping slightly.
- Silver traded at Rs.39,035 per kg on 31st December, with silver prices falling by 3.60% overall.
|November 1st Rate||Rs.43,310 per kg|
|November 30th Rate||Rs.41,275 per kg|
|Highest Rate in November||Rs.44,775 per kg on 11th November|
|Lowest Rate in November||Rs.40,405 per kg on 24th November|
November '16 - Week 1 (1st to 6th)
- Silver prices in Chennai were high at the start of the month, with silver trading briskly.
- Silver was priced at Rs.43,310 per kg on 1st November as industrial demand was high.
- Retail demand was strong as festive season purchases led to higher bookings by jewellers.
- Silver traded at Rs.44,180 per kg on 6th November, recording a marginal increase in price.
November '16 - Week 2 (7th to 13th)
- Silver maintained its price during the second week as markets fell as news of Donald Trump’s victory in the U.S. presidential race broke.
- Silver traded at Rs.43,735 per kg on 7th November due to a plunging U.S. Dollar, which boosted silver exports.
- The announcement of the demonetisation of Rs.1,000 and Rs.500 notes led to domestic markets crashing, which bolstered silver demand.
- Silver prices were high as the week progressed, with the metal reaching its monthly high of Rs.44,775 per kg on 11th November.
- Silver ended the week at Rs.42,005 per kg on 13th November as a currency shortfall led to declining demand.
November '16 - Week 3 (14th to 20th)
- Silver prices dropped as the acute currency shortage affected the economy, putting a dampener on festive silver purchases.
- Silver was priced at Rs.42,065 per kg on 14th November, with prices falling in the subsequent days due to a recovering market and declining demand from the industrial sector.
- Overseas demand for silver also dipped as the U.S. Dollar made gains, resulting in silver demand falling.
- Silver traded at Rs.40,735 per kg on 20th November, with prices falling sharply compared to the start of the week.
November '16 - Week 4 and 5 (21st to 30th)
- The price of silver fell in the last two weeks, trading at Rs.41,025 per kg on 21st November.
- The price rose marginally but soon dipped as markets rose on positive cues.
- Silver fell to its monthly low of Rs.40,405 per kg on 24th November as retail demand fell sharply.
- Silver made a slight recovery as the month ended, trading at Rs.41,275 per kg on 30th November.
|October 1st Rate||Rs.45,900 per kg|
|October 31st Rate||Rs.42,875 per kg|
|Highest Rate in October||Rs.45,900 per kg on 1st and 2nd October|
|Lowest Rate in October||Rs.41,780 per kg on 15th and 16th October|
October ’16- Weeks 1 & 2 (1st-9th)
- Silver was priced at Rs.45,900 at the start of October in Chennai on sustained industrial demand.
- Prices dipped marginally as industrial demand dropped during the middle of the week.
- Domestic demand was stable, but cues from international markets led to prices falling nonetheless.
- Silver traded at Rs.41,800 per kg on 9th October, the steepest drop in price for the entire month.
October ’16- Week 3 (10th- 16th)
- Prices rose marginally as domestic demand was high due to the festive season.
- Demand from jewellers and a slight increase in industrial demand led to silver trading at Rs.42,585 per kg on 10th October.
- The price was stable with very minor fluctuations at the start of the week before dropping due to low demand.
- Silver traded t Rs.41,780 per kg, a decrease of Rs.805 per kg from the start of the week.
October ’16- Week 4 (17th-23rd)
- Silver prices appreciated on higher demand due to unstable currency markets.
- Silver traded at Rs.41,845 per kg on 17th October and rose to Rs.42,380 on 20th October.
- With international trends reflecting a rise in price, domestic demand also rose marginally, contributing to a rise in price.
- Silver traded at Rs.42,130 per kg on 23rd October, an increase of Rs.285 per kg from the beginning of the week.
October ’16- Week 5 (24th-31st)
- Uncertain markets and a low U.S. Dollar led to demand for silver being relatively stable.
- Silver traded at Rs.42,340 per kg on 24th October on sustained demand from both domestic and overseas markets.
- The price rose marginally due to higher domestic demand before stabilising towards the middle of the week.
- A sharp drop in the market led to a late rally, with silver trading at Rs.42,875 per kg on 31st October for an increase in price of Rs.535 per kg for the week.
|1st Day||Rs.45,010 per kilogram|
|Last Day||Rs.46,175 per kilogram|
|Highest Price||Rs.47,735 per kilogram on 8th September|
|Lowest Price||Rs.45,010 per kilogram on 1st September|
September '16 - Week 1 (1st to 4th)
- On 1st September, silver traded at Rs.45,010 per kilogram.
- Prices climbed this week as demand in the global and domestic market was high.
- Slow economic data from the U.S. indicated that a Fed rate hike will not be feasible this month.
- Silver prices rose to Rs.46,760 per kilogram on 3rd and 4th September.
September '16 - Week 2 (5th to 11th)
- The increasing trend in silver prices continued into the second week of September.
- Silver traded at Rs.46,760 per kilogram on 5th September.
- The highest price recorded for the month was Rs.47,735 per kilogram on 8th September.
- Prices of silver dropped to Rs.46,835 per kilogram on 9th to 11th September.
- The decline in prices can be attributed to the rising prospects of a Fed rate hike coupled with slow domestic demand.
September '16 - Week 3 (12th to 18th)
- On 12th September, silver traded at Rs.45,695 per kilogram.
- Prices fluctuated this week as the global market was uncertain of the U.S. Federal Reserve interest rate hike this month.
- Silver rose to the highest for the week on 14th September trading at Rs.45,940 per kilogram.
- By the end of the week, silver rates had fallen to Rs.45,370 per kilogram.
- Silver traders took to the sidelines as silver prices were volatile.
September '16 - Week 4 (19th to 25th)
- Silver traded at Rs.46,100 per kilogram on 19th September.
- Bullish sentiments filled the global market as the Fed rate hike was put on pause for the time being in light of the U.S. presidential elections.
- Silver rates rose to Rs.47,560 per kilogram from 23rd to 25th September.
- Savvy investors, industrialists and coin makers increased their offtake.
September '16 - Week 5 (26th to 30th)
- Silver traded at Rs.46,685 per kilogram on 26th September.
- Silver dropped to its lowest for the week on 28th September, trading at Rs.45,645 per kilogram.
- Demand from industrialists and coin makers stalled as the atmosphere in the global market turned bearish.
- Prices fluctuated with but the trend overall was a decline this week.
|01st August||Rs.49, 200|
|Highest Price||Rs.49, 660 on 03rd August|
|Lowest Price||Rs.44, 900 on 29th August|
|Trend||Decline in silver prices|
August 2016 – Weeks 1 (1st to 7th)
- Silver prices opened at Rs.49, 200 per kg.
- On the third day of the month, silver traded at Rs.49, 660 per kg which was also the highest rate at which silver traded during the month of August.
- Silver closed at Rs.47,255 per kg on the last day of the week.
August '16 – Week 2 (8th to 14th)
- At the first day of the second week of month of August, silver traded at Rs.47, 280.
- On the third day of the month, 10th of August, silver prices increased due to high demand from local jewellers and coin makers and remained steady for 2 days and reduced even further after.
- Silver prices declined to Rs.47, 750 per kg and remained steady from 12th-14th August.
August '16 – Week 3 (15th to 21st)
- There was a minor increase in Silver prices on the second day of the week, 16th August as compared to the previous week.
- As the week continued, silver prices continued to fall.
- Despite lack of interest from local jewellers and coin makers, silver closed at Rs.46, 690 at the end of third week of the month.
August '16 – Week 4 (22nd to 28th)
- There was a slight decline in Silver prices at the beginning of fourth week of the month. Silver traded at Rs.45, 800 per kg on 22nd August 2016.
- There was a slight increase noted on 23rd August. Silver prices increased Rs.90 per kg.
- Due to continued lack of demand from spot markets, silver prices fell and traded at Rs.45, 040 from 25th August-28th August.
August '16 - Week 5 (29th to 31st)
- Silver price opened at Rs.44, 900 per kg which is also the lowest silver rate reported during the month.
- The last two days of the week marked a slight increase in silver prices.
- Silver closed at Rs.45, 320 per kg despite lack of demand.
|1st Day||Rs.46,650 per kg|
|Last Day||Rs.48,970 per kg|
|Highest Price||Rs.49,415 per kg on 12th July|
|Lowest Price||Rs.46,650 per kg on 1st July|
July'16 - Week 1 and 2 (1st to 10th)
- Silver opened at Rs.46,650 per kg on the first day of the month which was also the lowest rate at which silver was priced during the month of July.
- Price of silver increased steadily henceforth after staying steady Rs.47,925 per kg over the next two days.
- The price of silver Rs.49,265 per gram on the 6th and 7th of July which was also the highest for the week.
- Silver closed at Rs.47,720 per kg on the last day of the week.
July'16 - Week 3 (11th to 17th)
- On the opening day of the third week of July, the price of silver was Rs.49,200 per gram which was one of the highest for the month and the next day, the rate of silver was the highest for the month.
- After this, price of silver declined marginally.
- Price of silver was steady on the 16th and 17th at Rs.48,840 per kg and reduced even further after.
July '16 - Week 4 (18th to 24th)
- There was a minor decline noted in the price of silver on the first day of week four as compared to the previous week.
- Rate of silver continued to decrease as the week continued.
- The fourth week of the month closed with silver being priced at Rs.47,420 per kg amid decreasing demand from jewellers and coin makers.
July‘16 - Week 5 (25th to 31st)
- There was again a minor decline noted in the price of silver on the first day of the fifth week of July as compared to the rates of the previous week.
- There was however, a slight increase noted in the price of silver after that.
- Silver closed at Rs.48,970 per kg on the last day of the month.
|June 1st Rate||Rs.38,720 per kg|
|June 30th Rate||Rs.44,725 per kg|
|Highest Rate in June||Rs.44,725 per kg on the 30th of June|
|Lowest Rate in June||Rs.38,720 per kg on the 1st of June|
June 2016 – Week One(June 1st to June 4th)
- Silver traded at Rs.38,720 per kg on the 1st of June.
- The price of silver climbed to Rs.39,075 per kg on the 3rd of June.
- The price further increased as silver hit Rs.39,755 per kg on the 4th of June.
Jun'16 - Week 2 (5th to 11th)
- Silver traded at Rs.39,755 per kg on the 5th of June.
- Prices dropped down to Rs.39,370 per kg on the 7th of June.
- The price of silver increased as the week progressed and silver hit Rs.41,510 per kg on the 10th of June and remained the same on the 11th of June.
Jun'16 - Week 3 (12th to 18th)
- Silver remained unchanged and traded at Rs.41,510 per kg on the 12th of June.
- The price increased the very next day, owing to global demand and silver hit Rs.41,835 on the 13th of June.
- Silver traded at Rs.43,055 per kg on the 16th of June.
- The price declined further over the week and silver hit Rs.42,280 on the 18th of June.
Jun'16 - Week 4 (19th to 25th)
- Silver traded at Rs.42,280 per kg on the 19th of June.
- Due to heavy demand in the global market,the price of silver rose to Rs.42,405 per kg on the 21st of June.
- The price of silver relatively increased over the week and hit Rs.43,465 per kg on the 24th of June.
- The price of silver remained unchanged on the 25th of June at Rs.43,465 per kg.
Jun'16 - Week 5 (26th to 30th)
- Silver traded at Rs.43,465 per kg on the 25th and 26th of June.
- The price further increased to Rs.44,440 per kg on the 29th of June.
- Silver closed the month at Rs.44,725 per kg on the 30th of June.
|1st May rate||Rs. 42,590|
|31st May rate||Rs. 39,010|
|Highest rate in May||Rs. 42,590 on 1st of May|
|Lowest rate in May||Rs. 38,705 on 30th of May|
May '16 - Weeks 1 and 2 (1st to 8th)
- Silver trading for the month of May opened at Rs. 42,590 per kg on the back of strong demand and a weak Dollar.
- The first week saw silver close at Rs. 41, 875, a slight dip in rates due to market fluctuations.
- The steady demand and continued market volatility contributed to a silver maintaining its price over the week.
- A lessening of demand brought down prices by a small margin towards the end of the week.
May '16 -Week 3 (9th to 15th)
- Silver made small gains during the week but less demand and a recovering Dollar kept prices low.
- Silver traded at Rs. 41,635 per kg on 9th of May and at Rs. 41, 255 on 15th of May.
- Indications of a rate hike by the U.S. Federal Reserve contributed to a Dollar resurgence ass it gained on other currencies, lowering investor demand for silver.
- Silver dropped sharply on the 10th of May due to the Dollar appreciating but stabilised over the rest of the week.
May '16 - Week 4 (16th to 22nd)
- Silver prices continued their downward drop as fresh data indicated a strong possibility of a rate hike, boosting the Dollar.
- The price of silver was Rs. 41,255 on the 16th of May and Rs. 40,135 on the 22nd of May.
- Data from the U.S. job market showed positive growth, which boosted investor confidence in the economy resulting in renewed interest in stocks as opposed to bullion.
- The data also indicated a rate hike would come sooner rather than later, shoring up the Dollar as bullion took a hit.
May '16 - Weeks 5 and 6 (23rd to 31st)
- The last weeks of May saw silver drop further to new lows as the economy rallied on positive news from U.S. manufacturing data as well as a stronger Dollar.
- Silver traded at Rs. 39,780 per kg on the 23rd of May and dropped further at the end of the week, trading at Rs. 39,010 on the 31st of May.
- Silver dropped sharply on the 30th of May as data indicated the economy grew and the Dollar traded stronger.
- The markets stabilised with job growth and manufacturing data showing a significant growth and demand for silver dropping.
|April 1st Rate||Rs.37,015|
|April 30th Rate||Rs.42,590|
|Highest Rate in April||Rs.42,590 on the 30th of April|
|Lowest Rate in April||Rs.35,765 on the 4th of April|
|Overall Performance||Gain / Positive|
Apr'16 - Weeks 1 & 2 (1st to 10th)
- Silver rates fluctuated widely in the first week of trading as prices were on the decline until the 4th of the month after which they increased steadily for the next three days before remaining steady during the last three days of the ten-day period.
- Prices were recorded at Rs.37,015 on the 1st of the month and Rs.36,620 on the tenth day of the month.
- Despite marginal declines in the first few days, prices rose and remained consistent during the last few days of trading as a result of firming international and domestic cues in addition to increase in industrial demand and higher offtake.
Apr ‘16 - Week 3 (11th to 17th)
- Silver prices fluctuated during the third week of trading as rates increased at the start of the week before recording a marginal decline mid-way through the week, and then rose again as the week came to a close.
- Prices were recorded at Rs.37,180 on the 11th of April and Rs.39,110 by the end of the seven-day period.
- Prices were on the up by almost Rs.2000 over the third week of trading, marking a significant increase owing to increase in demand and strong global cues.
Apr ‘16 - Week 4 (18th to 24th)
- The fourth week of April also witnessed fluctuations in silver rates as prices remained unchanged for the first two days before increasing on the following two days and then dipping marginally and remaining constant until the end of the week.
- Prices were recorded at Rs.38,860 on the first day of the week and Rs.41,155 on the last.
- Over the course of the week, prices jumped by almost Rs.2300, making the penultimate week of trading record the highest gains in the month of April.
Apr ‘16 - Week 5 (25th to 30th)
- Silver rates were mostly on the rise during the final week of trading as prices increased for the first three days before declining marginally on the fourth day and then picking up to record the highest price in the month.
- Prices were recorded at Rs.40,520 on the first day of the week and Rs.42,590 on the last day of the month.
- The rise in prices during the last week of the month ensured that rates were up by a further Rs.2000.
|1st March rate||Rs.36,640|
|31st March rate||Rs.36,715|
|Highest rate in March||Rs.38,455 on 18th|
|Lowest rate in March||Rs.35,260 on 2nd|
Mar'16 - Week 1 (1st to 6th)
- Silver prices were stable on the whole during the first week.
- Prices were Rs.36,640 on 1st and Rs.36,640 on 6th.
- Silver experienced a drop on 2nd to Rs.35,260 before gaining the lost value on 3rd and stabilizing for the rest of the week.
Mar'16 - Mar'16 - Week 2 (7th to 13th)
- Silver rates declined substantially in the second week.
- Rates were Rs.37,915 on 7th and Rs.35,260 on 13th.
- Silver prices dropped on 8th and 11th but remained stable otherwise.
Mar'16 - Week 3 (14th to 20th)
- Prices were marginally up in the third week.
- Prices were Rs.37,850 on 14th and Rs.37,865 on 20th.
- Silver touched a high of Rs.38,455 on 18th but remained in the 37,000s for the rest of the week.
Mar'16 - Week 4 (21st to 27th)
- Silver lost some more value in the 4th week.
- Rates were Rs.37,705 on 21st and Rs.36,685 on 27th.
- Prices rose to Rs.38,395 on 22nd before losing out the gains and settling Rs.15 higher than week-starting rates.
Mar'16 - Week 5 (28th to 31st)
- Silver was marginally up in the last week.
- Prices were Rs.36,545 on 28th and Rs.36,715 on 31st.
|1st February rate||Rs.35,040|
|29th February rate||Rs.36,605|
|Highest rate in February||Rs.38,525 on 12th|
|Lowest rate in February||Rs.34,975 on 2nd|
Week 1 (1st to 7th)
- Silver prices were up at the beginning of February.
- Prices were Rs.35,040 on 1st and Rs.36,690 on 7th.
- Silver fell on 2nd before rallying over the rest of the week to rise to a high of Rs.36,690 by 7th.
Week 2 (8th to 14th)
- Silver was up again going into the second week.
- Rates were Rs.35,900 on 8th and Rs.37,800 on 14th.
- Silver rallied and rose by an overall margin of Rs.1,900 over the course of the second week.
Week 3 (15th to 21th)
- Prices were marginally up in the third week.
- Prices were Rs.37,100 on 15th and Rs.37,600 on 21st.
- Silver prices fluctuated all throughout the week, ultimately closing Rs.500 higher.
Week 4 (22nd to 29th)
- Silver prices broke the positive streak and ended lower in the last week of February.
- Rates were Rs.37,400 on 22nd and Rs.36,400 on 29th.
- Silver had all negative sessions in the week, though it was stable at Rs.37,330 from 26th to 28th before falling to Rs.36,605 on 29th.
4 th January rate
31 st January rate
Highest rate in January
Rs.35,485 on 28th
Lowest rate in January
Rs.33,360 on 13th
Jan '16 - Week 1 (4 th to 10 th )
Silver Rates appreciated marginally at the beginning of January.
Prices were Rs.33,515 on 4th and Rs.33,865 on 10th.
Prices rose consistently through the week albeit at smaller margins to touch Rs.33,865 by 8th.
Rates were stable at Rs.33,865 for 9th and 10th.
Jan '16 - Week 2 (11 th to 17 th )
Silver prices appreciated again during the 2nd week.
Rates were Rs.33,710 on 11th and Rs.34,335 on 17th.
Prices slid to a low of RS.33,360 by 13th before recovering on the next day to touch Rs.34,335.
Silver remained stable at Rs.34,335 for the rest of the week.
Jan '16 - Week 3 (18 th to 24 th )
Silver gained more value in the 3rd week.
Prices were Rs.34,005 on 18th and Rs.34,425 on 24th.
Prices touched a high of Rs.34,630 on 21st before settling at Rs.34,425 for the remaining days.
Jan '16 - Week 4 (25 th to 31 st )
Silver continued its modest gains to the 4th week also.
Prices were Rs.34,505 on 25th and Rs.34,930 on 31st.
Silver rose consistently through the first part of the week to touch a high of Rs.35,485 on 28th.
Prices slid to Rs.34,930 by 31st.
|Highest rate in December||Rs.35,095 on 7th|
|Lowest rate in December||Rs.33,055 on 18th|
Dec'15 - Week 1 (1stto 7th)
- Silver Rates appreciated at the beginning of December.
- Prices were Rs.34,030 on 1st and Rs.35,095 on 7th.
- Silver traded in positive all through the week except on 3rd when prices dropped by Rs.500 to settle at Rs.33,580.
- Silver prices depreciated in the 2nd week of the month.
- Rates were Rs.34,410 on 8th and Rs.33,485 on 14th.
- Silver was trading stably at just over Rs.34,000 till 13th before dropping by Rs.525 on 14th to end the week at Rs.33,485.
- Silver prices appreciated in the 3rd week.
- It was priced at Rs.33,200 on 15th and Rs.34,035 on 21st.
- Silver appreciated to Rs.33,905 by 17th before dropping back to Rs.33,055 on 18th.
- Prices went on an upward spree from 19th and breached Rs.34,000 mark on 21st by trading at Rs.34,035.
- Silver prices were down by Rs.1,080 in the last weeks of December.
- Prices were Rs.34,230 on 22nd and Rs.33,150 on 31st.
- Silver traded at just above Rs.34,000 throughout the 4th week but fell to Rs.33,670 on 28th and continued the downward slide to touch a low of Rs.33,150 on 31st.
|Highest rate in November||Rs.37,800 on 10th|
|Lowest rate in November||Rs.33,775 on 23rd|
- Silver Rates depreciated at the start of the month.
- Prices were Rs.36,675 on 1st and Rs.35,220 on 7th.
- There was only one positive session for silver in the week on 6th when prices rose by Rs.240 to Rs.24,825 from Rs.34,585 on 5th.
- Silver dropped by Rs.605 on 30th to rest at Rs.35,220 for the week.
- Silver prices declined in the 2nd week of November.
- Rates were Rs.35,220 on 8th and Rs.34,090 on 14th.
- Silver rose by Rs.1,045 and Rs.1,535 on 9th and 10th to Rs.36,265 and Rs.37,800 respectively.
- Prices dropped by Rs.3,465 on 11th to settle at Rs.34,665 before losing another Rs.575 over the next 3 days.
- Silver Rates were stable overall in the 3rd week.
- It was priced at Rs.34,090 on 15th and Rs.34,005 on 21st.
- Silver rose to Rs.34,295 on 16th before losing value for the next 3 days to settle at Rs.34,045 by 19th.
- Silver rose to Rs.34,255 on 20th and dropped to Rs.34,005 on 21st.
- Silver prices were stable again in the last weeks of November.
- Prices were Rs.34,005 on 22nd and Rs.34,005 on 30th.
- Silver dropped to Rs.33,775 on 23rd and had risen to Rs.34,345 by 26th before settling at month ending rate of Rs.34,005 by 30th.
Silver market rates in Chennai
Silver is generally available at 999 purity, which means that out of 1000 parts of the final alloy, 999 parts are pure silver. Silver purity is also calculated in terms of percentage of silver in the material, for instance 99% purity or 990 purity.
Silver rates in Chennai are decided as per the weight of silver in grams and troy weights. Popular units of measurement include grams, tolas, kilograms, ounces, million ounces, tonnes, short tonnes, metric tonnes etc.
- Silver prices in Chennai in the past 5 years (price/kg, prices approximated to nearest thousand)
- Silver rates in Chennai for 2015 (price/kg, prices approximated)
Silver prices in Chennai saw a rally in mid-2010 from around Rs.27,000 to a peak of Rs.68,905 in the first quarter of 2011. Prices gradually started to fall after the peak achieved in 2011, and reached sub-Rs.50,000 level in mid-2012. Prices remained more or less the same for the next year, with 2013 witnessing a downward spiral from a high of Rs.56,000 to Rs.40,000 by the end of the year. The downward trend continued for 2014, and the highest silver rate in Chennai during the year was around Rs.46,000, with the year ending at Rs.37,000.
Silver prices in Chennai at the start of 2015 were around Rs.36,200. Prices peaked on 21st January at Rs.40,565. February started with Rs.38,360 per kg of silver in Chennai, and ended at Rs.37,210. March month saw the rates mostly remain the same, with the month ending at Rs.37,390. Silver prices rallied at the end of April to cross the Rs.41,000 mark and peaked on 18th May at Rs.43,500. Current price of silver per kg has hovered around Rs.37,000.
Silver products as investments
Chennai residents have also been using silver as means of investment that gives decent returns. Also, as a precious metal, silver is a safe avenue for investments as it will be steadily valued up over time.
Jewelry and wares: Silver jewelry and wares are available easily in Chennai. One can simply go to the nearest jewelry shop and buy intricately designed silver jewelry pieces and wares such as utensils etc. This physical silver acts as a reserve for people which can be easily liquidated at times of need. The demand for silver also picks up during festivals.
Coins: Silver coins are issued by various agencies such as banks and private companies in India. Coins are available in different varieties such as 10 grams, 100 grams etc. Silver rates in Chennai are reflected in the coin prices in the city. Pure silver is rarely used in coinage, with alloys being the preferred choice. Silver coins in Chennai are mainly available with 999 purity.
Bars: Silver bars are also quite popular with consumers in Chennai. The bars can be purchased at various bullion providers in the city. Silver ingots have been traditionally the preferred choice of Chennai residents to invest in bullion. These ingots or bars are quite easily available and can be purchased at reasonable prices throughout the city.
Silver dealers in Chennai
Major silver sellers in Chennai include SLN Bullion, Vummidi Silverware, Tanishq, N. Gopaldas, GRT, Khazana Jewellers and many more. These dealers offer various products of silver such as bars, jewelry, ornaments, silverware, coins, gift articles etc. The dealers mostly sell silver at latest prices, with variations in price according to the product type. For instance, silver jewelry will cost you more for the same quantity of pure silver than a silver bar.
Silver demand and supply
Silver is mainly produced as a by-product of other metal production processes. By-product silver accounts for more than 80% of total silver in the world, with the remaining quantities mined in countries predominantly in the Americas. Many countries, including India, have bought large reserves of silver to meet their internal requirements as well as global demands.
Silver rates in Chennai are a direct product of the global demand and supply chain. The demand for silver has steadily exceeded its supply in the recent past, and this has led to silver prices in Chennai going to peak levels in the last few years.
Also Check Silver Price in NearBy Cities of Chennai
|Silver Rate in Bangalore||Silver Rate in Trichy||Silver Rate in Madurai|
|Silver Rate in Vijayawada||Silver Rate in Visakhapatnam||Silver Rate in Pondicherry|
|Also Know:Gold Rate in Chennai|
Read more on Silver
- About Silver Mining
- How To Find Authentic Silver
- Need For Silver In Industries
- Silver – Poor Man’s Gold
- Silver Bars And Coins For Purchase
- Silver Price in COMEX
News About Silver Rate in Chennai
Silver Soars to 2-Year High
Silver prices soared on Monday reaching a 2-year high. The prices surged on the back of bold bets made by buyers in China in the futures market. Silver rates have been on the rise ever since the Brexit vote. Investors have created an increase in demand betting on the central banks providing more stimulus. Spot silver traded above $21 per ounce rising by about 7% in U.S. trading. Gold rose to $1,350.79, also marking a 2-year high. After the Brexit vote, gold has risen by 6.6% and silver has risen by 18%. Peering into the future, the 2-week high might put the silver prices at a risk of pulling back.
8th July 2016
Silver shows an unexpected Gain
Speculation on gold in the international market might not have paid off well within the national borders, but surprisingly, silver has been climbing the presumption ladders steadily one decimal point at a time.
The speculation with market trends and subsequent industrial demand has contributed to the rising rates of silver. 0.999 fineness of silver had an appreciation of INR 175 from the earlier rate of INR 37850 per kilogramme. The current rate of silver is INR 38025 per kilogramme.
16th March 2016