Silver Rate in Chennai

Todays Silver price in Chennai:

  • 1 gram silver price is 48.00 Indian Rupee
  • 1 kg silver price is 48,000 Indian Rupee
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  • Today's Silver Rate in Chennai ( 26 May 2020 )

    ₹ 48
    Today's Silver Rate per gram

    Compare Silver Rate In Chennai (Today & Yesterday)

    Today
    Yesterday
    Rate Change
    Silver (1 gram) ₹ 48 ₹ 51.4 ₹ -3.4 ↓
    Bar Silver (1 Kg) ₹ 48,000 ₹ 51,400 ₹ -3,400 ↓

    Silver Price In Chennai For Last 10 Days

    Date Silver (1 gram) Bar Silver (1 Kg)
    26 May 2020 ₹ 48 ₹ 48,000
    25 May 2020 ₹ 51.4 ₹ 51,400
    24 May 2020 ₹ 48.36 ₹ 48,360
    23 May 2020 ₹ 48.35 ₹ 48,350
    22 May 2020 ₹ 48.25 ₹ 48,250
    21 May 2020 ₹ 48.2 ₹ 48,200
    20 May 2020 ₹ 47.67 ₹ 47,670
    19 May 2020 ₹ 48.51 ₹ 48,510
    18 May 2020 ₹ 46.72 ₹ 46,720
    17 May 2020 ₹ 46.71 ₹ 46,710

    Weekly & Monthly Graph of Silver Rate in Chennai

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    • 6 Months

    *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 Price in Chennai

    Silver is among the most popular commodities in India. Silver rate in Chennai, or for that matter other cosmopolitan cities like Mumbai or Delhi, are a reflection of the international silver price 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 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 prices in Chennai showed an overall incline in the month of April. With continuous fluctuations in prices seen in the international market due to various global factors, the precious metal showed heavy inclines as well as major declines in its prices throughout the month. Opening at Rs.40,500 per kg on 1 April, the price of the metal remained steady until 5 April since the country was on lockdown to prevent the spread of COVID-19 which included major bullion trading centres being shut for operations. The price of the metal dipped on 6 April at Rs.40,360 per kg and increased to Rs.40,370 per kg on 7 April, closing the week at the same price. The drop in prices was majorly due to the rise of the United States dollar value in the international market.
    • The price of the metal showed fluctuating trends in the second week of the month opening at Rs.41,290 per kg on 8 April and decreasing yet again to Rs.40,960 per kg on 9 April. The price of silver showed gradual declines with increased risk appetite amongst investors with the increasing value of the dollar and a lesser number of new COVID-19 cases all around the world. However, on 10 April, the precious metal’s prices increased marginally to Rs.41,000 per kg and further increased to Rs.41,100 per kg on 11 April. After holding steady at the same price on 12 April, the price of the metal increased marginally to Rs.41,160 per kg, further increasing to Rs.41,310 per kg on 13 April with investors shifting back to the bullion market due to safe-haven appeal with the number of cases on the rise. On 15 April, the price of the metal increased to Rs.41,920 per kg due to a fall in the value of the U.S. dollar in the market along with various central banks approving stimulus packages to stabilise the economy.
    • On 16 April, opening the third week of the month, the price of the metal was Rs.41,860 per kg and increased marginally to Rs.41,900 per kg on 17 April. However, with reports of a possible vaccine circulating in the media, risk appetite amongst investors increased and their focus shifted back to the stock market from the bullion. Due to this, silver prices saw a major fall in prices to Rs.41,210 per kg on 18 April and held steady between the Rs.41,000 – Rs.42,000 per kg range. On 21 April, the price of the metal hit its highest of the week and the month at Rs.42,710 per kg. However, soon after hitting its highest price of the month, silver prices saw a decline, priced at Rs.41,660 per kg on 22 April and closing the third week of the month at Rs.41,420 per kg on 23 April.
    • In the last week of the month, silver prices showed gradual inclines at the beginning of the week at Rs.42,430 per kg on 24 April. The rise in prices was majorly due to its safe-haven appeal amongst investors with a rising number in new cases of COVID-19. However, the rise in prices of the metal was short-lived as with various countries announcing ease of the lockdown restrictions, investors shifted back to the stock market with higher risk appetite. With countries hinting at resuming of essential businesses, the value of the white metal dropped to a great extent. On 27 April, the price of silver was Rs.42,610 per kg which decreased to Rs.42,210 per kg on 28 April and further to Rs.41,510 per kg on 29 April. At the end of the week and the month, silver closed at Rs.41,510 per kg on 30 April, recording an overall percentage incline of 2.51.

    Trend of Silver Rate in Chennai 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%
    • Silver rate in Chennai opened in the month at Rs.47,400 per kg and showed an inclining trend in its prices for the first week of the month. This was majorly due to investors awaiting on the rate cut by the United States Federal Reserve to combat the effect of the Coronavirus on the economy. Investors shifted to the bullion and the value of the metal hit its monthly high on 6 March at 50,700 per kg. However, the metal closed the first week of the month at Rs.50,500 per kg.
    • In the second week, silver price saw constant changes in their prices due to mixed trends in the international market. On 8 April, silver rate in Chennai was steady at Rs.50,500 per kg. However, on 9 April, silver prices declined to a great extent to Rs.49,200 per kg and recovered marginally on 10 April at Rs.50,000 per kg. Due to various factors such as the value of the dollar fluctuating in the global market, the price of silver fluctuated as well. However, on 12 April, a kg of silver was priced at Rs.48,600 and dipped on 13 April to be priced at Rs.45,900 per kg and further to be priced at Rs.44,000 per kg on 14 April and 15 April.
    • With investors hoarding for cash by selling their assets at a rapid pace with the number of cases of COVID-19 increasing all over the world, silver saw a major decline in its prices in the third week of the month. Being priced at Rs.43,200 per kg, the metal dipped to Rs.39,300 per kg on 18 April and hit its lowest price in the month at Rs.37,800 per kg on 19 March. With the crisis being in effect in the economy as well as all over the world, investors resorted to cash to survive this. On 20 April, the silver rate in Chennai increased slightly to be priced at Rs.39,900 per kg with the value of the dollar declining marginally in the economy. By the end of the week, silver prices recovered marginally to be priced at Rs.40,500 per kg on 25 April.
    • In the last week, with the lockdown being in effect all over the country for 21 days, the price of silver in Chennai remained steady at Rs.40,500 per kg. With major institutions being closed to prevent the spread of COVID-19 and to promote social distancing, major trading centres across the country was shut and there was no physical buying or selling of the metal either. Due to this, since the beginning of the week until the end, the price of silver remained the same. On 31 March, the price of silver closed the month at Rs.40,500 per kg recording an overall percentage decline of 14.5

    Trend of Silver Rate in Chennai 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%
    • Silver price in Chennai opened at Rs.50,300 per kg this month and showed an inclining trend in the first half of the month. The metal’s prices increased in the second half of February as well, however, due to various global factors, ended the month at a decline of 5.76%. By 5 February, the price of the metal was Rs.49,600 per kg and increased to Rs.49,900 per kg by 10 February.
    • Due to the rise in the number of cases and an increasing number of deaths because of Coronavirus, silver demand increased amongst investors due to decreased risk appetite. The price of the white metal by 15 February had increased marginally by Rs.100 to hit Rs.50,000 per kg. From 15 February, silver prices were on a rise until the last few days of the month.
    • On 21 February, a kg of silver in Chennai was priced at Rs.52,100 per kg in Chennai and the metal had almost hit its yearly highs in the global market as well. This was majorly due to the rise in the number of Coronavirus cases increasing in South Korea and its adverse effect on the global economy. On 22 February, the metal saw a surge in its prices following a positive trend in the global markets. The value of the metal was Rs.52,400 per kg.
    • After hitting the monthly high on 24 February at Rs.52,900 per kg, silver prices saw an immediate dip in the global markets. However, this was not due to a positive trend in the stock markets, but due to investors booking profits after the continuous fluctuation of prices in the market. At the end of the month, silver rate in Chennai had dipped and closed at Rs.47,400 per kg marking an overall decline in prices.

    Trend of Silver Rate in Chennai 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 Chennai, silver rate opened the first month of 2020 at Rs.50,300 per kg. The rates of silver were down by Rs.600 per kg when compared to the previous week’s closing price.
    • The rates of silver climbed to its highest for the month in the southern metropolitan city on 8 January with every kilogram costing Rs.52,600. The increase in the prices of the metal was accounted to trade tensions between Washington and Tehran.
    • A lot of fluctuations was recorded in the prices of silver following this due to the outbreak of coronavirus in China and escalating tensions in the Middle East.
    • The silver price in Chennai closed the month of January at Rs.50,200 per kg after recording its lowest price the previous day. Silver’s overall performance in the city was -0.19%.

    Trend of Silver Rate in Chennai for December 2019 (rates per kg)

    Parameters Silver Price (per kg)
    December 1 Rate Rs.48,100 per kg
    December 31 Rate Rs.50,900 per kg
    Highest Rate in December Rs.50,900 per kg on 31 December
    Lowest Rate in December Rs.46,400 per kg on 10 December
    Overall Monthly Performance Incline
    Percentage Change 5.82%
    • For the month of December, silver price in Chennai opened at Rs.48,100 per kg. Silver prices increased over the course of the month.
    • Silver rate in Chennai dropped from 2 December to 11 December 2019 due to positive trade talks between China and the US regarding the trade deal. Silver prices hit its lowest rate for the month on 10 December and touched Rs.46,400 for a kg.
    • However, due to the trade deal concerns and the impeachment of the US President, silver prices increased gradually from 12 December 2019.
    • Silver price in Chennai hits its highest rate on the last day of the month and touched Rs.50,900 for a kg. Overall, there was a 5.82% gain in silver prices in the month of December.

    Trend of Silver Rate in Chennai for November 2019 (rates per kg)

    Parameters Silver Price (per kg)
    November 1 Rate Rs.50,500 per kg
    November 30 Rate Rs.48,100 per kg
    Highest Rate in November Rs.50,700 per kg on 2 and 3 November
    Lowest Rate in November Rs.47,200 per kg on 9 and 10 November
    Overall Monthly Performance Decline
    Percentage Change -4.75%
    • Silver price in Chennai opened at Rs.50,500 per kg at the beginning of the month backed by the US Federal Reserve’s interest rate cut.
    • Silver rate in Chennai were highest on 2 and 3 November at Rs.50,700 per kg with continuing uncertainty over the US-China trade war getting resolved.
    • By month end, silver prices were on a decline at Rs.48,100 per kg with the US-China trade war taking a turn for the worse as the US Government backed anti-government protestors in Hongkong.

    Trend of Silver Rate in Chennai for October 2019 (rates per kg)

    Parameters Silver Price (per kg)
    October 1 Rate Rs.47,400 per kg
    October 31 Rate Rs.50,000 per kg
    Highest Rate in October Rs.50,400 per kg on 26 and 27 October
    Lowest Rate in October Rs.47,400 per kg on 1 October
    Overall Monthly Performance Incline
    Percentage Change 5.4%
    • Silver rate in Chennai were low at the beginning of the month at Rs.47,000 per kg with the US-China trade war caused uncertainties to strengthen the dollar. This was also the lowest rate in October.
    • Silver price in Chennai climbed to Rs.50,400 per kg on 26 and 27 October as stocks were positively impacted by the strengthening of the dollar and rise of equity markets as the US stated it was close to a trade pact with China.
    • Silver rate in Chennai were at Rs.50,000 per kg by the end of the month with a steady incline of 5.4% as the uncertainty around the US-China deal resulted in the metal becoming a more attractive and safe investment.

    Trend of Silver Rate in Chennai for September 2019 (rates per kg)

    Parameters Silver price (per kg)
    September 1 Rate Rs.51,600 per kg
    September 30 Rate Rs.48,500 per kg
    Highest Rate in September Rs.55,200 per kg on 4 September
    Lowest Rate in September Rs.48,500 per kg on 30 September
    Overall Performance Decline
    Percentage Change -6%
    • Silver rate in Chennai traded at Rs.51,600 per kg on 1 September as steady industrial demand despite conflicting overseas cues bolstered bullion offtake.
    • Rising tensions in the Middle East and lingering uncertainty due to the U.S.-China trade conflict drove up bullion demand and boosted silver price in Chennai to Rs.55,200 per kg on 4 September.
    • There was a momentary lull in demand as equity markets recovered and interest in safe-haven assets fell, resulting in silver prices dropped steadily despite steady industrial offtake.
    • The end of the month saw a continued fall in rates as retail demand plummeted on high import costs, with the silver rate in Chennai ending the month at a monthly low of Rs.48,500 per kg on 30 September, with prices falling by 6% during the month.

    Also Check Silver Price in Metro Cities

    Trend of Silver Rate in Chennai for April 2019 (rates per kg)

    Parameters Silver Price (per kg)
    August 1 Rate Rs.44,100 per kg
    August 31 Rate Rs.51,600 per kg
    Highest Rate in August Rs.52,200 per kg on 29 August
    Lowest Rate in August Rs.44,100 per kg on 1 August
    Overall Monthly Performance Incline
    Percentage Change 17%
    • Silver rate in Chennai opened the month at Rs.44,100 per kg on weak retail demand but market volatility bolstered price as the metal rose steadily.
    • An increase in tensions in the Middle East unsettled equity markets and impacted the dollar rate which resulted in investors increasing their bullion offtake, as the white metal rose to Rs.48,800 per kg on 13 August.
    • Silver Price in Chennai remained static for a few days before dropping to Rs.47,800 per kg on 19 August on U.S. interest rate cut hopes and fears over a possible recession.
    • Despite fluctuations in overseas demand, local interest in silver remained high as industrial units and coin makers capitalized on a weak rupee, with silver price in Chennai rising to Rs.52,200 per kg on 29 August before settling at Rs.51,600 per kg when the month ended.

    Trend of Silver Rate in Chennai for July 2019 (rates per kg)

    Parameters Silver Price (per kg)
    July 1 Rate Rs.40,500 per kg
    July 30 Rate Rs.44,800 per kg
    Highest Rate in July Rs.44,900 per kg on 25 July
    Lowest Rate in July Rs.40,400 per kg on 2 July
    Overall Monthly Performance Incline
    Percentage Change 10.61%
    • Silver rate in Chennai opened relatively static at Rs.40,500 per kg on declining retail demand but market volatility bolstered prices as the metal traded at Rs.40,800 per kg on 8 July.
    • An increase in tensions in the Middle East unsettled equity markets and the dollar which resulted in investors increasing their bullion offtake, as the silver price in Chennai rose to Rs.41,300 per kg on 13 July.
    • Silver rate remained unchanged for a few days before a bullion rally led to the silver price in Chennai surging to Rs.44,500 per kg on 19 July on U.S. interest rate cut hopes and rising economic uncertainty.
    • Demand for silver remained high as industrial units and coin makers capitalized on a weak rupee, with prices rising to Rs.45,900 per kg on 25 July and settling at Rs.44,800 per kg when the month ended.

    Also Check Silver Price in NearBy Cities of Chennai

    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 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 rates in Chennai for 2015 (price/kg, prices approximated)
    • 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.

    Read more on Silver

    News About Silver Rate in Chennai

    • Silver rates gain on Wednesday

      The silver rates surged on Wednesday. On the Multi Commodity Exchange (MCX), silver contract for July was currently trading at Rs.49,450 per kg after increasing by Rs.629 or 1.29 percent. Gold prices were also up amid the economic uncertainty. Currently, the June contract of the yellow metal on the MCX was at Rs.47,275 for every 10 grams. Since the previous close, the rates increased by Rs.225 or 0.48 percent. On COMEX, the June contract of gold was at $1,752 per ounce after increasing by 0.4 percent. In the domestic spot market, the yellow metal is currently trading at around Rs.48,900 for every 10 grams. It must be noted that on Monday gold touched record levels of Rs.49,700 and Rs.47,980 per 10 grams in both the spot and futures trade.

      21 May 2020

    • Silver prices down by 0.26 percent

      The rates of the white metal edged lower today. This was the second consecutive day that silver futures were down in the country. On the Multi Commodity Exchange (MCX), May silver futures fell 0.26 percent to cost 43,026 per kg. In the global markets, silver eased 0.1 percent to cost $15.03 per ounce.

      Gold prices also declined in the country after tracking muted global rates. June gold futures dipped by 0.14 percent to cost Rs.44,880 for every 10 grams. The rates of spot gold were up by 0.1 percent to $1,646.81 per ounce in the international market while platinum gained 0.5 percent to $733.30.

      9 April 2020

    • Silver prices increase on 31 March 2020 after crashing in the previous session

      The prices of silver in the Indian markets increased on 31 March 2020. In the previous session, silver futures prices crashed by Rs.1,000.

      Silver futures prices on MCX increased by 0.3% and is at Rs.39,925 for a kg. In the international markets, the prices of silver reduced by 0.7% and are at $14.02 for an ounce. Unlike silver, gold futures prices reduced for the third consecutive day. Gold futures prices for the month of June on MCX reduced by 0.35% and is at Rs.43,232 for 10 grams. However, over the last quarter, gold prices have increased by Rs.4,000. Earlier in March, the prices of gold touched Rs.45,000 for 10 grams. In the international markets, the prices of gold fell due to a strong dollar. Spot gold prices in the global markets fell by 0.3% and are at $1,616.34 for an ounce. The value of the dollar increased against six other major currencies due to uncertainty. An increase in the value of the dollar ensures that the prices of gold increase for other currency holders. In the current quarter, gold prices in the global markets have increased by 6.5%. This is the sixth quarter in a row that the prices of gold have increased. The demand for gold has been increased due to global recession worries. Gold prices in India are inclusive of 12.5% import duty and 3% GST.

      31 March 2020

    • Silver futures prices increased by 0.21% on 19 March 2020

      Silver futures prices on MCX increased by 0.21% in India on 19 March 2020 and is at Rs.33,978 for a kg. The prices of silver in the international markets also saw little change.

      Unlike silver, the prices of gold decreased in India on 19 March 2020. Gold futures prices for April on MCX reduced by Rs.554 and is at Rs.39,169 for 10 grams. In the last 8 days, the prices of gold have fallen in 7 days. Since hitting record highs of Rs.45,000 for 10 grams earlier in the month, the prices of gold have significantly decreased. The main reason for the reduction in prices has been the coronavirus outbreak. The prices of gold in the international markets have also declined. In the global markets, the prices of gold reduced by 1.4% and are at $1,465.34 for an ounce. In the last 8 sessions, the prices of gold have declined in 7 sessions. Gold prices in India are inclusive of 3% GST and 12.5% import duty. So far in 2020, the prices of gold have declined by 3%. The recent measures taken by the European Central Bank and Federal Reserve have failed to improve the market stress. According to the Chairman and Managing Director of Abans Group, Abhishek Bansal, the demand for jewellery has been low despite the price correction. He further added the demand may not increase any time soon. The value of the US dollar increased against various other currencies causing fears that there could be a recession.

      19 March 2020

    • Silver and gold prices see a substantial fall due to weakening global cues

      The price of gold fell by Rs.353 on Friday to Rs.41,853 per 10 grams with investors cutting down their positions post a weak trend of the bullion globally. On the Multi Commodity Exchange, the price of the precious metal for delivery in April fell by 0.84% to be priced at Rs.41,853 for a turnover of 4,338 lots.

      For June delivery, the price of the metal dipped by Rs.432 or 1.01% to be priced at Rs.42,391 per 10 grams for a business turnover of 996 lots. According to analysts, the gold and silver prices have faltered due to subdued demand for the bullion market overseas. In the international market, the yellow metal was trading at $1,587.60 per ounce, which was lower by 0.17% in New York.

      On the other hand, silver futures on the same day dipped by a whopping Rs.1,155 per kg to be priced at Rs.42,984 per kg. This was majorly due to investors cutting down on their bets due to weak trends in the global markets.

      Silver contracts for May delivery on the Multi Commodity Exchange dipped by 2.62% to be priced at Rs.42,984 per kg for a turnover of 6,273 lots. The metal’s delivery in July fell by 2.61% or Rs.1,168 to be priced at Rs.43,502 per kg for 290 lots.

      Silver prices in the international market were trading at 2.22% lower at $15.65 per ounce in the city of New York.

      17 March 2020

    • Gold and silver prices record a dip as China mentions Coronavirus can be treated

      Gold and silver prices dipped on 17 January 2020 due to global factors hovering around the escalated fears of the Coronavirus and its effect on the global economy. According to HDFC Securities, gold prices have dipped by Rs.233 on Monday and the metal was valued at Rs.41,565 per 10 grams.

      Due to the drop in gold prices, silver prices also saw a decline in its prices by Rs.157. The price of the white metal was priced at Rs.47,170 per kg according to HDFC Securities. The drop in prices of silver and gold was due to weak global trends of the metal with the Chinese National Health Commission declaring that the Coronavirus can be treated. With this news, risk appetite amongst investors increased as they shifted to the stock market, thus resulting in the dip in demand of the bullion.

      In the international market, gold was priced at $1,579 an ounce with silver priced at $17.74 an ounce. In the previous week, the price of both the metals had increased due to escalated fears of the deadly virus. In the capital city of Delhi, the price of 24-karat gold had decreased by Rs.233 when compared to increasing by Rs.75 on Friday, last week.

      18 February 2020

    • Gold slumps Rs.73, silver drops Rs.89

      Gold prices slumped Rs.73 to Rs.38,486 per 10 grams after rupee grew stronger. Silver Prices also dropped by Rs.89 to Rs.44,640 per kg from its close of Rs.44,729 per kg on Tuesday.

      In global markets, the gold traded at $1,464.8 per ounce, while silver was trading at $16.62 per ounce.

      13 December 2019

    • Prices of silver increase by Rs.50 to touch Rs.43,275 for a kg

      Following the close of trading on 10 December 2019, the prices of silver increased by Rs.50 to hit Rs.43,275 for a kg. Currently, the ratio of gold to silver stands at 87.26 to 1.

      The ratio states the amount of silver that is required to buy an ounce of gold. In Mumbai’s bullion market, the prices of gold decreased by Rs.33 and hit Rs.37,766 for 10 grams. The main reason for the drop in prices was the stronger rupee. Traders are keeping an eye on the US Federal Reserve meeting that is scheduled for 12 December 2019. The prices of 22-carat, 24-carat, and 18-carat gold in Mumbai are Rs.34,594, Rs.37,766, and Rs.28,325 plus 3% GST for 10 grams, respectively. Gold futures prices for the month of February increased by Rs.107 on MCX and hit Rs.37,690 for 10 grams. Gold futures prices for April increased by Rs.97 and hit Rs.37,750 for 10 grams. Gold mini contracts for the month of January increased by Rs.42 and hit Rs.37,680. Spot gold prices in the London market increased by $5.65 and hit $1,470.55 for an ounce. Clients of Axis Securities have been advised to sell February gold at Rs.37,580 for 10 grams.

      10 December 2019

    • Prices of silver reduce by Rs.771 and hit Rs.45,539 for a kg

      On 5 December 2019, the prices of silver reduced by Rs.771 and hit Rs.45,539 for a kg. On 4 December 2019, the prices of silver closed at Rs.46,310 for a kg.

      Silver prices in the international market were trading flat at $16.88 for an ounce. The prices of gold also reduced by Rs.74 on 5 December 2019 and hit Rs.38,985 for 10 grams. The main reason for the reduction in prices was the appreciation of the rupee. According to HDFC Securities, the prices of gold closed at Rs.39,059 for 10 grams in the previous session. A Senior Analyst at HDFC Securities said that 24-carat gold prices reduced in Delhi because of the rupee appreciation and the strong value of Asian currencies. The value of the rupee increased by 7 paise against the dollar. The prices of gold have been fluctuating over the last two days because of the trade deal news between China and the US. The prices of gold in the international market were trading flat at $1,475.4 for an ounce. According to Navneet Damani, Commodities Research at Motilal Oswal, the momentum was positive on gold due to the tariffs being imposed on Argentina and Brazil.

      5 December 2019

    • Silver prices in India increase due to strong demand

      Prices of silver in India increased on 22 November 2019 due to strong demand. The prices of silver followed the global trend which was positive as well.

      On 22 November 2019, the prices of silver increased by Rs.7 and hit Rs.44,745 for a kg. On MCX, silver futures prices for December increased by 0.02% and hit Rs.44,745 for a kg. Silver futures prices for March increased by Rs.52 and hit Rs.45,450 for a kg. In the international market, the prices of silver increased by 0.17% and hit $17.24 for an ounce. On 22 November 2019, the prices of gold increased by Rs.36 and hit Rs.37,989 for 10 grams. On MCX, gold futures prices for December increased by Rs.36 as well. Gold futures prices for February was trading at Rs.38,100 for 10 grams, increasing by Rs.49. In the international market, prices of gold increased by 0.18% and hit $1,466.20 for an ounce. The main reasons for the increase in prices were positive cues in the global market.

      23 November 2019

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