Silver Rate in Chennai

Today's Silver price in Chennai:

  • 1 gram silver price is 50.00 Indian Rupee
  • 1 kg silver price is 50,000 Indian Rupee
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  • Today's Silver Rate in Chennai ( 23 Jan 2020 )
    ₹ 50
    Today's Silver Rate per gram
    Compare Silver Rate In Chennai (Today & Yesterday)
    Today
    (23 Jan 2020)
    Yesterday
    (22 Jan 2020)
    Rate Change
    Silver (1 gram) ₹ 50 ₹ 49.8 ₹ 0.2 ↑
    Bar Silver (1 Kg) ₹ 50,000 ₹ 49,800 ₹ 200 ↑
    Silver Price In Chennai For Last 10 Days
    Date Silver (1 gram) Bar Silver (1 Kg)
    23 Jan 2020 ₹ 50 ₹ 50,000
    22 Jan 2020 ₹ 49.8 ₹ 49,800
    21 Jan 2020 ₹ 51 ₹ 51,000
    20 Jan 2020 ₹ 50.7 ₹ 50,700
    19 Jan 2020 ₹ 50.4 ₹ 50,400
    18 Jan 2020 ₹ 50.4 ₹ 50,400
    17 Jan 2020 ₹ 50.4 ₹ 50,400
    16 Jan 2020 ₹ 50 ₹ 50,000
    15 Jan 2020 ₹ 50 ₹ 50,000
    14 Jan 2020 ₹ 49.7 ₹ 49,700

    Weekly & Monthly Graph of Silver Rate in Chennai

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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 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 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, the price of silver in Chennai opened at Rs.48,100 per kg. Silver prices increased over the course of the month.
    • The prices of silver 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 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 prices 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

    • 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

    • Gold and silver prices dip for the third consecutive time

      Gold showed weak trends for the third consecutive day on 21 November due to negative global trends. On the Multi Commodity Exchange, gold futures were down by 0.51% to be priced at Rs.37,960 per 10 grams. Due to this, silver also recorded a falling trend by 0.36% to Rs.44,657 per kg.

      The price of gold also fell in the global markets to $1,468.6 per ounce as China had invited various top officials from the United States of America for a new round of face-to-face talks in the trade talks between the United States of America and China.

      Earlier in the month, gold prices had a two-week high at $1,478.80 per ounce over trade talk concerns between the two economic superpowers. This was when the United States Senate passed legislation that supported the protestors in Hong Kong which did not play well with Beijing. Due to uncertainties in U.S.-China deal and investors being in the ‘wait and watch’ mode has been the driving force of gold in the recent past.

      However, gold recovering from its recent lows was majorly due to United States President Donald Trump threatening to raise tariffs on Chinese imports if a deal is not made with their counterpart.

      22 November 2019

    • Price of Silver falls by Rs.90 amidst weak global cues

      Silver prices fell by Rs.90 to Rs.48,023 per kg in the futures trade on 24 September 2019. The major reason for the fall in price were investors cut down their positions as the precious metal showcased a weak trend overseas along with decreased demand.

      Silver for December delivery traded at a lower price of Rs.48,023 per kg resulting in a percentage decline of 0.19% falling by Rs.90. These prices were for the business turnover of 2,211 lots on the Multi Commodity Exchange.

      For the March delivery decreased by Rs.119 with a percentage decline of 0.24% to Rs.49.010 per kg in a business turnover 18 lots. In the international market, silver traded at a low of 0.27% at $18.66 an ounce in New York. Various analysts have mentioned the major reasons for the decline in prices was due to muted demand, a weaker trend in precious metals in the global markets.

      24 September 2019

    • Price of gold falls for the second time, decreases by Rs.2,000

      Gold declined on 18 September 2019 in the Indian market for the second time in a row as the recovery of global oil prices shifted investors towards the stock market instead of safe-haven assets. On MCX, gold futures prices declined by 0.6% to Rs.37,786 per 10 grams.

      After the two-day decline, the price of gold was down by Rs.2,000 when compared to earlier in September. Silver prices due to this declined on MCX as well by 1.5% and were priced at Rs.46,633 per kg. Silver had also hit a record high earlier this month and was down by almost Rs.5,000 per kg.

      20 September 2019

    • Silver prices decrease by Rs.247 due to less demand

      Silver futures prices decreased on 17 September 2019 by Rs.247 and hit Rs.46,971 for a kg. The main reason for the decrease in prices is because of the minimal demand.

      The global demand for silver has been weak as well. On MCX, silver that will be delivered in December traded by 0.52% lower and hit Rs.46,971 for a kg. Futures trading had a business turnover of 1,977 lots due to this. Silver which will be delivered in March 2020 also decreased by 0.38% or Rs.185 and hit Rs.48,068 for a kg. The business turnover will be 30 lots. In the global market, silver price reduced by 0.13% and hit $17.90 for an ounce. According to market analysts, apart from the weak demand, speculators trimming their positions and a weak trend in the global market were also factors why the prices of silver have come down.

      17 September 2019

    • Silver price fall due to weak global trend

      The Silver price fell in the market due to a weak global demand and the decline of the Rupee against the United States dollar.

      On MCX, the price of silver recorded a fall of 0.7% to Rs.47,405 per kg along with gold prices falling as well. Silver recorded a decline of 8% after recently hitting the highest price of Rs.51,489 per kg.

      In Chennai, the silver rate per gram was Rs.53.20 and for 10 grams, the price of the metal was Rs.532, and Rs.53,200 for 1 kg.

      11 September 2019

    • Silver prices tumble by Rs.1,400

      Silver prices decreased by Rs.1,400 on 9 September 2019 to hit Rs.48,500 for a kg. Gold prices also hit Rs.39,225 for 10 grams, reducing by Rs.300.

      The main reason for the decrease in prices is a stronger rupee and a low demand. According to Tapan Patel, HDFC Securities Senior Analyst (Commodities), 24 karat spot gold prices were trading at Rs.300 lesser due to a strong rupee and a lack of physical demand. He further added that the physical market has not yet seen the gold demand due to the high prices. In the early trade on 9 September 2019, the rupee hit Rs.71.58 against the US dollar, appreciating by 14 paise. Investors have been enthused by rate cut hopes and China’s easing move. In the global market, the trading of gold was flat in New York, at $1,506 for an ounce. Trading of silver also decreased to $18.05 for an ounce. Patel further said that due to many individuals expecting clarity on the progress of trade talks between China and the US and the US Federal rate, trading of gold is expected to be in the corrective phase.

      10 September 2019

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