Silver Rate in Chennai

Today's Silver price in Chennai:

  • 1 gram silver price is 50.40 Indian Rupee
  • 1 kg silver price is 50,400 Indian Rupee
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  • Today's Silver Rate in Chennai ( 18 Sep 2019 )
    ₹ 50.5
    Today's Silver Rate per gram
    Compare Silver Rate In Chennai (Today & Yesterday)
    Today
    (18 Sep 2019)
    Yesterday
    (17 Sep 2019)
    Rate Change
    Silver (1 gram) ₹ 50.5 ₹ 50.4 ₹ 0.1 ↑
    Bar Silver (1 Kg) ₹ 50,500 ₹ 50,400 ₹ 100 ↑
    Silver Price In Chennai For Last 10 Days
    Date Silver (1 gram) Bar Silver (1 Kg)
    18 Sep 2019 ₹ 50.5 ₹ 50,500
    17 Sep 2019 ₹ 50.4 ₹ 50,400
    16 Sep 2019 ₹ 50.4 ₹ 50,400
    15 Sep 2019 ₹ 48.7 ₹ 48,700
    14 Sep 2019 ₹ 48.7 ₹ 48,700
    13 Sep 2019 ₹ 50.5 ₹ 50,500
    12 Sep 2019 ₹ 50.8 ₹ 50,800
    11 Sep 2019 ₹ 51.2 ₹ 51,200
    10 Sep 2019 ₹ 50.5 ₹ 50,500
    09 Sep 2019 ₹ 51 ₹ 51,000

    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 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 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 rates in Chennai opened the month at Rs.44,100 per kg on weak retail demand but market volatility bolstered prices 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.
    • Prices 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 prices rising to Rs.52,200 per kg on 29 August before settling at Rs.51,600 per kg when the month ended.

    Also Check Silver Price in Metro Cities

    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 rates 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 industrial metal rose to Rs.41,300 per kg on 13 July.
    • Prices remained unchanged for a few days before a bullion rally led to the metal 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.

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

    Parameters  Silver Price (per kg) 
    June 1 Rate  Rs.39,400 per kg 
    June 30 Rate  Rs.40,800 per kg 
    Highest Rate in June  Rs.41,500 per kg on 21 June 
    Lowest Rate in June  Rs.39,400 per kg on 1 and 2 June 
    Overall Monthly Performance  Incline 
    Percentage Change  3.55% 
    • After opening unchanged at Rs.39,400 per kg, silver price in Chennai rose on steady local industrial demand, with overseas cues also favouring the industrial metal.
    • Silver rose steadily, trading at Rs.40,100 per kg on 14 June as disappointing U.S. jobs data dented equity performance and investors turned to bullion as a hedge against falling equity earnings.
    • Prices fluctuated as local retail demand declined due to high import costs, with silver rate in Chennai dipping to Rs.40,300 per kg on 19 June though weak manufacturing figures from China boosted bullion as the metal rose to Rs.41,500 per kg on 21 June.
    • Despite steady overseas interest, local industrial demand was on the decline and prices steadily fell, trading at Rs.40,800 per kg on 27 June and remaining constant till the month ended.

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

    Parameters  Silver Price (per kg) 
    May 1 Rate  Rs.40,500 per kg 
    May 31 Rate  Rs.39,400 per kg 
    Highest Rate in May  Rs.40,500 per kg on 1 and 2 May 
    Lowest Rate in May  Rs.39,200 per kg from 20-22 May 
    Overall Monthly Performance  Decline 
    Percentage Change  -2.71% 
    • The price of silver at the start of the month stood the same as it did at the end of the previous month. On May 1, the silver rate in Chennai stood at Rs.40,500 per kg. This was the highest the metal stood at for the month.
    • The price of the metal the rapidly declined as the dollar began to gain ground over competing currencies and weak global economic trends prevailed. On 3rd May, silver price in Chennai was at Rs.39,500 per kg. However, it stabilised the very next day due to high local demand when it rose to Rs.40,200 per kg.
    • Poor economic trends clubbed with a steadily rising dollar caused the price of the metal to drop further on 20th May when it stood at Rs.39,200 per kg. This price lasted till the 22nd and was the lowest price of silver for the month.
    • Not really recovering from the hit, the price of silver ended the month of May at Rs.39,400 per kg., recording a percentage declining trend of 2.71%.

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

    Parameters  Silver Price (per kg) 
    April 1 Rate  Rs.40,600 per kg 
    April 30 Rate  Rs.40,500 per kg 
    Highest Rate in April  Rs.41,000 per kg on 1 April 
    Lowest Rate in April  Rs.40,200 per kg on 15 and 24 April 
    Overall Monthly Performance  Decline 
    Percentage Change  -0.24% 
    • The month started off with the silver rate in Chennai standing at Rs.40,600 per kg. This was the same price it stood at on the last day of the previous month.
    • An increased local and industrial demand in for the metal clubbed with a subdued dollar cause silver price in Chennai to surge to Rs.41,000 per kg on 9 April.
    • Weak economic trends and a revived dollar weakened the price of silver, and on 15 April the metal stood at its lowest for the month. Silver was trading at Rs.40,200 per kg.
    • Failing to really recover, the price of silver remained relatively stagnant, and on the 24th it still stood at Rs.40,200 per kg, also the lowest point for the metal in the month. Regaining a few points by the month-end, silver price on 30th stood at Rs.40,500 per kg, recording a declining trend for the month.

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

    Parameters Silver Price (per kg)
    March 1 Rate Rs.42,700 per kg
    March 31 Rate Rs.40,600 per kg
    Highest Rate in March Rs.42,700 per kg on 1 March
    Lowest Rate in March Rs.40,200 per kg on 29 March
    Overall Monthly Performance Decline
    Percentage Change -4.91%
    • Weak overseas cues and static local demand resulted in silver prices in Chennai falling steadily despite opening at a stable Rs.42,700 per kg.
    • Silver rate in Chennai fell to Rs.41,600 per kg on 10 March as industrial demand was on the decline due to rising U.S. dollar rates which made imports more expensive, and prices fell further to Rs.41,000 per kg on 17 March as investors favoured equities over bullion due to positive U.S. economic data.
    • Prices recovered marginally as silver traded at Rs.41,300 per kg on 23 March but fluctuating demand from coin makers and a drop in retail interest impacted prices as the metal traded at Rs.40,800 per kg on 28 March.
    • A dovish stance by leading European central banks mitigated some losses from waning industrial interest but silver rate in Chennai plunged to Rs.40,200 per kg on 20 March before recovering to end the month at Rs.40,600 per kg.

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

    Parameters Silver Price (per kg)
    February 1 Rate Rs.43,900 per kg
    February 28 Rate Rs.43,300 per kg
    Highest Rate in February Rs.44,100 per kg on 5 February
    Lowest Rate in February Rs.42,700 per kg on 14 February
    Overall Monthly Performance Decline
    Percentage Change -1.36%
    • Silver traded at Rs.43,900 per kg on 1 February, inclining steadily to Rs.44,100 per kg on 5 February amid high local demand and overseas interest on the industrial metal.
    • Silver price in Chennai dropped to Rs.42,700 per kg on 14 February as the US dollar rebounded which reduced local industrial offtake though overseas industrial orders remained steady.
    • Fears over Brexit and the ongoing US-China trade war resulted in volatility across equity markets as investors preferred safe-haven bullion which prompted the silver rate in Chennai to rise to Rs.44,000 per kg on 20 February.
    • Conflicting global cues coupled with declining demand from coin makers impacted prices towards the end of the month and, overseas demand dropped due to a more combative Federal Reserve stance as the industrial metal traded at Rs.43,300 per kg on 28 February.

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

    Parameters Silver Price (per kg)
    January 1 Rate Rs.41,500 per kg
    January 31 Rate Rs.43,900 per kg
    Highest Rate in January Rs.43,900 per kg on 30 and 31 January
    Lowest Rate in January Rs.41,400 per kg on 2 January
    Overall Monthly Performance Incline
    Percentage Change 5.78%
    Comparison for 1 gram Silver Rates for Chennai January'19
    • Silver traded at Rs.41,500 per kg on 1 January amid some fluctuation due to the volatile dollar before steady local demand helped raise prices to Rs.42,400 per kg on 9 January.
    • The weak dollar prompted increased interest from local coin makers, with retail sales also rising due to the festive season as silver rate in Chennai rose to Rs.42,900 per kg on 19 January.
    • Weak offtake from Asia due to the ongoing trade sanctions against China dampened demand as silver price in Chennai dropped to Rs.41,800 per kg on 22 January but increased investor interest raised prices to Rs.43,200 per kg on 26 January.
    • Despite the end of the government shutdown and a recovery in the dollar rate, demand for silver remained high and the metal’s price surged to Rs.43,900 per kg on 31 January.

    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.

    Also Check Silver Price in NearBy Cities of Chennai

    Read more on Silver

    News About Silver Rate in Chennai

    • 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

    • Silver rate fall after hitting a new high

      The silver rate has dipped after it hit its recent high following the dip in gold prices. On MCX, there was a decline of 0.4% in the October gold futures to Rs.38,895 per gram which in the previous week touched a new high of Rs.39,340. The weakening rupee and rally in the global prices contributed to the dip in the silver and gold prices. In the global markets, the prices of silver held around 2-year highs on 28 August after breaching the $18 ounce in the session on 27 August. There was a gain of 3.14% in Spot silver to $18.18 an ounce. The plunge in silver prices has been attributed to a catch-up rally after a steep rise in the prices of gold which jumped up by around 20% so far this year. Despite concerns about the global slowdown, the prices of gold are likely to get a boost from buying from central banks.

      27 August 2019

    • Silver Plunges On Declining Industrial Offtake, Global Trends

      There was a steep drop in silver prices as coin makers and industrial units reduced their orders. A weak overseas trend also influenced local prices, with the metal trading lower at $16.93 per ounce in New York.

      Silver prices in Chennai meanwhile fell by Rs.1,100 to trade at Rs.43,900 per kg, with weekly-based delivery edging lower by Rs.113 to trade at Rs.43,422 per kg.

      There was a sharp drop in silver coins as well, since retail demand for bullion has been low due to the rising cost of precious metals. Silver coins traded Rs.2,000 lower to Rs.89,000 for the purchase and Rs.90,000 for the sale of 100 pieces.

      20 August 2019

    • Gold and silver finally on the up rise

      Gold rose in value by Rs.150 last Wednesday while positive global trends were recorded. During the same time, silver too rose in value by Rs.350. Gold saw the surge in value as geo-political tensions in the Persian Gulf caused investors to drift towards safe haven assets. Furthermore, local and industrial demand for the metals, particularly from local jewelers, too aided in the surge in the value.

      The price of gold rose in New York too when it sold at around $1,425 per ounce, while silver rose to $16.58 per ounce.

      24 July 2019

    • Silver Futures Rise on Global Cues

      There was a rise in the price of silver as speculators built up fresh positions amid a firming overseas trend.

      Silver for September delivery rose by Rs.141 to trade at Rs.38,461 per kg for a business turnover of 18,306 lots. While there was no change in silver futures for some months, there was a steady rise in delivery for December. Silver futures rose by Rs.211 or 0.54% to Rs.39,170 per kg in 705 lots.

      In conjunction with local rises in silver, the global silver rate also rose by 0.55% to close at $15.31 per ounce.

      11 July 2019

    • Silver Futures Inch Upwards on Global Cues

      Silver futures rose 0.7% on a firm overseas trend and speculators raising bets. Silver for July contracts rose by 0.7% to Rs.38,180 per kg in a business turnover of 19,015 lots.

      Silver for September delivery rose by 0.54% or Rs.207 to Rs.38,884 per kg in 498 lots, with analysts attributing the rise to higher trading volumes.

      Spot silver on the international market also saw a marginal rise, trading 0.59% higher at $15.09 per ounce.

      8 July 2019

    • Silver Futures Slip on Weak Spot Demand

      Silver prices fell on weak spot demand for the metal despite overseas demand remaining steady. Silver futures for July delivery fell by Rs.160 to Rs.37,842 per kg as speculators reduced their positions. 

      Delivery for September also saw a drop, with silver futures dropping to Rs.38,355 per kg in 9,136 lots, recording a fall of Rs.158. 

      However the ongoing geopolitical uncertainty over the U.S.-Iran dispute could increase the metal’s safe-haven appeal. Spot silver prices fell marginally trading 0.38% lower at $15.33 per ounce in New York.

      26 June 2019

    • Bullion prices fall due to weak overseas trends

      The price of silver and gold dipped substantially as negative trends were experienced in the economy. The price of gold dipped by around Rs.50 for 10 grams while silver eased by only Rs.7 per kg. Nowadays interest in the precious metals have moved beyond jewellery and handicrafts, though these remain popular. Demand for the metal fluctuates, as gold and silver rates in India are determined by variations in the dollar rate as well as local factors. Furthermore, socio-economic factors too play an important role in determining the price of the metal.

      17 June 2019

    • Silver Slides on Weak Trends and Declining Demand

      Silver prices dropped sharply on reduced demand by coin makers and industrial units. A bearish bullion sentiment and weak overseas cues also contributed to declining demand locally. 

      Silver ready fell by Rs.625 to trade at Rs.37,625 per kg on poor local industrial offtake. Weekly-based delivery fell further, trading at Rs.36,822 per kg to record a loss of Rs.702. 

      There was no change in the value of silver coins, which remained at Rs.80,000 for the purchase and Rs.81,000 for the sale of 100 pieces. 

      Gold demand also saw a dent in appeal due to the strengthening of the dollar rate.  

      17 May 2019

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