Silver Rate in Coimbatore _{Last Updated : 28 Jan 2021}

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Silver Price in Coimbatore

Coimbatore is one of the fastest growing tier 2 cities in India and is home to some of the biggest manufacturing industries in the country. It is the second largest city in Tamil Nadu and has over 1 million residents. Silver has for long been considered auspicious and there has been a constant demand for it among the residents of Coimbatore. Varying silver rates have not deterred residents from buying it.

Trend of Silver Rate in Coimbatore for December 2020 (rates per kg)

Trend of Silver Rate in Coimbatore for November 2020 (rates per kg)

Trend of Silver Rate in Coimbatore for October 2020 (rates per kg)

Trend of Silver Rate in Coimbatore for September 2020 (rates per kg)

Trend of Silver Rate in Coimbatore for August 2020 (rates per kg)

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

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

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

• In Coimbatore, a kilo of the white metal cost Rs.42,530 at the start of the month. There was an increase of Rs.1,010 for every kilogram when compared to the price charged on the final day of the previous month. Silver recorded its lowest price for the month on 2nd May after the rates declined as the value of dollar increased in the international market. A kilo of the precious metal was retailed for Rs.41,010 in the city. The metal closed the opening week of the month at Rs.42,010 per kg.
• The rates of silver witnessed a lot of fluctuations over the month in the city. This was accounted to tensions between the United States of America and China, increase and decrease of risk appetite and investors shifting to the equities market. A kilogram of the white metal was retailed for Rs.42,960 and Rs.48,200 respectively at the end of the second and third week of May in Coimbatore.
• Silver recorded its highest price for the month on 25th May after the rates increased continuously since the end of the third week. A kilo of the white metal cost Rs.51,400 on the mentioned date. The rates continued to fluctuate following that and closed the month at Rs.50,100 after the rates shot up by Rs.1,540 for every kilogram. The overall performance of the metal witnessed an inclining trend in Coimbatore with the percentage change recorded being 17.79%.

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

• In Coimbatore, silver opened the month of April at Rs.40,500 per kg. Compared to the closing price of the previous month, the rates didn’t any change. Over the first week of the month, the rates remained constant for the most part before slipping to its lowest on 6th April with a kilo costing Rs.40,360. The decline in the rates was accounted to equities gaining given the signs of a slowdown in fresh coronavirus cases across the world.
• Over the next couple of the weeks, the rates of the white metal saw a lot of fluctuations. Silver touched its highest price for the month on 21st April with a kilo of the white metal being retailed for Rs.42.710 in the city. The increase in the prices was accounted to investors finding refuge in safe-haven assets as international crude oil prices slipped due to weak demand.
• The fluctuations continued in the final week as well and closed the month at Rs.41,520 per kg. The overall performance of the precious metal in the city saw an incline with the percentage change being 2.51%.

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

• In Coimbatore, silver opened the month of March at Rs.47,400 per kg. Compared to the previous month’s closing price, the rates didn’t see any change.
• The rates of the white metal climbed to Rs.50,700 per kg on the 6th of March. This was the highest recorded price of the metal in the city for the entire month. The increase was accounted to the anticipated cut in the interest rates by the US Federal Reserve.
• Silver prices slipped following that and cost Rs.44,000 per kg at the end of the second week. The rates continued to fall and recorded its lowest on 19 March as investors embarked on a selling spree to meet margin calls across markets which suffered because of the coronavirus outbreak. A kilo of the precious metal was retailed for Rs.37,800 on the day.
• Over the next few days, the rates improved slightly as the US Federal Reserve announced unprecedented measures to absorb the impact of coronavirus on the economy. Silver closed the month at Rs.40,500 per kg after staying constant for the last eight days of the month. The overall performance of the metal showed a decline of 14.55%.

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

• The prices for silver in India had opened at Rs.50,300 on 1 February 2020. As the coronavirus continued to spread across various corners of the world, an increase in the demands for safe havens drove the price of silver. By the next day, the central bank of China had injected 1.2 trillion yuan ($171 billion) into the market. As a result, the price of silver skid within the first week of February.
• The next week started with the coronavirus offset driving a reprieve for equities after China had imposed travel restrictions. After remaining flat for a few days, the price of silver fell most as investors’ risk appetite increased after many reports claimed a decline in coronavirus cases. By the end of the week, silver was priced at Rs.50,000 per kg.
• Investors had started betting on this safe-haven metal for hedging against the impact that the virus had on the economy. This resulted in the rise of silver's price to Rs.50,400 per kg. The third week of February had closed with the white metal valued at Rs.52,400 per kg.
• Silver stepped into the fourth week with a rise in its price to Rs.52,900 per kg. Once again, the epidemic forced investors to find their refuge in the safe-haven metal. During this week, the price of silver fell as investors had booked profits amidst a weak global market. Silver had closed at a price of Rs.47,400 per kg.

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

• The price of silver in Coimbatore opened at Rs.50,300 per kg for the month of January. When compared to the last day of December 2019, the prices of the white metal had reduced by Rs.600.
• However, over the course of the next few days, the prices of silver increased gradually because of the tensions between Iran and the US. Silver hit its highest rate during the period and touched Rs.52,600 per kg on 8 January 2020.
• The prices of silver fluctuated throughout the rest of the month in Coimbatore. The outbreak of the coronavirus and the signing of the trade deal ensured that the prices of silver had reduced by the end of the month.
• Due to the reduction in prices, silver prices saw a decline of 0.19% for the month of January in Coimbatore and closed at Rs.50,200 per kg. The lowest price of silver for the month of January was Rs.49,200 per kg.

Also Check Silver Price in NearBy Cities of Coimbatore

Silver Price Trend in Coimbatore

The current rate of silver in Coimbatore is Rs 37,115 per kg (as of June 2015). The rates have hovered around Rs 38,000 over the last year, reaching a maximum of Rs 43,000 in April 2014 and a minimum of around Rs 33,000 in December 2014. Prices have reached a stable point and they are expected to increase in the future, making this the right time to invest in silver.

Where to Buy Silver in Coimbatore

Silver can be purchased from all major jewelers in Coimbatore. Some of the major jewelers that offer special rates on silver are Malabar Gold, Kalyan Jewellers, Josco Jewellers, Karpagam Jewellers and Joyalukkas. Silver can also be purchased from certain bank branches, though the silver purchased here is a bit more expensive compared to jewelers. There are plenty of small jewelers and pawn shops across the city which sell silver, catering to any need an individual might have.