Silver Rate in Guwahati

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Silver Price in Guwahati

Silver is one of the sought-after precious metals in the city of Guwahati. Apart from its ever-increasing industrial usage across different domains, silver is bought in various forms from traditional ornate elaborate jewellery pieces and silverware to gift articles for festive occasions and utensils meant for ritualistic purposes. Possession of the white precious metal is considered auspicious and a sign of good luck and prosperity in addition to being a symbol of social prestige in some sections in the city.

Many consumers hailing from middle-class and upper middle-class sections in the city buy the white precious metal as they consider it as a safe haven of investment in the long term against any cash crunch and financial instability. Many investors in Guwahati buy silver coins and bars given that the white precious metal is more affordable than the yellow metal. Owing to its intrinsic value, and instant acceptability anywhere in the world, silver is held in high regard.

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

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

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

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

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

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

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

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

• The price of silver in Guwahati for the month of May started at the price of Rs.42,530, which quickly declined to Rs.41,010 on 2 May, which also turned out to be the lowest price recorded for the month. Silver first started off on a strong note as risk sentiments lowered coupled with the rise in US-China tensions creating volatility in the stock market. However, prices were impacted again as the US dollar gained grew on the back of several economic stimulus measures by Governments all over the globe. However, precious metals continued to gain in appeal as a safe-haven investment with the Covid –19 pandemic raging on. This led to silver prices surging through the rest of the first week of the month. Even though the lockdowns were being eased in various countries around the world, the economic data remained weak with an uncertain forecast for the future, predicting a further deterioration of the economy.
• In the second week of May, the price of silver opened at Rs.42,060 and ended the week at Rs.42,960 per kg. The gradual increase in prices was due to the increased anticipation of the release of the US nonfarm payrolls data which would reveal the true picture of the economic conditions. However, a new wave of coronavirus infections kept investors from investing in riskier assets, making them invest in precious metals. However, the prices remained steady due to a strong US dollar. The appetite for risk fell considerably as reports of coronavirus’ resurgence in several countries emerged forcing the investors to stay away from riskier assets which lead to prices of white metal holding steady through the second week also.
• In the third week of May, the prices of silver started at Rs.43,160 per kg and ended at Rs.48,200 per kg. This was in response to the US Federal Reserve not announcing sub-zero interest rates as was widely anticipated, the increasing US-China tensions, and a continuing weakening of the economy worldwide with the coronavirus continuing to affect the global economy. There were concerns over the reemergence of global economic recession which resulted in increased appeal for safe-haven investments. However, the prices were capped from rising too high due to reports about a possible success in early-stage trials for a coronavirus vaccine, which led to interest again in equities.
• In the fourth week of May, silver had its highest price point on 25 May at Rs.51,400 per kg, having opened at Rs.48,250 and closing the month at Rs.50,100 per kg. The rise in political tensions between the US and China around protests in Hong Kong contributed to stock markets being volatile and appetite for risk lowering, prompting the investors to turn to safe-haven assets. The US dollar also weakened, leading to surge in prices of precious metals, in response to unpredictability around the US being mum to China’s announcement of a new security bill for Hong Kong. Overall, the trend for silver prices in May in Guwahati was in keeping with global economic trends and so showed an incline of 17.79%.

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

• Silver rates in Guwahati opened at Rs.47,400 on March 1, 2020. This meant that the silver rates remain unchanged as the rate of silver prices was the same on the February 29, 2020.
• The prices of white metal, however, rose up to touch Rs,50,700 per kg after US Federal Reserve cut interest rates in order to counter the effect of Coronavirus on the global markets.
• The prices of silver after that went on a downward spree as fears regarding the Coronavirus epidemic plunging the global economy mounted forcing the investors to sell their assets. The effect of Covid-19 could be felt as prices of silver was recorded to be the lowest on 19 March 2020 at Rs.37,800.
• Though the prices of silver rose marginally, the overall month was a disappointing one as the month closed with prices of silver prices recorded at Rs.40,500 on March 31, 2020.
• The prices of silver overall declined by 14.55%.

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

• The price of silver in Guwahati for the month of February opened at Rs.50,300 per kg. Silver rates increased by Rs.100 when compared to the last day of January. Over the course of the first week, the prices of silver fluctuated due to the outbreak of the coronavirus. By the end of the week, the price of silver closed at Rs.49,900 per kg on 8 February 2020.
• From 10 February 2020 to 15 February 2020, the prices of silver continued to fluctuate in the city. By the end of the second week, the price of silver had closed at Rs.50,000 per kg.
• Silver prices in the third week of February increased after the World Health Organisation called the coronavirus a global emergency. On 24 February 2020, the price of the white metal hit its highest rate at Rs.52,900 for a kg.
• Silver rates declined in the last week of February. A weak global market had ensured that the prices decreased. Silver prices closed at its lowest rate on the last day of the month at Rs.47,400 per kg. During the month, silver rates saw an overall decline of 5.76%.

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

• Silver started the month of January at Rs.50,300 per kg in Guwahati. Over the month, the rates of the white metal witnessed a declining trend. This was accounted to the outbreak of coronavirus in China, tensions in the Middle East, and uncertainty regarding the signing of the US-Sino trade deal.
• As tensions between the United States and Iran escalated, the rates of the white metal recorded its highest for the month of 8 January. On the mentioned date, a kilo of silver was traded for Rs.52,600 in the city.
• The rates slipped following as the value of dollar increased after Washington and Beijing agreed on Phase 1 of the trade deal. The fall in the prices was also accounted to the outbreak of coronavirus in China.
• Silver price ended the opening month of 2020 at Rs.50,200 per kg. With the World Health Organization (WHO) terming the virus as a global epidemic, silver prices had slipped to its lowest on 30 January in the city. The overall performance of the white metal was -0.19%, trending downwards.

Also Check Silver Price in NearBy Cities of Guwahati

Silver as an investment

Silver, also known as ‘poor man’s gold’, is in demand in the city of Guwahati given that the white precious metal is within the reach of many small investors (10 grams of silver coin is pegged at Rs.340 as of December 2015). Silver is viewed as a safe hedge against overall inflation in the country and economic uncertainty. Many consumers in Guwahati consider sterling grade silver as a robust form of investment in the long term. Sterling grade, also known as grade 925, consists of 92.5% silver and 7.5% copper.

Physical silver: Many consumers in Guwahati buy silver coins and bars which are the most preferred and conventional form of investment. Silver is also widely sought in the form of ornate silverware in addition to various traditional ornaments. There are several major jewellery stores across the city of Guwahati which sell different kinds of silver articles from decorative artefacts to items used for ritualistic purposes. Specially designed pieces of jewellery such as anklets, toe-rings, necklaces and bracelets among many others are also in demand.

Silver contracts: Silver is traded in National Multi Commodity Exchange (NMCE), Multi Commodity Exchange (MCX) and National Commodity & Derivatives Exchange (NCDEX). SILVERM (silver mini) and SILVER (1000) are traded in units of 5 kg while Silver micro (SILVERMIC) is traded in 1 kg (unit). SILVERHEDG is traded in units of 30 kg. The base value of Silver mini, Silver micro and Silver 1000 is 1 kg while the maximum order size is 600 kg with purity grade 999.

Silver rate in Guwahati

The rate of silver in Guwahati depends on various national and international economic factors. The price of 1 kg of silver was pegged at Rs.40185 in January 2015. The rate of silver decreased by -3.5% to Rs.38768 in the month of February. The slide continued in the following months of March and April when price of the white precious metal fell by -4.5% and -1% to Rs. 37413 and Rs.37000 respectively. The price of silver decreased further in the latter part of 2015 barring a mini rally in the month of May when it rose marginally by 3.5% to Rs.38321. The price of the precious metal, however, plummeted in the month of June when it was pegged at Rs.37955. The rate of silver fell by -5.1% to Rs.36019 in the month of July and continued to decrease further in the following months of August and September to Rs.35978. Barring minor fluctuations, the price of silver hovered around Rs.35,234 in the month of October but fell by -3.2% to Rs.34100 in November. 1 kg of silver was pegged at Rs.34343 in December.