*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 Rate in Himachal Pradesh
Himachal Pradesh might evoke the image of a calm, green place surrounded by mountains, but it is one of the fastest growing economies in the country, apart from being home to some of the richest farmers in India. Like other states in the country, silver was used extensively in Himachal Pradesh during the reign of kings, forming a deep association with the people here. While Himachal might not account for a large portion of silver consumed in the country, it still has a sizeable population which uses silver. Silver rates in the state are closely related to international rates, with prices changing on a regular basis.
- Also Know: Gold Rate In Himachal Pradesh
Trend of Silver Rate in Himachal Pradesh for April 2018 (rates per kg)
|Parameters||Silver price (per kg)|
|April 1 Rate||Rs.41,400 per kg|
|April 30 Rate||Rs.42,300 per kg|
|Highest Rate in April||Rs.43,800 per kg on 20 and 22 April|
|Lowest Rate in April||Rs.41,000 per kg on 5 April|
|Overall Monthly Performance||Incline|
Trend of Silver Rate in Himachal Pradesh for March 2018 (rates per kg)
|Parameters||Silver price (per kg)|
|March 1 Rate||Rs.41,100 per kg|
|March 31 Rate||Rs.41,400 per kg|
|Highest Rate in March||Rs.41,900 per kg on 7 March|
|Lowest Rate in March||Rs.41,000 per kg on 19 and 21 March|
|Overall Monthly Performance||Incline|
March 2018 – Week 1 (1 – 4):
- Silver opened the month in Himachal Pradesh trading at Rs.41,100 per kg on the 1st.
- Demand for the metal surged in the bullion market due to uneven performances by the equity markets as the week progressed.
- On the 2nd, prices rose to Rs.41,400 per kg after an incline in industrial offtake was recorded following a bearish run by the US dollar.
- The 3rd saw silver prices rising further to Rs.41,600 per kg with domestic stock markets tumbling amid the weakened US dollar.
- Silver rate in Pradesh remained untouched at Rs.41,600 per kg for the rest of the week with the bullion market tracking a firm trend overseas.
March 2018 – Week 2 (5 – 11):
- The week opened with the white metal prices holding steady at Rs.41,600 per kg on the 5th with consistent demand for the metal.
- However, a decline in industrial demand at the global level led to silver price in Himachal Pradesh dropping to Rs.41,400 per kg on the 6th.
- The 7th witnessed silver rate in Himachal Pradesh rebounding to Rs.41,900 per kg after demand from investors and traders inclined with the US dollar index losing against other apex currencies.
- With the US dollar regaining lost ground amid well-performing equities, demand for the metal subsided. This led to silver being priced at Rs.41,500 per kg on the 8th which plunged further to Rs.41,300 per kg on the 9th amid the poor overseas trends.
- Demand, however, picked up as the week progressed after the US dollar tumbled amid market uncertainties and silver was recorded trading at Rs.41,600 per kg on the 11th when the week came to an end.
March 2018 – Week 3 (12 – 18):
- Silver trade in Himachal Pradesh saw prices dropping significantly due to a bullish performance by the US dollar during the week.
- Silver was priced at Rs.41,600 per kg on the 12th, when the week began with firm trends from the previous week.
- With the stronger than expected US jobs and payrolls’ data indicating a rise in the number of jobs contributing to the US economy, the greenback surged. This led to silver rate in Himachal Pradesh dropping to Rs.41,400 per kg on the 13th.
- Though prices rebounded to Rs.41,700 per kg on the 14th as the dollar tumbled after the sudden dismissal of the US Secretary of State, speculations over a possible Fed rate hike during the next week led to dollar rebounding and silver was recorded trading at Rs.41,500 per kg on the 15th.
- Poor trends overseas compounded with reduced domestic demand from local industrial units and coin makers resulted in prices plummeting to Rs.41,300 per kg and 41,100 per kg on the 16th and the 17th respectively.
- The week concluded with the industrial metal trading at Rs.41,100 per kg on the 18th as demand remained low with international markets expecting a rise in the US interest rates during the central bank’s monetary policy meeting next week.
March 2018 – Week 4 (19 – 25):
- Trading opened for the week with the white metal priced relatively lower at Rs.41,000 per gram on the 19th following a slight decline in demand from the previous week.
- Thanks to an increase in demand from local coin manufacturers and industrial units, prices surged to Rs.41,200 per kg on the 20th.
- Though rates plunged to Rs.41,000 per gram the next day, silver price in Himachal Pradesh soon rebounded with investors and traders banking on the metal to hedge against the uneven equities and the metal was recorded trading at Rs.41,500 per kg on the 22nd.
- With markets cautious ahead of the US Federal Bank monetary policy announcement on future Fed rate hikes, demand for the white metal remained strong over the next few days. Silver was priced at Rs.41,600 per kg on the 23rd amid the firm overseas trends.
- The week came to an end with prices remaining untouched at Rs.41,600 per kg on the 25th with the bullion market following strong trends overseas.
March 2018 – Week 5 (26 – 31):
- The last week commenced with silver price in Himachal Pradesh holding at Rs.41,600 per kg on the 26th with steady demand amid firm global cues.
- With tensions rising between the US and Russia, investors gravitated towards assets considered safer such as gold and silver. This led to silver rate in Himachal Pradesh surging to Rs.41,800 per kg on the 27th.
- The dollar made gains towards the end of the month as equities also recovered, resulting in the metal trading at Rs.41,400 per kg on 29th.
- The end of the month saw no change in price as silver traded at Rs.41,400 per kg on the last day.
Details of Silver Price in Himachal Pradesh (1 Kg) - Till December 2015
Individuals who wish to purchase silver in Himachal Pradesh can do so by weight. Silver can be purchased in quantities ranging from a gram to a few kilograms, depending on individual requirement. The current cost of 1 kg silver in the state is Rs 35,956 (as of December 21, 2015). The cost of silver for most of the year has been below the Rs 40,000 per kg mark, making it pocket friendly and cost effective. Prices peaked in May, going over the Rs 42,000 mark per kg, and dropped to their lowest in March and December, touching lows of Rs 35,200 and Rs 34,500 per kg respectively.
Silver as an investment
Silver has been around for centuries, and continues to be popular even today, highlighting its importance in a world starved for precious metals. Silver provides a safe and affordable option to millions who cannot purchase other, more expensive metals. The demand for silver in multiple industries has ensured that one can get good returns, without high risk. The ability to melt and mould silver into desired shapes gives it more ornamental value, while retaining its integrity. Young investors can look towards silver to add to their investment portfolio without having to empty their pockets. Physical silver and silver contracts are two of the most popular means of investing in silver in Himachal Pradesh today.
Physical silver – Silver jewellery, coins and bars have been used exhaustively in Himachal Pradesh, with an option available for every budget. Silver jewellery is integral to the culture of the state, with it being a mainstay when it comes to accessories. Intricate designs make jewellery from the state unique, with a growing demand witnessed in different parts of the globe. Silver jewellery is traditionally purchased during festivals and celebrations, passing down from generation to generation, making it an important family heirloom. Silver bars and coins are used predominantly for investments, thanks to the liquidity they provide and their purity. These coins can be purchased from both banks and jewellers, with the ones purchased from banks costing more on account of purity checks and quality assurance.
Silver contracts – Silver contracts and futures are still in their infancy in the state, primarily due to lack of awareness about the same. Individuals who wish to participate in such trade can do so through the National Commodities and Derivatives Exchange, the National Multi Commodity Exchange and the Multi Commodity Exchange. This is ideal for individuals who are well versed with how markets function and can help your investment grow, but are also subject to market risks.
- Also Check: Silver Rate in Shimla