Silver Rate in Hyderabad Today

The silver price in Hyderabad is primarily dependent on local demand, though external factors such as the U.S. dollar rate, global economic climate etc. also influence rates. While predominantly used for industrial purposes, the precious metal is also sought after by the retail sector, where it is bought as jewellery. A more comprehensive guide to silver rate in Hyderabad along with daily rates for both 1 gram as well as 1 kg of silver can be found below.
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  • Today's Silver Rate in Hyderabad( 05 Aug 2020 )

    ₹ 65.41
    Today's Silver Rate per gram

    Compare Silver Rate In Hyderabad (Today & Yesterday)

    Today
    Yesterday
    Rate Change
    Silver (1 gram) ₹ 65.41 ₹ 65.13 ₹ 0.28 ↑
    Bar Silver (1 Kg) ₹ 65,410 ₹ 65,130 ₹ 280 ↑

    Silver Price In Hyderabad For Last 10 Days

    Date Silver (1 gram) Bar Silver (1 Kg)
    04 Aug 2020 ₹ 65.41 ₹ 65,410
    03 Aug 2020 ₹ 65.13 ₹ 65,130
    02 Aug 2020 ₹ 65.12 ₹ 65,120
    01 Aug 2020 ₹ 65.01 ₹ 65,010
    31 Jul 2020 ₹ 63.01 ₹ 63,010
    30 Jul 2020 ₹ 66.06 ₹ 66,060
    29 Jul 2020 ₹ 66.05 ₹ 66,050
    28 Jul 2020 ₹ 64.71 ₹ 64,710
    27 Jul 2020 ₹ 61.22 ₹ 61,220
    26 Jul 2020 ₹ 61.21 ₹ 61,210

    Weekly & Monthly Graph of Silver Rate in Hyderabad

    • 7 Days
    • 30 Days
    • 3 Months
    • 6 Months

    *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 Hyderabad

    Silver has been a constant commodity in this historic city. Hyderabad is one of the major cities in the South, and boasts of a large and upwardly mobile middle-class population. The city has some of the best sites dating back to centuries and has been a preferred destination for a wide range of tourists and commercial interests alike. Silver rate in Hyderabad follow the trend of international prices, albeit with the addition of a few local dynamics which also affect silver rates in the city.

    Silver is an intrinsic part of the culture of Hyderabad. The city boasts of a substantial reserve of silver, which is mainly held by private dealers. The city also has a robust precious metals market that offers a range of products and some of the best workmanship in the country.

    What is the Silver Rate in Hyderabad ?

    Silver Rate in Hyderabad on 05 Aug 2020 for 1 gram silver is 65.41 Indian Rupee & for 1 Kg silver is 65,410 Indian Rupee.

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

    Parameters Silver Price (per kg)
    July 1 Rate Rs.48,560 per kg
    July 31 Rate Rs.63,010 per kg
    Highest Rate in July Rs.66,060 per kg on 30 July
    Lowest Rate in July Rs.48,510 per kg on 5 July
    Overall Monthly Performance Incline
    Percentage Change 29.75%

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

    Parameters Silver Price (per kg)
    June 1 Rate Rs.50,120 per kg
    June 30 Rate Rs.48,510 per kg
    Highest Rate in June Rs.50,160 per kg on 2 June
    Lowest Rate in June Rs.47,110 per kg on 16 June
    Overall Monthly Performance Decline
    Percentage Change -3.21%
    • Silver prices in Hyderabad opened the month of June at Rs.50,120 per kg and increased to hit its highest price on 2 June at Rs.50,160 per kg. However, after hitting its higher price, the value of the metal dipped due to increased risk appetite of investors which economies reopening.
    • With the dipping prices of the metal, silver hit its lowest price of the month on 16 June at Rs.47,110 per kg as the rise in COVID-19 cases resulted in the subdued demand of the metal in the country.
    • In the last week of the month, the metal showed fluctuating prices and closed the month at Rs.48,510 per kg on 30 June, increasing marginally, and recording an overall percentage decline of 3.21.

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

    Parameters Silver Price (per kg)
    May 1 Rate Rs.42,530 per kg
    May 31 Rate Rs.50,100 per kg
    Highest Rate in May Rs.51,400 per kg on 25 May
    Lowest Rate in May Rs.41,010 per kg on 2 May
    Overall Monthly Performance Incline
    Percentage Change 17.79%
    • In Hyderabad, the white metal opened the first week of May at Rs.42,530 per kg on 1 May and dipped substantially on 2 May to Rs.41,010 per kg with investors shifting away from the bullion and focusing on the equities market with Japanese equities showing positive trends. The price of the metal on 3 May increased marginally to Rs.42,210 per kg and further increasing to Rs.42,220 per kg on 4 May. With investors focusing on the bullion market, due to a weak dollar value in the market, the price of the metal increased on 5 May to Rs.41,520 per kg. However, on the next day, silver prices fell to Rs.41,310 per kg on 6 May and the metal closed the first week of the month with its prices increasing and crossing the Rs.42,000 per kg mark at Rs.42,010 per kg on 7 May.
    • On 8 May, opening the second week of the month, silver was priced at Rs.42,060 per kg, with a marginal rise in prices. The metal saw a surge in its prices on 9 May at Rs.43,510 per kg with investors shifting towards the bullion market due to its haven appeal, with speculations of the second wave of COVID-19 cases all over the world. Bullion prices were holding steady and heading towards a bullish trend, increasing to Rs.43,620 per kg on 11 May. However, the price of the metal began to decline in the second half of the week at Rs.43,090 per kg on 12 May and further decreasing to Rs.42,950 per kg on 13 May. With the value of the U.S. dollar holding steady and capping the gains of the bullion, the price of the metal dipping due to investors shifting to the equities market. However, the metal recovered marginally on 14 May at Rs.42,960 per kg and further increased to Rs.43,160 per kg on the last day of the week on 15 May.
    • In the third week of the month, silver opened at Rs.46,900 per kg on 16 May, increasing by Rs.3,740 per kg compared to last week’s closing price. The rise in prices was due to China imposing security law on Hong Kong creating tensions between the former with the United States of America. With investors awaiting the response of Washington concerning the issue, the price of the metal increased. However, the gains were cut short on 17 May, with the price of the metal dipping to Rs.46,710 per kg and increasing marginally to Rs.46,720 per kg on 18 May. Increasing to Rs.48,510 per kg on 19 May, the price of the metal showed a positive trend in the international market with tensions rising between the two countries. On 20 May, the price of the metal dipped yet again to Rs.47,670 per kg and increased, crossing the Rs.48,000 per kg mark at rs.48,200 per kg on 21 May. At the end of the week, silver prices closed at Rs.48,350 per kg on 23 May.
    • Silver prices fluctuated heavily in the last week of the month, opening at Rs.48,360 per kg on 24 May and increasing to hit the highest price of the week and the month to Rs.51,400 per kg on 25 May. The price of the metal dipped substantially on 26 May due to profit booking amongst investors and was at Rs.48,000 per kg and with various countries relaxing lockdown restrictions all over the world, investors with a higher risk appetite shifted to the equities market expecting the economy to recover faster. The price of the metal on 27 May increased marginally to Rs.48,700 per kg. However, the metal’s prices, on higher risk appetite, dipped to Rs.47,910 per kg on 28 May and held steady at the same price on 29 May. Recovering marginally to be priced at Rs.48,560 per kg on 30 May, silver prices increased further with riots occurring all over the United States of America and closing at Rs.50,100 per kg, with a percentage incline of 17.79.

    Also Check Silver Price in Metro Cities

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

    Parameters Silver Price (per kg)
    April 1 Rate Rs.40,500 per kg
    April 30 Rate Rs.41,520 per kg
    Highest Rate in April Rs.42,710 per kg on 21 April
    Lowest Rate in April Rs.40,360 per kg on 6 April
    Overall Monthly Performance Incline
    Percentage Change 2.51%
    • Opening at Rs.40,500 per kg, silver prices in April should a fluctuating trend in the international and national bullion market in Hyderabad. With the lockdown in full effect in India during the first week of April, major bullion trading centres were shut to prevent the spread of COVID-19. With no trade being done, the price of the metal remained steady till 5 April. On 6 April, silver prices dipped marginally to Rs.40,360 per kg due to increased risk appetite amongst investors with the increasing value of the U.S. dollar in the international market. On 7 April, silver prices increased marginally to Rs.40,370 per kg and closed the week at the same price.
    • In the second week of the month, silver prices opened at Rs.41,290 per kg with decreased risk appetite amongst investors with the rise in new COVID-19 cases all over the world. After being priced at Rs.41,290 per kg on 8 April, the price of the metal dipped marginally to Rs.40,960 per kg and further increasing to Rs.41,000 per kg on 10 April. The rise in prices was continuous due to decreased risk appetite amongst investors along with central banks and the United States Federal Reserve releasing stimulus packages to help sustain the economy. On 11 April, a kilogram of silver was priced at Rs.41,100 per kg increasing by a mere Rs.100 and held steady on 12 April as well with no change in prices. With no respite from COVID-19 and the continuous rise in new cases all over the world, the haven appeal of silver increased to a great extent, with its price rising to Rs.41,310 per kg on 14 April and increasing to Rs.41,920 per kg on 15 April. The metal ended the week at the highest price till the date of the metal.
    • The third week of April saw silver prices constantly fluctuating with continuous inclines and declines due to various global factors affecting the prices on a frequent level. Opening the week on 16 April, silver was priced at Rs.41,860 per kg, down marginally by Rs.60 per kg compared to the closing price of the previous week. The metal’s prices increased to Rs.41,900 per kg on 17 April yet again. However, with possible reports of a vaccine being talked about, the risk appetite amongst investors increased and prompted them towards the stock market, hitting silver prices to a great extent. Dipping by Rs.690 in one day, the price of silver was Rs.41,210 per kg on 18 April. With the aftermath of reports of a possible vaccine, the metal’s prices were relatively stagnant on 19 April at Rs.41,160 per kg and increasing marginally to Rs.41,170 per kg on 20 April. However, on 21 April, with reports of a possible vaccine being false and a rumour, the price of the metal surged to hit its highest of the week and the month at Rs.42,710 per kg and ended the week at Rs.41,420 per kg on 23 April.
    • Silver prices showed mixed signals in the last week of the month, with heavy inclines in the first few days of the week. On 24 April, silver was priced at Rs.42,430 per kg and increased to Rs.42,540 per kg on 25 April. The rise in prices was majorly due to a surge in COVID-19 cases all over the world. With this, investors shifted back to the bullion market due to its safe-haven appeal. By 26 April, the price of the metal was priced at Rs.42,600 per kg, very close to its monthly high and increased to Rs.42,610 per kg on 27 April. However, in the last 3 days of the month, the price of the metal dipped extensively with many countries talking about easing their lockdown restrictions and with larger countries such as the United States of America reopening their essential businesses. With increased risk appetite, investors shifted to the bullion market and silver closed the month at Rs.41,520 per kg on 30 April with an overall percentage incline of 2.51.

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

    Parameters Silver Price (per kg
    March 1 Rate Rs.47,400 per kg
    March 31 Rate Rs.40,500 per kg
    Highest Rate in March Rs.50,700 per kg on 6 March
    Lowest Rate in March Rs.37,800 per kg on 19 March
    Overall Monthly Performance Decline
    Percentage Change -14.5%
    • Opening at Rs.47,400 per kg, silver price in Hyderabad recorded a slight incline in the first week of March. Increasing by more than Rs.1,000, the price of silver on 2 March was Rs.48,500 per kg. The immediate rise in the price of the metal was due to traders awaiting the rate cut by the United States Federal Reserve to help mitigate the losses due to the effect of COVID-19 on the economy. On 5 March the price of the metal slipped marginally to Rs.49,900 per kg and the next day, the metal’s value increased to hit its monthly high at Rs.50,700 per kg on 6 March. After slipping marginally, the price of silver at the end of the week was Rs.50,500 per kg on 7 March.
    • Silver rate in Hyderabad suffered a major fall in prices with investors hoarding for cash with the market undergoing a crisis due to the increasing number of cases of COVID-19 being reported all over the world and with countries going into lockdown. After holding steady till 11 March at Rs.49,900 per kg, the price of the white metal began to dip and fast, decreasing to Rs.48,600 per kg on 12 March and then to Rs.45,900 per kg on 13 March. Silver prices fell further by Rs.1,000 per kg to be priced at Rs.44,000 per kg on 14 and 15 March, closing the week at the same price.
    • The third week did not fare well for the metal as the world reported a higher number of cases and deaths related to the pandemic. Due to this, an increasing number of traders were indulging in the selling of their assets for cash to survive in a panic-stricken market. With a major rise in cases in the United States of America and more countries entering the lockdown phase, bullion trading was almost coming to a halt. On 16 March, the price of the metal was Rs.43,200 per kg and rapidly dipped to Rs.39,000 per kg on the very next day. The metal hit its monthly low on 19 March at Rs.37,800 per kg. However, in the latter part of the week, the prices of the metal recovered marginally and closed the week at Rs.40,100 per kg amidst a renewed safe-haven demand from investors.
    • At the end of the month, with India entering a lockdown phase and major bullion trading markets closed in order to prevent the spreading of the virus, the price of silver halted at Rs.40,500 per kg on 25 March. The metal’s price remained the same until the end of the month with no trading occurring in the markets and with physical buying or selling coming to a halt in the country. At the end of the month, silver price in Hyderabad closed the month at Rs.40,500 per kg with a percentage decline of 14.5.

    Also Check Silver Price in NearBy Cities of Hyderabad

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

    Parameters Silver Price (per kg)
    February 1 Rate Rs.50,300 per kg
    February 29 Rate Rs.47,400 per kg
    Highest Rate in February Rs.52,900 per kg on 24 February
    Lowest Rate in February Rs.47,400 per kg on 29 February
    Overall Monthly Performance Decline
    Percentage Change -5.76%
    • Silver price in Hyderabad opened the first week of the month at Rs.50,300 per kg and showed continuous fluctuating trends throughout the month. After decreasing to Rs.49,700 per kg by 7 February due to China liquidating funds to help stabilise their economy after it was hit majorly due to the outbreak of the Coronavirus. Investors briefly shifted to the stock markets amidst high-risk appetite in the first week.
    • There were minor fluctuations in the second week of the month with regard to silver prices. Silver rate in Hyderabad was at Rs.49,800 per kg on 11 February and dipped to Rs.49,600 per kg by 14 February. With the number of deaths increased due to the virus outbreak all over the world, safe-haven buying of the metal had increased, however, a strong dollar value in the market held gold and silver prices at bay, near the one-week high.
    • The price of silver recorded highs in the third week of the month with major countries reporting an outbreak of the virus at one time along with the number of deaths as well. The metal opened the third week at Rs.50,000 per kg on 15 February and by 20 February, silver had already increased by more than Rs.2,000 per kg. On 20 February, the precious metal was priced at Rs.52,100 per kg.
    • Silver, in the last week of February, had shown fluctuating prices increasing in the first half of the week. By 24 February, the price of silver in Hyderabad increased to Rs.52,900 per kg. However, due to the price increase and its fluctuating trends, investors took to profit booking on the bullion market. Due to this, the price of metal decreased extensively. At the end of the month, silver was priced at its lowest at Rs.47,400 per kg on 29 February with a percentage decline of 5.76.

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

    Parameters Silver Price (per kg)
    January 1 Rate Rs.50,300 per kg
    January 31 Rate Rs.50,200 per kg
    Highest Rate in January Rs.52,600 per kg on 8 January
    Lowest Rate in January Rs.49,200 per kg on 30 January
    Overall Monthly Performance Decline
    Percentage Change -0.19%
    • In Hyderabad, the prices of silver fluctuated throughout the month of January. Overall, silver prices saw a decline of 0.19%.
    • The prices of silver in Hyderabad opened at Rs.50,300 per kg on 1 January 2020 and closed at Rs.50,200 per kg on 31 January 2020.
    • The main reasons for the fluctuation in the prices of silver were the weak US dollar, trade talk concerns between China and the US, Middle East tensions, and the coronavirus.
    • Silver hits its highest rate on 8 January 2020 and touched Rs.52,600 for a kg. On 30 January, silver hit its lowest rate and touched Rs.49,200 for a kg.

    Historical Silver Price in Hyderabad

    The city of Hyderabad also called the ‘City of Pearls’, is among the top growing cities in South India, as well as, in the country. Hyderabad is home to people from all sects and has a growing population of middle-class and upper-middle-class.

    The city attracts many tourists every year with many historical structures present in the city and silver is an important metal in the city. There are many private sellers of the metal along with gold and is considered auspicious to the people of the city.

    Silver Rates in Hyderabad

    The value of silver in Hyderabad is majorly dependent on the silver prices in the international market along with other factors such as the value of the U.S. dollar and the performance of the stock market daily.

    The metal is extensively bought for industrial purposes since it is used for the making of many products used daily. Silver is also bought in the retail market as silverware, jewellery, etc.

    The Trend Of Silver Rate In Hyderabad

    Silver is extensively bought in the city of Hyderabad and is almost as equal in demand when compared to gold in the city. Silver is usually bought in its physical form in the city such as coins, silverware and jewellery. The price of silver is highly dependent on the price of the metal in the National Capital Region along with being dependent on the price of gold in the country. The value of silver in the international market also plays a factor in the determination of the metal’s value in the country.

    Silver is a precious metal and serves as an asset and as currency if ever the stock market and equities take a hit in the international market.

    Silver as an Investment in Hyderabad

    Silver is quite popular as a form of investment in Hyderabad. A significant part of the population owns physical silver in one form or the other, and also considers it while hedging against inflation. Silver has been a mainstay in segments such as jewelries, coins, idols, artefacts etc. in the city. The following investment options are pursued by people from Hyderabad:

    Jewelries: This is the most popular commodity among the residents of Hyderabad, and also the country at large. Jewelries form the mainstay of the precious metal business in Hyderabad, and there are a lot of stores and outlets to cater to the needs of the people. Silverware and other gifting items are also commonly sold in the city.

    Coins: Silver coins are a popular commodity owing to their easy availability and liquidity options. Coins are sold by both private dealers and banks at a premium over the market rates. These are available in different purities as well as quantity of silver, making them a versatile and somewhat cheaper solution than buying bulk.

    Bullions: Bullions are sold in larger quantities, generally over 1 kg of silver per piece of the metal. Bullions are also available in various purities, and can be purchased at market rates of silver. This makes them the cheapest option among physical silver products, as per market prices. Also, customers should ensure they only approach well-respected dealers only as these deals are done for substantial amount of money and reliability becomes an issue.

    Commodity exchange: Silver is also available as a tradable commodity in exchanges such as NCDEX and MCX. These exchanges sell silver on futures contracts and are open for 6 months in a year. The base quantity is generally set at 1 kg of silver. Commodity exchanges allow customers to trade the metal without actually holding the metal in hand.

    Read more on Silver

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    News About Silver Rate in Hyderabad

    • Gold and silver prices drop after 7 days of continuous incline

      On Tuesday, 28 July 2020, gold and silver prices fell after rising for the previous week. Gold prices dipped by Rs.187 to Rs.52,846 per 10 grams compared to its previous closing price of Rs.53,033 per 10 grams. Silver prices fell by Rs.1,933 to Rs.64,297 per kg compared to Rs.66,230 per kg in its previous session.

      In the international market, the price of gold was $1,9,23 per ounce and silver was trading at $23.60 per ounce. According to sources, the drop in price was due to investors booking profits and the value of the U.S. dollar increasing in the market.

      28 July 2020

    • Silver rate may touch all-time high of Rs.75,000 per kg

      Over the last few days, silver has taken center stage given that the rates have increased substantially. In this month alone, the price of the white metal’s has jumped by about 25 percent. The recent spike in the rates have made experts feel that silver prices could even touch its all-time high of Rs.75,000 per kg which was seen in the month of April in 2011. The precious metal closed Thursday at Rs.60,785 per kg which was a seven-year high. The increase in the rates has been witnessed as investors look for a hedge against a possible rise in inflation as countries roll out stimulus packages in the wake of the Covid-19 pandemic. A weak US dollar and lower yields are also supporting prices. It must be noted here that the ratio of gold price to that of silver has fallen to 81-82 from lifetime high of 124 in March given the increase in silver rates.

      24 July 2020

    • Gold prices increase and silver rises by 2%

      The gold rates in India had sold much higher on the Multi Commodity Exchange (MCX) and had tracked gains in the international spot rates which had increased to a high.

      The gold futures for the month of August had increased by 0.14% to Rs.49,097 per 10 grams and this is against Rs.49,027 and the opening price of Rs.49,078 on the MCX. The silver futures had increased by 2.19% at Rs 55,188 per kg. The prices opened at Rs 54,802 as compared to the previous close of Rs 54,005 per kg.

      21 July 2020

    • Gold and silver prices to surge due to economic instability and surge in global COVID-19 cases

      Gold prices in the international market were trading above the $1,800 per ounce levels indicating a positive trend due to fresh global economic outlook and the rise in COVID-19 cases. According to experts, the value of gold and silver is expected to increase with gold prices expected to hit the Rs.51,000 per 10 grams mark and silver prices to rise up to the Rs.53,000 per kg levels.

      Anuj Gupta, Deputy Vice President – Commodities and Currencies Research at Angel Broking stated that on 7 July, the bullion had traded on the higher side and gold prices increased by 1.19% and silver prices rose by 0.83%. The safe-haven demand for these metals is rising due to the surge in COVID-19 cases all over the world. With the economic slowdown and the global economic forecast at a low, the bullion market is in high demand.

      According to Prithviraj Kothari, National President, India Bullion and Jewellers Association, gold prices have reached a new range of between $1,800 - $1,850 per ounce while silver prices were holding strong at the $18 per ounce mark. Investors all around the world have indulged in the buying of gold and silver and that was supporting the bullion market.

      9 July 2020

    • Gold, and silver rates reduce as profit booking increase

      The prices of gold and silver had seen profit booking and reduced. As the markets across the world had been on an upward trend, there were hopes of a fast swift economic recovery. Gold rates had dipped by Rs.42 to Rs.48,964 per 10 gram in Delhi and during the previous trading session, the metal had closed at Rs.49,006 per 10 gram.

      7 July 2020

    • Value of gold rises; silver rates take a hit

      Gold prices in the country hit fresh highs today rising by 0.4% on the Multi Commodity Exchange to Rs.48,420 per 10 grams. The rise in prices was majorly due to a strong trend of metal in the international market.

      Gold futures for August increased to Rs.48,420 per 10 grams, crossing the previous high of Rs.48,289 per 10 grams. However, silver prices took a hit and dipped by 0.14% to Rs.48,716 per kg on the Multi Commodity Exchange.

      In the global markets, gold prices hit its highest price in almost 8 years due to a surge in new COVID-19 cases all over the world along with a continuous inflow of stimulus packages by various central banks. Spot gold edged up by 0.2% at $1,769.59 per ounce compared to previous high at $1,773 per ounce in 2012. U.S. gold futures increased by 0.4$ to $1,789.20 per ounce.

      24 June 2020

    • Gold and silver prices show marginal inclines in the market

      Gold prices increased marginally to Rs.47,960 per 10 grams compared to Rs.47,950 per 10 grams and the price of silver increased to Rs.48,670 per kg, increasing by Rs.10. In the National Capital Region, the price of 22-karat gold was steady at Rs.47,760 per 10 grams and in Chennai, the price of the metal was Rs.46,090 per 10 grams.

      On the Multi Commodity Exchange, the gold futures for August surged by 1.23% to be priced at Rs.47,937 per 10 grams. Silver futures, following suite, increased by 1.26^ to Rs.48,636 per kg.

      In the international market, with risk appetite improving gradually as China planned to push forward the purchases of America farm goods, gold prices were holding steady. Gold traded at $1,729 per ounce and silver was priced at $17.49 per ounce.

      23 June 2020

    • Gold prices dip while silver prices continue to show an inclining trend

      Gold prices increased on 2 June to Rs.47,075 per 10 grams from Rs.47,043 per 10 grams. Silver, on the other hand, was priced at Rs.49,540 per kg. On the Multi Commodity Exchange, silver futures for July was down by 0.21% to be priced at Rs.50,505 per kg. According to various sources, the price of 24-karat gold fell from Rs.47,700 per 10 grams to Rs.47,150 per 10 grams in the capital city of New Delhi.

      The price of 22-karat gold, on the other hand, is Rs.45,850 per 10 grams in New Delhi, whereas the price of the same in Chennai is at Rs.45,070 per 10 grams. On Tuesday, the price of 24-karat gold saw a dip of Rs.120 at Rs.46,950 per 10 grams.

      Silver prices showed continuous declines in the meantime. The price of the metal on 3 June was Rs.50,160 per kg. The metal’s price increased by 3.33% in Mumbai to hit its highest price in more than 6 years.

      In the global market, the gold to silver ratio had hit a historical high of 117 which showcases that silver offers the opportunity to get higher returns. Spot gold was up by 0.1% to $1,741.65 per ounce whereas U.S. gold futures increased by 0.2% to $1,753.30 per ounce.

      3 June 2020

    • Silver prices on MCX increase by more than 5% on 7 April 2020

      Silver futures prices on MCX increased by 5% on 7 April 2020 and was at Rs.43,345 for a kg. In the international markets, silver prices increased by 0.1% and are at $14.99 for an ounce.

      On 6 April 2020, commodity derivatives markets in India were closed because of a holiday. Following silver, the prices of gold increased as well. Gold prices increased by Rs.2,000 and were at Rs.45,724 for 10 grams. Gold futures prices for the month of June on MCX increased by 3.5% and were at Rs.45,269 for 10 grams. The prices of gold in India increased to catch up with global prices. Spot gold prices in the international markets decreased by 0.2% and were at $1,657.67 for an ounce. Last week, the prices of spot gold hit a four-week high. The prices of gold in the international markets decreased due to a strong dollar. In the previous session, the prices of gold increased by 3%. Gold prices in India are inclusive of 3% GST and 12.5% GST. Gold has been considered a safe haven when the economy is down. The economy has been affected by the coronavirus outbreak. The demand for physical gold has also been low during the lockdown that has been in effect.

      10 April 2020

    • Prices of silver by Rs.1,050 in the Indian markets on 2 April 2020

      On 2 April 2020, the prices of silver increased by Rs.1,050 in India and were at Rs.40,300 for a kg. During the week, silver prices had reduced by 2.66%.

      In the international markets, the prices of silver increased by 0.4% and are at $14.45 for an ounce. The concerns of the coronavirus outbreak ensured that the prices of gold and silver increased. In India, the commodities derivatives markets were closed on 6 March 2020 as it is a holiday. Apart from silver, gold prices increased in the Indian markets as well. Gold futures prices increased by Rs.1,100 on 3 April 2020 and are at Rs.43,720 for 10 grams. In the international markets, spot gold prices increased by 0.2% and are at $1,618.90 for an ounce. However, the increase in prices was affected due to a strong dollar. According to various analysts, the demand for physical gold has been low due to the lockdown. Spot gold markets in India have remained shut due to the lockdown. Gold prices in India are inclusive 12.5% import duty and 3% GST. According to Geojit Financial Services’ Head of Commodity, Hareesh V, gold is still considered as safe haven after various central introduced measures to help the economy because of the coronavirus outbreak.

      2 April 2020

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