Silver Price in India Today

Today's Silver price in India :

  • 1 gram silver price is 51.10 Indian Rupee
  • 1 kg silver price is 51,100 Indian Rupee
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  • Silver Price In Indian Cities
    City Silver (1 gram) Bar Silver (1 Kg)
    AGRA ₹ 51.1 ₹ 51,100
    AHMEDABAD ₹ 51.1 ₹ 51,100
    ALIGARH ₹ 51.1 ₹ 51,100
    ALLAHABAD ₹ 51.1 ₹ 51,100
    AMBALA ₹ 51.1 ₹ 51,100
    AMRAVATI ₹ 51.1 ₹ 51,100
    AURANGABAD ₹ 51.1 ₹ 51,100
    BANGALORE ₹ 51.1 ₹ 51,100
    BAREILLY ₹ 51.1 ₹ 51,100
    BELGAUM ₹ 51.1 ₹ 51,100
    BELLARY ₹ 51.1 ₹ 51,100
    BHILAI ₹ 51.1 ₹ 51,100
    BHOPAL ₹ 51.1 ₹ 51,100
    BHUBANESHWAR ₹ 51.1 ₹ 51,100
    CHANDIGARH ₹ 51.1 ₹ 51,100
    CHENNAI ₹ 51.1 ₹ 51,100
    COIMBATORE ₹ 51.1 ₹ 51,100
    CUTTACK ₹ 51.1 ₹ 51,100
    DEHRADUN ₹ 51.1 ₹ 51,100
    DELHI ₹ 51.1 ₹ 51,100
    DINDIGUL ₹ 51.1 ₹ 51,100
    ERODE ₹ 51.1 ₹ 51,100
    FARIDABAD ₹ 51.1 ₹ 51,100
    GHAZIABAD ₹ 51.1 ₹ 51,100
    GULBARGA ₹ 51.1 ₹ 51,100
    GUNTUR ₹ 51.1 ₹ 51,100
    GURGAON ₹ 51.1 ₹ 51,100
    GUWAHATI ₹ 51.1 ₹ 51,100
    HALDWANI ₹ 51.1 ₹ 51,100
    HISAR ₹ 51.1 ₹ 51,100
    HOSUR ₹ 51.1 ₹ 51,100
    HYDERABAD ₹ 51.1 ₹ 51,100
    INDORE ₹ 51.1 ₹ 51,100
    JABALPUR ₹ 51.1 ₹ 51,100
    JAIPUR ₹ 51.1 ₹ 51,100
    JALGAON ₹ 51.1 ₹ 51,100
    JAMMU ₹ 51.1 ₹ 51,100
    JAMNAGAR ₹ 51.1 ₹ 51,100
    JAMSHEDPUR ₹ 51.1 ₹ 51,100
    JODHPUR ₹ 51.1 ₹ 51,100
    KAKINADA ₹ 51.1 ₹ 51,100
    KANNUR ₹ 51.1 ₹ 51,100
    KANPUR ₹ 51.1 ₹ 51,100
    KARNAL ₹ 51.1 ₹ 51,100
    KARUR ₹ 51.1 ₹ 51,100
    KOCHI ₹ 51.1 ₹ 51,100
    KOLHAPUR ₹ 51.1 ₹ 51,100
    KOLKATA ₹ 51.1 ₹ 51,100
    KOTA ₹ 51.1 ₹ 51,100
    KOZHIKODE ₹ 51.1 ₹ 51,100
    KURNOOL ₹ 51.1 ₹ 51,100
    LUCKNOW ₹ 51.1 ₹ 51,100
    LUDHIANA ₹ 51.1 ₹ 51,100
    MADURAI ₹ 51.1 ₹ 51,100
    MALAPPURAM ₹ 51.1 ₹ 51,100
    MANGALORE ₹ 51.1 ₹ 51,100
    MEERUT ₹ 51.1 ₹ 51,100
    MUMBAI ₹ 51.1 ₹ 51,100
    MYSORE ₹ 51.1 ₹ 51,100
    NAGERCOIL ₹ 51.1 ₹ 51,100
    NAGPUR ₹ 51.1 ₹ 51,100
    NANDED ₹ 51.1 ₹ 51,100
    NASIK ₹ 51.1 ₹ 51,100
    NELLORE ₹ 51.1 ₹ 51,100
    NOIDA ₹ 51.1 ₹ 51,100
    PANAJI ₹ 51.1 ₹ 51,100
    PATNA ₹ 51.1 ₹ 51,100
    PONDICHERRY ₹ 51.1 ₹ 51,100
    PRODDATUR ₹ 51.1 ₹ 51,100
    PUNE ₹ 51.1 ₹ 51,100
    RAIPUR ₹ 51.1 ₹ 51,100
    RAJAHMUNDRY ₹ 51.1 ₹ 51,100
    RAJKOT ₹ 51.1 ₹ 51,100
    RANCHI ₹ 51.1 ₹ 51,100
    RATLAM ₹ 51.1 ₹ 51,100
    SALEM ₹ 51.1 ₹ 51,100
    SANGLI ₹ 51.1 ₹ 51,100
    SHIMLA ₹ 51.1 ₹ 51,100
    SHIMOGA ₹ 51.1 ₹ 51,100
    SILIGURI ₹ 51.1 ₹ 51,100
    SOLAPUR ₹ 51.1 ₹ 51,100
    SRINAGAR ₹ 51.1 ₹ 51,100
    SURAT ₹ 51.1 ₹ 51,100
    THANE ₹ 51.1 ₹ 51,100
    THANJAVUR ₹ 51.1 ₹ 51,100
    THIRUVANANTHAPURAM ₹ 51.1 ₹ 51,100
    THRISSUR ₹ 51.1 ₹ 51,100
    TIRUCHIRAPALLI ₹ 51.1 ₹ 51,100
    TIRUNELVELI ₹ 51.1 ₹ 51,100
    TUTICORIN ₹ 51.1 ₹ 51,100
    UDAIPUR ₹ 51.1 ₹ 51,100
    UDUPI ₹ 51.1 ₹ 51,100
    VADODARA ₹ 51.1 ₹ 51,100
    VARANASI ₹ 51.1 ₹ 51,100
    VELLORE ₹ 51.1 ₹ 51,100
    VIJAYAWADA ₹ 51.1 ₹ 51,100
    VISAKHAPATNAM ₹ 51.1 ₹ 51,100
    WARANGAL ₹ 51.1 ₹ 51,100

    *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 India

    Silver is among the most traded commodities in the world. India is no exception and silver, along with gold, forms about 10% of all commodities imports to the country. Silver rate in India are directly affected by the global demand and supply scenario of the commodity. Since the 80’s, the demand for silver has outpaced its supply, with industrial demand accounting for more than half the total consumption. More than 80% of total silver production in the world is as by product of other commodities. Exclusive silver mining accounts for only 20% of the global production.

    Silver Price in India
    Silver Price in India

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

    Parameters Silver price (per kg)
    February 1 Rate Rs.50,300 per kg
    February 23 Rate Rs.52,400 per kg
    Highest Rate in February Rs.52,400 per kg on 23 February
    Lowest Rate in February Rs.49,500 per kg on 12 February
    Overall Performance Incline

    February 2020- Week 1 (1 - 9):

    • In India, the price of the white metal showed an overall decline through the first week of February. Opening the month at Rs.50,300 per kg, the price of the metal remained steady for the first three days of the week. However, on 4 February, the price of gold dipped marginally to Rs.49,800 per gram as investors awaited on developments on the economic data from the United States of America and China to take a call on further investments.
    • However, as China’s Central Bank cut down the reverse repo rates which released some amount of funds into liquidity, the demand for the metal dipped as investors shifted back to the stock market for their investments. On 5 February, silver was priced at Rs.49,600 per kg which was the lowest price of the metal in the week.
    • The measures taken by China to stabilise their economy was short-lived as the virus outbreak spread further increasing the number of cases and deaths all over the world. Due to this, investors shifted back to the bullion market due to safe-haven appeal. The price of the metal hit the Rs.50,000 per kg mark on 7 February and closed the week at Rs.49,900 per kg on 9 February.

    February 2020 - Week 2 (10 - 16):

    • Silver prices opened the second week of February at Rs.49,900 per kg. Compared to the closing price of the previous week, there was no change in the rates of the white metal.
    • The rates slipped to Rs.49,500 per kg on 12 February as investors’ risk appetite picked up due to reports of decline in new coronavirus cases. The rates charged on the mentioned date was the lowest recorded price for the month till date.
    • Prices of the white metal increased gradually in the following days as investors sold equities and sought the safety of the bullion after a jump in the death toll and infections due to coronavirus was witnessed in China. The rates closed the week at Rs.50,000 per kg with the overall performance of silver showing a decline in the prices.

    February 2020 - Week 3 (17 - 23):

    • In India, silver prices opened the third week of February at Rs.50,400 per kg. When compared to the closing price of the previous week, the rate of the white metal had increased by Rs.400 per kg due to various factors, namely the effect of the virus on the global economy.
    • After holding steady on 18 February, the price of the precious metal increased substantially to cross the Rs.51,000 mark to be priced at Rs.51,600 per kg on 19 February, the metal showed positive trends in the global market due to investors shifting to the bullion after stock markets were hit globally because of the Coronavirus.
    • On 20 February, silver prices showed a further incline to Rs.52,100 per kg increasing by Rs.200 on the next day to Rs.52,300 per kg on 21 February. The metal’s rise in prices was also supported by increased offset by industries and coin makers in the country. The metal at the end of the week closed at Rs.52,400 per kg.

    Trend of Silver Rate in India 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.49,700 per kg on 14 January
    Overall Performance Decline
    Comparison for 1 gram Silver Rates for India January'20

    January 2020- Week 1(01 - 05):

    • Silver rate in India started the first week of January at Rs.50,300 per kg. Compared to the previous week’s closing price, the silver rates witnessed a decrease in prices by Rs.600 per kg. However, the price of the metal increased throughout the week.
    • On 2 January, the price of silver was steady at Rs.50,300 per kg and increased by almost Rs.1,000 per kg to Rs.51,100 per kg on 3 January as the value of the dollar fell against other currencies in the global markets.
    • On 4 January, silver price in India was Rs.51,000 per kg with a marginal decrease by Rs.100 per kg. Silver prices held steady until 5 January and closed the week at the same price.

    January 2020- Week 2(06 - 12):

    • Silver price in India started the second week of January at Rs.52,300 per kg. Compared to the previous week’s closing price, the rates witnessed a decrease in prices by Rs.1,300 per kg. However, the price of silver fluctuated throughout the week with a constant incline and decline in prices.
    • On 8 January, silver rate in India hit its weekly high at Rs.52,600 per kg as investors awaited a decision by the United States of America on Iran’s attack. However, on 9 January, as President Trump refused to take offensive action, the price of silver fell by Rs.1,600 per kg to Rs.51,000 per kg.
    • On 11 January, silver price was Rs.50,600 per kg with a marginal decrease by Rs.500 per kg when compared to 10 January. However, silver prices held steady until 12 January and closed the week at the same price.

    January 2020- Week 3(13 - 19):

    • Silver rate in India opened the third week of January at Rs.50,400 per kg. Compared to the previous week’s closing price, the metal recorded a marginal decline in prices by Rs.200. The price of the white metal fluctuated throughout the week due to the trade deal being signed and geopolitical tensions in the Middle East.
    • On 14 January, silver price in India hit its weekly low at Rs.49,700 per kg as investors shifted to the stock market ahead of the trade deal being signed by China and the United States of America. After holding steady on 15 January and 16 January at Rs.50,000 per kg, the price of silver increased marginally to Rs.50,400 per kg on 17 January.
    • Through the rest of the week, silver prices held steady as investors shifted to the bullion amidst rising tensions in the Middle East as a drone strike killed more than 100 soldiers. Silver closed the month at Rs.50,400 per kg.

    January 2020- Week 4 (20 - 26):

    • The rates of silver started the fourth week of January at Rs.50,700 per kg in India. The rates witnessed a hike of Rs.300 for every kilogram when compared to the previous week’s closing price.
    • Silver prices shot up the next day with every kilogram of silver costing Rs.51,000 in the country with investors seeking refuge in the safe-haven metal. Over the week, the rates didn’t see much change in the prices apart from slipping considerably on 22 January as investors assessed the risk of coronavirus becoming a global epidemic.
    • In India, the price of the white metal closed the week at Rs.51,000 per kg. The overall performance of silver showed an incline in the prices when compared to the rates charged on the first day of the month.

    January 2020- Week 5 (27 - 31):

    • In India, the price of the white metal showed an overall decline through January. In the last week, the price of silver opened at Rs.51,300 per kg and recorded a fluctuating trend throughout the week. This was majorly due to various global factors such as the effect of the Coronavirus, as well as, local demand.
    • Silver prices dipped to a great extent by Rs.500 on 28 January to Rs.50,800 per kg as investors awaited on the rate cut updates by the United States Federal Reserve. Moreover, the United States dollar showed positive signs in the market amidst escalated fears of the virus.
    • After recovering marginally on 29 January at Rs.51,000 per kg as fears of the virus hit the investors making them shift to the bullion market. The white metal fared poorly on 30 January after it dipped to Rs.49,200 per kg. Recording a marginal decline in prices, silver closed the month of January at Rs.50,200 per kg.

    Trend of Silver Rate in India for December 2019 (rates per kg)

    Parameters Silver price (per kg)
    December 1 Rate Rs.48,100 per kg
    December 29 Rate Rs.50,000 per kg
    Highest Rate in December Rs.50,400 per kg on 26 December
    Lowest Rate in December Rs.46,400 per kg on 10 December
    Overall Performance Incline
    Comparison for 1 gram Silver Rates for India December'19

    December 2019- Week 1 (1 – 8):

    • Silver price in India opened the first week of December at Rs.48,100 per kg. Compared to the previous month’s closing price, the rates of silver didn’t see any change. The rates charged on the opening day of the month was also the highest recorded price of the metal in the country.
    • The rates of silver dropped in the next couple of days before increasing slightly. The drop continued in the following days of the week.
    • Silver rate in India closed the first week of December at Rs.46,600 per kg. This was lowest recorded price of the metal in the country for the first week. The overall performance of the precious metal was trending downwards.

    December 2019- Week 2 (9 - 15):

    • In India, silver price stood at Rs.46,500 per kg on December 9. There was a drop of Rs.100 per kg when compared to the previous week’s closing price.
    • As investors decided to seek clarity on the next round of US tariffs on Chinese imports as well as keep an eye on the US Federal Reserve’s monetary policy statement, silver rate in India slipped to the lowest recorded price for the month on December 10 with every kg costing Rs.46,400.
    • Silver price in India saw a declining trend over the second week of December closed the week at Rs.47,300 per kg.

    December 2019- Week 3 (16 – 22):

    • In India, silver price in India stood at Rs.47,400 per kg on December 16. There was a drop of Rs.100 per kg when compared to the previous week’s closing price at Rs.47,300 per kg.
    • As investors decided to seek clarity on the next round of US tariffs on Chinese imports as well as keep an eye on the US Federal Reserve’s decision on possible rate cuts, silver prices fluctuated in the first half of the week. On 22 December, following the impeachment of President Trump, the value of the metal increased to Rs.48,200 per kg.
    • Silver rate in India saw an inclining trend in the third week of the month and closed the week at a price of Rs.48,200 per kg.

    December 2019- Week 4 (23 - 29):

    • Silver rate in India started the fourth week of December at Rs.48,400 per kg. Compared to the previous week’s closing price, the rates witnessed an increase of Rs.200 per kg. The jump in the prices was seen because lingering uncertainties about the trade deal between the United States and China boosted the appeal of the safe-haven bullion.
    • The rates of silver fluctuated over the next few days. Every kilogram of silver was being retailed for Rs.50,400 on 26 December as investors braced for a robust equity rally to tun out of steam. This was the highest recorded price of the metal in the month till date.
    • Silver closed the week at Rs.50,000 per kg. The precious metal witnessed an increasing trend in the country.

    Trend of Silver Rate in India for November 2019 (rates per kg)

    Parameters Silver price (per kg)
    November 1 Rate Rs.50,500 per kg
    November 30 Rate Rs.48,100 per kg
    Highest Rate in November Rs.50,700 per kg on 2 and 3 November
    Lowest Rate in November Rs.47,200 per kg on 9 and 10 November
    Overall Performance Decline
    Comparison for 1 gram Silver Rates for India November'19

    November 2019- Week 1 (01-03):

    • Silver rate in India on 1st November was at Rs.50,000 per kg due to positive demand from industries and coin makers. Apart from this, speculations from investors on the trade talks and another rate cut resulted in the increase in price of the metal.
    • However, the silver price in India decreased by Rs.200 per kg as the value of the dollar increased in the market. Due to this, investors shifted their focus from the bullion to the market.
    • On 3 November, the silver rate in India closed the week at Rs.50,300 per kg.

    November 2019- Week 2 (04-08):

    • Silver price in India opened the second week of the month at Rs.50,500 per kg with a slight decrease of Rs.200 compared to the previous week’s closing. This was due to a strong value of the dollar and the markets recovering from the rate cut.
    • On 5 November, the price of gold decreased to Rs.50,300 per kg and as the trade talk optimism increased, gold prices plummeted. On 6 November, gold was priced at Rs.49,100 per kg which was a decline by Rs.1,200 per kg due to increased risk appetite.
    • After increasing marginally on 7 November to Rs.49,400 per kg as the ‘phase one’ of the deal was not fixed, investors temporarily shifted to the bullion. However, as the value of the dollar increased and due to renewed optimism in the trade talks, the price of gold plummeted to Rs.47,800 per kg on 8 November.

    November 2019- Week 3 (09-17):

    • Silver prices in India opened the third week of November at Rs.47,200 per kg. This was the lowest recorded price of the metal for the month till date. There was a drop of Rs.600 per kg from the previous week’s closing price.
    • The rates increased in the following days due to optimism regarding the trade talks between the United States and China. The price of silver went up to Rs.48,300 per kg on 14 November.
    • However, with no clear signs of a trade deal between the countries, investors shifted to the bullion. Silver prices in the country closed the week at Rs.48,000 per kg.

    November 2019- Week 4 (18 - 24):

    • Silver prices in India opened the fourth week of November at Rs.47,800 per kg. Compared to the previous week’s closing, the metal’s price had dipped by Rs.1,000 per kg. This was majorly due to the investors shifting back to the stock market due to renewed hopes on the trade deal.
    • The rate of the metal fluctuated in the following days increasing to Rs.48,500 per kg on 20 November due to trade deal hopes were botched yet again as United States President Donald Trump threatened to increase the import tariff if a deal was not reached.
    • Silver prices on 23 November dipped to Rs.48,100 per kg behind a strong rupee due to positive U.S. jobs data which removed any speculation of another rate cut by the Federal Reserve. The metal closed the week at Rs.48,100 per kg.

    November 2019- Week 5 (25 - 30):

    • Silver prices in the country opened the fifth week of November at Rs.47,900 per kg. Compared to the previous day’s closing price, the rates of silver declined by Rs.200 per kg.
    • The rates of silver declined further the next day as traders awaited further developments in the trade negotiations between Washington and Beijing.
    • Silver prices continued to fluctuate in the next couple of days and closed the week at Rs.48,100 per kg as China warned the US of firm counter measures regarding US legislation backing the anti-government protests in Hong Kong.

    Trend of Silver Rate in India for October 2019 (rates per kg)

    Parameters Silver price (per kg)
    October 1 Rate Rs.47,400 per kg
    October 31 Rate Rs.50,000 per kg
    Highest Rate in October Rs.50,300 per kg on 28 October
    Lowest Rate in October Rs.47,400 per kg on 1 October
    Overall Performance Incline
    Comparison for 1 gram Silver Rates for India October'19

    October 2019- Week 1 (1-6):

    • Silver price in India fluctuated marginally due to conflicting cues and a resurgent dollar rate after opening at Rs.47,400 per kg.
    • Industrial demand rose as equity markets remained unsteady, with the silver price in India rising to Rs.48,200 per kg on 2 October despite high import costs due to the steady dollar rate.
    • Silver price in India surged to Rs.49,400 per kg on 3 October on renewed economic slowdown fears but local demand dropped as the week progressed, with silver ending the week lower at Rs.49,100 per kg.

    October 2019- Week 2 (7-13):

    • Silver rate in India opened the month of October at a low of Rs.47,400 per kg due to an increasing dollar rate. However, due to increased demands in the second week of the month, the price increased.
    • On 10 October, the silver price in India increased to a great extent to Rs.49,900 per kg with an increase in industrial demand and an unsteady equity market.
    • Due to fresh concerns about the global economic slowdown, the price of tsilver decreased soon after hitting weekly highs and closed the week at Rs.49,100 per kg on 13 October.

    October 2019- Week 3 (14-20):

    • Silver rate in India opened at Rs.49,100 per kg due to renewed optimism in the trade talks between the United States of America and China. However, the precious metal hit its weekly high on 15 October at Rs.49,800 per kg.
    • However, silver prices in India dipped drastically to Rs.48,800 per kg on 17 October due to decreased industrial demand and reduced offtake from coin makers.
    • Due to fluctuating global trends, the silver rate in India increased to Rs.49,300 per kg on 18 October as investor concerns rose due to uncertainties on Brexit and the trade talks. Silver closed the week at Rs.49,200 per kg on 20 October as the metal traded flat.

    October 2019- Week 4 (21-27):

    • Silver rate in India opened the week at Rs.49,200 per kg due to renewed optimism in the trade talks between the United States of America and China and awaiting a decision on Brexit. However, the precious metal decreased marginally to Rs.49,100 per kg on 22 October.
    • The price of silver in India kept steady at Rs.49,100 per kg from 22 October to 25 October due to reduced offtake by coin makers and industries.
    • However, due to weak economic data from the United States of America, a possible rate cut by the United States Federal Reserve increased silver prices in India crossing the Rs.50,000 per kg mark to be priced at Rs.50,400 per kg on 26 October, closing the week at the same price.

    October 2019- Week 5 (28-31):

    • Opening at a week high of Rs.50,300 per kg on 28 October, silver rate in India showed positive cues in the country due to increased offtake from industries and coin makers.
    • However, on 29 October and 30 October, the price of silver decreased to Rs.49,700 per kg as investors shifted to the markets as the value of the dollar increased due to positive cues in the trade talks.
    • On the last day of the month, silver price in India managed to hit the Rs.50,000 per kg mark as the United States Federal Reserve announced a rate cut of 1%. This resulted in a decrease in the value of the dollar against other currencies.

    Trend of Silver Rate in India for September 2019 (rates per kg)

    Parameters Silver price (per kg)
    September 1 Rate Rs.44,100 per kg
    September 30 Rate Rs.51,600 per kg
    Highest Rate in September Rs.52,200 per kg on 29 September
    Lowest Rate in September Rs.44,100 per kg on 1 September
    Overall Performance Incline
    Percentage Change 17%
    Comparison for 1 gram Silver Rates for India September'19

    September 2019- Week 1 (1-8):

    • Silver rate in India opened unchanged at Rs.51,600 per kg before prices rose steadily on an increase in industrial offtake, trading at Rs.52,400 per kg on 3 September.
    • Demand soared to Rs.55,200 per kg on 4 September as local and overseas offtake increased on a weak dollar and economic uncertainty fears.
    • A drop in retail demand and a strengthening dollar dampened demand for silver as the metal could not sustain orders, falling to Rs.51,300 per kg when the week ended on 8 September.

    September 2019- Week 2 (9-15):

    • Weak industrial offtake and a rising dollar rate dented silver rate in India, though the metal opened at a relatively stable Rs.51,000 per kg on 9 September.
    • A shift to equities and falling demand from local coin makers resulted in prices dropping to Rs.50,800 per kg on 12 September.
    • Trade talks between the U.S. and China bolstered equity demand and a risky appetite among investors, who reduced bullion offtake as silver fell to Rs.48,700 per kg on 14 and 15 September.

    September 2019- Week 3 (16-22):

    • Weak industrial offtake and a rising dollar rate dented silver rate in India, though the metal opened at a relatively stable Rs.50,400 per kg on 16 September.
    • A shift to equities and falling demand from local coin makers resulted in prices dropping to Rs.49,700 per kg on 19 September.
    • Trade talks between the U.S. and China bolstered equity demand and a risky appetite among investors, but steady industrial demand saw prices rise to to Rs.50,300 per kg on 22 September.

    September 2019- Week 4 (23-30):

    • Silver rate in India continued to rise on steady industrial demand, trading at Rs.50,100 per kg on 26 September as overseas cues also boosted local silver offtake.
    • Silver price in India climbed to Rs.52,200 per kg on 29 September as poor economic figures and interest rate cuts by central banks renewed recession fears.
    • A recovery by the dollar and a resolution to the Sino-U.S. trade war bolstered equities as prices dropped marginally to Rs.51,600 per kg on 30 September.

    Trend of Silver Rate in India for August 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 Performance Incline
    Percentage Change 17%
    Comparison for 1 gram Silver Rates for India August'19

    August 2019- Week 1 (1-11):

    • Fluctuations in the dollar rate failed to impact silver price in India, with the metal opening the month at Rs.44,100 per kg on steady industrial demand.
    • While retail sales were sluggish, interest from coin makers and overseas propped up demand as silver price in India rose to Rs.44,500 per kg on 4 August before surging to Rs.45,800 per kg on 5 August.
    • Rising geopolitical tensions fuelled higher demand for bullion, as the industrial silver rate in India jumped to Rs.47,900 per kg on 8 August before settling at Rs.47,300 per kg on 11 August.

    August 2019- Week 2 (12-18):

    • Fluctuations in the dollar rate failed to impact silver price in India, with the metal opening the month at Rs.44,100 per kg on steady industrial demand.
    • While retail sales were sluggish, interest from coin makers and overseas propped up demand as silver rose to Rs.44,500 per kg on 4 August before surging to Rs.45,800 per kg on 5 August.
    • Rising geopolitical tensions fuelled higher demand for bullion, as the industrial metal jumped to Rs.47,900 per kg on 8 August before settling at Rs.47,300 per kg on 11 August.

    August 2019- Week 3 (19-25):

    • Echoing trends seen across the globe, silver price in India rose steadily during the week on increased industrial demand after opening the week at Rs.47,800 per kg.
    • Prices dipped briefly to Rs.47,700 per kg on 20 August before rebounding on a surge in coin maker and industrial orders despite a weak rupee making imports more expensive.
    • Silver rose to Rs.48,300 per kg on 23 August as investors also looked to the metal’s safe-haven appeal due to market uncertainty, which boosted the price to Rs.49,200 per kg on 25 August.

    August 2019- Week 4 (26-31):

    • Silver rate in India continued to rise on steady industrial demand, trading at Rs.50,100 per kg on 26 August as overseas cues also boosted local silver offtake.
    • Prices climbed to Rs.52,200 per kg on 29 August as poor economic figures and interest rate cuts by central banks renewed recession fears.
    • A recovery by the dollar and a resolution to the Sino-U.S. trade war bolstered equities as prices dropped marginally to Rs.51,600 per kg on 31 August.

    Trend of Silver Rate in India for July 2019 (rates per kg)

    Parameters Silver price (per kg)
    July 1 Rate Rs.40,500 per kg
    July 31 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 Performance Incline
    Percentage Change 10.6%
    Comparison for 1 gram Silver Rates for India July'19

    July 2019- Week 1 (1-7):

    • There was a marginal incline in silver price in India due to fluctuating overseas demand, with the metal opening lower at Rs.40,500 per kg on reduced overseas offtake.
    • Prices slipped to Rs.40,400 per kg on 2 July as a strong dollar led to a reduction in local industrial orders, though prices climbed to Rs.40,700 per kg on 4 July.
    • Silver rate in India dropped to Rs.40,500 per kg on 5 July as the dollar recovered after positive U.S. jobs data, though the economic impact of escalating U.S.-Iran tensions increased offtake as the metal closed the week at Rs.40,600 per kg.

    July 2019- Week 2 (8-14):

    • Silver price in India saw a steady rise after opening marginally higher at Rs.40,800 per kg on 8 July.
    • A rise in industrial demand and a weak dollar rate resulted in prices climbing to Rs.41,000 per kg on 9 July though fluctuations in overseas offtake saw prices dip to Rs.40,900 per kg on 10 July.
    • Despite positive U.S. jobs data and a recovering U.S. dollar rate, silver rate in India rose to Rs.41,300 per kg on 11 July, with the industrial metal ending the week at the same price.

    July 2019- Week 3 (15-21):

    • There was a sharp rise in silver rate in India with the metal trading at Rs.41,200 per kg on 15 July before steadily rising on growing industrial and retail offtake.
    • Silver price in India jumped to Rs.42,400 per kg on 17 July after disappointing U.S. employment data bolstered bullion offtake.
    • Prices surged to Rs.44,500 per kg on 19 July after fresh U.S.-Iran tensions, with prices falling marginally as the week ended to Rs.44,000 per kg.

    July 2019- Week 4 (22-28):

    • Silver rates in India opened the week higher at Rs.44,400 per kg on increased industrial offtake, though a steady rise in the dollar capped local gains.
    • Prices rose to Rs.44,800 per kg on 24 July as weak Eurozone data bolstered bullion demand, though local demand fell marginally due to the high import cost.
    • There was a slight drop in price for the remainder of the week as overseas interest waned, resulting in the metal trading lower at Rs.44,600 per kg when the week ended on 28 July.

    July 2019- Week 5 (29-31):

    • Silver opened the week at Rs.40,600 per kg on 29 July, continuing to trade steadily on increased industrial and coin maker demand.
    • The rise of political uncertainty and a depreciating rupee offset each other as the industrial metal enjoyed continued high demand.
    • Prices rose to Rs.44,800 per kg on 31 July as increased market volatility and sharp fluctuations in crude prices rattled investors.

    Factors affecting Silver price in India

    There are a lot of factors at play that impact silver prices in India. Even though silver rates have shown a steady increase over the last two decades, the historical trends should not be taken as a benchmark when considering future price volatility. Investment in silver as a commodity has gained steam in the country, and investors need to factor in various variables if they are to make decent profits from silver in the short/long run.

    1. Large investors: The silver market is much smaller than the gold market. As such, large investors or traders can potentially influence silver prices. A point in case here is Warren Buffet buying 130 million troy ounces of silver in 1997 at $4.50/ounce, which impacted market prices.
    2. Oil prices: Mining of silver is an energy-intensive process, and so silver prices are correlated with oil prices, the primary energy source in today’s world. Also, imported silver requires a strong logistics platform backed by consistent oil supply. Volatility in oil prices cause dynamic prices of both gold and silver.
    3. Industrial demand: As India moves towards greater industrialization, the need for silver as an industrial commodity has seen a spike in recent times. This is touted to drive silver prices in the near future and beyond.
    4. Import duties: As silver is primarily imported in India, silver rates are directly affected by the import duty applicable on imports. A higher import duty translates to higher silver prices in India.
    5. US Dollar fluctuation: Silver prices are inversely affected by the USD Index. This means that a strengthening USD can decrease silver rates in India, while a weakening Dollar signals increasing silver prices.
    6. Gold prices: In general, silver prices follow the upward/downward trend of gold closely. If there is a spike in demand for gold leading to increase in its price, silver will follow suit. Similarly, any decrease in gold prices will see a greater decrease in silver prices.
    7. Trade deficits: The greater the amount of imported commodities, the more will be a country’s trade deficit. As the trade deficit increases, the government may take step in to take counteractive steps to curb import of commodities, such as it did in the last couple of years to rein in gold imports.
    8. Inflation: As commodities like gold and silver are preferred choices of customers to hedge their funds in times of financial stress owing to inflation, prices of silver tend to increase when inflation is high.
    9. Large Concentrated Short Position:3 or 4 of the largest silver traders currently hold 90% of all short silver contracts. This sort of concentration of a publicly traded commodity in the hands of few can have significant implications on prices of silver in the short and long run.

    Silver Measurements

    Silver is measured in troy weight and grams. Silver may sell in troy ounces, million ounces, grams, kilograms, tonnes, short tonne, metric tonnes, tolas etc.

    Silver fineness is measured as the percentage of silver in the resulting alloy. For instance, a fineness of 900 implies 90% silver in the final product. Fineness is the parts of silver per 1000 parts. Usually copper is added to silver to produce more durable coins. Silver may also be measured in carats similar to how gold is measured.

    Silver Demand in India

    Silver has the dual usefulness of being a precious metal as well as an industrial metal. World over, silver is primarily traded for its industrial implications, however Indian silver imports are largely for jewelry and silverware. India is among the top 5 silver consumers in the world. About 60% of silver consumption in India is from the rural population who view it as a solid savings commodity.

    India does not produce silver in a significant scale and most of the silver has to be imported from outside the country. Moreover, silver demand has been on the rise in major growing economies like India and China during the past few years. Nascent industries such as medicine, manufacturing etc. are picking up demand for silver, and this may soon translate to higher levels of imports.

    Silver Commodity Trading in India

    Silver as a commodity is traded in three commodity exchanges in India:

    1. Multi Commodity Exchange (MCX).
    2. National Commodity & Derivatives Exchange (NCDEX).
    3. National Multi Commodity Exchange (NMCE).
    MCX

    Silver is traded in 3 contract types:

    Silver Mini (SILVERM)
    • Trading units of 5 kg.
    • Base value of 1 kg.
    • Price quotation: Ex-Ahmedabad.
    • Maximum order size of 600 kg.
    • Daily price limit of 4%.
    • Tick size (minimum price movement) of Re. 1 per kg.
    • Upper limit on positions: 60 MT for all silver contracts combined for individual investors. 300 MT or 15% of market wide open positions for a member collectively investing for all clients.
    • Purity grade 999 and fineness 999.
    Silver Micro (SILVERMIC)
    • Trades from Monday to Friday.
    • Trading units of 1 kg.
    • Base value of 1 kg.
    • Price quotation: Ex-Ahmedabad.
    • Maximum order size of 600 kg.
    • Daily price limit of 4%.
    • Tick size (minimum price movement) of Re. 1 per kg.
    • Upper limit on positions: 60 MT for all silver contracts combined for individual investors. 300 MT or 15% of market wide open positions for a member collectively investing for all clients.
    • Purity grade 999 and fineness 999.
    Silver 1000 (SILVER 1000)
    • Trades from Monday to Friday.
    • Trading units of 5 kg.
    • Base value of 1 kg.
    • Price quotation: Ex-New Delhi.
    • Maximum order size of 600 kg.
    • Daily price limit of 4%.
    • Tick size (minimum price movement) of Re. 1 per kg.
    • Upper limit on positions: 60 MT for all silver contracts combined for individual investors. 300 MT or 15% of market wide open positions for a member collectively investing for all clients.
    • Purity grade 999 and fineness 999.
    NCDEX

    Silver Futures Contract (SILVERHEDG)

    • Trades from Monday to Friday.
    • Trading units of 30 kg.
    • Price quotation: Ex-New Delhi.
    • Maximum order size of 1,500 kg.
    • Daily price limit of 4%.
    • Tick size (minimum price movement) of Re. 1 per kg.
    • Upper limit on positions: 100 MT or 5% of market wide open positions for all silver contracts for clients. 1,000 MT or 20% of market wide open positions for a member collectively investing for all clients.
    • Purity grade 999 and fineness 999.

    FAQs About Silver

    Why is the silver rate increasing?

    The rising market volatility and the weakened currency markets, especially the Dollar, are attributed to the rise in the silver rate.

    Why are silver coins/bars considered a good investment option?

    Given the current monetary policies that are pushing down the value of currencies the world over, investing in silver will give you strong returns.

    Silver coins, usually sold by government mints, can be verified and liquidated quickly if the need arises.

    Silver bars have the lowest premium over the spot price and are also easy to carry and transport, making it a good idea of you’re looking at building your portfolio quickly.

    Is investing in silver a wise decision in 2019?

    Silver, being a volatile investment is expected to show bullish characteristics after its long period of sluggishness in the previous year with predictions tending to assist an effective run during 2019. Silver prices are expected to rise substantially with the US Federal Reserve planning to raise the number of interest rates hikes yet again. Hence, investing in silver before the rise in silver rates can be a good option in 2019.

    How much is one gram of silver worth?

    According to the current market rates, silver is priced at Rs.41.50 per gram. (as on 16 July 2019)

    How much does one troy ounce of silver cost?

    One troy ounce of silver (approximately 31 grams) is worth Rs.1,290.79 approximately. (as on 9 March 2018)

    How much is one kilogram of silver worth?

    A kilogram of silver (in the form of a silver bar) costs Rs.41,500 at current market rates. (as on 16 July 2019)

    Where can I buy silver bars in India?

    If you’re looking at investing in silver, you can buy silver bars from public as well as private sector banks. You can also choose to buy silver bars from jewellers.

    What are the advantages of buying silver coins from a bank?

    Buying silver coins from a bank assures you of the quality and authenticity of the silver. Each silver purchase from a bank comes with a quality certificate. The bank would sell the silver to you at the prevalent market rate, reducing the chance of you paying too much for the silver.

    What is the best silver bullion to buy?

    While there is no ‘best silver’ to buy, there are certain advantages to buying silver coins. They are easy to transport and liquidate, making them a good investment. They are also easy to collect compared to silver bars, and junk silver coins can be bought at below the spot price.

    What is hallmarking?

    Hallmarking is the process of officially recording and determining the precious metal content in gold or silver articles. It is used as a guarantee of purity of the metal article and is universally accepted in many countries.

    What are the benefits of buying hallmarked bullion?

    Buying hallmarked bullion assures the customer that the article being bought is genuine and is of a specific purity and grade.

    What should one look for in a hallmarked silver article?

    A hallmarked silver article will contain the following:

    • A BIS hallmark on the surface of the article
    • A purity grade (ranging from 999.9 to 999 for fine silver).
    • Jeweller’s identification mark
    • Year of marking
    • Hallmarking centre’s identification mark (logos as displayed on the BIS website)

    What are some tips on buying silver?

    • Start small, especially if you’re buying from a dealer.
    • Shop around to find the best rate if you’re buying coins as most dealers will charge a premium over spot price. Find a dealer who charges the lowest price.
    • Always do your research before buying to ensure you’re not being defrauded.
    • If you’re looking to buy and keep, invest in bullion such as silver bars instead of coins, whose value fluctuates depending on its demand from time to time.

    Is investing in silver stocks a better idea than investing in the metal?

    Silver stocks are dependent on the silver mining business, whereas silver bullion is dictated purely based on market demand and is considered a better investment option than silver stocks.

    How liquid is bulk silver and will the dealer buy it back from me?

    Silver coins will usually be bought back in bulk, with the dealer exchanging your silver for regular currency. However the rate at which the silver is bought back would depend on the prevailing market conditions.

    When is the best time to buy silver?

    While most investors generally buy silver when the financial markets and economy are experiencing a downturn, this is one of the worst times to buy since bullion prices are always higher given the uncertainty of currency and stocks. The best time to buy would be when markets are somewhat stable, resulting in the rate being relatively low.

    Will the bank levy a charge or premium if I buy silver from them?

    Yes, most banks will levy a premium on bullion sold by them, which would depend on the market scenario at the time. Buying from a bank is generally a safer options since this bullion comes with a quality certificate and is guaranteed by the bank and an external agency.

    Will I have to pay tax on my silver purchase?

    You will be charged VAT (value Added tax) on your bullion purchase at the time of purchase. If you have bought silver bullion above Rs. 5 lakh in cash, you will be required to pay tax of 1% at source (at the time of purchase).

    Where can I sell my silver bullion in India?

    You can sell bullion (in the form of coins and bars) to authorised bullion dealers. Banks are not allowed to buy back bullion sold by them.

    What are the advantages of investing in silver?

    • In times of economic upheaval, bullion in the form of gold and silver appreciates in price as they assure guaranteed returns on selling.
    • Silver is set to appreciate in value, making it a good investment choice.
    • Silver is cheaper to invest in than gold, enabling all individuals to safeguard their wealth by investing in it.
    • Silver has greater value as it is used in industry for a number of purposes, making it more valuable than gold.
    • Silver reserves are nearly exhausted as the metal has not been mined in decades, creating a ‘silver deficit’ and driving up its value and price.

    Read more on Silver

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    • Silver prices increase amidst positive global trends and high demand

      The price of gold in the futures market increased on 24 February by Rs.401. The price of the metal increased to Rs.43,067 per 10 grams with investors shifting to the bullion market due to positive trends globally along with the outbreak of the Coronavirus escalating to other countries.

      On the Multi Commodity Exchange, the gold contracts for April increased by 0.94% to be priced at Rs.43,067 per 10 grams for a business turnover of 2,117 lots. The precious metal for June delivery also increased by 0.95% or Rs.406, to Rs.43,269 per 10 grams for a turnover of 125 lots.

      Analysts have mentioned that the rise in prices was majorly attributed to positive trends in the global bullion market. In the international market, gold prices increased by 0.93% to $1,664.20 in New York.

      Silver prices, on the other hand, also increased on 24 February by Rs.267. The white metal had increased to Rs.48,571 per kg in the futures trade for a business turnover of 3,142 lots. The precious metal for delivery in May was trading higher by Rs.258 or 0.3% at Rs.49,163 per kg for a business turnover of 345 lots.

      25 February 2020

    • Silver prices increase in futures trade

      The price of gold declined at the start of this week, marking a fall of Rs.99 to close at Rs.40,880 per 10 grams so far as futures trade was concerned. The reason for the decline was attributed to a weak global trend which saw participants lower their positions. Gold rates for April delivery on the MCX declined by 0.24%, marking a decline of Rs.99 to close at Rs.40,880 per 10 grams. Silver prices, on the other hand, increased by Rs.178 to close at Rs.46,405 per kilogram. The reason for the increase was attributed to widening bets from participants due to a firm global trend. Likewise, silver prices for May delivery increased by Rs.163, marking an increase of 0.35% to close at Rs.46,891 per kilogram. According to traders, fresh bets from participants due to a firm trend in overseas market was the cause for the increase in silver prices. So far as the international market was concerned, silver prices rose by 0.68% to close at $17.86 per ounce.

      17 February 2020

    •  Silver prices increase in the futures trade while gold prices take a hit

      On 17 February 2020, the price of gold dipped by Rs.90 to be priced at Rs.40,880 per 10 grams in the futures trade. This was due to a weak trend in the global market leading up to investors cutting down their investments in the metal.

      Gold prices for April delivery on the Multi Commodity Exchange dipped by 0.24% to be priced at Rs.40,880 per 10 grams for a business turnover of 1,533 lots. For June delivery, the price of the precious metal showed a decline of Rs.82 at Rs.41,066 per 10 grams for a turnover of 19 lots.

      According to analysts, a subdued trend overseas influenced its safe-haven appeal resulting in the fall in prices. In the global market, gold was trading at $1,585 per ounce in New York with a percentage decrease of 0.09.

      Coming to silver, the price of the white metal increased by Rs.178 and was priced at Rs.46,405 per kg in the futures market. This was due to a firm global trend of the metal overseas with traders widening their bets in the bullion market. On the Multi Commodity Exchange, silver contracts for March delivery increased by Rs.178 to be priced at Rs.46,405 per kg for a turnover of 2,707 lots.

      The delivery of the metal for May also showed a rise in prices by Rs.163 or 0.35% at Rs.46,891 per kg for 183 lots. In the global market, silver prices were up by 0.68% to $17.86 an ounce in New York.

      17 February 2020

    • Silver prices increase in the futures trade while gold prices take a hit

      On 17 February 2020, the price of gold dipped by Rs.90 to be priced at Rs.40,880 per 10 grams in the futures trade. This was due to a weak trend in the global market leading up to investors cutting down their investments in the metal.

      Gold prices for April delivery on the Multi Commodity Exchange dipped by 0.24% to be priced at Rs.40,880 per 10 grams for a business turnover of 1,533 lots. For June delivery, the price of the precious metal showed a decline of Rs.82 at Rs.41,066 per 10 grams for a turnover of 19 lots.

      According to analysts, a subdued trend overseas influenced its safe-haven appeal resulting in the fall in prices. In the global market, gold was trading at $1,585 per ounce in New York with a percentage decrease of 0.09.

      Coming to silver, the price of the white metal increased by Rs.178 and was priced at Rs.46,405 per kg in the futures market. This was due to a firm global trend of the metal overseas with traders widening their bets in the bullion market. On the Multi Commodity Exchange, silver contracts for March delivery increased by Rs.178 to be priced at Rs.46,405 per kg for a turnover of 2,707 lots.

      The delivery of the metal for May also showed a rise in prices by Rs.163 or 0.35% at Rs.46,891 per kg for 183 lots. In the global market, silver prices were up by 0.68% to $17.86 an ounce in New York.

      17 February 2020

    • Rs.112 incline sees Silver futures priced at Rs.45,911 per kilogram

      There was an increase in silver prices today as rates of the white metal rose by Rs.112. Silver is currently trading at Rs.45,911 per kilogram in futures trade. The reason for this has been attributed to increased bets from speculators and a positive trend abroad. So far as the Multi Commodity Exchange was concerned, silver March delivery contracts recorded a Rs.112 increase, while the price for May delivery rose by Rs.92 to trade at Rs.46,435 per kilogram. The international market also saw an increase in silver prices as the white metal was trading at $17.65 per ounce in New York.

      14 February 2020

    • Silver prices fall by Rs.700 on 11 February 2020

      On 12 February 2020, the prices of silver in India reduced by Rs.700 and hit Rs.46,360 for a kg. In the previous session, the prices of silver were at Rs.47,060 for a kg.

      According to HDFC Securities, the main reason for the reduction was the fall of prices in the global markets. In the international market, the prices of silver also reduced and were trading at $17.51 for an ounce. The weak demand in the global markets also ensured that the prices of gold fell in the national capital. On 12 February 2020, the price of gold reduced by Rs.128 and was trading at Rs.41,148 for 10 grams in the national capital. According to Tapan Patel, a Senior Analyst (Commodities) at HDFC Securities, the prices of gold in Delhi reduced by Rs.128 due to the fall in prices in the international market. In the previous session, the prices of gold were trading at Rs.41,276 for 10 grams. In the global market, gold prices reduced and were trading at $1,562.5 for an ounce. Tapan Patel further added that the prices of gold also declined due to the demand for equities.

      13 February 2020

    • Increase in prices of silver and gold due to strong global demand amidst Coronavirus fears

      On Thursday, the price of gold increased by Rs.192 in the futures trade with investors shifting to the bullion market with a positive global trend. The precious metal was priced at Rs.40,676 per 10 grams after the rise in prices.

      Gold contracts on the Multi Commodity Exchange for April was trading at 0.47% increase at Rs.40,676 per 10 gams for a business turnover of 2018 lots. Gold, for June delivery increased by Rs.173 to be priced at Rs.40,839 per 10 grams for a business turnover of 94 lots.

      The rise in prices was majorly due to a positive trend in the market with investors shifting to the bullion market with fears of the virus escalating all over the world. In the global market, the price of the metal increased by 0.36% to be priced at $1,577.20 per ounce in New York.

      Coming to silver, the price of the white metal on Thursday increased by Rs.378. The precious metal was priced at Rs.45,878 per kg in the futures trade. The trend of the metal stood firm in the overseas market with investors widening their bets and decreased risk appetite. For March delivery, the white metal traded higher by Rs.403 to be priced at Rs.46,439 per kg for 65 lots.

      Silver prices in India for March delivery traded at a higher price by Rs.378 on the Multi Commodity Exchange for 3,673 lots. The metal for May delivery was trading higher by 0.88% to be priced at Rs.46,439 per 10 for a turnover of 65 lots.

      13 February 2020

    • Prices of silver reduce by over Rs.1,100 for a kg on 29 January 2020

      On 29 January 2020, the prices of silver reduced by Rs.1,160 when compared to the closing on 28 January 2020 and touched Rs.45,535 for a kg. The main reason for the reduction in prices was the appreciation of the rupee.

      Following the reduction in prices, the ratio of gold to silver is at 88.86 to 1. The ratio states the amount of silver that will be required to buy an ounce of gold. In Mumbai’s bullion market, the prices of gold reduced by Rs.192 and touched Rs.40,464 for 10 grams. The value of the rupee against the dollar affected the prices of gold as well. The prices of 10 grams of 18-carat, 22-carat, and 24-carat gold were at Rs.30,348, Rs.37,065, and Rs.40,464 plus GST, respectively. Gold futures for the month of February increased by Rs.70 and touched Rs.40,312 for 10 grams. The value of gold may be affected by the US Federal Reserve meeting that will make a decision on the interest rates. In the last meeting, the US Federal Reserve did not make any changes to the interest rates. Prior to the previous meeting, the interest rates were cut three times in a row. According to the Chairman and MD of Abans Group of Companies, Abhishek Bansal, the prices of gold may be supported due to the geopolitical tensions in Iraq and the spread of the coronavirus.

      31 January 2020

    • Silver Prices increase by Rs.238 for a kg on 27 January 2020

      Prices of silver increased by Rs.238 on 27 January 2020 when compared to the previous trade. Silver prices increased from Rs.47,039 to Rs.47,277 for a kg. The main reason for the increase in prices was a weaker rupee.

      In the international market, silver prices traded higher and touched $18.15 for an ounce. Silver futures prices for the month of February increased by 1.23% and touched Rs.46,959 for a kg. The prices of silver increased in India due to higher global rates. According to HDFC Securities, the prices of gold increased by Rs.133 on 27 January and hit Rs.41,292 for 10 grams. In the previous trade, the prices of gold closed at Rs.41,159 for 10 grams. According to the Senior Analyst (Commodities) of HDFC Securities, Tapan Patel, the prices of 24-carat gold increased by Rs.133 in the national capital due to a weaker rupee. The value of the rupee decreased by 11 paise against the dollar. In the global market, the value of gold was at $1,578 for an ounce. Tapan Patel further added that the worsening coronavirus crisis in China also played a role in the value of gold increasing. According to China’s health authorities, the transmission ability of the virus is getting stronger and the death toll hit 80. Gold futures prices for the month of February increased by 0.81% and touched the Rs.40,322 levels for 10 grams.

      28 January 2020

    • Gold and silver prices fall on 21 January after rising continuously for four days

      In India, the price of gold saw a marginal decline in prices which halted a four-day streak of continuous rises. On the Multi Commodity Exchange, the price of fold futures dipped by 0.04% to be priced at Rs.39,931 per 10 grams. Following the trend of gold, silver futures on the MCX also dipped by 1% and was priced at Rs.46,203 per 10 grams.

      In the global market, gold prices dipped by 1% as investors booked profits after the price hit its two-week high earlier. However, the losses were limited due to geopolitical tensions hovering around in the Middle East and a virus outbreak in China.

      Due to renewed tensions in the Middle East and the outbreak of a new coronavirus in China, the demand for gold is likely to increase due to safe haven appeal amongst investors. Gold prices in the country increased by 25% in the previous year and was its biggest since 2011. The metal touched a record high of Rs.41,300 per 10 grams.

      22 January 2020

    • For more related news /update on silver price visit: Silver News

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