Silver Rate in Indore

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Silver Price in Indore

Silver is one of the precious metal that many people can afford in Indore. As an alternative to gold, silver has provided better returns than gold. Silver rates in Indore had jumped at a rate of 354% from the year 2008 at the rate Rs.16,525 to Rs.75,020 in the year 2011. Silver prices will steadily rise in the medium to long term as the bullion rises in Indore. This precious metal seems to be stable all over the world even in times of financial uncertainty. Silver has also been called as the ‘poor man’s gold’ as it accessible to the people of Indore who may not be able to afford gold.

Silver as an Investment:

Jewelry - Buying silver as a jewelry or artefact is expensive than buying silver coins. But a lot of households use silver cutlery. Women like wearing silver ornaments like anklets, chains, rings and earrings. But, when you resell the jewelry, the making charges of about 10% is deducted and a melting charges is levied, which lowers the rate of return.

Coins and bars - Silver can be bought in coins and bars. Silver coins are used in India for gifting or during the puja ceremonies in certain religion. The silver purchases are high during the festive and wedding season. The banks also offer silver coins and bars and give an assay certification as well, but they won’t buy it back from you. Whereas, dealers and jewelers will.

Silver bullion - Through Bullion India, you can buy small quantities of pure silver at a lowest possible price with an option for free storage for no fee or brokerage. The market rates are affordable and the quality is ensured. It is easy to open and operate the account as minimum documentation is needed. You can redeem the holding and take physical delivery of the bullion at your doorstep.

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

• In Indore, a kilo of silver was retailed for Rs.48,560 per kg on 1st of July. When compared to the closing price of the previous month, the rate of the white metal was up by Rs.50.
• Over the month, silver rate fluctuated in the city. The highest and lowest price for the month was recorded on 30th and 5th of July when a kilo was retailed for Rs.66,060 and Rs.48,510 per kg respectively.
• Having recorded its highest price on the penultimate day of the month, silver rates dropped and closed the month at Rs.63,010 per kg. The overall performance of the white metal witnessed an inclining trend with the percentage change being 29.75%.

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

• In Indore, silver rates witnessed a declining trend in the rates after the price of the white metal saw constant fluctuations.
• Having opened the month at Rs.51,120 per kg, the metal recorded its highest price for the month on 2nd June with a kilo of the precious metal costing Rs.50,160.
• Silver was priced Rs.47,110 per kg on 16th June. This was the lowest recorded price for the month as dollar hovered near a more than one-week high. The precious metal closed the month at Rs.48,510 per kg with the percentage change being -3.21%.

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

• Silver rates opened the month of May at Rs.42,530 per kg in Indore. When compared to what was charged on the final day of the previous month, the cost for a kilogram of the white metal increased by Rs.1,010. While there was an increase in the rates on the first day of the month, the price dropped on 2nd May and recorded its lowest price for the month. A kilo of the white metal was retailed for Rs.41,010 on the mentioned date. Over the month, the rates witnessed a lot of fluctuations in the city.
• The white metal opened the second week at Rs.42,060 per kg. The rates climbed to Rs.43,620 per kg on 11th May as investors shifted away from riskier assets fearing a second wave of coronavirus cases. Silver prices slipped in the city following that and closed the week at Rs.42,960 per kg.
• The rates continued to fluctuate due to reasons like tensions between the United States of America and China, investors awaiting the response of the White house regarding Hong Kong, and riots all over the US. Silver recorded its highest price for the month on 25th May with a kilo costing Rs.51,400 per kg. The metal’s overall performance in Indore witnessed an inclining trend with the percentage change being 17.71%.

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

• Silver price stood at Rs.40,500 per kg at the start of the month of April. There was no change in the rates of the fuel when compared to the previous month’s closing price.
• Over the first week, the rates of the white metal remained constant for the most part before slipping considerably on 6th April as the risk sentiment was hammered given the increasing number of deaths due to Covid-19. The decline in the prices meant that the precious metal was retailed for Rs.40,360 per kg, the lowest recorded price for the month.
• The rates of the white metal fluctuations over the next two weeks due to factors like increased demand and rising value of dollar. Silver touched its highest price for the month of April on 21st April with a kilo costing Rs.42,710. The increase in the prices was accounted to dwindling share markets as U.S. crude prices declined considerably.
• Silver closed the month of April at Rs.41,520 per kg in Indore. The overall performance of the metal witnessed an inclining trend with the percentage change being 2.51% in the city.

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

• Silver opened the month of March at Rs.47,400 per kg in Indore. There was no change in the prices when compared to the closing price of the previous month. The rates jumped by Rs.1,100 the next day as there was a rebound from a steep fall.
• The white metal recorded its highest price for the month on 6th March when every kilogram cost Rs.50,700 in the city. The increase in the prices was accounted to the US Federal Reserve cutting the interest rates, a move anticipated by the traders.
• The rates dropped following that as investors embarked on a selling spree to hoard cash. The drop in the prices saw a kilogram of silver cost Rs.37,800 per kg on 19th March. The rise in the US dollar along with Coronavirus lingering over the global markets was said to be reason why investors sought to sell off their assets.
• With the US Federal Reserve announced unprecedented measures to absorb the impact of coronavirus on the economy, silver prices increased over the next few days. However, with many countries going into lockdown to contain the spread of the virus, the rates remained stagnant for the last week and closed at Rs.40,500 per kg. Over the month, silver prices witnessed a decline in the prices.

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

• Silver had stepped into February at a price of Rs.50,300 per kg. The scare of the coronavirus coupled with China’s liquidity measures led to a few fluctuations in the price of the metal during the first week of the month. Although the price had shot up after demands for safe havens increased, the week ended with silver priced at Rs.49,900 per kg on 9 February 2020.
• The price of silver remained flat for a day before a report on the victims of the epidemic had rolled out. This said that the virus had claimed 1,000 lives and the market saw an immediate uptick in equities. On 12 February, the price of silver fell to Rs.49,500 per kg. By the end of the week, silver closed at Rs.50,000 per kg.
• By the third week, the virus had made its way into the shares of one of the biggest companies in the world. The outbreak drove Apple Inc. to flag a revenue miss and global equities had retreated. This led to an increase in silver prices to Rs.51,600 per kg by 19 February.
• The last week of the month witnessed many variations in the price of this white metal. While silver had kick-started the week at Rs.52,900 per kg, by 26 February, the price had dipped to Rs.51,200 per kg. A weak global market had forced traders to book profits and this led to a fall in the price of the precious metal. Silver had closed at its lowest for the month at Rs.47,400 per kg on 29 February 2020.

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

• In Indore, the prices of silver fluctuated throughout the month of January. Prices of the white metal on 1 January 2020 decreased by Rs.600 when compared to 31 December 2019.
• The tensions in the Middle East and the concerns of the trade deal between China and the US ensured that the prices of silver increased at the beginning of January. Silver hit its highest rate for the month during this period as well.
• However, the signing of the trade deal and the demand for riskier assets ensured that silver prices reduced. The concerns of the coronavirus also played a huge role in ensuring that the prices of silver reduced. On 30 January 2020, the prices of the white metal hit its lowest rate for the month and touched Rs.49,200 per kg.
• The fluctuation of prices throughout the month ensured that the prices of silver saw a decline of 0.19% in Indore.

Also Check Silver Price in NearBy Cities of Indore

Silver Price Trends in Indore

Silver rate as of 16^th June, 2015 for 1 gram was Rs.39.36. The silver rates were at the highest at Rs.45,600 per kg in July 2014 and the lowest at Rs.35,990 in December 2014. The average value of silver over the last one year has hovered around Rs.39,000 per kg.

The rates are based on various indicators and information provided. People tend to buy silver despite the prices being high, as they believe that the silver bullion value will soar in the coming years.

Where can you Buy Silver from in Indore?

You can buy silver in Indore at R K Jewellers, Anil Jewellers, Vivek Jewellers, Vinayak Jewellers, Kanashri Jewellers, Arpit Jewellers, Subash Chandra Chandmal Jain, Raghunath Prasad & Sons, Hiralal Motilal Saraf, Shri Mahalaxmi Jewellers, etc.

Read more on Silver

• Interesting Facts About Silver
• Effect Of Demand On The Silver Price
• How To Find Authentic Silver
• Industrial Usage Of Silver
• Buying Silver Bars And Coins