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Silver Rate in Karnataka
Silver is held in high regard across various sections in India owing to its store of value. The white precious metal, is considered a safe bet during periods of financial instability and inflation. Many consumers buy gift articles made of silver during the wedding season. The precious metal is believed to bring in prosperity and good luck. Not surprisingly, silver articles are widely used for the performance of several rituals.
Silver rate in Karnataka depends on a wide range of national and international factors. Silver is viewed as a traditional investment used in the form of trendy gifts during festivals, weddings, temple jewellery besides any other auspicious occasion. The white precious metal is bought by people across different age groups for a variety of uses.
- Also Know: Gold Rate In Karnataka
Trend of Silver Rate in Karnataka for September 2017 (rates per kg)
|Parameters||Silver price (per 1 kg)|
|Silver rate on 1st September 2017||Rs.40,000 per kg|
|Silver rate on 30th September||Rs.39,800 per kg|
|Highest Rate in September||Rs.41,800 per kg on 8 September|
|Lowest Rate in September||Rs.39,600 per kg on 25 September|
|Overall Monthly Performance||Decline|
September 2017- Week 1 (1st to 10th)
- The first week of September saw the price of silver progressively rise in Karnataka after the sharp decline in the dollar rate.
- Silver was priced at Rs.40,000 per kg on 1 September and rose to Rs.40,600 per kg on 2-3 September as local demand was on the increase.
- A lack of stability led to higher demand from investors, which pushed silver rates in Karnataka to Rs.41,300 per kg on 6 September after sustained demand from overseas industrial units.
- The successful testing of a thermonuclear device by North Korea led to higher demand for safe-haven assets like silver, which led to prices rising to Rs.41,800 per kg on 8 September.
- Demand remained high as the week ended, but prices stabilised slightly as the industrial metal traded at Rs.41,600 per kg on 10 September.
September 2017- Week 2 (11th to 17th)
- Demand for silver was on the decline as the second week began, with local demand feeling the strain of a rising U.S. dollar rate.
- Silver traded at Rs.41,000 per kg on 11 September as U.S. markets recouped some of their losses in the previous week.
- The metal’s price vacillated over the course of the week due to conflicting cues from local markets and international demand.
- Silver price in Karnataka rose to Rs.41,200 per kg on 13 September before falling to Rs.40,800 per kg on 14 September.
- Demand rose once again as the week drew to a close, trading at Rs.41,000 per kg on 15 September.
- The week ended with silver rising to Rs.41,700 per kg on 17 September, as local and industrial demand rose.
September 2017- Week 3 (18th to 24th)
- Silver opened the week trading at Rs.41,700 per kg on 18 September before plunging to Rs.39,800 per kg on 19 September as trading volumes fell.
- Silver price in Karnataka continued to fall for most of the week, trading at Rs.40,200 per kg on 20 September as higher U.S. dollar rates led to a drop in demand from overseas industrial units.
- Demand rose briefly to trade at Rs.40,100 per kg on 22 September, but prices quickly fell to Rs.39,800 per kg on 23 September and remained constant till the week ended on 24 September.
September 2017- Week 4 (25th to 30th)
- The last week of September saw silver rate in Karnataka dip further due to positive markets and an overall decline in silver demand.
- The industrial metal traded at Rs.39,600 per kg on 25 September as demand was muted, but prices rose to Rs.40,500 per kg on 26 September as local demand kept prices from dropping.
- The victory of Angela Merkel in the German elections led to stock markets surging, but the impending Catalan independence referendum led to tension across Europe.
- Higher demand for silver was recorded across Asian markets, though prices did not rise as silver traded at Rs.39,800 per kg on 28 September.
- Demand was consistent as the month ended, with silver priced at Rs.39,800 per kg on 30 September.
- In spite of a late recovery in price, the value of silver fell by 0.50% over the course of the month.
Details of Silver Price in Karnataka (1 Kg) - Till December 2015
The price of 1 kg of silver is pegged at Rs.33556 (as of December 17th, 2015). The price of the yellow precious metal has been on the downward slide since the start of 2015 when 1 kg of silver was pegged at Rs.40090. In the following month of February, the price of silver by -3.4% to Rs.38700. The months of March saw the price of the precious metal marginally rising by 0.4% to Rs.38880 but marginally fell by -1.4% to Rs.38301 in April. The month of May witnessed a rise in the price of the precious metal by 5.8% to Rs.40530. However, the mini rally did not continue in the following months with the precious metal losing gains in June and July at Rs.38088 and Rs.36158 respectively. The downward trend continued in August when the price of silver fell by 0.4% to Rs.36010. The price of silver continued to plummet in the months of September and October at Rs.35487 and Rs.34576 respectively. 1 kg of silver was pegged at Rs.34100 towards the end of November.
Silver as an investment in Karnataka
Silver is an accessible precious metal which can be an effective hedge against inflation in the long term. Sterling grade or grade 925 consisting of 92.5% silver and 7.5% copper are the most common forms of investment. Sterling jewellery is sold in the form of rings and necklaces.
Physical silver: Silver coins and bars are widely bought in Karnataka. Customers can buy silver bars of various denominations from Metals and Minerals Trading Corporation of India (MMTC) and banks. Silver coins are more affordable compared to gold and therefore, are more popular forms of investment. Silverware, artefacts and intricate jewellery including trendy customised pieces are popular.
Silver contracts: Customers can trade in silver futures on MCX and NCDEX. Silver Mini (SILVERM) and SILVER 1000 are traded in units of 5 kg. SILVERHEDG is traded in units of 30 kg in NCDEX. Many customers invest in futures owing to its transparent pricing.
Also Check Silver Price in NearBy Cities of Karnataka
|Silver Rate in Bangalore||Silver Rate in Mysore||Silver Rate in Mangalore|