Silver Rate in Kolkata

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Silver Price in Kolkata

Kolkata is the third largest metropolitan city in India and over 14 million people call it home. The erstwhile British capital of India is a hub of marketing and industries, accounting for a major chunk of investments made in the country. The city is deeply rooted in tradition and has a glorious, unparalleled history. Silver has held high value among Indians and has found multiple uses, making it one of the most versatile precious metals. Silver has been used since the early ages as a tool for payment, enhancing trade between India and the rest of the world and Kolkata was right at the center of this trade.

Current silver rate in Kolkata depend on market conditions and vary according to demand and supply. Residents of Kolkata are one of the largest consumers of silver and fluctuating rates have not deterred them from purchasing this precious metal.

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

• Silver rates in Kolkata opened at Rs.40,500 per kg on 1 April and showed an overall incline trend throughout the month due to various global and local factors. Even though the rate of the metal remained steady for the first week of the month due to the imposed lockdown in the country to prevent the spread of COVID-19, the metal’s prices recovered from losses and ended the month with an inclining trend. On 6 April, silver saw changes in its price for the first time in a week and dipped marginally to Rs.40,360 per kg and closed the week at Rs.40,370 per kg with a marginal increase in prices. The dip in the metal’s price was due to fluctuating prices in the international market due to COVID-19 and the value of the U.S. dollar in the market.
• With constant fluctuations in its price, silver saw a steady trend in the second week of the month. On 8 April, the price of the white metal was Rs.41,290 per kg and decreased during the rest of the week. By 10 April, the metal’s price had dipped Rs.190 per kg to be priced at Rs.41,000 per kg and remained steady until 13 April. On 14 April, silver prices increased marginally to Rs.41,310 per kg, further increasing to Rs.41,920 per kg by the end of the week on 15 April. The rise in prices was due to the metal’s haven appeal amongst investors with the number of new cases of COVID-19 rising in the country and all over the world. The stimulus packages being launched by the United States Federal Reserve and the central banks in the world boosted the price of silver in the country.
• Silver prices in the third week of April showed continuous fluctuations in the international market reflecting the prices in the country. On 16 April, the price of silver was Rs.41,860 per kg dipping by Rs.550 per kg by 18 April to be priced at Rs.41,210 per kg. The drop in prices was due to the higher value of the dollar in the market owing to the lower number of new cases for COVID-19. However, on 19 April, a kilogram of silver dipped to Rs.41,160 per kg and then increased marginally to Rs.42,710 per kg on 21 April which was the highest price of the metal in the month. With a rise in equities, the price of silver gained momentum in the international market. On 24 April, silver closed the third week of the month at Rs.42,340 per kg.
• The last week of April saw silver prices rising above the Rs.42,000 per kg mark, at Rs.42,540 per kg on 24 April and increasing to Rs.42,610 per kg on 26 April. This was majorly due to the stimulus packages launched by central banks to help the economy stabilise. However, with many countries easing lockdown restrictions and pushing to get the economy back on track, risk appetite amongst investors increased and resulted in a dip in the metal’s prices. On 29 April, a kilogram of silver was priced at Rs.41,510 per kg decreasing by Rs.700 per kg when compared to Rs.42,210 per kg on 28 April. On the last day, silver prices closed at Rs.41,520 per kg resulting in a percentage incline of 2.51 for the month.

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

• In the city of Kolkata, silver rates opened the month at Rs.47,400 per kg on 1 March and showed an overall declining trend for the month. On 2 March, the price of the metal increased to Rs.48,500 per kg and by 6 March, the metal had hit its highest price of the month at Rs.50,700 per kg. The rise in prices of the metal in the first week of the month was majorly due to the investors awaiting on a rate cut from the United States Federal Reserve to help mitigate the losses in the economy which occurred due to effect of the pandemic, Coronavirus. On 7 March, the price of the metal stood at Rs.50,500 per kg.
• In the second week of March, the price of the white metal fluctuated to a great extent. With mixed trends in the market in the bullion market, traders started selling assets in exchange for cash to survive in a troubled economy. The price of the metal on 8 March was Rs.50,500 per kg and decreased to Rs.48,600 per kg by 12 March. However, silver prices showed a continuous decline in the second half of the week with investors resorting to cash hoarding and selling their assets. The price of silver declined to Rs.45,900 per gram on 13 March and further down to Rs.44,000 per kg on 14 March, closing the week at the same price on 15 March.
• Silver prices started showing major declines in the third week of the month. With the effect of Coronavirus increasing all over the world and on the economy, the metal was priced at Rs.43,200 per kg on 16 March and decreased to hit its monthly low at Rs.37,800 per kg on 19 March. However, in the second half of the week, with the United States Federal Reserve announcing measures taken to help the country recover, investors shifted to the bullion market temporarily. This resulted in the incline in prices. On 21 March, the price of silver was Rs.40,100 per kg and increased to Rs.40,700 per kg on 23 March. However, the third week of the month ended at the metal being priced at Rs.40,500 per kg.
• With uncertainties hovering around the markets all over the world, the price of the metal in the last week of the month was at Rs.40,500 per kg and remained steady throughout the week. On 31 March, the price of the precious metal was priced at Rs.40,500 per kg and ended the month with a percentage decline of 14.5.

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

• With Coronavirus affecting the lives of many more people and spreading to other parts of the world, traders shifted their investments to the bullion market, raising the demand for silver. However, through the month, the price of silver fluctuated due to various global factors, the major of which was the virus and its outbreak. On 1 February, the price of silver opened at Rs.50,300 per kg on 1 February.
• Silver prices increased in the second week of the month and by 13 February, it had increased to Rs.49,600 per kg in the city. With the number of victims increasing in China, the price of the metal remained steady on 14 February, increasing to Rs.50,000 per kg on 15 February. This was due to China reporting 5,000 new cases along with 121 people dying due to the outbreak. By 20 February, the metal’s prices had increased to Rs.52,100 per kg.
• However, even though in the third week of the month, the price of the metal had shown an increase due to decrease in risk appetite and increased safe-haven demand, the metal showed a declining trend in the latter half of the week. By 26 February, the metal’s prices had decreased to Rs.51,200 per kg in the country.
• Ending the month at a declining percentage of 5.76, the price of the metal closed the month at Rs.47,400 per kg on 29 February with investors took profits due to the constant rally in prices.

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

• Silver price stood at Rs.50,300 per kg at the start of January in Kolkata. Compared to the previous week’s closing price, the rates were down by Rs.600 per kg.
• The rates saw a lot of fluctuations over the month due to various reasons like the outbreak of coronavirus in China, geopolitical tensions in the Middle East and concerns regarding the trade deal between the United States and China.
• The metal recorded its highest and lowest price for the month in the eastern metropolitan city on 8th and 30th January with every kilogram of the white metal costing Rs.52,600 and Rs.49,200 respectively.
• In Kolkata, silver closed the month of January at Rs.50,200 per kg. The overall performance of the white metal was -0.19%, trending downwards.

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

• Silver rate in Kolkata opened at Rs.48,100 per kg for the month of December. Silver prices in Kolkata saw an incline over the course of the month.
• The prices of silver in Kolkata dropped from 2 December 2019 to 11 December as there were hopes that the trade deal between China and the US would be signed.
• Silver price in Kolkata hit its lowest rate on 10 December 2019 and touched Rs.46,400 for a kg. However, the prices of silver increased from 12 December 2019 due to trade concerns and the impeachment of the US President.
• Silver prices touched its highest rate on the last day of the month and hit Rs.50,900 per kg. Overall, silver prices saw a gain of 5.82% in December.

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

• The price of silver was affected by the interest rate cut of the US Federal Reserve and it opened at a rate of Rs.50,500 per kg for the month of November.
• The prices increased further on the 2nd day of the month when it went up to Rs.50,700 per kg. This is the highest recorded rate of the precious metal for the month of November. The major reason behind the hike was the US and Chine trade war.
• On the 30th of November, silver rate in Kolkata closed at the rate of Rs.48,100 per kg. There was an overall dip of –4.75% in the performance of the metal.

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

• Silver rate in Kolkata traded at Rs.47,400 per kg in Kolkata on 1 October. The drop-in silver prices happened due to the rise in dollar as the US economy growing stronger while at the same time lowered interest in the white metal as a safe investment with the US-China trade war continuing. This was also the lowest rate in October.
• Silver prices rose to its highest by the end of the month, at Rs.50,400 per kg, just as tensions between US and China eased as the dollar capped strong gains as well.
• The end of the month saw a steady 5.4% incline in silver rates as the dollar weakened after interest rates were cut by the Federal Reserve. This was with the caveat that further rate cuts would be paused riding on hopes of a truce in the US-China trade war which led to the incline in silver prices by month end.

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

• Silver rates in Kolkata opened at Rs.51,600 per kg as steady industrial demand despite conflicting overseas cues bolstered bullion offtake.
• Some fluctuations in demand were observed due to tensions in the Middle East, which drove up bullion demand and boosted prices to Rs.55,200 per kg on 4 September.
• There was a momentary lull in demand as equity markets recovered and interest in safe-haven assets fell, resulting in silver prices dropped steadily despite steady industrial offtake.
• The end of the month saw a continued fall in rates as retail demand plummeted on high import costs, with the metal ending the month at a monthly low of Rs.48,500 per kg on 30 September, with prices falling by 6% during the month.

Trend of Silver Rate in Kolkata for August 2019 (rates per kg)

Also Check Silver Price in Metro Cities

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

Trend of Silver Rate in Kolkata for June 2019 (rates per kg)

• There was a rose in silver offtake after the metal opened the month at Rs.39,400 per kg as renewed global uncertainty over the impact of trade disputes dented investor confidence in equity investments.
• Silver rate in Kolkata rose to Rs.40,300 per kg on 6 June as the dollar dropped on weak U.S. jobs data, but a drop in local offtake resulted in prices falling marginally to Rs. 40,100 per kg from 14-18 June.
• A steady U.S. dollar rate dampened interest from coin makers, but rising overseas industrial demand pushed prices up to Rs.41,500 per kg on 21 June. Local retail interest also rose on weak local equity performance, though prices dipped to Rs.41,200 per kg on 24 June.
• Silver price in Kolkata dropped marginally as the month progressed as the dollar recovered and domestic industrial demand fell, resulting in the metal trading at Rs.40,800 per kg to record a 3.55% overall rise in value during the month.

Trend of Silver Rate in Kolkata for May 2019 (rates per kg)

• Silver rate in Kolkata opened at Rs.40,500 per kg as sluggish industrial growth and weak retail demand capped price gains.
• Despite safe-haven sentiment due to the ongoing Sino-U.S. trade tensions, a strengthening dollar rate led to a reduction in silver imports, especially among local industrial units and coin makers.
• Silver rate in Kolkata fell steadily during the month, trading at Rs.39,700 per kg on 17 May as the Huawei crisis dented industrial orders, with prices plunging to Rs.39,200 per kg on 20 May.
• Weak U.S. jobs data led to the dollar slipping as local interest in silver saw the metal trade at Rs.39,500 per kg on 27 May, but rates fell to Rs.39,400 per kg when the month ended.

Trend of Silver Rate in Kolkata for April 2019 (rates per kg)

• The silver rate in Kolkata at the start of the month of April stood at Rs.40,600 per kg. The price remained stagnant from the end of the previous month.
• As the local and industrial demand for the white metal rose amid a repressed dollar value, the price of silver in the city too inclined and traded at Rs.41,000 per kg on 9 April.
• Following the surge, weak economic trends prevailed, and the value of silver then plummeted to Rs.40,200 per kg on 15 April. This was the lowest price point of the metal for the month.
• Silver price in Kolkata then never really recovered, and stood at Rs.40,200 per kg on the 24th. This was also the lowest point for the metal in the month. The metal the marginally rose to Rs.40,500 per kg at the end of the month, recording a declining percentage trend of 0.24% for the month.

Trend of Silver Rate in Kolkata for March 2019 (rates per kg)

• Demand for silver in Kolkata was weak as a recovering U.S. dollar and stagnant demand from local industrial units and coin makers reduced offtake during the month after the metal opened at Rs.42,700 per kg.
• Prices dropped to Rs.41,000 per kg on 7 March as positive U.S. jobs data bolstered the equity market and reduced interest in bullion, with local demand unable to sustain prices.
• Silver prices rose briefly to Rs.41,500 per kg on 12 March but constant fluctuations in overseas demand and static interest from the local retail sector saw prices drop to Rs.40,800 per kg on 18 March.
• There was a momentary rise in price as silver traded at Rs.41,300 per kg on 23 March on a slump in the U.S dollar rate but declining demand capped gains as the metal ended the month at Rs.40,600 per kg to record a loss in overall value of 4.91%.

Trend of Silver Rate in Kolkata for February 2019 (rates per kg)

• Despite steady local demand, silver prices in Kolkata dropped after opening at Rs.43,900 per kg due to demand vagaries and a fluctuating dollar rate.
• Silver rose to Rs.44,100 per kg on 5 February on steady industrial demand and rising interest from investors looking to hedge against equity losses, but prices dropped to Rs.43,100 per kg on 12 February as the rupee fell heavily against the dollar.
• Poor Asian offtake due to the ongoing Sino-U.S. trade dispute affected global demand, though fears over the economic impact of Brexit and geopolitical tensions in the U.S. boosted prices to Rs.43,900 per kg on 21 February.
• Prices fell marginally as local demand dropped due to a recovering dollar, as overseas offtake was muted amidst positive economic data, resulting in silver trading at Rs.43,300 per kg on 28 February as the metal lost 1.36% in value during the month.

Trend of Silver Rate in Kolkata for January 2019 (rates per kg)

• A steady rise in retail demand and stable industrial offtake boosted silver rates in Kolkata after the metal opened at Rs.41,500 per kg on 1 January.
• Fluctuations in the dollar rate due to market volatility as well as the government shutdown spurred greater interest in bullion as prices rose to Rs.42,700 per kg on 13 January.
• Demand vagaries resulted in silver rates falling marginally as the metal traded at Rs.41,800 per kg on 22 January before rising local retail sales propped up prices.
• Despite the dollar rising and markets stabilising after the shutdown ended, demand for silver continued to rise with the metal closing the month at Rs.43,900 per kg to record a 5.78% rise in value over the course of the month.

Silver as an Investment in Kolkata

• Jewelry and Silverware – Jewelry has been the preferred choice of investment among most households in Kolkata and accounts for a major chunk of all silver utilization. While investing in jewelry and silverware is considered a safe option what one fails to realize is that they get less value for their money. Wastage and making charges increase the money paid to purchase silver items.

• Silver Coins – Silver coins can be purchased according to weight and coins offered by certain countries are considered legal tender, which can be used as currency. Investors can opt for coins by weight, ranging from 1 g to 10g, depending on their needs. These coins can be readily sold or melted, offering cash when needed.

• Silver Bars – Large investors and industrialists prefer to invest in silver bars. These bars can weigh around 1 kg and are an excellent source of investment for those who wish to store large quantities of silver. These bars can be molded into jewelry or could be used for manufacturing purposes.

• Commodity Futures Exchange – Commodity Future Exchanges can be a nice investment option for those who are looking to buy silver in bulk. Big buyers of silver can purchase it directly through commodity futures exchange, which generally deal in silver weighing more than several kilograms.

Trend of Silver Price in Kolkata

Silver rate in Kolkata have seen some fluctuations due to prevailing economic conditions as well as local demand. Silver was priced at Rs.41,500 per kg in January and registered a steady rise, peaking at Rs.43,900 per kg when the month ended. Prices continued to climb during the next two months, reaching a high of Rs.44,100 per kg on 5 February before sluggish demand and high import costs derailed demand.

The new financial year saw silver trade at Rs.41,000 per kg in April, though sluggish offtake remained. This downward trend was recorded during May and June as well, with prices dropping to Rs.39,400 per kg in June.

There was a revival in demand during July, as rampant market uncertainty over Brexit and the U.S.-China trade deal dampened equity interest, as silver surged to Rs.44,900 per kg on 25 July to record a staggering 10.61% rise in value. August saw a further spike in demand, as industrial demand peaked despite a steady dollar, which generally lowers local demand. Silver price in Kolkata reached highs of Rs.52,200 per kg on 29 August, though demand petered down in September with the metal falling to Rs.48,500 per kg on 30 September.

Also Check Silver Price in NearBy Cities of Kolkata

Places to Buy Silver in Kolkata

Buying silver in Kolkata is not a hard task and one can purchase it at any of the major jewelers across town. Some of the bigger jewelers who offer good rates on silver are Nisso’s, Jalan Debi Dutt Jewellers, Saraf Jewellers, Senco Jewellery Palace and Balajis. Some of the bigger banks also sell silver which can be purchased from specified branches. Smaller jewelers and pawn shops which sell silver can be found across the city, catering to the needs of individual clients.

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