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 August 2019 (rates per kg) 

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

Also Check Silver Price in Metro Cities

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.

Silver Price Trend in Kolkata

The price of silver varies according to market conditions and 1 kg of silver in Kolkata costs Rs 37,115 whereas 1 gm of silver costs Rs 39.70 (as of June 2015). Silver prices have been on a roller coaster ride over the last year, reaching a maximum of Rs 46,400 in July 2014 and coming to a low of Rs 33,700 in December. The average price has hovered around the Rs 40,000 in the last year.

The current market rate offers an excellent opportunity to invest in silver as costs are expected to go up in the near future.

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.

Read more on Silver

• Mining For Silver
• How To Know The Purity Of Silver
• Need For Silver In Industries
• Silver Bars And Coins For Purchase
• Why To Invest In Silver
• Silver Price in COMEX