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Silver Rate In Kozhikode
Kozhikode occupies an important position in Indian history, with it being the gateway for Vasco Da Gama to enter Indian shores. The city, formerly known as Calicut has been a major centre for trade and commerce, with many foreign powers trying to establish base here. Healthy trade and abundant resources contributed to it becoming a rich city, with it holding on to its past heritage even today. Modern Kozhikode is known for its quality of living, with residents known to be prosperous and wealthy. This wealth has resulted in a love for precious metals, including silver, which was used as currency during its trading era.
Silver rates in Kozhikode closely reflect international trends, primarily due to the fact that a majority of the silver used here is imported from other places.
Trend of Silver Rate in Kozhikode for June 2017 (rates per kilogram)
|June 1 Rate||Rs.40,500 per kg|
|June 30 Rate||Rs.39,100 per kg|
|Highest Rate in June||Rs.40,600 per kg from 5-8 June|
|Lowest Rate in June||Rs.38,600 per kg on 21 June|
|Overall Monthly Performance||Decline|
June ’17- Week 1 (1 to 4)
- Silver prices in Kozhikode reflected trends seen across other Indian cities, with the price of silver fluctuating in the first week of June.
- The white metal was priced at Rs.40,500 per kg on 1 June, with the price falling to Rs.39,800 per kg on 2 June due to a dip in demand.
- Industrial demand was on par with expectations, however domestic demand was muted which led to a marginal drop in silver’s value.
- The metal rose to Rs.40,400 per kg on 3 June with the price remaining constant as the week ended on 4 June.
June ’17- Week 2 (5 to 11)
- The second week of June saw demand for silver rise due to instability across markets as silver opened the week trading at Rs.40,600 per kg on 5 June.
- As industrial demand was consistent, prices remained constant for a few days before local demand declined and silver rates dropped to Rs.40,200 per kg on 9 June.
- The recovering U.S. dollar led to a decline in overseas demand for silver as prices fell to Rs.39,900 per kg on 10 & 11 June.
June ’17- Week 3 (12 to 18)
- The projected impact of GST on the economy resulted in markets falling, though this had a negligible bearing on the silver price in Kozhikode.
- Silver traded at Rs.39,725 per kg on 12 June as coin makers reduced demand for the metal due to an increase in the dollar rate, making imports more expensive.
- European markets were also bullish, resulting in a decline in industrial demand from the continent as silver prices dropped to Rs.39,200 per kg on 14 June.
- The downward slide continued as the week progressed, with silver trading at Rs.39,000 per kg on 18 June as the week ended.
June ’17- Week 4 (19 to 25)
- The rate of silver in Kozhikode in the fourth week continued to fall due to a decline in demand for the metal as the U.S. dollar experienced a revival in fortune.
- Silver traded at Rs.38,700 per kg on 19 June and fell to Rs.38,600 per kg on the subsequent day as industrial demand from Asia was muted.
- Prices recovered briefly towards the middle of the week, as silver traded at Rs.38,900 per kg on 22 & 23 June due to a rise in demand from coin makers.
- Rates plunged to Rs.39,000 per kg on 24 June as markets were stable and investors moved away from investments in bullion.
- The week ended with silver trading at Rs.39,000 per kg on 25 June.
June ’17- Week 5 (26 to 30)
- Demand for the white metal did not improve in the last week of June though there were minor shifts in the price.
- Silver traded at Rs.39,000 per kg on 26 June before falling to Rs.38,700 per kg on 27 June on account of a reduction in overall demand.
- The price rose to Rs.39,300 per kg on 28 June as domestic industrial demand increased in the run-up to the imposition of the new tax regime.
- Prices were more or less stable, with a few minor fluctuations for the rest of the week, culminating in silver trading at Rs.39,100 per kg on 30 June.
Silver As An Investment
Silver might not be considered as important as gold, but it has been a crucial ingredient in our life for centuries, with its versatility and utility helping it hold its own. A safe and affordable investment option, silver provides an opportunity to people from the middle class and lower income groups to own a precious metal. The demand for silver from various industries has resulted in it being in demand, making investments in silver highly liquid and sensible. Today, silver finds a place in the investment portfolio of millions, thanks to people looking for diverse modes of investment.
Silver contracts and purchasing silver in its physical form are two of the popular investment modes for silver in India.
Silver contracts – The National Multi Commodity Exchange, the National Commodity and Derivatives Exchange and the Multi Commodity Exchange offer a platform for people to indulge in silver trade through contracts. This mode of investment is not extremely popular in Kozhikode and is limited to a certain section of the population. Indulging in silver trade through contracts typically revolves around purchasing huge quantities of silver, which could expose one to market risks. Individuals who have an idea about market functioning and those with a penchant for predicting markets can utilise this to their advantage.
Physical silver – Silver contracts and other forms of trade aren’t very popular in India, with a majority of the population choosing to invest in physical silver, be it through coins, bars, jewellery or utensils. Silver jewellery is an affordable option to those who cannot invest in gold, with a number of shops across the city offering products for every budget. Popular silver jewellery pieces include chains, rings, anklets, bracelets, etc. Individuals looking to buy silver as an investment can purchase pure silver coins or bars, which are available in different weight categories. Silver utensils are traditionally found in most local households, and are considered integral to the way of life here.
Silver Price In Kozhikode
The current price of silver is calculated after taking a number of factors into account, with the international prices having a major impact on the cost one pays in Kozhikode. The current cost of 1kg silver in the city is Rs 39,188 (as of March 2, 2016). According to recent trends, prices could increase in the future, making this the right time to purchase this versatile metal.
Also Check Silver Price in NearBy Cities of Kozhikode
|Silver Rate In Trivandrum||Silver Rate In Kochi||Silver Rate In Kannur|
|Silver Rate In Malappuram||Silver Rate In Salem||Silver Rate In Madurai|
|Also Know: Gold Rate In Kozhikode|
Read more on Silver
- About Silver Mining
- Are Long Term Silver Investments a Good Idea?
- How to Find Certified/Authentic Silver
- Silver – Poor Man’s Gold
- What are Silver Futures?