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Silver Rate in Madhya Pradesh
Silver is one of the important components of monetary reserves on a global scale. The price of silver depends on many factors such as falling industrial demand, gold-to-silver ratio and so forth. Geopolitical factors, currency rates, import duties, trade policies, gold prices in addition to silver importers, refiners, jewellery designers, merchandisers and market intermediaries play a role in price fluctuations of the white metal.
Silver is one of the sought-after precious metals in Madhya Pradesh in various forms. Silver coins are more popular vehicles of investment. Sterling grade or grade 925 comprising 92.5% silver and 7.5% copper in the form of sterling jewellery is popular. Folk ornaments made of silver amongst the rural populace are widely in demand.
- Also Know: Gold Rate In Madhya Pradesh
Details of Silver Price in Madhya Pradesh (1 Kg) - Till December 2015
Silver rate in Madhya Pradesh depends on several local, national and international developments. 1 kg of silver was pegged at Rs.35,956 as on December 2015. The price of silver has been on the decline since January this year when the metal was pegged at Rs.40283. The price of silver fell by -4.7% to Rs.38358 in February. The price of the white precious metal continued to slide further in March and April at Rs.38280 and Rs.38110 respectively. The price of silver, however, rose by 6.2% to Rs.40500 in the month of May. The price of the precious metal fell by -3.5% to Rs.39080 towards the end of the same month. In the following months, the price of silver fell by an average -1.7% to Rs.38410. Silver reached new lows in August before rebounding marginally in the month of September. 1 kg of silver which was pegged at Rs.36910 in October fell by -4.5% to Rs.35220 in November.
Silver as an investment
For many consumers in Madhya Pradesh, silver or ‘poor man’s gold’ is a valuable precious metal which is an effective hedge against overall inflation. Silver bars and coins are the most popular forms of investment. several jewellery exhibitions are regularly held across Madhya Pradesh offering a wide variety of traditional jewellery designs and customised pieces.
Physical silver: Silver in Madhya Pradesh is much sought-after in the form of 1 kg bars and coins. Various forms of silver jewellery, including but not limited to, temple jewellery besides artefacts are widely sold and bought. Silver articles meant for auspicious occasions is also popular in addition to intricate and antique silverware among others.
Silver contracts: Customers can trade in Multi Commodity Exchange,National Commodity & Derivatives Exchange and National Spot Exchange. Customers can choose from various sizes of contracts on MCX and can benefit from low impact costs. MCX Silver futures contract December 2015 fell by 8.25% to Rs.33,480 per kg in November.
Trend of Silver Rate in Madhya Pradesh for September 2017 (rates per kg)
|Parameters||Silver price (per 1 kg)|
|Silver rate on 1st September||Rs.40,390 per kg|
|Silver rate on 30th September||Rs.39,530 per kg|
|Highest Rate in September||Rs.41,900 per kg on 9 and 10 September|
|Lowest Rate in September||Rs.39,530 per kg from 28 to 30 September|
|Overall Monthly Performance||Decline|
September 2017- Week 1 (1 to 10)
- The price of silver was on the increase in the first week of September as a low U.S. dollar rate led to higher demand from overseas industrial units.
- Silver opened the week at Rs.40,390 per kg on 1 September, with the price remaining constant till 3 September due to consistent demand.
- Silver prices Madhya Pradesh rose to Rs.41,075 per kg on 4 September as local demand was also on the increase, as market fluctuations led to a drop in equity performance.
- There was a steady rise in the price of silver towards the middle of the week, with the metal trading at Rs.41,495 per kg on 6 September following the nuclear missile test by North Korea.
- Prices fluctuated slightly, with silver briefly falling to Rs.41,230 per kg on 7 September on poor local demand.
- Coin makers increased demand as the week drew to a close, which helped boost prices to Rs.41,675 per kg on 8 September.
- Demand continued to rise, trading at Rs.41,900 per kg as the week ended on 10 September.
September 2017- Week 2 (11 to 17)
- Silver price in Madhya Pradesh dipped to Rs.41,075 per kg on 11 September as the week began, with an increase in the dollar rate following the recovery of the markets.
- Silver fell to Rs.40,890 per kg on 14 September as fluctuating demand from overseas as well as domestic industrial units led to volatile prices.
- In spite of the threat of nuclear aggression with North Korea, the U.S. markets were calm in the second week, which led to a reduction in demand for silver.
- Prices did not change for the remainder of the week due to a decrease in demand from overseas industry and local coin makers.
September 2017- Week 3 (18 to 24)
- Prices dropped as the third week opened, with silver priced at Rs.40,440 per kg on 18 September.
- Silver trading was on the decline as there was an increase in the rate of the U.S. dollar, which led to lower demand for bullion.
- Silver prices in Madhya Pradesh fell to Rs.40,060 per kg on 20 September as the bullion markets did not see much in the way of trade.
- The fluctuations in demand led to prices falling to Rs.39,670 per kg on 21 September before prices stabilised at Rs.40,040 per kg on 22 September.
- Local demand continued to fall as the dollar rate was high, leading to static demand for silver.
- The week ended with silver priced at Rs.40,040 per kg on 24 September.
September 2017- Week 4 (25 to 30)
- The last week saw the price of silver remain more or less stable, though there were some fluctuations.
- Silver opened the week trading at Rs.39,670 per kg on 25 September before prices rose to Rs.40,520 per kg on 26 September due to a momentary dip in the dollar rate.
- Silver prices in Madhya Pradesh dropped to Rs.39,780 per kg on 27 September as the threat of further aggression by North Korea declined, giving rise to bullish markets.
- Strong markets in India as well as overseas led to a drop in demand for silver, which was manifested in the price falling to Rs.39,530 per kg on 28 September.
- There was no change in price as the month drew to a close, with silver prices in Madhya Pradesh falling by 2.12% over the course of the month.
Also Check Silver Price in NearBy Cities of Madhya Pradesh
|Silver Rate in Indore||Silver Rate in Bhopal|