Silver Rate in Madhya Pradesh

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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.

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 March 2020 (rates per kg)

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

• Silver opened on a relatively high price of Rs.50,300 per kg because of its appeal as a safe haven increasing with worries of the coronavirus outbreak affecting stock markets globally.
• The white metal hit its highest price on 24 February at Rs.52,900 per kg as the World Health Organisation announced the coronavirus outbreak as a global emergency, thus increasing the appeal of silver even more with Asian currencies and global currencies getting hit significantly.
• By the end of the month, being a leap year, on 29 February silver hit its lowest at Rs.47,400 as equities got sold aggressively around the world with the coronavirus spreading beyond China’s borders to six more countries.
• The overall trend in February was –5.76% due to the impact of the coronavirus on the global economy and stock markets.

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

• Silver price stood at Rs.50,300 per kg on 1 January in the state of Madhya Pradesh. Compared to the previous month’s closing prices, the rates slipped by Rs.600 per kg.
• Due to the ongoing tensions between the United States and Iran, the rates of silver recorded its highest for the month in the state on 8 January. A kilo of the white metal was traded for Rs.52,600 per kg on that mentioned date.
• The rates of the precious metal fluctuated a lot as investors feared that the demand for the metal would drop given the outbreak of the deadly coronavirus in China. Due to such concerns, investors shifted to the bullion as a safe haven asset.
• Silver’s overall performance in the state showed a declining trend of 0.19% over the month. It was accounted to the metal taking a hit in its demand due to tensions in Middle East and the World Health Organization (WHO) declaring coronavirus as a global epidemic. The rates closed the month in the state at Rs.50,200 per kg.

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

• In Madhya Pradesh, price of silver stood at Rs.48,100 per kg on 1 December. In comparison to the previous month’s closing price, the rates of the white metal in the state remained unchanged.
• There was no change in the rates when compared to the previous month’s closing price. The rates of the white metal were on an upward curve over the course of the month.
• The rates slipped to Rs.46,400 per kg on 10 December with investors awaiting further updates on the trade deal between Beijing and Washington.
• As the Senate voted for the impeachment of US president, the rates climbed in the third week. Silver was priced at Rs.48,200 per kg in Madhya Pradesh as of 21 December.
• In Madhya Pradesh, silver closed the final month of 2019 at Rs.50,900 per kg. This was the highest recorded price of the white metal in the city for the entire month. The overall performance over the course of the month was 5.82%, trending upwards.

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

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

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

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

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

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

• At the start of the month, silver rate in Madhya Pradesh stood at Rs.39,400 per kg. This was the same price it traded at during the end of the previous month. The price of the metal remained stable primarily due to stagnant demand. This was the lowest the metal was trading at for the month.
• As the Federal Bank’s decision to cut interest rates caused speculation in a declining economic growth, the dollar value dipped. This caused the price of silver to rise to Rs.40,100 per kg on June 14.
• The white metal then hit a monthly high on June 21 as the Federal Reserve Bank signaled it was on the verge of cutting interest rate. During this time, silver traded at Rs.41,500 per kg.
• The month ended with silver trading at Rs.40,800 per kg, recording a 3.55% monthly incline.

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

• In May silver prices opened at Rs. 40,500 per kg, slightly lower than the opening price of Rs. 40,600 per kg the previous month due to drop in bullion demand globally.
• Silver prices dropped in the middle of the month as dollar gained value and markets saw a rise due to robust performance of the US economy in the first quarter of the current fiscal year.
• Industrial slowdown in China due to US-China trade war led to reduced demand for the precious metal and silver prices dropped to their lowest during 20-22 May as local demand could not upset the price decline.
• Silver price saw a marginal increase towards the end of the month but still closed at a low of Rs. 39,400 per kg as a result of weak local and global demand.

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

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

• Silver rate in Madhya Pradesh for March began at a decline from the previous month. The price of the metal was Rs.42,700 per kg. At the same time, the US dollar rose in value over other currencies while equities uncharacteristically dipped in value. This was the highest the metal traded at for the month.
• The price of silver declined further on 7th after the European Central Bank postponed their decision to hike interest rates. The price of silver dropped to Rs.41,000 per kg.
• On 29th of the month, silver traded at its lowest for March. It was priced at Rs.40,200 per kg while equities too dipped in value during this time.
• Silver witnessed a declining trend for the month of March as the percentage change in price was recorded at -4.91%. The month ended with silver trading at Rs.40,600 per kg.

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

• As the local demand for the white metal was poor when trading for silver commenced for the month of February, silver prices dropped after opening at Rs.43,900 per kg.
• Though silver prices picked up and traded at Rs.44,100 per kg on 5 February due to the high industrial demand for the metal, it quickly dropped to Rs.43,100 per kg on 12 February as the rupee fell heavily against the dollar.
• Though the ongoing Sino-U.S. trade dispute affected the global demand of silver, investors feared the economic impact of Brexit and geopolitical tensions in the U.S. which boosted silver prices in Madhya Pradesh to Rs.43,900 per kg on 21 February.
• The price of the metal fell to Rs.43,300 per kg on 28 February as the dollar recovered and the value of the white metal fell by 1.36% during the month of February.

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

• The month began with silver priced at Rs.41,500 per kg on the 1st with steady demand from domestic industries and coin manufacturers amid firm market trends overseas.
• Demand picked up during the next two weeks with domestic retailers and jewellers ramping up purchases amid the ongoing wedding season. This led to silver prices surging to Rs.42,800 per kg on the 10th amid the favourable market trend domestically.
• However, a decline in industrial orders from the Asian continent to the US’s trade sanctions on the China led to silver prices in Madhya Pradesh plunging to Rs.41,800 per kg on the 22nd.
• With investors mulled over speculations of a possible government shutdown and the Brexit’s economic impact, demand surged towards the end of the month and silver was priced at a monthly high of Rs.43,900 per kg on the 31st.

Trend of Silver Rate in Madhya Pradesh for December 2018 (rates per kg)

Silver Rate Trend in Madhya Pradesh for December 2018:

• Positive overseas cues and a rising rupee boosted silver rates in Madhya Pradesh after the metal opened at a lacklustre Rs.38,500 per kg on 1 December.
• Local industrial offtake rose as the rupee strengthened, with demand from coin makers and the retail sector also bolstering the metal’s prices which rose to Rs.40,500 per kg on 16 December.
• Economic uncertainty over the impact of China’s slowing growth and the Brexit crisis affected equity markets and the dollar which prompted increased investor offtake in silver futures.
• The U.S. government shutdown impacted global markets and currencies, as silver demand rose steadily to close trading on 31 December at a monthly high of Rs.41,500 per kg on consistent overall growth.

Trend of Silver Rate in Madhya Pradesh for November 2018 (rates per kg)

Silver Rate Trend in Madhya Pradesh for November 2018:

• Interest in silver saw a steep decline as global demand for the metal was on the wane due to steady stock markets and a resurgent dollar.
• The industrial metal was priced at Rs.40,900 per kg on 1 November and reached a high of Rs.41,500 per kg on 6 November as retail demand spiked due to the festive season.
• As the rupee continued to weaken against the dollar and the Sino-U.S. trade dispute dragged on, there was a steady drop in both domestic and overseas industrial demand.
• Prices failed to recover in spite of turbulent equity markets, resulting in silver prices in Madhya Pradesh trading at Rs.38,800 per kg on 30 November and recording a 5.13% loss in value.

Trend of Silver Rate in Madhya Pradesh for October 2018 (rates per gram)

October 2018 - Week 1 (1-7):

• The silver rate in Madhya Pradesh when the week began on 1 October stood at Rs.41,100 per kg as demand from industries rose to favourable overseas cues.
• Silver rates inclined marginally to Rs.42,000 per kg on 3 October amid strong demand from the local industries and coin makers due to strong global cues.
• The white metal traded at Rs.41,900 per kg when the week ended on 7 October, registering a rise of Rs.800 per kg when compared to the opening rate of this week.

October 2018 - Week 2 (8-14):

• Silver opened trading at Rs.41,500 per kg when the week opened on 8 October with weak but steady demand from industries amid a recovering US dollar and the equity market.
• With a strong US greenback against other apex currencies coupled with subdued demand for the white metal, prices fell to Rs.41,100 per kg on 11 October.
• The industry metal closed the week trading at Rs.41,500 per kg amid an increase in demand from industries and coin makers.

October 2018 - Week 3 (15-21):

• On the third week of October, silver rates in Madhya Pradesh saw it open the week trading at Rs.41,900 per kg after a drop in the US dollar rate which led to a price increase.
• However, with the US dollar gaining over other apex currencies, demand for silver declined and was seen trading at Rs.41,400 per kg on 17 October.
• As the week progressed, silver recovered to Rs.41,700 per kg on 18 October before dropping to Rs.41,500 per kg on the last day of the week mainly due to the strengthening of the US dollar.

October 2018 - Week 4 (22-28):

• The fourth week of the month saw silver open the week trading at Rs.41,500 per kg as the local market saw an increase in sales due to a depreciating dollar.
• With a volatile market along with fluctuating rupee-dollar exchange rates, silver prices in Madhya Pradesh inclined to Rs.41,900 per kg on 24 October.
• Silver ended the week trading at Rs.41,700 per kg on 28 October in the back of steady demand from local industries and coin makers.

October 2018 - Week 5 (29-31):

• Silver traded at Rs.41,600 per kg when the week began amid a slight increase in the exchange rate of the US dollar prompting a decline of Rs.100 per kg compared to last week.
• Silver ended the week at Rs.41,200 per kg on 31 October due to weak demand for the white metal as the US greenback appreciated over other currencies.
• Silver price trend in Madhya Pradesh during October witnessed a rise of 0.24% mainly influenced by the fluctuating US dollar.

Trend of Silver Rate in Madhya Pradesh for September 2018 (rates per gram)

September 2018 - Week 1 (1 - 8):

• Silver was priced at Rs.40,000 per kg on the 1st when trading began for the month in Madhya Pradesh with subdued local demand amid uneven market trends overseas.
• Silver rates rose by Rs.100 to Rs.40,000 per kg on the 2nd before dropping to a monthly low of Rs.39,500 per kg on the 5th after the US dollar index rose against a basket of other emerging currencies on the back of the well-performing equity markets.
• When trading concluded for the week, the white metal prices were recorded holding at Rs.39,700 per kg on the 8th with investors gravitating towards safe-haven assets amid the worsening trade dispute between the United States and China.

September 2018 - Week 2 (9 - 15):

• The second week began with silver rate in Madhya Pradesh holding at Rs.39,700 per kg on the 9th with steady global demand from investors and other market participants.
• Prices remained untouched at Rs.39,700 per kg until the 13th with demand on the rise following the poor US inflation data.
• Silver was recorded trading at Rs.39,800 per kg on the 14th before plunging to Rs.39,500 per kg on the 15th with local demand capped by the recovering US dollar index and rising equity markets.

September 2018 - Week 3 (16 - 22):

• Trading commenced for the week with silver priced at Rs.39,500 per kg on the 16th with subdued but steady local demand from industries and coin makers amid the weak trends overseas.
• The 17th saw silver price in Madhya Pradesh surging to Rs.39,700 per kg before rising further to Rs.40,000 per kg on the 18th on account of strong retail demand at the domestic level.
• Silver was priced at Rs.39,800 per kg and Rs.40,000 per kg on the 18th and the 19th before closing at Rs.40,100 per kg on the 22nd amid the positive market trends overseas.

September 2018 - Week 4 (23 - 30):

• The last week began with the industrial metal prices holding at Rs.40,300 per kg on the 23rd with domestic markets capitalising on the back of the weakened US dollar index and losing equity markets.
• Though prices dropped to Rs.40,000 per kg on the 24th for a short period, silver rates picked up the next day to trade at Rs.40,200 per kg on the 25th.
• Silver prices surged to a monthly high of Rs.41,200 per kg on the 29th and the white metal continued trading at the same rate for the rest of the month with strong local demand amid positive global cues.
• Madhya Pradesh recorded an incline of 3% in silver trade, thanks to the positive market trends overseas that pushed local demand higher during the course of the month.

Trend of Silver Rate in Madhya Pradesh for August 2018 (rates per kg)

August 2018 - Week 1 (1 - 05):

• Silver in the state of Madhya Pradesh was priced at Rs.41,400 per kg at the start of week 1. This was the highest that silver was recorded at for the month.
• On August 4, the silver price in the state increased by Rs.200 per kg due. This may have been caused due to increased demand from local jewellers and industries . On this day, the metal was recorded at Rs.41,300.
• At the end of the first week of August, silver was trading at Rs.41,300 per kg. An increased demand for the metal recorded earlier that week did not affect the price of the metal.

August 2018 - Week 2 (6 - 12):

• Week 2 began with silver being priced at Rs.41,300 per kg in Madhya Pradesh.
• The state witnessed a hike in the price of silver as it stood at Rs.41,400 per kg on 9 August. The dollar was observed to have declined in value in comparison to other currencies during this point of the week. It is also worthy of noting that silver was at its highest point of the month on this day.
• Week 2 closed with silver dropping in value to Rs.41,200 per kg.

August 2018 - Week 3 (13 - 19):

• Silver was recorded at Rs.41,200 per kg at the start of week 3.
• Silver declined in value after the US economy experienced positive trends after they had released their employment data. On 16 August, the metal traded at Rs.39,900 per kg.
• A rise in demand for the metal was observed on the last day of week 3, thereby increasing the price of silver to Rs.40,000 per kg.

August 2018 - Week 4 (20 - 26):

• There was no variation in the price of silver at the start of week 4 as silver still stood at Rs.40,000 per kg.
• The dollar rose in value on 23 August which depleted the value of the metal in Madhya Pradesh. Silver was trading at Rs.39,900 per kg, a Rs.100 decline in value.
• At the end of week 4, silver experienced a surge in its price as it was recorded to be valued at Rs.40,200 per kg.

August 2018 - Week 5 (27 - 31):

• Rs.40,200 per kg is what silver was trading at on the first day of week 5.
• Silver then increased in value as domestic demand from local jewellers and industries for the metal rose.
• Madhya Pradesh experienced a negative trend in silver prices of -2.65%. The month ended with silver being priced at Rs.40,300 per kg.

Trend of Silver Rate in Madhya Pradesh for July 2018 (rates per kg)

July 2018- Week 1 (1-10)

• In Madhya Pradesh, the price of silver stood at Rs.42,800 per kg on 1 July 2018.
• On 3 July 2018, a slight fall in silver prices was noted when the metal fell by Rs.400 per kg and traded at Rs.42,400 per kg. The fall in silver prices was primarily due to a dip in the demand for the metal.
• However, demand for silver picked up mid-week in Madhya Pradesh and the prices for the metal increased. The silver price stood at Rs.42,800 per kg, a Rs.400 per kg increase, compared to the previous day.
• The highest silver price for the month of July in Madhya Pradesh was recorded on 9 and 10 of July when the metal traded at Rs.42,900 per kg. Positive market trends and the declining US dollar rate over all other currencies contributed to the hike in silver prices.

July 2018- Week 2 (11-17)

• Though silver prices increased by the end of week 1, a fall in silver rates was noted on the first day of week 2. Silver fell by Rs.300 per kg and traded at Rs.42,600 per kg on 11 July. The price of silver is directly proportional to the demand for the metal. As the demand for silver from coin makers and industrial units fell, the price of silver fell gradually during week 2 of July in Madhya Pradesh.
• As the demand for the metal did not pick up but fell further, silver rates in Madhya Pradesh fell further and traded at Rs.42,200 per kg from 12 to 14 July.
• Though a small hike in silver rates was noted on 16 July when the metal price increased by Rs.100 per kg and traded Rs.42,300 per kg, silver prices could not be stable as the demand for the metal fell.
• On 17 July, silver prices fell by Rs.200 per kg and closed at Rs.42,100 per kg.

July 2018- Week 3 (18 - 24)

• On 18 July 2018, silver was priced at Rs.41,700 per kg in Madhya Pradesh. Silver prices fell by Rs.400 per kg compared to the previous day. The fall in silver prices was mainly due to poor demand.
• Throughout the month of July, no significant external factors affected silver rates negatively. Demand was the only reason silver rates fell throughout fell this week.
• However, on 20 July 2018, the US dollar value increased. As the value of the US dollar is inversely proportional to silver prices, the rate of silver fell when the US dollar value increased. On this day, silver fell by Rs.400 per kg and traded at Rs.41,300 per kg.
• From 21-22 July, silver was sold at Rs.41,700 per kg in Madhya Pradesh. As the demand from local merchants, jewelers, and coin makers increased, the price of the metal also went up.
• However, silver rates could not sustain against a strong US dollar and fell on 24 July to Rs.41,400 per kg.

July 2018- Week 4 (25 - 31)

• On the first day of week 4, silver increased by Rs.100 per kg and traded at Rs.41,500 per kg in Madhya Pradesh.
• A fall in the US dollar value was noted this week which made the price of silver increase in Madhya Pradesh. On 26 July, silver rates rose to Rs.41,800 per kg. However, in the following days of the week, silver prices could not remain steady and fell due to poor demand.
• As on 28 - 29 July, the price of silver stood at Rs.41,200 per kg. This was the lowest silver rate recorded for the month of July in Madhya Pradesh.
• Silver closed at Rs.41,400 per kg.
• Overall, silver rates in Madhya Pradesh for the month of July fell by 3.27%.

Trend of Silver Rate in Madhya Pradesh for June 2018 (rates per kg)

June 2018 - Week 1 (1 - 10):

• When the week started, silver rates in Karnataka were recorded at Rs.42,800 per kg on 1 June. The demand for the metal from local industries and coin manufacturers remained stable amid positive overseas trends.
• With the US dollar growing stronger day by day against other major emerging apex currencies, silver rates fell to the monthly low of Rs.42,600 per kg on 2 June.
• Silver rates remained stable till 5 June due to subdued local demand coupled with declining interest overseas led to rates stagnating.
• Silver prices fell further to Rs.43,600 per kg on 8 June on steadily declining demand.
• Prices rose to Rs.43,700 per kg on 9 June as the value of the US dollar fluctuated and markets got jittery just before the summit.
• Silver closed at Rs.43,700 per kg on 10 June on steady domestic demand and positive overseas trends.

June 2018 - Week 2 (11 - 17):

• As the industrial demand of the metal picked up, there was a small hike in silver prices at Rs.43,900 per kg on 11 June. On the other hand, investors were capitalising on the previous session’s gains on the commodity markets.
• Due to positive investor sentiments, silver prices in Karnataka continued to rise and traded at Rs.44,000 per kg on 12 June. However, prices quickly fell to Rs.43,900 per kg on 13 June.
• Silver traded at Rs.44,300 per kg on 14 June as local coin makers increased.
• Prices surged to Rs.45,000 per kg on 15 June, the highest rate for the month of June in Karnataka.
• In the next few days, the price of the metal fell and traded at Rs.44,300 per kg for the rest of the week as the domestic demand for silver stabilised in spite of declining overseas interest.

June 2018 - Week 3 (18 - 24):

• Silver prices fell drastically on the first day of week 3 as the value of the US dollar grew stronger. On this day, the metal traded at Rs.43,400 per kg.
• Poor demand from industrial units coupled with a strengthening U.S. Dollar led to a drop in the price of the metal across domestic and international markets.
• As the domestic demand for the metal picked up and traded at Rs.43,500 per kg on 19 June. But, the overall demand for the metal was poor due to to the steady equity and currency markets.
• The metal fell further to Rs.42,900 per kg on 21 June due to the impending Federal Reserve meeting and the expected schedule of interest rate hikes.
• Demand from local coin makers was flat due to the rising dollar, as the trade tariff crisis led to equity disturbances.
• The week ended with silver priced at Rs.42,900 per kg on 24 June.

June 2018 - Week 4 (25 - 30):

• Silver opened at Rs.43,200 per kg on 25 June. An incline of Rs.300 per kg in silver rates was noted on the first day of the week.
• Prices did not change much due to the fluctuating dollar throughout the week.
• The escalating of tensions between the United States and China over trade tariffs caused further fluctuations across global markets, though silver prices did not reflect a change.
• Silver rates fell to Rs.42,800 per kg on 29 June due to poor overseas demand.
• The month ended with silver priced at Rs.42,800 per kg on 30 June. The overall trend in silver prices remained steady throughout the month in Karnataka.

Trend of Silver Rate in Madhya Pradesh for May 2018 (rates per kg of silver)

May 2018 - Week 1 (1st - 6th)

• Silver was priced at Rs.42,000 per kg when trading started for the month of May - a considerably strong price compared to the previous day’s rates.
• Due to a steady rise in demand, silver rates went up to Rs.42,600 per kg on the 3rd of May. This rise in purchases was due to the US-China trade war concerns.
• The, then ongoing, hot and cold talks between North Korea and the US also helped with the price increase.
• After the US dollar regained some of its lustre, the white meta’s prices decreased. On the final day of this week, silver was seen trading at Rs.42,600 per kg.

May 2018 - Week 2 (7th - 13th)

• This week saw silver prices drop during the initial days before increasing as the days progressed.
• On the 7th of May, the white metal was priced at Rs.43,200 per kg as there was a steady demand for the metal in the market.
• However, rates went down to Rs.43,000 per kg after the US dollar started on a upward path and gained against various world currencies.
• As the tussle between the US and North Korea seemed to intensify, prices of precious metals were on the rise.
• Silver prices also recorded a slight rise with the metal trading at Rs.43,100 per kg on the 9th and then at Rs.43,300 per kg on the subsequent day.
• With local demand, particularly from jewellers and industries increasing, silver rates in Madhya Pradesh went further up to Rs.43,500 per kg on the 11th.
• For the remaining two days of this week, the white metal continued to trade at Rs.43,500 per kg.

May 2018 - Week 3 (14th - 20th)

• Third week’s trading started with silver opening at Rs.43,600 per kg on the 14th as there was speculations regarding the North Korea-US summit.
• On the 15th, the white metal was priced at Rs.43,300 per kg which then dropped to Rs.43,000 per kg as demand weakened locally amidst poor global cues.
• Prices went up to Rs.43,200 per kg on the 17th - a brief rise - before falling back to Rs.43,000 per kg on the 18th as the US dollar rose against other currencies.
• On the final day of this week, the metal was priced at Rs.43,100 per kg as there was a low yet steady demand in the local market.

May 2018 - Week 4 (21st - 27th)

• This week saw silver prices rise steadily as demand surged ahead of strong global cues.
• On the 21st of May, the white metal was priced at Rs.43,100 per kg. As tensions rose in key regions in Europe and the Middle East, demand for safe haven assets also increased.
• The 23rd saw silver trade at Rs.43,500 per kg before dropping by Rs.200 to Rs.43,300 per kg on the 24th of May.
• For the remaining few days of the week, silver rates remained steady and the metal was seen trading at Rs.43,600 per kg at the time of closing.

May 2018 - Week 5 (28th - 31st)

• The final week of May saw silver opening at Rs.43,000 per kg - a Rs.600 decline from the previous day’s rates.
• This rose slightly to Rs.43,100 per kg on the 29th as demand also decline ahead of increased buying from the local market.
• After US President Donald Trump confirmed that the cancelled summit with go ahead as planned, silver rates in Madhya Pradesh dropped further to Rs.42,900 per kg.

Trend of Silver Rate in Madhya Pradesh for April 2018 (rates per kg)

April 2018- Week 1 (1st - 7th)

• Silver opened the month in Madhya Pradesh trading at a stable Rs.41,400 per kg as a weak dollar and favourable cues kept demand steady.
• The industrial metal’s fortunes were tied to the volatile equity markets, which fell heavily due to trade tensions between the U.S. and China.
• Silver price in Madhya Pradesh rose to Rs.41,600 per kg on 3 April as local industrial units increased orders following a drop in the dollar rate.
• Investor interest in bullion kept prices steady as local demand began to fall, with silver trading at Rs.41,000 per kg on 5 April.
• Fluctuations in the price continued as the week drew to a close, with the industrial metal priced at Rs.41,200 per kg on 7 April after a marginal increase in overseas demand.

April 2018- Week 2 (8th - 15th)

• The second week saw silver continue to trade at Rs.41,200 per kg on 8 April before fluctuating equity markets led to an increase in demand.
• Local demand was steady as coin makers increased orders due to the low dollar rate, even though industrial demand was sluggish.
• Silver price in Madhya Pradesh rose to Rs.41,700 per kg on 11 April as European markets reacted negatively to poor U.S. economic data, increasing demand for safe-haven assets like bullion.
• Prices continued to rise during the week due to favourable cues, though local demand was static.
• Silver rate in Madhya Pradesh rose to Rs.41,900 per kg on 14 April as markets reacted to news of a chemical attack by the Syrian government against local citizens.
• There was no change in price as the week ended on 15 April, with local demand also rising.

April 2018- Week 3 (16th - 22nd)

• Silver opened the week at Rs.42,100 per kg as investors assessed the impact of the weekend airstrikes on Syria by U.S.-led forces.
• Local industry increased orders, capitalising on a weak dollar rate which would make silver imports cheaper.
• Prices rose to Rs,43,700 per kg on 19 April as trade tensions between the U.S. and China affected market performance across the globe.
• Demand for the industrial metal fell marginally in Asia as trade markets recovered from the week’s earlier losses.
• Silver rate in Madhya Pradesh rose to Rs.43,800 per kg on 20 April, with the price remaining the same till the end of the week.

April 2018- Week 4 (23rd - 30th)

• The last week of April saw silver price in Madhya Pradesh continue to fluctuate, with the metal trading at Rs.43,700 per kg on 23 April.
• Prices began to fall as investor interest in bullion dropped due to recovering stock markets.
• The dollar index rose as trade war fears relaxed, which further boosted global equity markets, as silver rate in Madhya Pradesh dropped to Rs.43,000 per kg on 26 April.
• Local industrial demand was on the decline as overseas trends pointed to a slowing down of demand, which pushed silver prices to Rs.42,800 per kg on 27 April.
• An impending interest rate hike coupled with positive market trends led to a sharp drop in interest in silver, which fell to Rs.42,300 per kg on 30 April.

Trend of Silver Rate in Madhya Pradesh for March 2018 (rates per kg)

Trend of Silver Rate in Madhya Pradesh for February 2018 (rates per kg)

February 2018 - Week 1 (1st - 4th):

• The month began in Madhya Pradesh with the white metal trading at Rs.42,600 per kg on the 1st after the US dollar weakened ahead of the US employment data. This was also the lowest monthly figure recorded in the city.
• Silver rate in Madhya Pradesh remained unaltered at Rs.42,600 per kg on the 2nd owing to strong domestic demand amid the positive global cues.
• However, the US dollar index rose against other emerging currencies after the US payrolls data proved to be stronger than expected. This led to silver price in Madhya Pradesh plunging to Rs.41,700 per kg on the 3rd.
• Thanks to the subdued but steady demand from industries and coin manufacturers, the rest of the week saw the industrial metal prices holding steady at Rs.41,700 per kg on the 4th.

February 2018 - Week 2 (5th - 11th):

• When trading commenced for the second week, silver was priced relatively lower at Rs.41,500 per kg on the 5th after demand for the metal declined amid weak global cues.
• Though rates rose to Rs.41,900 per kg the next day, silver price in Madhya Pradesh plunged to Rs.41,400 per kg on the 7th with the US dollar index rising against other apex currencies in the international market.
• Poor trends overseas compounded by weak demand resulted in silver rate in Madhya Pradesh dropping further to Rs.40,800 per kg on the 8th.
• The 9th saw the white metal rates rebounding to Rs.41,000 per kg following an unexpected incline in domestic demand despite the poor trend overseas.
• However, with the dollar and equities market performing well in the international trade, silver rates in Madhya Pradesh plummeted to Rs.40,600 per kg on the 10th. This was also the lowest recorded monthly figure in the State.
• The week concluded with the industrial metal trading at Rs.40,600 per kg on the 11th with poor demand amid the weak trends overseas.

February 2018 - Week 3 (12th - 18th):

• Poor dollar performances coupled with weakly performing equities resulted in silver prices rising considerably during the course of the week.
• The week began with silver priced relatively higher at Rs.40,900 per kg on the 12th with the US dollar losing ground ahead of the US inflation data.
• The next couple of days saw silver rate in Madhya Pradesh rising after markets awaited the inflation data for clues on the pace of Fed rate hikes during the year. The white metal was recorded trading at Rs.41,300 per kg on the 13th before rising to Rs.41,400 per kg on the 14th amid the positive trends overseas.
• Prices surged to Rs.41,800 per kg on the 15th before plunging to Rs.41,700 per kg on the 16th with the US dollar strengthening following the US inflation data.
• With investors and traders gravitating on safe-haven assets to hedge against inflation concerns, demand for the metal surged. This led silver price in Madhya Pradesh holding steady at Rs.41,700 per kg for the remainder of the week.

February 2018 - Week 4 (19th - 25th):

• The fourth week commenced with the industrial metal priced at Rs.41,600 per kg on the 19th.
• However, silver rate in Madhya Pradesh plunged to Rs.41,200 per kg the next day after the US dollar strengthened against other emerging currencies.
• Though rates remained untouched at Rs.41,200 per kg on the 21st amid the poor trends overseas, silver price in Madhya Pradesh rebounded to Rs.41,400 per kg the next day with an increase in demand from local industries and coin manufacturers.
• Prices surged further to Rs.41,600 per kg on the 23rd with the US dollar index and equities market losing in the international market.
• The 24th saw rates declining slightly to Rs.41,500 per kg after domestic demand stabilised amid the firm trends overseas.
• Thanks to steady demand from industries and coin makers, the rest of the week saw silver trading firm at Rs.41,500 per kg amid the positive trend overseas.

February 2018 - Week 5 (26th - 28th):

• When trading commenced for the last week, silver prices in Hyderabad were recorded holding at Rs.41,600 per kg on the 26th.
• With markets eyeing on the Federal Reserve Chairman Jerome Powell’s first congressional testimony, the US dollar weakened. This led to silver rate in Madhya Pradesh surging to Rs.41,700 per kg on the 27th.
• The month came to an end with the industrial metal trading at Rs.41,200 per kg on the 28th as the US dollar strengthened after Jerome Powell vowed to save the country’s economy from overheating while sticking to planned Fed rate hikes.
• Silver trade in Madhya Pradesh registered a loss of 3.28% during the course of the month.

Trend of Silver Rate in Madhya Pradesh for January 2018 (rates per kg)

January 2018 - Week 1 (1 - 7):

• Silver prices in Madhya Pradesh witnessed a steady rise in prices this week due to an increased demand from local coin makers and industrial units.
• Silver was priced at Rs.38,925 per kg, when the first month of 2018 opened for trading.
• Rates in fact surged significantly towards the later part of the month as the dollar fell and local demand boomed.
• This price then rose to Rs.39,115 per kg on the 2nd as there was an increased demand for purchases.
• On the 3rd, silver prices in Madhya Pradesh fell very slightly to Rs.39,110 per kg, before going up marginally to Rs.39,115 per kg on the 4th.
• Silver rates rose on the 5th to hit Rs.39,265 per kg as demand was on the rise - a considerably strong rise compared to sub par performance of the previous few days.
• This 6th and the 7th of January saw silver rates rise to Rs.39,355 per kg and hold on at this rate till the closing hours of the week.

January 2018 - Week 2 (8 - 14):

• Silver was recorded trading at Rs.39,265 per kg when the second week of January began on the 8th.
• However, silver prices in Madhya Pradesh dropped to Rs.39,110 per kg on the 9th after equity markets strengthened amid a strong dollar index, causing demand to drop.
• Silver rates continued to hold at Rs.39,110 per kg levels over the next few days as demand from industrial units and coin manufacturers remained steady.
• Silver rates in the nizam city surged to Rs.39,265 per kg before rising further to Rs.39,355 per kg on the 13th as the US dollar seemed to weaken amid growing concerns in the US.
• Strong industrial demand coupled with a positive trend overseas led to silver rates continue at at Rs.39,355 per kg at the time of the week’s closing on the 14th of January.

January 2018 - Week 3 (15 - 21):

• The third week of January started strongly due to a sudden burst in demand but rates fell as the week progressed and demand took a hit.
• SIlver was seen trading at Rs.39,680 per kg - a Rs.325 per kg incline - when trading commenced for the week.
• As mentioned above, rates seemed to be on the decline for much of the week after a strong start.
• Over the 16th and the 17th of January, silver rates held on at Rs.39,670 per kg as demand seemed to drop amid poor sales.
• Prices took a hit again on the 18th and they went down to Rs.39,265 per kg as local investors backed out from purchases as the US dollar seemed to rally.
• When the market closed for the 21st of January, the white metal was seen trading at Rs.39,265 per kg.

January 2018 - Week 4 (22 - 28):

• Due to a lack of clear stimulus silver rates saw little change over the fourth week of January - following the same trend as the previous week.
• The week however, began strongly with the metal being priced at Rs.42,000 as markets opened for the week on the 22nd of January.
• Silver continued to trade at Rs.42,000 per kg on the 23th as demand from local investors was steady.
• The white metal continued trading at Rs.42,000 per kg on the 24th as well before some changes led to price increase the next day.
• Overnight trading positions towards the 25th of January pushed silver prices to surge to Rs.43,100 per kg.
• Silver rates held on at Rs.43,100 per kg as demand from all investor circles - i.e., coin makers, jewellers, and industries remained flat.

January 2018 - Week 5 (29 - 31):

• When trading began for the final week in January, silver was priced at Rs.42,700 per kg, which was the highest silver rate for this month.
• Silver prices fell to Rs.42,200 per kg on the 30th - the second day of this week as the US dollar remained strong, thanks to a firm equity market.
• The 31st too saw silver rates continue at Rs.42,200 as the demand form the previous day continued to flourish.
• Strong global cues and a strong local demand heralded a record-breaking change in prices for the month of January.
• Silver price trends witnessed a massive 8.41% incline this month, owing to strong-than-ever sales.

Trend of Silver Rate in Madhya Pradesh for December 2017 (rates per kg)

December 2017 - Week 1 (1st to 10th)

• When trading commenced in Madhya Pradesh, silver was recorded trading at Rs.38,230 per kg on the 1st of December.
• Prices rose to Rs.38,815 per kg on the 2nd due to an increased demand from industries and coin makers amid the strong trends overseas.
• The US dollar, however, rose against a basket of other emerging currencies with the US tax reform plan edging a step closer to being passed. This led to silver rate in Madhya Pradesh dropping to Rs.37,965 per kg on the 5th.
• Despite poor trends overseas, domestic demand for the metal picked up. This led to silver price in Madhya Pradesh rebounding to Rs.38,395 per kg on the 6th.
• With the Republican tax bill being cleared by the US Senate, the US dollar regained lost ground over the next couple of days. This resulted in the industrial metal prices plunging to Rs.37,235 per kg on the 7th before plummeting to Rs.36,620 per kg the following day.
• A marginal increase in demand in the domestic trade amid the ongoing local wedding season led to silver prices rising to Rs.36,715 per kg as the week came to an end.

December 2017 - Week 2 (11th to 17th)

• The week began with silver trading slightly higher at Rs.36,920 per kg amid an improving demand for the metal.
• Silver Prices in Madhya Pradesh plunged to Rs.36,620 per kg on the 12th before dropping further to Rs.36,545 per kg - the lowest recorded monthly figure - on the 13th with the US dollar strengthening ahead of the US Federal Reserve’s monetary policy meeting during the week.
• However, the US dollar lost against other apex currencies after the Fed Reserve decided to raise its benchmark interest rates. This led to silver rates rebounding to Rs.38,395 per kg on the 14th.
• With the US dollar index recovering from the previous day’s losses amid the well-performing equities, demand for the industrial metal declined. This resulted in silver being priced at Rs.36,920 per kg over the next couple of days.
• The week concluded with the white metal prices holding at Rs.37,180 per kg on the 17th after the equities market declined against the new US interest rates.

December 2017 - Week 3 (18th to 24th)

• The third week opened with the industrial metal trading as high as Rs.38,395 per kg on the 18th amid firm trends overseas.
• Though prices plunged to Rs.37,800 per kg on the 19th with the US dollar attempting to make a comeback, an increase in demand by industrial units and coin manufacturers led to silver rates in Madhya Pradesh rebounding to Rs.38,395 per kg on the 20th.
• The uneven global trends coupled with significant demand vagaries resulted in prices fluctuating for much of the week.
• Silver was priced at Rs.37,705 per kg on the 21st with the US dollar gaining against other emerging currencies in the world market.
• The next few days saw the Asian stocks declining with the new US tax cuts. This led to an increased demand for safe-haven assets such as silver.
• The week concluded with the industrial metal trading at Rs.38,395 per kg on the 24th amid the strong trends overseas.

December 2017 - Week 4 (25th to 31st)

• The final week began with the white metal trading steady at Rs.38,395 per kg on the 25th amid firms global trends.
• Though prices plunged to Rs.38,005 per kg on the 26th owing to a decline in industrial demand, silver rates surged to Rs.38,275 per kg on the following day after the US dollar lost against a basket of other emerging currencies in the world markets.
• Strong demand from industrial units and coin manufacturers amid the positive overseas trends resulted in the metal being priced at Rs.38,275 per kg on the 27th.
• The weakened US dollar coupled with losing equities led to silver prices rising to Rs.38,815 per kg on the 29th which surged further to Rs.39,265 per kg - the highest recorded monthly figure - on the 30th.
• Trading concluded for the month with silver price in Madhya Pradesh holding steady at Rs.39,265 per kg on the 31st owing to strong investor sentiments and Madhya Pradesh registered a profit of 2.70% in silver trade during the course of the month.

Trend of Silver Rate in Madhya Pradesh for November 2017 (rates per kg)

November 2017 - Week 1 (1st - 5th)

• When the first week of November began in Madhya Pradesh, silver was priced at Rs.38,995 per kg. Silver prices were actually on the decline this month, owing to poor demand from investors in the city.
• A rise in demand on the 2nd, thanks to positive global cues, pushed silver rate in Madhya Pradesh up to Rs.39,950 per kg.
• Though, prices remained the same on the 3rd, silver rate in Madhya Pradesh dropped to Rs.39,355 per kg on the 4th as demand took a hit after the initial rise.
• When the week ended, the white metal was seen trading at Rs.39,355 per kg.

November 2017 - Week 2 (6th - 12th)

• When trade exchanges opened on the 6th, silver priced had jumped to Rs.39,365 per kg - a Rs.10 increase from the previous day’s closing rates.
• Silver rate in Madhya Pradesh surged up to Rs.40,040 per kg on the 7th as demand from local industrial units and coin makers rose significantly.
• Silver continued to trade at Rs.40,040 per kg over the next two days, i.e., on the 8th and 9th as well because of a stable demand.
• However, rates dropped to Rs.39,670 per kg on the 10th as demand reached saturation levels. This continued till the end of the week, ie., till the 12th.

November 2017 - Week 3 (13th - 19th)

• Silver price in Madhya Pradesh had dropped slightly to Rs.39,870 per kg when trading commenced for the third week of November.
• Prices rose for the next two days before tapering off briefly only to rise again amidst positive cues.
• On the 14th, silver traded at Rs.40,140 per kg. This then went up to Rs.40,240 per kg as offtake from local silver-reliant businesses increased.
• But, due to a decline in demand caused by a rising US dollar, silver rates went down to Rs.40,040 per kg.
• The 18th witnessed silver rates rising significantly for the metal to trade at Rs.40,520 per kg as demand surged in the local circles on the back of the UK-EU situation.

November 2017 - Week 4 (20th - 26th)

• Silver price in Madhya Pradesh had gone down to Rs.40,440 per kg when trading began on the 20th of November.
• Rates dropped over the next two days, with the metal selling at Rs.39,780 per kg on the 21st and then at Rs.39,265 per kg on the 22nd of the month.
• When trading opened on the 23rd, silver rates had gone up to Rs.40,060 per kg before selling at Rs.40,040 per kg the next day.
• Over the 25th and 26th of November, silver rates were holding at Rs.39,780 per kg.

November 2017 - Week 5 (27th - 30th)

• Silver rate in Madhya Pradesh dropped consistently over the final week of the month.
• When trading began on the 27th, the white metal was priced at Rs.39,780 per kg.
• Due to a drop in demand and subsequently the sales, silver rates fell to Rs.39,680 per kg on the 28th of November.
• The 29th again saw silver prices in Madhya Pradesh fall to Rs.39,115 per kg as the US dollar was holding out strongly
• When the month came to an end, silver was seen trading at Rs.38,640 per kg.
• Silver rates in Madhya Pradesh declined by 0.91% over this month due to poor demand and sales.

Also Check Silver Price in NearBy Cities of Madhya Pradesh

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