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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.
Also Check Silver Price in NearBy Cities of Madhya Pradesh
| Silver Rate in Indore | Silver Rate in Bhopal |
