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 July 2020 (rates per kg)

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

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

• In Madhya Pradesh, the white metal rates had kicked off the month being priced at Rs.42,530 per kg and then went through a lot of fluctuations throughout the rest of the month. With a lot of tensions cropping up across the world, the appeal of silver has a safe-haven had started to increase. During the first week of May, after having opened at Rs.42,530 per kg, the rates of the precious metal had dipped over Rs.1,000 per kg. The rates of the metal had increased after a dip during the previous session as the U.S. had released weak economic data and this had underscored the impact of the Coronavirus. Investors all across the world were waiting for the U.S. to release its jobless claims report. The first week of the month had ended with the metal standing at Rs.43,510 per kg.
• The next week kicked off with the metal being sold at Rs.43,610 per kg. 10 May and 11 May had seen the rates of silver dip to Rs.43,090 per kg. The prices had fallen as the U.S. dollar gained from rapid safe-haven buying. This was led by the fears of one more possible wave of the coronavirus impacting the economy. By 15 May, the rates of the metal had increased to Rs.43,160 per kg. The prices of the white metal had increased and the price hike was led by the increasing U.S.-China tensions. On 16 May, silver stood at Rs.46,900 per kg. The rise in price had again been led by the trade tensions between the two countries and this had added to the growing fears over the global economy weakening.
• The silver rates during in the third week of the month in this state had kicked off at Rs.43,160 and had then risen to Rs.46,900. The with prices had been rising through the week, and the week had closed with the metal being priced at Rs.48,200 per kg. The increase in prices is because of the U.S. jobs data which showed a very weak economy. The tensions of the US-China trade relations had also led to the appeal of safe-haven metal.
• By 24 May, the metal had been trading at Rs.48,360 per kg. The rates of silver had reached its highest point for May by 25 May 2020. On this day, the metal price had increased by Rs.3,040 and stood at Rs.51,400 per kg. The prices had edged higher because of the concerns over the tensions between the U.S. and China. This had taken a toll on the investors’ risk appetite. The rates had then dropped by Rs.3,400 to Rs.48,000 per kg by 26 May. The price had increased by Rs.700 to Rs.48,700 per kg by 27 May, and 28 May had seen the rates of the metal dip by Rs.790 to Rs.47,910 per kg. May had come to an end with the white metal being priced at Rs.50,100 per kg.

Also Check Silver Price in NearBy Cities of Madhya Pradesh

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

• The price of metal for the month of April increased by 2.51%. Silver prices stood at Rs.40,500 per kg. This was the price of one kilogram of the white metal for five days. From the first five days of the month, Madhya Pradesh saw the rates of silver remain steady at Rs.40,500 per kg. However, on the sixth day of the month, silver had touched the lowest price for April at Rs.40,360. The drop in the price of the white metal was due to the strengthening of the U.S. dollar and global equities. The fall in the number of deaths due to Coronavirus also played a role in the fall of the silver prices. Many investors across the world had started to hedge risks ahead of a long May Day weekend followed by the meeting of a few top oil producers who wanted to stem the market slump by working towards improving the risk sentiment and hoping the coronavirus would soon come to an end.
• Global market performance instilled fears of a global economic recession led by the wide-spread coronavirus. This led to the increase in the price of the white metal as investors turned towards safe havens such as silver. Weak manufacturing data released by the U.S. and the low retail sales also played a role in traders moving away from riskier assets.
• By the second week of April, silver prices again began to surge, remaining at Rs.41,100 for three consecutive days as the long weekend loomed ahead of the Good Friday holiday. There was also an easing of the US dollar, as the US Federal Reserve released the stimulus measures in response to the coronavirus pandemic, the OPEC meet, and increasing worries about the global economy delaying to get back to normal very slowly as Covid-19 continued to force the economy to struggle. This led the investors to turn to precious metals as a safe haven investment in the face of increasing volatility around the economy and equities which helped to keep prices steady.
• By the third week of the month, prices remained unsteady, with the highest price point for the month of April being Rs.42,710 per kg on 21 April. The rise was driven by fears of a global recession continuing while Trump’s announcement of the economy reopening helped to drive prices down.
• By the end of the month, prices of oil fell drastically, leading to further volatility in equities which led to a steadying of prices of the white metal as investors looked to it as a safer option. Overall, the trend for silver in the month of April was an incline with a percentage change of 2.51%.

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

• On 1 March 2020, the prices of silver in Madhya Pradesh was at Rs.47,400 per kg. Silver prices did not change when compared to 29 February 2020. However, silver rates jumped to Rs.48,500 for a kg on 2 March 2020.
• The prices of silver jumped over the course of the first week. Traders all over the world anticipating a reduction in interest rates by the US Federal Reserve was the main reason for the prices to increase. In the first week of March, silver hit its highest rate for the month and was at Rs.50,700 on 6 March 2020.
• After hitting its highest rate for the month, the prices of silver declined continuously until 19 March 2020. The main reasons for the drop in prices were the coronavirus outbreak and a strong dollar. On 19 March 2020, silver hit its lowest rate for the month and was at Rs.37,800 for a kg.
• Over the last eight days of the month, no changes were made to the prices of silver. Several measures were introduced by the US Federal Reserve to help the economy during the coronavirus outbreak. Silver closed the month at Rs.40,500 for a kg. Overall, silver prices in Madhya Pradesh saw a 14.5% decline in March.

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.

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