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Silver Price in Madurai
The idea of buying silver as a tradable and investable commodity is gaining popularity in India, where gold and silver are traditionally bought as jewelry and ornaments. With the advent of easy access to real-time silver rates, fluctuations and news, more and more people are starting to realize that investing in silver in Madurai can generate income and profits, if done right.
Trend of Silver Rate in Madurai for October 2017 (rates per kg)
|Parameters||Silver price (per kg)|
|Silver rate on 1st October 2017||Rs.39,530 per kg|
|Silver rate on 31st October 2017||Rs.39,435 per kg|
|Highest Rate in September||Rs.40,670 per kg on 16 October|
|Lowest Rate in September||Rs.39,110 per kg on 5 October|
|Overall Monthly Performance||Decline|
October 2017 - Week 1 (1st to 8th)
- At the beginning of the month, silver was priced Rs.39,530 per kg that remained steady on the next day.
- Over the course of the week, silver prices in Madurai plummeted by Rs.420 per kg and reached Rs.39,110 per kg, the lowest across the month, owing to the lack of demand from the industry.
- As the week was about to close, silver gained its lost luster and was priced Rs.39,680 per kg on 8 October. This was primarily due to the increasing demand overseas as well growing demand in the local market. On 9 October prices remained same.
October 2017 - Week 2 (9th to 15th)
- Silver price in Madurai went up and touched Rs.39,950 per kg prior to the festive season.
- All through the week, silver traded at a stable price and was slightly on the higher side.
- The political tension between US and North Korea, due to the latter's rising nuclear power resulted in instability in the US market and bought in massive stress among the investors. All this led to a higher demand for the safe haven.
- Silver was priced Rs.40,440 per kg on 12 October.
- In the last three days of the week, silver traded at the steady rate of Rs.40,390 per kg due to the poor US job data.
October 2017 - Week 3 (16th to 22nd)
- On the first day of the diwali week, silver was priced highest as the demand from the buyer’s investors and jewellers were massive.
- The week began with silver priced Rs.40,670 per kg before it started falling exponentially over the week.
- Amid the festive season, the weak global cues and poor demand from the buyers dropped the silver’s price to Rs.39,780 per kg on 19 October.
- Later the week, the increasing stability in the US dollar and equities, raised the bullion’s price to Rs.40,040 per kg and later increased to Rs.40,060 per kg
- The demand for the safe haven raised due to the rising political instability in Europe that created tensions among the investors.
October 2017 - Week 4 & Week 5 (23rd to 31st)
- Rs.39,950 per kg was the silver’s price, when the fourth week commenced. But, gained a bit as the US economy strengthened. The silver traded at Rs.40,040 per kg on 23 October.
- Later the week, the prices fell drastically due to dipping demand from the buyers, investors and jewellers and strong US dollar. Consequently, prices touched Rs.39,115 per kg and traded at the same price for nearly three days.
- The MCX silver futures rate also got affected by 0.32%. As the week was about to close, volatility in the gold price raised the silver’s rate in Madurai to Rs.39,435 per kg.
Trend of Silver Rate in Madurai for September 2017 (rates per kg)
|Parameters||Silver price (per 1 kg)|
|Silver Rate on 1st September 2017||Rs.40,390 per kg|
|Silver Rate on 30th September 2017||Rs.39,530 per kg|
|Highest Rate in September||Rs.41,900 per kg from 8-10 September|
|Lowest Rate in September||Rs.39,530 per kg on 28 to 30 September|
|Overall Monthly Performance||Decline|
September 2017- Week 1 (1st to 10th)
- The price of silver in the first week of September was on the increase as industrial demand from both overseas as well as local buyers was high.
- Silver was priced at Rs.40,390 per kg on 1 September, with the price remaining the same for the next few days.
- Demand rose to Rs.41,230 per kg on 4 September as minor fluctuations in the market led to increased demand for bullion.
- Local demand from coin makers was also on the rise, which kept prices steady in spite of a surge in local equity markets.
- Silver price in Madurai rose to Rs.41,495 per kg on 6 September as news of a successful thermonuclear test by North Korea sent markets plummeting and fuelled demand for safe-haven assets like bullion.
- Prices continued to rise during the week, with silver reaching a monthly high of Rs.41,900 per kg from 8-10 September.
September 2017- Week 2 (11th to 17th)
- Prices dropped marginally in the second week in Madurai as local demand dropped following a rise in import prices due to high U.S. dollar rates.
- Silver traded at Rs.41,075 per kg on 11 September, with silver registering a steep drop in price of Rs.825 per kg due to a drop in overseas demand.
- With equity markets performing well in China, there was a drop in demand from industrial units in Asia.
- Local demand, especially from coin makers was also poor, which led to prices falling to Rs.41,030 per kg on 12 September.
- Prices rose to Rs.41,340 per kg on 13 September before falling to Rs.40,890 per kg on 14 September as demand fell across the globe.
- The recovering U.S. dollar made importing silver expensive, which contributed to prices remaining flat as the week progressed.
- Silver price in in Madura rose to Rs.41,030 per kg on 15 September and remained the same till the week ended on 17 September.
September 2017- Week 3 (18th to 24th)
- Demand was muted as the week began, with silver priced at Rs.40,440 per kg on 18 September.
- Consistently weak demand from local industrial units due to escalating costs led to silver prices dropping to Rs.39,680 per kg on 19 September.
- With the renewal of geopolitical tensions in the United States over immigration, markets dropped marginally, which led to silver rising to Rs.40,060 per kg on 20 September.
- The run-up to the German election and the possibility of Catalonia splitting from Spain led to turmoil in Europe, which spurred demand for bullion.
- Weak demand and market forces led to prices falling to Rs.39,670 per kg on 21 September, with no change in price recorded till the week ended on 24 September.
September 2017- Week 4 (25th to 30th)
- The last week saw some minor fluctuations in the price of silver, with the metal opening the week at Rs.39,680 per kg on 25 September.
- Silver prices in in Madura rose to Rs.40,285 per kg on 26 September as markets fell after a less-than-convincing victory by Angela Merkel in the German elections.
- Demand from coin makers rose briefly due to favourable conditions, though silver prices fell to Rs.40,040 per kg on 27 September.
- As U.S. markets recovered and the dollar rate strengthened on positive cues, demand for silver dropped.
- The industrial metal traded at Rs.39,530 per kg on 28 September and remained constant till the end of the month.
- Due to low demand and market conditions, the value of silver fell by 2.12% over the course of the month.
Trend of Silver Rate in Madurai for August 2017 (rate per kg)
|Parameters||Silver price (per kg)|
|Silver Rate in 1st August||Rs.38,995 per kg|
|Silver Rate in 31st August||Rs.40,060 per kg|
|Highest Rate in August||Rs.40,190 per kg on 30 August|
|Lowest Rate in August||Rs.37,235 per kg on 5 & 6 August|
|Overall Monthly Performance||Incline|
August 2017 - Week 1 (1st-6th)
- The month began with silver priced at Rs.38,995 per kg.
- Silver prices in Maduari dropped to Rs.38,230 per kg on the 2nd after a decline in demand from industries and coin makers.
- Silver prices in Maduari deflated further to Rs.37,95 per kg on the 3rd following a downturn in international commerce and weakening of the US dollar.
- Release of the US employment data resulted in the white metal’s price rise to Rs.38,455 per kg on the 4th.
- The 5th of August witnessed silver hit a monthly low figure of Rs.37,235 per kg after investors expressed disapproval against new interest rates by the Federal Reserve.
- The week ended on 6th with silver trading at Rs.37,235 per kg.
August 2017 - Week 2 (7th-13th)
- The second week witnessed a gradual increase in silver rates due to increased demands.
- The week began with silver trading at Rs.37,295 per kg on the 7th, which further rose to Rs.38,345 per kg on the 8th due to an increase in industrial demands.
- The 10th witnessed the white metal’s price surge to Rs.39,115 per kg due to increased industrial purchases soon after the US economy crash.
- Silver rates in Maduari rose to Rs.39,670 per kg on the 11th owing to the US and North Korea conflicts.
- Due to steady demands from industries and coin makers, the week ended with silver being traded at Rs.39,670 per kg on the 13th.
August 2017 - Week 3 (14th-20th)
- Silver rate in Maduari fluctuated irregularly through the third week of August.
- On the 14th, silver traded at Rs.39,435 per kg which followed onto the 15th as well, thanks to stable purchases by traders across the city.
- The silver rates took a hit on the 16th and silver traded at Rs.38,640 per kg due to decline in industrial purchases.
- The white metal rates rose again to Rs.39,355 per kg on the 17th, and rose further to Rs.39,780 per kg on the 18th.
- Silver price in Maduari fell to Rs.39,115 per kg on the 19th due to a slight decline in purchases.
- Silver traded at Rs.39,115 per kg for rest of the week with stable industrial demand.
August 2017 - Week 4 (21st-27th)
- The global as well as local silver trade was affected after the US dollar recovered during the week.
- With stable purchases made by industries and coin makers, the week started with silver trading at Rs.39,115 per kg on the 21st and the 22nd.
- Silver price in Maduari rose to Rs.39,355 per kg on the 24th before dropping down to Rs.38,995 per kg on the 25th following a decline in global silver demand.
- Silver traded at Rs.38,995 per kg for the rest of the week with consistent local demand.
August 2017 - Week 5 (28th-31st)
- Silver traded at Rs.39,435 per kg as the last week began.
- Prices hit a monthly high figure of Rs.40,440 per kg on the 29th as investors and retailers elevated their purchases to meet local demand.
- The month ended with silver trading at Rs.40,060 per kg on the 31st.
- August ended with an incline of 2.73% in silver prices in Madurai.
Trend of Silver Rate in Madurai for July 2017 (rates per kg)
|Parameters||Silver price (24 karat)|
|July 1 Rate||Rs.38,640 per kg|
|July 31 Rate||Rs.38,815 per kg|
|Highest Rate in July||Rs.38,815 per kg on 31 July|
|Lowest Rate in July||Rs.35,565 per kg on 10 July|
|Overall Monthly Performance||Incline|
July ‘17- Week 1 (1 to 9)
- Silver prices in Madurai started at Rs.38,640 per kg when the first week of July commenced.
- Prices didn’t change for the next two days i.e., the 2nd and the 3rd due to steady demand from domestic circles.
- Rates dropped on the 4th to go down to Rs.37,705 per kg as the Independence Day in the US led to a positive turn in the economy.
- Prices increased to Rs.38,395 per kg on the 5th as various administrative concerns regarding US President Donald Trump’s leadership brought the dollar value down.
- On the 6th of the month, silver was selling at Rs.37,600 per kg as dollar rallied again amidst positive US job data.
- From the 7th to the 9th, silver prices remained unchanged at Rs.37,115 per kg as investor demand was steady.
July ‘17- Week 2 (10 to 16)
- Silver rates in Madurai reached their lowest levels of Rs.35,565 per kg, for the month on the 10th as demand fell.
- Rates increased for the next couple days as it first went up to Rs.36,035 per kg on the 11th and then to Rs.36,920 per kg on the 12th as demand went up.
- The 13th saw prices increase as well, which led to the white metal trading at Rs.37,115 per kg before falling slightly to Rs.36,545 per kg on the 14th.
- The anomalous fall was followed by a swift increase on the 15th as rates went up to Rs.37,115 per kg before remaining unchanged till the end of the week.
July ‘17- Week 3 (17 to 23)
- Silver prices had increased overnight when the third week of July started.
- Rates were holding at Rs.37,180 per gram on the 17th, which then went up to Rs.38,395 per kg on the 18th of July.
- However, as demand from local industries fell, silver prices went down to Rs.37,600 per kg on the 19th and the 20th.
- When trading closed on the 21st, silver prices had gone up to Rs.38,005 per kg but declined marginally to trade at Rs.37,965 per kg the next day.
- Silver rates were holding at Rs.37,965 per kg when the third week of July 2017 came to an end.
July ‘17- Week 4 (24 to 31)
- When the final week of July started, silver was trading at Rs.38,275 per kg.
- Rates fell to Rs.38,005 per kg on the 25th as investors backed out of investing amidst US Fed rate hike news,
- Prices dropped again on the 26th to Rs.37,965 per kg but went up to Rs.38,640 per kg on the 27th.
- Despite some rises and falls, silver prices closed at a monthly high of Rs.38,815 per kg on the final day of July.
- Price trends for the white metal inclined at a rate of 0.32% in Madurai due to a weak US dollar and a strong local demand.
|June 1 Rate||Rs.40,060 per kg|
|June 30 Rate||Rs.38,640 per kg|
|Highest Rate in June||Rs.40,890 per kg on 6 & 7 June|
|Lowest Rate in June||Rs.38,455 per kg on 21 June|
|Overall Monthly Performance||Decline|
June'17 - Week 1 (1st - 4th)
- When silver trading commenced in Madurai, the metal was priced at Rs.40,060 per kg, which went down to Rs.39,780 per kg on the 2nd of June.
- The 3rd saw silver rate increase to Rs.40,670 per kg and continue at the rate rate till the end of the week.
- Demand for the metal seemed to be on a high, courtesy of some good global cues.
June '17 - Week 2 (5th - 11th)
- Demand remained on the ascent when week 2 began on the 5th, as the white metal was trading at Rs.42,715 per kg.
- On the 6th and 7th, silver was trading at a monthly high rate of Rs.40,890 per kg - as dollar rate fell amidst administrative concerns regarding Donald Trump’s presidency.
- However, prices fell to Rs.40,815 per kg on the 8th as demand fell considerably due to investors remained wary.
- Rates fell further to Rs.40,060 per gram as a positive US jobs data led to precious metal prices tanking.
- When the second week of June came to an end, silver was priced at Rs.40,060 per kg.
June'17 - Week 3 (12th - 18th)
- Due to weak cues and a strong stock market, silver prices started on a low of Rs.39,780 per kg on the 12th of June.
- With demand showing little signs of improving, silver rates went down again to Rs.39,110 per kg on the 13th.
- As there was a minute improvement in demand, the white metal’s prices went up to Rs.3,9115 per kg on the 14th before dropping down to Rs.38,995 per kg on the 16th.
- Silver prices in Madurai went further down on the 17th as the US dollar strengthened. Price went down to Rs.38,460 per kg on the 17th and traded at the same rate on the 18th as well.
June '17 - Week 4 (19th - 25th)
- When trading began on the 19th, silver prices had increased to Rs.38,815 per kg owing to an increased domestic demand.
- The increase in rates seemed like a false dawn as silver rates fell to Rs.38,460 per kg on the 20th before hitting a monthly low figure of Rs.38,455 per kg on the 21st of June.
- Demand from local coin makers are industrial units increased, leading to an increase in silver prices on the 22nd.
- Silver rate in Madurai went from Rs.38,640 per kg on the 23rd to Rs.38,925 per kg on the 24th and the 25th.
June'17 - Week 5 (26th - 30th)
- During the last week of June, silver was priced at Rs.38,815 per kg.
- Rates fluctuated this week owing to unstable demand from the local consumers.
- On the 27th, silver was trading at Rs.38,690 per kg before increasing to Rs.39,110 per kg on the 28th.
- As demand took a hit, silver prices went down to Rs.38,640 per kg on the last day of the month.
- Silver price in Maduari decline at a rate of 3.54% in June as a result of weak demand despite the dollar being on a relative low.
|May 1st Rate||Rs.40,040 per kg|
|May 31st Rate||Rs.40,190 per kg|
|Highest Rate in May||Rs.40,440 per kg on 30th of May|
|Lowest Rate in May||Rs.37,800 per kg on the 9th of May|
May ’17 – Week 1 (1st – 7th)
- The rate of silver on the first of May in Madurai was Rs.40,040 per kg but this rate was not sustained over the next few days.
- The demand for precious metals as a safe-haven reduced as a result of Asian equities, resulting in a fall in the price of silver. The value of the U.S. Dollar increased in comparison to the Japanese Yen.
- Silver was priced at Rs.38,925 per kg on the 3rd of May before falling to trade at Rs.38,230 per kg on the 4th.
- A combination of geopolitical factors along with reduction in the demand for this metal resulted in silver being priced at Rs.38,120 per kg on the 5th of the month and continued to reduce thereafter.
- On the 6th of May, silver was priced at a weekly low of Rs.38,005 per kg on account of reduced demand. The next day, silver continued to trade at the above rate in Madurai.
May ’17 – Week 2 (8th – 14th)
- On the first day of the second week of May, silver traded at Rs.37,865 per kg which was lower than the price noted during the previous week.
- There were a few geopolitical factors that affected the rate of silver such as Emmanuel Macron’s win in the French Presidential Elections resulting in the strengthening of the euro.
- On the 9th of May, silver was priced at Rs.37,800 per kg but increased marginally thereafter to trade at Rs.37,865 per kg on the 10th and 11th of May.
- The price of silver increased marginally on the 12th of May to be priced at Rs.38,005 per kg on account of increased demand.
- Silver continued to trade steadily at this rate until the end of the week due to sustained demand from industrialists.
May ’17- Week 3 (15th – 21st)
- During the third week of May, a fall was noted in the value of the U.S. Dollar resulting in a rise in the rate of silver on certain days.
- Silver opened the third week of May by trading at Rs.38,230 per kg which was marginally higher than the rate noted during the previous week.
- On the 16th of May, rate of silver increased marginally to be priced at Rs.38,640 per kg as a result of higher demand from coin makers.
- A demand was noted for silver as the value of the U.S. Dollar reduced, resulting in a rise in the rate of silver.
- The U.S. manufacturing data was quite weak and this reduced the expectations of a high hike in the rate of interest by the U.S. Federal Reserve.
- Silver traded at Rs.38,995 per kg on the 17th of May but fell on the 18th to trade at Rs.39,355 per kg.
- Due to a fall in the demand for this precious metal from coin makers, silver was priced at Rs.39,115 per kg on the 19th. This rate of silver was noted until the 21st of the month.
May ’17 – Week 4 (22nd – 28th)
- On the 22nd of May, silver was priced at Rs.39,435 per kg which was higher than the rate of silver noted during the previous week.
- As the week progressed, a number of variations were noted in the price of silver in Madurai.
- Silver traded at Rs.39,680 per kg on the 24th of May before rising to Rs.39,950 per kg on the 25th.
- Due to a sudden increase in the demand for this metal from coin makers and industrialists, silver was priced at Rs.40,190 per kg on the 26th of the month.
- This rate of silver was noted until the end of the fourth week of May in Madurai.
May ’17 – Week 5 (29th – 31st)
- Easing stock markets along with geopolitical issues resulted in a slight increase in the price of silver.
- Silver traded at Rs.40,285 per kg on the 29th of May before shooting up to a monthly high of Rs.40,440 per kg on the 30th of the month.
- Silver closed at Rs.40,190 per kg on the 31st of May recording an incline of 0.37% in the price of this metal.
|April 1st Rate||Rs.42,570 per kg|
|April 30th Rate||Rs.40,040 per kg|
|Highest Rate in April||Rs.43,055 per kg on 15th and 16th April|
|Lowest Rate in April||Rs.40,040 on 29th and 30th April|
April 2017 - Week 1 (1st - 9th):
- When trading for April began in Madurai, silver was priced at Rs.42,570 per kg.
- Silver prices went down to Rs.42,435 per kg on the 3rd as demand from local buyers went down.
- The 4th saw prices rise significantly to Rs.42,925 per kg, as prices went up by Rs.490 increase in just a day’s time.
- After that sudden increase in demand, prices corrected themselves slightly to reach Rs.42,730 per kg on 5th.
- As demand fell on the 6th, silver rates went down again to reach Rs.42,570 per kg but went back up marginally to Rs.42,640 per kg as demand went up.
- Silver prices remained largely the same over the next two days - till the 9th - as demand sustained for most of this period.
April 2017 - Week 2 (10th - 16th):
- Over the second week of April, silver prices fluctuated considerably owing to a number of factors.
- Prices went down from Rs.42,640 per kg to Rs.41,625 per kg on 10th as demand took a hit.
- Rates fluctuated over the next few days as well due to shaky demand in both domestic and national markets.
- On the 11th, prices went up slightly to reach Rs.41,675 per kg as demand also went up because of industrialists and coin makers.
- The 13th saw silver prices hit a course of biggest inclines as rates went up to Rs.43,030 per kg - a Rs.460 increase from the previous day.
- Rates remained at Rs.43,030 per kg on 14th but increased to Rs.43,055 per kg on the 15th before continuing at the same rate till the end of the week.
- Rates seen on the 15th and the 16th were the highest silver prices for the month of May.
April 2017 - Week 3 (17th - 23rd):
- The third week of May saw silver prices fluctuate as demand seemed to rattle after hitting a new high for the first time in a few months.
- When the third week began on 17th, silver was trading at Rs.43,055 per kg but went down to Rs.42,775 per gram on 18th as demand went down.
- On the 19th, silver rates went down again - for the third consecutive day - as demand showed no sign of picking up.
- However, there were sustained demand on the 19th and the 20th, which lead to rates remaining at Rs.42,365 per kg on both the days.
- The 21st again saw silver price tumble - this time by Rs.365 - to reach Rs.41,980 per gram and remained the same till the end of the week on the 23rd.
April 2017 - Week 4 (24th - 30th):
- Silver rates in Madurai were at their worst during the last week of April.
- When the week began, silver was trading at Rs.41,435 per gram, which then went down to Rs.40, 340 per gram.
- Rates went up briefly on the 26th to reach Rs.40,520 per gram but decreased again to Rs.40,285 per kg.
- There were plenty of fluctuations in demand which brought silver rates to Rs.40,390 per gram and then to Rs.40,040 per gram.
- On the last day of April, silver was trading at Rs.40,040 - which happened to be the lowest silver rate for the entire month.
- Prices went down by 0.059% for the month of April as Madurai saw demand fall for silver.
|March 1st Rate||Rs.44,195 per kilogram|
|March 31st Rate||Rs.42,115 per kilogram|
|Highest Rate in March||Rs.44,200 per kilogram on March 2nd|
|Lowest Rate in March||Rs.40,040 per kilogram on March 15th|
Week 1 March 2017 (March 1st – March 5th)
- Silver opened the month of March trading at Rs.44,195 per kilogram.
- A decline in industrial demand and a stronger US Dollar saw silver prices drop to Rs.42,570 per kilogram on March 3rd.
- A marginal increase in demand from coin makers saw Silver recover to Rs.43,295 per kilogram on March 4th which was sustained till the end of the week.
March ‘17 - Week 2 (6th to 12th)
- A stronger US Dollar saw silver open the second week of trading at Rs.42,925 per kilogram.
- A drop in demand from coin makers saw Silver slip to Rs.41,340 per kilogram on March 9th.
- An expected US Federal Interest Rate hike saw the US dollar strengthen, causing Silver rates to further slip to Rs.40,520 per kilogram on March 10th, which was sustained till the close of the week on March 12th.
March ’17- Week 3 (13th to 19th)
- A marginal increase in industrial demand saw Silver open the third week of trading at Rs.40,890 per kilogram.
- A decline in demand from coin makers and a stronger US dollar in light of expected US Federal Interest Rate hikes saw Silver slip to Rs.40,040 per kilogram on March 15th.
- A hike in industrial demand allowed Silver to recover to Rs.41,075 per kilogram.
- A marginally stronger US Dollar saw Silver close the third week of trading at Rs.40,815 per kilogram.
March ’17- Weeks 4 (20th to 26th)
- A weakened US Dollar saw silver open the fourth week of trading at Rs.41,030 per kilogram.
- A reinforced US Dollar saw the price of Silver slip to Rs.40,890 per kilogram on March 21st.
- Sustained industrial demand saw Silver climb to Rs.41,435 per kilogram on March 23rd which was sustained till March 24th.
- A slight decline from coin makers saw Silver close the fourth week of trading at Rs.41,340 per kilogram.
March ’17- Weeks 5 (27th to 31st)
- Sustained industrial demand and a weakened US Dollar saw Silver open the last week of trading at Rs.41,980 per kilogram.
- An increase in demand from coin makers saw Silver climb further to Rs.42,270 per kilogram on March 28th and March 29th.
- A weaker US Dollar caused Silver to climb to Rs.42,435 per kilogram on March 30th.
- A decline in demand from coin makers saw Silver close the trading for the month of March at Rs.42,115 per kilogram.
|February 1st Rate||Rs. 42,755 per kg|
|February 28th Rate||Rs. 44,085 per kg|
|Highest Rate in February||Rs. 44,140 per kg on 28th February|
|Lowest Rate in February||Rs. 42,080 per kg on 3rd February|
February 2017 - Week 1 (1st to 5th):
- Rates of silver fluctuated quite a bit over the first week of February as the performance of the metal industry went through some changes.
- When February began silver was trading at Rs.42,755 per kg thanks to an increase in demand from both domestic and international markets.
- SIlver price went up to Rs.42,835 per kg on 2nd due as demand increased.
- However, demand couldn’t sustain which brought rates down to Rs.42,080 per gram on 3rd of February - making it the lowest rate for the metal for the entire month.
- When week 1 of February came to an end silver was trading at Rs.42,355 per kg.
February 2017 - Week 2 (6th to 12th):
- When week 2 began on 6th, silver was trading at Rs.42,505 per kg and went up to Rs.42,730 per kg as demand increased from both jewellers and industrialists.
- On 9th, silver prices went up marginally to Rs.42,775 per kg as demands sustained.
- The 10th saw prices fall to Rs.42,365 per kg on as demand went down in the domestic market after a brief surge over the previous two days.
- On 11th rates went up to Rs.42,570 per kg as the US dollar seemed to weaken slightly, leading to the sudden increase in prices.
- The second week of February ended with silver still trading at Rs.42,570 per kg.
February 2017- Week 3 (13th to 19th):
- The 13th saw silver prices go up significantly as US dollar crashed, which caused rates to go up to Rs.43,245 per kg.
- As the demand couldn’t be sustained rates went down to Rs.43,030 per kg on 14th February.
- On 15th, prices rose to Rs.43,110 per kg and then increased to Rs.43,480 per kg and remained the same on 16th as well.
- The third week of February ended with silver trading at Rs.43,400 per kg, owing to a sustained demand.
February 2017- Weeks 4 & 5 (20th to 28th):
- As demands varied from various sectors including jewellers, coin makers, and industrialists, silver prices fluctuated quite a bit over the last two weeks.
- On 20th, silver was trading at Rs.43,300 per kg and increased slightly to trade at Rs.43,085 on 21st February.
- As coin makers begun more silver, prices went up to Rs.43,910 - an increase of Rs.610 in within a couple of days.
- Silver prices remained at Rs.43,910 per kg on 25th February, as demand remained steady over the course of the days.
- Demand increase further as silver was seen trading at Rs.44,085 per kg on the last day of February.
- All in all, Madurai saw silver price trends increase by 3.11% for the month of February.
|January 1st Rate||Rs.39,035 per kg|
|January 31st Rate||Rs.41,900 per kg|
|Highest Rate in January||Rs.42,010 per kg on 30th January|
|Lowest Rate in January||Rs.39,035 per kg on 1st January|
January 2017 - Week 1 (1st to 7th):
- Silver began started trading at Rs.39,035 per kg on 1st January and increased, thanks to a rise in demand, to reach Rs.39,355 per kg by 2nd.
- On 5th, silver rates went up again to Rs.40,520 per kg as buyers began investing in the metal.
- The 6th, however, saw silver prices go down to Rs.40,440 per kg as there was a sudden slump in demand.
- Prices went down at the end of the week for silver trading to end at Rs.40,390 per kg.
January 2017 - Week 2 (8th to 14th):
- The second week of January began on 8th with silver trading at Rs.40,390 per kg.
- Silver rates didn’t see any change on 9th but increased to Rs.40,520 per kg when business ended on 10th.
- The 11th saw silver prices go down to hit Rs.41,360 and decreased yet again on 12th to go down to Rs.41,230 per kg.
- There was no change in price at the end of the week as the trading ended at Rs.41,230 per kg.
January 2017 - Week 3 (15th to 21st):
- On 15th, silver was still priced at Rs.41,230 per kg and increased to Rs.41,360 per kg on 16th.
- Silver prices went up on 18th to end the day at Rs.41,895 per kg as demand seemed to increase.
- Prices, however, saw a slight decrease on 19th as they Rs.41,675 per kg remained the same on 20th too.
- The third week of January ended with silver prices increasing to hold at Rs.41,930 per kg.
January 2017 - Weeks 4 & 5 (22nd to 31st):
- When the fourth week of January began, silver was trading at Rs.41,930 per kg but, due to lack of demand, went down to Rs.41,860 per kg on 23rd.
- Rates decreased again on 25th to reach Rs.41,435 per kg.
- Prices went up to Rs.42,010 per kg on 30th as industrial demand seemed to be on the increase.
- Prices dropped to 27th to Rs.41,075 per kg and continued at the same rate till the closing hours of 29th.
- At the end of the month silver was trading at Rs.41,900 per gram.
- Overall, silver price trends was on the rise in January and saw an incline of 7.33% compared to the previous month.
|December 1st Rate||Rs.40,495 per kg|
|December 31st Rate||Rs.39,035 per kg|
|Highest Rate in December||Rs.41,495 per kg on 8th December|
|Lowest Rate in December||Rs.38,455 per kg on 26th December|
December 2016 - Week 1 (1st - 4th):
- On 1st, when week 1 began, silver was trading at Rs.40,495 per kilogram before increasing slightly to trade at Rs.40,675 on the 2nd.
- When trading began on 3rd, silver prices significantly increased to Rs.40,070 per kilogram and continued at the same price till the end of the week on 4th.
December 2016 - Week 2 (5th - 11th):
- When trading started on 5th, silver prices had markedly come down to Rs.40,650 per kilogram - a rate that held on during the business day of the 6th.
- On 7th, prices increased slightly to Rs.40,995 per kilogram as global demands began to soar for a brief period.
- The next business day, on the 8th, silver prices increased again to hit Rs.41,495 per kilogram but due to demand falling went down to Rs.41,345 per kilogram on the 9th.
- Over the last two days of week 2 i.e, 10th and 11th, silver prices remained the same as they were on the 9th at Rs.41,345 per kilogram.
December 2016 - Week 3 (12th-18th):
- The third week of December saw some fluctuations when compared to the previous week as silver prices were down to Rs.40,880 per kilogram, this time.
- However, as demand picked up in the world market, prices stabilised on the 13th and 14th for gold to trade at Rs.41,340 per kilogram.
- On 15th, prices decreased by nearly Rs.1,000 to hit Rs.40,415 per kilogram before falling again to Rs.39,120 per kilogram on the 16th.
- Last two days of week 4 i.e., 17th and 18th saw prices hold steady for silver to trade at Rs.39,305 per kilogram.
December 2016 - Week 4 (19th - 25th):
- The 4th week of December saw silver prices fluctuate and decrease for much of the week.
- On 19th, silver traded at Rs.39,265 per kilogram before falling further down to hit Rs.38,925 on the 20th.
- Silver prices, however, picked up on the 21st owing to a rise in demand in the world market, to trade at Rs.39,300 per kilogram.
- The next few days of the week, from 22nd to 25th, saw prices fall gradually as it went from Rs.38,995 per kilogram on 22nd to Rs.38,725 per kilogram on 25th.
December 2016 - Week 5 (26th - 31st):
- Barring some blips on the 26th and 31st, the final week of 2016 turned out to be a good period for silver prices.
- On 26th, silver was trading at Rs.38,455 per kilogram and increased to Rs.39,350 on the 27th.
- The 28th saw prices go down a little bit for silver to trade at Rs.39,115 per gram before increasing to Rs.39,605 on the 29th.
- Prices again increased on the 30th to Rs.39,670 but fell to Rs.39,035 on the last day of the year.
- Overall, silver prices saw a decline of -3.60% for the month of December.
|November 1st Rate||Rs.43,310 per kg|
|November 30th Rate||Rs.41,275 per kg|
|Highest Rate in November||Rs.44,775 per kg on 11th November|
|Lowest Rate in November||Rs.40,405 per kg on 24th November|
November '16 - Week 1 (1st to 6th)
- The price of silver in Madurai at the start of November was high due to favourable market conditions and sustained industrial demand.
- Silver was priced at Rs.43,310 per kg on 1st November, with the price rising during the week.
- The festive season led to higher demand from the retail sector, which boosted domestic demand.
- International demand was also high, resulting in silver trading at Rs.44,180 per kg on 6th November.
November '16 - Week 2 (7th to 13th)
- The victory of Donald Trump in the U.S. presidential election led to U.S. markets falling, which bolstered international silver demand.
- Silver traded at Rs.43,735 per kg on 7th November, with the price increasing as the U.S. Dollar also fell against global currencies.
- The announcement of the demonetisation of high value Indian currency led to markets crashing in India, resulting in investors put their money into bullion.
- Silver was priced at Rs.44,775 per kg on 11th November, the highest for the month, before settling at Rs.42,005 per kg on 13th November.
November '16 - Week 3 (14th to 20th)
- The cash shortage due to the withdrawal of high value currency notes led to a drop in domestic demand.
- Silver was priced at Rs.42,065 per kg on 14th November as markets began to recover from their sharp falls the previous week.
- Industrial and retail demand fell as the government enacted stringent measures regulating the purchase and trade of bullion.
- Silver traded at Rs.40,735 per kg on 20th November, marking a sharp fall in price due to lowered demand.
November '16 - Week 4 and 5 (21st to 30th)
- Silver prices fell as stock markets strengthened and the cash shortage continued.
- Silver traded at Rs.41,025 per kg on 21st November, as prices fell due to low exports.
- Currency markets also grew stronger as news of a possible U.S. Fed rate hike led to the U.S. Dollar strengthening, lowering export demand.
- Silver fell to its lowest rate of the month, trading at Rs.40,405 per kg on 24th November before rising marginally to close the month at Rs.41,275 per kg on 30th November.
|October 1st Rate||Rs.45,900|
|October 31st Rate||Rs.42,875|
|Highest Rate in October||Rs.45,900 on October 1st and October 2nd|
|Lowest Rate in October||Rs.41,780 on October 15th and October 16th|
October ’16 – Weeks 1 and 2 (1st to 9th)
- Silver was valued at Rs.45,900 on the 1st of October, and prices remained stable for another day after which they started to decline consistently until the 7th, when they hit Rs.41,800 and remained unchanged until the end of the week.
- The overall decline in prices between the 1st and 9th of October was Rs.1,100.
October ’16 – Week 3 (10th to 16th)
- The price of silver on the first day of the third week of October was Rs.42,585 as prices increased by Rs.785 from the previous week.
- Prices remained constant until the 12th after which they fell consistently on the following three days.
- Silver was valued at Rs.41,780 on the 15th of October and remained stable on the 16th to close the week with a decline of just Rs.20 in comparison with last week.
October ’16 – Week 4 (17th to 23rd)
- Silver prices were recorded at Rs.41,845 on the 17th of October thanks to a marginal increase on the first day of the week.
- An increase of Rs.525 on the 18th saw prices rise to Rs.42,370 after which they declined by Rs.70 before increasing by Rs.80 to stand at Rs.42,380 on the 20th of the month.
- Prices fell by Rs.250 on the 21st of October and remained stable at Rs.42,130 until the end of the week to close at the aforementioned rate.
- In comparison with the first day of the week, silver prices increased by Rs.350.
October ’16 – Week 5 (24th to 31st)
- The price of silver on the 24th of October was Rs.42,340 as prices increased marginally from the closing levels of the previous week.
- After a rise on the second day of the week, when rates hit Rs.42,705, prices began declining on a consistent basis until the 28th of October.
- Rates remained unchanged at Rs.42,270 between the 28th and 31st of the month.
- The overall decline in prices between the first and last day of October was 6.59%.
|1st Day||Rs.45,010 per kilogram|
|Last Day||Rs.46,175 per kilogram|
|Highest Price||Rs.47,735 per kilogram on 8th September|
|Lowest Price||Rs.45,010 per kilogram on 1st September|
September '16 - Week 1 (1st to 4th)
- Silver rates were on the rise this week as demand increased on the global and domestic front.
- On 1st September, silver traded at Rs.45,010 per kilogram.
- The U.S. Federal Reserve rate hike was deemed impossible this month on account of weak economic data.
- Silver prices climbed up to Rs.46,760 per kilogram on 3rd and 4th September.
September '16 - Week 2 (5th to 11th)
- Silver rates continued to increase this week as the market had a bullish outlook.
- Silver traded at Rs.46,760 per kilogram on 5th September.
- Silver rates touched the highest for this month on 8th September, trading at Rs.47,735 per kilogram.
- The expectations of a Fed rate hike propped up again leading to a dip in silver prices.
- Silver traded at Rs.46,835 per kilogram on 9th to 11th September.
September '16 - Week 3 (12th to 18th)
- There were fluctuations in silver rates this week amid the uncertainty of a Fed rate hike.
- Silver traded at Rs.45,695 per kilogram at the start of the week.
- Prices increased to Rs.45,940 per kilogram on 14th September but soon began to drop as traders and investors preferred to stay on the sidelines while the market was volatile.
- Silver prices dropped to Rs.45,370 per kilogram by the end of the week.
September '16 - Week 4 (19th to 25th)
- Silver saw a positive streak this week as the market outlook turned bullish.
- The Fed rate hike has been put on hold as the U.S. elections for the office of president is soon approaching.
- Silver traded at Rs.46,100 per kilogram on 19th September.
- By 23rd September, silver rates rose to Rs.47,560 per kilogram.
- There was stable demand coming in from industrialists which kept prices constant till the end of the week.
September '16 - Week 5 (26th to 30th)
- A negative outlook took over the global market as the dollar grew stronger.
- Silver traded at Rs.46,685 per kilogram on 26th September.
- In the domestic market, demand from coin makers and industrialists fell.
- On 28th September, silver traded at Rs.45,645 per kilogram.
- Though prices fell this week, this was still a gain for the month with an increase of 2.59%.
|1st August||Rs.49,200 per Kilogram|
|31st August||Rs.45,320 per Kilogram|
|Highest Price||Rs.49,660 per Kilogram on 03rd August|
|Lowest Price||Rs.44,900 per kilogram on 29th August|
|Trend||Decline in silver prices|
August '16 – Weeks 1 (1st to 7th)
- Silver opened at Rs.49,200 per kilogram at the beginning of the month.
- After marking the highest silver rate on Rs.49,660 per kilogram, silver prices succumbed to U.S rate hike speculation.
- Silver prices declined and traded at Rs.47,255 per kilogram and remained steady for 2 days.
August '16 – Week 2 (8th to 14th)
- Silver prices at the beginning of the week was Rs.47,280 per kilogram.
- Increase in demand from local jewellers and coin makers increased silver prices on 10th and 11th of August when silver was traded at Rs.48,760 per kilogram.
- Silver prices dipped to Rs.47,750 per kilogram and remained the same till the end of the week.
August '16 – Week 3 (15th to 21st)
- Silver prices fluctuated between Rs.46,690 to Rs.48,130 per kilogram throughout the week.
- Silver price continued to fall as traders expected FED rate hike to be implemented.
- Firm dollar rate and positive US employment data also contributed to the decline of silver prices. Silver closed at Rs.46,690 per Kilogram.
August '16 – Week 4 (22nd to 28th)
- Silver price managed to be stable without major decline in the 4th week of August.
- At the beginning of the week, silver traded at Rs.45,800 per kilogram.
- Silver prices remained steady from 25th August to 28th August at Rs.45,040 per kilogram.
August '16 - Week 5 (29th to 31st)
- On 29th August, lowest silver rate was recorded and stood at Rs.44,900 per kilogram.
- Silver prices continued to fall as dollar stood on firm ground.
- At the end of the month, silver traded at Rs.45,320 per kilogram.
|1st Day||Rs.46,650 per kg|
|Last Day||Rs.48,970 per kg|
|Highest Price||Rs.49,200 per kg on 11th July|
|Lowest Price||Rs.46,650 per kg on 1st July|
July'16 - Week 1 and 2 (1st to 10th)
- Silver opened at Rs.46,650 per kg which was also the lowest rate of silver during the month of July.
- Price of silver increased marginally to Rs.47,925 per kg and stayed steady until the 3rd.
- There was a further increase of Rs.865 in the price of silver the next day.
- On the 6th and 7th of July, silver rate was Rs.49,265 per kg which was the highest price of silver for the entire first two weeks.
- Silver rate decreased slightly after that to close at Rs.47,720 per kg on the last day of the second week.
July'16 - Week 3 (11th to 17th)
- Rate of silver on the first day of week 3 was Rs.49,200 which was the highest for the entire month. This increase can be attributed to steady global cues and an increase in demand for this precious metal.
- Although silver rate declined marginally after that, it was still relatively high.
- On the last two days of the week, the price of silver was Rs.48,840.
July '16 - Week 4 (18th to 24th)
- Compared to the previous week, the price of silver declined marginally for a day before shooting up again.
- There were a few fluctuations noted in silver rates until the 22nd after which prices steadied slightly.
- From the 22nd to the 25th the price of silver was steady at Rs.47,420 per kg.
- Although the rate of silver was relatively high, it was lower than the rates noted during the first three weeks of the month.
July‘16 - Week 5 (25th to 31st)
- There were a number of fluctuations noted in the price of silver during the last week of the month.
- Price of silver hovered between Rs.47,195 per kg to Rs.47,370 per kg from the 25th to the 27th after which silver rate jumped to Rs.49,070 per kg.
- However, this rate was not maintained and decreased to Rs.48,380 per kg on the 29th.
- There was a marginal increase noted after this with silver closing at Rs.48,970 per kg on the last day of the month.
|June 1st Rate||Rs.38,720 per kg|
|June 30th Rate||Rs.44,725 per kg|
|Highest Rate in June||Rs.44,725 per kg on the 30th of June|
|Lowest Rate in June||Rs.38,720 per kg on the 1st of June|
June 2016 – Week One(June 1st to June 4th)
- Silver traded at Rs.38,720 per kg on the 1st of June.
- The price of silver climbed to Rs.39,075 per kg on the 3rd of June.
- The price further increased as silver hit Rs.39,755 per kg on the 4th of June.
Jun'16 - Week 2 (5th to 11th)
- Silver traded at Rs.39,755 per kg on the 5th of June.
- Prices dropped down to Rs.39,370 per kg on the 7th of June.
- The price of silver increased as the week progressed and silver hit Rs.41,510 per kg on the 10th of June and remained the same on the 11th of June.
Jun'16 - Week 3 (12th to 18th)
- Silver remained unchanged and traded at Rs.41,510 per kg on the 12th of June.
- The price increased the very next day, owing to global demand and silver hit Rs.41,835 on the 13th of June.
- Silver traded at Rs.43,055 per kg on the 16th of June.
- The price declined further over the week and silver hit Rs.42,280 on the 18th of June.
Jun'16 - Week 4 (19th to 25th)
- Silver traded at Rs.42,280 per kg on the 19th of June.
- Due to heavy demand in the global market,the price of silver rose to Rs.42,405 per kg on the 21st of June.
- The price of silver relatively increased over the week and hit Rs.43,465 per kg on the 24th of June.
- The price of silver remained unchanged on the 25th of June at Rs.43,465 per kg.
Jun'16 - Week 5 (26th to 30th)
- Silver traded at Rs.43,465 per kg on the 25th and 26th of June.
- The price further increased to Rs.44,440 per kg on the 29th of June.
- Silver closed the month at Rs.44,725 per kg on the 30th of June.
|1st May rate||Rs. 42,590|
|31st May rate||Rs. 39,010|
|Highest rate in May||Rs. 42,590 on 1st May|
|Lowest rate in May||Rs. 38,705 on 30th of May|
May '16 - Weeks 1 and 2 (1st to 8th)
- Madurai saw a slump in silver prices over the first week of May due to an ebbing of demand and the Dollar making gains.
- Silver traded at Rs. 42,590 on the 1st of May, the monthly high.
- Rates dipped slightly over the next few days as industry lessened their demand for the metal, resulting in silver retailing at Rs. 41,575 on the 4th of May.
- Prices dipped and rose over the rest of the week based on daily demand, ending the week at Rs. 41,875 per kg on the 8th of May.
May '16 -Week 3 (9th to 15th)
- The third week of May showed some stability, though the downward trend continued.
- On 9th of May, silver traded at Rs. 41,635 per kg, a slight decrease from the previous week.
- Prices dipped over the next few days, with silver trading at Rs. 41,085 on the 10th of May before recovering as demand rose marginally.
- Global markets took cues from the recovering U.S. stock exchange and positive data from the U.S., making small gains throughout the week.
- Silver prices were negatively affected by the positive markets, trading at Rs. 41,255 per kg for the last three days of the week.
May '16 - Week 4 (16th to 22nd)
- The start of the fourth week saw silver maintain its price from the previous week, retailing at Rs. 41,255 per kg on the 16th of May.
- Volatility in the international markets impacted domestic demand, causing prices to fall, reflecting the international trend, with silver falling to Rs. 40,040 per kg on the 20th of May.
- Silver recovered in the last two days, recording a price of Rs. 40,135 per kg on the 21st and 22nd of May.
May '16 - Weeks 5 and 6 (23rd to 31st)
- Prices continued to fall as market conditions led to the Dollar appreciating, in turn leading to a dip in demand for silver.
- Silver was priced at Rs. 39,780 per kg on the 23rd pf May and continued to fall over the course of the week.
- The sharpest decline in price was on the 30th of May, when silver traded at Rs. 38,705 per kg due to positive economic data leading to a rise on stock markets.
- Silver made a small recovery and was priced at Rs. 39,010 per kg on the 31st of May.
|April 1st Rate||Rs.37,015|
|April 30th Rate||Rs.42,590|
|Highest Rate in April||Rs.42,590 on the 30th of April|
|Lowest Rate in April||Rs.35,765 on the 4th of April|
|Overall Performance||Gain / Positive|
Apr'16 - Weeks 1 & 2 (1st to 10th)
- Silver rates were on the decline during the first four days of the month followed by a steady increase over the next three days before gaining stability for the last four days of the ten-day period.
- Prices were recorded at Rs.37,015 on the 1st of the month and Rs.36,620 on the tenth day of April.
- Prices began to increase after the fourth day of trading thanks to firming international and domestic trends in addition to an increase in industrial demand.
Apr ‘16 - Week 3 (11th to 17th)
- Silver rates increased steadily during the third week of the month.
- Prices were recorded at Rs.37,180 on the first day of the week and Rs.39,110 on the last day of the week.
- The increase in prices was almost Rs.2000 over the course of the week, making it profitable for traders and jewellers alike.
Apr ‘16 - Week 4 (18th to 24th)
- Silver rates increased during the first few days of week and remained constant towards the end.
- Prices were recorded at Rs.38,860 on the first day of the week and Rs.41,155 on the last.
- Prices increased by more than Rs.2200 during course of the week, making it the highest gains over seven days this month.
Apr ‘16 - Week 5 (25th to 30th)
- Barring a marginal drop in prices on the fourth day of trading, silver prices increased steadily over the last week of April.
- Prices were recorded at Rs.40,520 on the first day of the week and Rs.42,590 on the last day of the month.
|1st March rate||
|31st March rate||
|Highest rate in March||Rs.38,455 on 18th|
|Lowest rate in March||Rs.35,260 on 2nd|
Mar'16 - Week 1 (1st to 6th)
- Silver neither gained nor lost value in the first week of March.
- Rates were Rs.36,640 on 1st and Rs.36,640 on 6th again.
Mar'16 - Mar'16 - Week 2 (7th to 13th)
- Silver prices dropped substantially in the second week.
- Rates were Rs.37,915 on 7th and Rs.35,260 on 13th.
- Silver cumulatively lost Rs.2,655 in the second week.
Mar'16 - Week 3 (14th to 20th)
- Silver was marginally up in this week.
- Prices were Rs.37,850 on 14th and Rs.37,865 on 20th.
- Silver peaked at Rs.38,445 on 18th before sliding to Rs.37,865 by 20th.
Mar'16 - Week 4 (21st to 27th)
- Silver lost value in this week.
- Rates were Rs.37,705 on 21st and Rs.36,685 on 27th.
- There was an overall drop of Rs.1,020 over the course of the fourth week.
Mar'16 - Week 5 (28th to 31st)
- Silver rose by Rs.170 in the last four days of the month.
- Prices were Rs.36,545 on 28th and Rs.36,715 on 31st.
|1st February rate||Rs.35,040|
|29th February rate||Rs.36,605|
|Highest rate in February||Rs.38,525 on 12th|
|Lowest rate in February||Rs.34,975 on 2nd|
Week 1 (1st to 7th)
- Silver was up as February started.
- Prices were Rs.35,040 on 1st and Rs.36,690 on 7th.
- Silver had negative session on 2nd before recovering the lost value and posting some profits by the end of the week.
Week 2 (8th to 14th)
- Silver gained more value in the second week.
- Rates were Rs.35,900 on 8th and Rs.37,800 on 14th.
- Silver prices rallied to 38,000+ rates by 12th as it registered a trading value of Rs.38,525 on 12th before sliding to Rs.37,800 by the end of the week.
Week 3 (15th to 21th)
- Silver was up by Rs.500 in the third week.
- Prices were Rs.37,100 on 15th and Rs.37,600 on 21st.
- Silver prices fluctuated all through the week before ending at a higher rate of Rs.37,600.
Week 4 (22nd to 29th)
- Silver lost value for the first time this month on a weekly basis.
- Rates were Rs.37,400 on 22nd and Rs.36,400 on 29th.
Silver rose till 24th before sliding over the remaining days of the month to end Rs.1,000 lower than week-starting rates.
Investing in Silver in Madurai
Silver coins are a basic form of investment in silver, available in weights from 10 grams to 500 grams from many vendors. It’s important to ensure that your silver is embossed, marked, stamped or engraved in some way to certify its level of purity. A certificate is also usually issued along with your silver. The risk and reward is marginally lesser in case of coins, because the amount and weight of silver being held is in a lesser quantity.
Silver bullion provides the option to invest in greater weight units, in the form of bars or tokens that range from 500 grams up to 5 kilos. Since a larger physical quantity of silver is bought and held, the changes in market prices will be more impactful on the final profit or loss resulting from the same. Investing in larger quantities is marginally cheaper and most bullion bars are also embossed with serial numbers, which makes it hard to counterfeit them.
Silver coins and bullion can be immediately sold to a merchant for up to 75% of its value in the market at that particular date, and can be held for longer periods of time to secure a higher price. In this way, it can be collected, stacked, and used as a safety net that appreciates over time. Collectors and those not proactively involved in managing their silver investment portfolio chose this option, as the silver passively increases its own value anyway.
Silver jewelry incurs a 10% making charge and a 15% melting charge at the time of sale thus increasing the amount of money you spend on acquiring it, and reducing the amount you’ll receive when you want to sell. It is the most common form of silver traded in India. It is either held for its craftsmanship and value therein, or given as a gift during one of the many festivals and marriages that include the purchase or gifting of precious metals as assets with aesthetic appeal.
Banks (like ICICI, HDFC, Kotak, etc.) sell silver through a secure channel and will give you the purest form of certifiedsilver, at a price that’s usually higher than the current market rate. International certification authorities and mints are where the banks source their silver, importing it and delivering it to you at a cost that almost justifies the extra cost per gram that you will end up paying.
Market Rates & Silver Price Trend in Madurai
The silver rate fluctuates due to many market forces like inflation, demand and supply, movements in the stock market, etc. The price of silver in Maduraihas remained more or less constant over the last few months, staying between Rs.390 and Rs.410 for every 10 grams, and is more stable than gold. Detailed study of the fluctuations in prices and the reasons for the same can be used to your advantage as an investor.
Buying Silver in Madurai
One can buy silver coins, bars and bullion in many retail outlets across Madurai like A K Rajaram & Brothers Jewels, AMR Jewellery, Priyanka Bullion Pvt. Ltd., Madurai Jewellers & Bullion Merchants, and a number of merchants around the city.
When buying silver in Madurai, it is highly recommended that you buy from a well-established and certified dealer. Ensure that the silver is marked, stamped, engraved or in some way certified and determined to be authentic silver of established purity. Ensure that you also get a certificate of authenticity which contain details of weight, amount purchased, purity and current rate.
Also Check Silver Price in NearBy Cities of Madurai
|Silver Rate in Chennai||Silver Rate in Bangalore||Silver Rate in Hyderabad|
|Silver Rate in Coimbatore||Silver Rate in Trichy||Silver Rate in Visakhapatnam|
|Also Know: Gold Rate in Madurai|
Read more on Silver
- Silver – Poor Man’s Gold
- Silver Bars and Silver Coins
- Silver Jewelry
- Why Should You Invest in Silver?
- Are Long Term Silver Investments a Good Idea?