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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 August 2016 (rates per kg)
|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?