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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 January 2018 (rates per kg)
|Parameters||Silver price (per kg)|
|Silver rate on 1st January 2018||Rs.38,925 per kg|
|Silver rate on 31st January 2018||Rs.42,200 per kg|
|Highest Rate in January||Rs.42,700 per kg on 29 January|
|Lowest Rate in January||Rs.38,925 per kg on 1, 2 and 10 January|
|Overall Monthly Performance||Incline|
Trend of Silver Rate in Madurai for December 2017 (rates per kg)
|Parameters||Silver price (per kg)|
|Silver Rate on 1st December 2017||Rs.38,230 per kg|
|Silver Rate on 31st December 2017||Rs.39,265 per kg|
|Highest Rate in December||Rs.39,365 per kg on 30 and 31 December|
|Lowest Rate in December||Rs.36,545 per kg on 13 December|
|Overall Monthly Performance||Incline|
December 2017 - Week 1 (1st - 10th)
- When trading started for December, silver was priced at Rs.38,230 per kg
- Silver prices in Madurai dropped to Rs.38,120 per kg on the 2nd before dropping again to Rs.37,965 per kg on the 4th of December.
- There was consistent price drops this week, which was brought about by a weak US dollar.
- The 5th saw silver rate in Madurai drop to Rs.37,865 per kg, which dropped to Rs.37,600 per kg the next day.
- As demand continued to remain on the weaker side, silver rates fell again, this time to Rs.37,180 per kg on the 7th of the month.
- As local demand dropped further, silver rate in Madurai hit Rs.36,715 per kg on the 8th of the month.
- Demand remained steady and silver rates continued at the same rate till the end of the week.
December 2017 - Week 2 (11th - 17th)
- There was a brief rise in rates on the 11th with the white metal trading at Rs.36,920 per kg.
- The incline, however, was short lived and prices dropped to Rs.36,620 per kg the next day before dropping to a monthly low figure of Rs.36,545 per kg.
- A downturn in US dollar fortunes pushed demand up and silver traded at Rs.37,295 per kg on the 14th. This was mostly due to an increased off take from local jewellers and industrial units.
- The high demand subsided and silver rate in Madurai fell to Rs.37,235 per kg on the 15th before dropping again to Rs.36,920 per kg the subsequent day.
- On the last day of this week, i.e., silver rate in Madurai surged back up to Rs.37,180 per kg as fluctuations in the US market kept precious metal trading on a relative high.
December 2017 - Week 3 (18th - 24th)
- Silver rate in Madurai fluctuated during this week with a few ups and downs to be witnessed over the course of the seven days.
- On the 18th of December, the white metal was priced at Rs.37,600 per kg. This rose to Rs.38,365 per kg on the 19th before continuing at this rate till the closing hours of the 20th.
- The 21st, however, saw prices drop to Rs.37,600 per kg as sales took a hit owing to poor demand locally.
- Silver prices in Madurai remained at Rs.37,600 per kg on the 22nd before rising slightly to Rs.37,865 per kg.
- When the week ended, the white metal was still seen trading at Rs.37,865 per kg.
December 2017 - Week 4 (25th - 31st)
- The final week of December and 2017 saw silver prices start on a relative low before rising to month-high figures towards the end.
- When trading commenced for the 25th of December, the white metal was priced at Rs.38,395 per kg. Due to a weak demand, rates dropped to Rs.38,005 per kg the next day.
- However, a renewed year-end demand brought about by positive global cues pushed silver rates up. The white metal traded at Rs.38,455 per kg on the 27th of December.
- Due to a weak US dollar performance, silver price in Madurai went up to Rs.38,815 per kg on the 28th of the month.
- The 29th saw silver price in Madurai incline as well to Rs.38,925 per kg before rising to Rs.39,265 per kg the next day.
- During the last day of December 2017, silver was seen trading at Rs.39,265 per kg - the month’s highest rate.
- Overall, silver rate in Madurai inclined by 2.70% this month, thanks to positive local trading cues.
Trend of Silver Rate in Madurai for November 2017 (rates per kg)
|Parameters||Silver price (per kg)|
|Silver rate on 1st November 2017||Rs.39,530 per kg|
|Silver rate on 30th November 2017||Rs.38,460 per kg|
|Highest Rate in November 2017||Rs.40,520 per kg on 18 and 19 November|
|Lowest Rate in November 2017||Rs.38,460 per kg on 30 November|
|Overall Monthly Performance||Decline|
November 2017 - Week 1 (1st - 5th)
- Silver opened at Rs.39,530 per kg when the first week of November began.
- A rise in demand caused by the festive season, silver price in Madurai rose to Rs.39,680 per kg on the 2nd.
- Rates increased again on the 3rd for the metal to trade at Rs.39,950 per kg as traders stocked to meet the possible rise in demand.
- Silver price in Madurai dropped on the 4th for the metal to trade at Rs.39,355 per kg due to a slowdown in demand.
- When the week ended, the white metal was still trading at Rs.39,355 per kg.
November 2017 - Week 2 (6th - 12th)
- An increase in overnight trading cues led to silver trading at Rs.39,365 per kg on the 6th of November.
- On the 7th, silver price in Madurai surged to Rs.39,970 per kg as the US dollar plunged in its valuation, and the bullion industry took full advantage of it.
- Prices went up again on the 8th, this time to trade at Rs.40,040 per kg on the 8th and continued at this rate till the closing hours of the 9th.
- Demand dropped slightly as the US dollar made a recovery. The white metal traded at Rs.39,970 per kg on the 10th and remained unchanged for the remainder of the week.
November 2017 - Week 3 (1th3 - 19th)
- The third week of November saw silver rate in Madurai increase initially as uncertainty around the middle east contributed to a rise in demand.
- Silver opened at a relatively subdued price of Rs.39,870 per kg on the 13th of November before surging to Rs.40,040 per kg on the 14th.
- Prices went up again on the 15th for the white metal to trade at Rs.40,240 per kg as a strained British economy weighed in on bullion sales.
- Silver rate in Madurai came down to at Rs.40,040 per kg on the 16th and continued at this rate on the 17th. This then surged to Rs.40,520 per kg on the 18th as the strained relationship between the UK and the European Union took centre stage.
- The week came to a close with the white metal still trading at Rs.40,520 per kg as demand from local circles in Madurai remained steady.
November 2017 - Week 4 (20th - 26th)
- When trade exchanges opened on the 20th, silver price in Madurai had dropped to Rs.39,780 per kg. Prices continued at the same rate on the 21st before increasing to Rs.39,950 per kg on the 23rd as local demand improved briefly.
- Silver rate in Madurai dropped to Rs.39,780 per kg on the 24th of the month and continued at the same rate for the remaining days of the week.
November 2017 - Week 5 (27th - 30th)
- Silver price in Madurai dropped on all four days of this week as demand continued to weaken as days passed.
- On the 27th, the white metal traded at Rs.39,780 per kg, before going down to Rs.39,530 per kg on the 28th of November.
- Overall, silver price in Madurai trend improved by 2.7% this month, due to weak global markets and strong local demand.
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.
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?