Silver Rate in Maharashtra

  • Today's Silver Rate In Maharashtra ( 15 Aug 2020 )

    ₹ 66.95
    Today's Silver Rate per gram

    Compare Silver Rate In Maharashtra (Today & Yesterday)

    Today
    Yesterday
    Rate Change
    Silver (1 gram) ₹ 66.95 ₹ 65.01 ₹ 1.94 ↑
    Bar Silver (1 Kg) ₹ 66,950 ₹ 65,010 ₹ 1,940 ↑

    Silver Price In Maharashtra for Last 10 Days

    Date Silver (1 gram) Bar Silver (1 Kg)
    14 Aug 2020 ₹ 66.95 ₹ 66,950
    13 Aug 2020 ₹ 65.01 ₹ 65,010
    12 Aug 2020 ₹ 72.55 ₹ 72,550
    11 Aug 2020 ₹ 75.16 ₹ 75,160
    10 Aug 2020 ₹ 74.22 ₹ 74,220
    09 Aug 2020 ₹ 74.21 ₹ 74,210
    08 Aug 2020 ₹ 76.52 ₹ 76,520
    07 Aug 2020 ₹ 73.51 ₹ 73,510
    06 Aug 2020 ₹ 71.51 ₹ 71,510
    05 Aug 2020 ₹ 65.06 ₹ 65,060

    Weekly & Monthly Graph of Silver Rate in Maharashtra

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    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    Silver Rate in Maharashtra

    Maharashtra has a long relationship with silver, with the ports and business centres seeing major exchange of this metal over the centuries. A historic past where kings and queens used silver for trade has imbibed a sense of appreciation for silver. Today, Maharashtra is a hub of commerce, with major cities witnessing great growth, meaning people have higher spending capacity. Silver has traditionally been viewed as a decent investment avenue in Maharashtra, forming an integral part of celebrations and festivals here. In spite of other investment opportunities present to residents of Maharashtra, the benefits and cost effectiveness of silver have ensured it stays close to their hearts.Silver prices in Maharashtra are a reflection of international rates, with costs changing on a regular basis, depending on multiple factors.

    Trend of Silver Rate in Maharashtra for July 2020 (rates per kg)

    Parameters Silver Price (per kg)
    July 1 Rate Rs.48,560 per kg
    July 31 Rate Rs.63,010 per kg
    Highest Rate in July Rs.66,060 per kg on 30 July
    Lowest Rate in July Rs.48,510 per kg on 5 July
    Overall Monthly Performance Incline
    Percentage Change 29.75%

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

    Parameters Silver Price (per kg)
    June 1 Rate Rs.50,120 per kg
    June 30 Rate Rs.48,510 per kg
    Highest Rate in June Rs.50,160 per kg on 2 June
    Lowest Rate in June Rs.47,110 per kg on 16 June
    Overall Monthly Performance Decline
    Percentage Change -3.21%

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

    Parameters Silver Price (per kg)
    May 1 Rate Rs.42,530 per kg
    May 31 Rate Rs.50,100 per kg
    Highest Rate in May Rs.51,400 per kg on 25 May
    Lowest Rate in May Rs.41,010 per kg on 2 May
    Overall Monthly Performance Incline
    Percentage Change 17.79%
    • May had seen the price of silver go through an increase in its price by 17.79%. In Bhubaneswar, silver opened at Rs.42,530 per kg on 1 May. After two days, on 3 May, the prices of silver had dipped by Rs.1,320 to Rs.41,210 per kg, driven by a firm U.S. dollar ad a decrease in investors’ risk sentiment after the U.S.-China tensions started to crop up. The metal was trading higher by Rs. 800 at Rs.42,010 per kg. The white metal rates prices had seen an increase after a drop during the previous session as a weak U.S. economic data had been released and this underscored the impact of the wide-spread virus. Most investors across the world were eagerly waiting for the U.S. which is one of the world’s largest economies to release its jobless claims report. The first week of the month had come to a close with the metal standing at Rs.43,510 per kg.
    • The next week kicked off with the metal being sold at Rs.43,610 per kg. 10 May and 11 May had seen the rates of silver dip to Rs.43,090 per kg. The prices had fallen as the U.S. dollar gained from rapid safe-haven buying. This was led by the fears of one more possible wave of the coronavirus impacting the economy. By 15 May, the rates of the metal had increased to Rs.43,160 per kg. The prices of the white metal had increased and the price hike was led by the increasing U.S.-China tensions. On 16 May, silver stood at Rs.46,900 per kg. The rise in price had again been led by the trade tensions between the two countries and this had added to the growing fears over the global economy weakening.
    • The silver rates during in the third week of the month in this state had kicked off at Rs.43,160 and had then risen to Rs.46,900. The with prices had been rising through the week, and the week had closed with the metal being priced at Rs.48,200 per kg. The increase in prices is because of the U.S. jobs data which showed a very weak economy. The tensions of the US-China trade relations had also led to the appeal of safe-haven metal.
    • By 24 May, the metal traded at Rs.48,360 per kg. The rates of the metal had reached its highest for the month by 25 May 2020. On this day, the metal was sold at Rs.51,400 per kg. The prices had then increased due to the concerns over the U.S.-China trading relations. After silver prices had risen to Rs.48,700 per kg by 27 May, it had decreased to Rs.47,910 per kg by 28 May. The month closed with the metal priced at Rs.50,100 per kg on 31 May.

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

    Parameters Silver Price (per kg)
    April 1 Rate Rs.40,500 per kg
    April 30 Rate Rs.41,520 per kg
    Highest Rate in April Rs.42,710 per kg on 21 April
    Lowest Rate in April Rs.40,360 per kg on 6 April
    Overall Monthly Performance Incline
    Percentage Change 2.51%
    • The price of silver opened in Maharashtra at a price of Rs.40,500 in the month of April and remained steady for the first five days of the month in keeping with global trends as investors turned to precious metals as a safe-haven investment as coronavirus pandemic affected stock markets around the world. The investors stayed away from investing in riskier assets as almost every country going for lockdowns and restrictions, which were affecting the economy. The price of the white metal remained steady in the first week of April due to the anticipation around the release of US jobs data, which would reveal the true extent of the coronavirus pandemic. However, by the end of the week, prices dropped to the lowest price point for the month of April at Rs.40,360 per kg on 6 April. This was in due to the number of deaths due to coronavirus falling which led to optimism around the economy getting back on track, leading to an increase in appetite for risk once again, thus resulting in a dip in prices of precious metals and its appeal as a safe-haven investment.
    • The dwindling performance of Global market instilled fears of a global economic recession led by the outbreak of coronavirus. This led to the increase in the price of the white metal as investors turned towards safe havens such as silver. Weak manufacturing data released by the U.S. and the low retail sales also played a role in traders moving away from riskier assets.
    • By the second week of April, white metal prices again began rise, remaining at Rs.41,100 for three consecutive days as the long weekend loomed ahead of the Good Friday holiday. There was also an easing of the US dollar, as the US Federal Reserve released the stimulus measures in response to the coronavirus pandemic, the OPEC meet, and increasing worries about the global economy delaying to get back to normal very slowly as Covid-19 continued to force the economy to struggle. This led the investors to turn to precious metals as a safe haven investment in the face of increasing volatility around the economy and equities which helped to keep prices steady.
    • By the third week of the month of April, prices remained unsteady, with the highest price point for the month of April being Rs.42,710 per kg on 21 April. The rise was driven by fears of a global recession continuing while Trump’s announcement of the economy reopening helped to drive prices down.
    • By the end of the month, prices of oil fell drastically, leading to further volatility in equities which led to a steadying of prices of the white metal as investors looked to it as a safer option. Overall, the trend for silver in the month of April was an incline with a percentage change of 2.51%.

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

    Parameters Silver Price (per kg
    March 1 Rate Rs.47,400 per kg
    March 31 Rate Rs.40,500 per kg
    Highest Rate in March Rs.50,700 per kg on 6 March
    Lowest Rate in March Rs.37,800 per kg on 19 March
    Overall Monthly Performance Decline
    Percentage Change -14.5%
    • In Maharashtra, silver prices for the month of March opened at Rs.47,400 per kg and closed at Rs.40,500 per kg. Overall, silver saw a 14.5% decline in its rates. The main reason for the reduction in prices was the coronavirus outbreak.
    • From 1 March to 6 March, the prices of silver increased by Rs.3,300 for a kg. Traders expecting an interest rate cut from the US Federal Reserve was the main reason for the prices to increase. On 6 March 2020, silver hit its highest prices for the month and was at Rs.50,700 per kg.
    • After fluctuating from 7 March to 12 March, silver prices decreased significantly from 13 March 2020 to 19 March 2020. The impact on the economy due to the coronavirus pandemic was the reason for the reduction in prices. On 19 March 2020, silver hit its lowest rate for the month and was at Rs.37,800 per kg.
    • Silver prices increased slightly from 20 March to 23 March. From 24 March 2020 to 31 March 2020, the prices of silver remained the same and was at Rs.40,500 for a kg. Several measures that were introduced by the US Federal Reserve ensured that the silver rates did not reduce at the end of the month.

    Trend of Silver Rate in Maharashtra for February 2020 (rates per kg)

    Parameters Silver Price (per kg)
    February 1 Rate Rs.50,300 per kg
    February 29 Rate Rs.47,400 per kg
    Highest Rate in February Rs.52,900 per kg on 24 February
    Lowest Rate in February Rs.47,400 per kg on 29 February
    Overall Monthly Performance Decline
    Percentage Change -5.76%
    • February opened on a high for safe-haven investments, including silver, due to the coronavirus outbreak in China stoking their appeal as stock markets tethered dangerously on the edge. Silver was priced at Rs.50,300 per kg at the beginning of the month.
    • Silver reached its highest price point on 24 February at Rs.52,900 per kg with the World Health Organisation declaring coronavirus to be a global emergency and pandemic with the virus spreading to six more countries other than China, resulting in investors aggressively selling stocks and investing in safe-haven instruments instead.
    • However, by 29 February it had slipped to its lowest price of Rs.47,400 per kg as investors looked to liquidate assets and stock on cash instead due to the increasing spread of the coronavirus.
    • Silver had an overall trend of –5.76% in the month of February with the coronavirus wreaking havoc on the global economy.

    Trend of Silver Rate in Maharashtra for January 2020 (rates per kg)

    Parameters Silver Price (per kg)
    January 1 Rate Rs.50,300 per kg
    January 31 Rate Rs.50,200 per kg
    Highest Rate in January Rs.52,600 per kg on 8 January
    Lowest Rate in January Rs.49,200 per kg on 30 January
    Overall Monthly Performance Decline
    Percentage Change -0.19%
    • Silver opened at Rs.50,300 per kg for the month of January. The rates of the white metal slipped by Rs.600 per kilogram when compared to the rates charged on the last day of the previous month.
    • The rates of silver saw an increase over the first week and touched the highest for the month on 8 January when every kilo of the precious metal cost Rs.52,600 in the state.
    • Due to the outbreak of coronavirus in China, there were concerns over the demand of silver, the rates of the white metal started to fluctuate considerably since 10 January. Weakening dollar, escalating tensions in the Middle East and concerns regarding the trade deal between Washington and Beijing also played its part.
    • Silver closed the month at Rs.50,200 per kg after reducing to its lowest for the month the previous day. The overall performance of the white metal in Maharashtra was -0.19%, trending downwards.

    Details of Silver Price in Maharashtra (1 Kg) - Till December 2015

    Silver rates in Maharashtra have been on a roller coaster ride since the start of this year. Prices peaked during May, with drops witnessed in March, July and December. The year started with 1 kg silver costing around Rs 36,000, with prices steadily climbing up during the month. The prices jumped to over Rs 40,000 towards the third week, before dropping in February, falling below the Rs 36,000 mark in March. 1 kg silver could be purchased for as low as Rs 35,228 in March. Prices rose towards the end of March but fell again in April. May witnessed a steep rise in prices, when 1 kg of silver cost Rs 43,300. Prices gradually fell in the next few months, dropping to as low as Rs 35,800 in August, before picking up again. October saw a brief moment when prices went over the Rs 40,000 barrier, before falling to their current rate. A kg of silver could set you back by Rs 35,384 today (December 15, 2015).

    Also Check Silver Price in NearBy Cities of Maharashtra

    Silver as an investment

    Silver is considered a safe investment option in Maharashtra, primarily on account of its affordability and cultural significance. Most households consider owning silver auspicious, with it forming an integral part of weddings and celebrations. With silver costing less than gold, it provides an investment opportunity to investors with moderate resources, helping them build a portfolio. Individuals who wish to invest in silver can do so in different ways, with physical silver and silver contracts being the two popular investment modes in Maharashtra.

    Physical Silver – Buying silver in its physical form continues to be the mainstay for most investors. Silver can be purchased either in the form of coins or jewellery, with banks and jewellers across the state offering products for multiple budgets. Silver ornaments like chains, anklets, amulets and rings serve a dual purpose, acting as an investment and an accessory. Silver statues of gods and goddesses are also popular in Maharashtra, with their demand peaking during festivals and religious processions. Silver coins can be purchased from both banks and jewellers, with the ones purchased from banks costing slightly more on account of quality checks and purity certificates.

    Silver contracts – One can purchase silver through the markets, with silver being traded in the National Multi Commodity Exchange, National Commodity and Derivatives Exchange and the Multi Commodity Exchange. Typically, this is suited for individuals who wish to purchase silver in bulk, with the minimum trading limit set at 1 kg in most cases. This can be a good option for investors who are well aware of the markets and wish to make quick profits.

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