Silver Rate In Malappuram

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Silver Rate In Malappuram

Silver is one of the sought-after precious metals in India. Apart from the obvious demand and supply dynamics of the metal, silver rates in India are affected by various factors such as prevailing rates of other commodities on world markets and macroeconomic factors including growth of global economy in addition to developments in the Indian economy, import duties, current account deficit, inflation, debt and rupee-dollar fluctuations among others. It is important to note that the price of gold and silver, more often than not, move in tandem with international markets.

The white precious metal is popular in Malappuram. Silver has extensive use in various industries such as electronics. Silver is used for making traditional ornaments in addition to items used for ritualistic purposes on auspicious occasions. Silver jewellery in various forms is an integral part of the heritage and culture of Malappuram.

Silver As An Investment In Malappuram

Silver is used in various forms in Malappuram. Silver bars and coins (of different denominations) are the common forms of investment in Malappuram. Silver is a valuable asset owing to its store of value. There are various jewellery stores across Malappuram which offer a wide range of jewellery designs.

Physical silver: Silver is available in form of jewelry and coins in Malappuram. You should, however, ensure that you buy silver from well-known jewellers who offer hallmark certifications. Silver is bought in the form of coins and 1 kg bars. Traditional silver items such as toe-rings, anklets and artefacts among others are widely sold.

Silver contracts: Silver is traded in the futures and spot markets. The white precious metal is traded in all the top commodity exchanges in the country including NCDEX (National Commodity & Derivatives Exchange) and MCX (Multi Commodity Exchange). The MCX offers three options, namely, Silver 1000, Silver Micro and Silver Mini. Silver contracts are delivered for up to 30 kg.

Silver Price In Malappuram

The price of 1 kg of silver is pegged at Rs.39,334 as on March 1, 2016 in Malappuram, a 12.6% increase from Rs.34930 in December 2015. Globally, the price of silver, in the first two months of 2016, rose by around 3.7% from December 2015, owing to tumbling equities, volatile markets and demand for safe haven assets. 1 kg of silver was pegged at Rs.33785 in Malappuram in December 2015. Silver rates in Malappuram were on the decline barring minor fluctuations throughout 2015 and a mini-rally in May (price of 1 kg of silver stood at Rs.40282 in the month of January 2015). The price of silver (1 kg) fell to Rs.35840 and Rs.34930 in August and December 2015 respectively.

According to experts, silver is a better investment option in 2016 owing to its stronger fundamentals compared to gold this year. Silver rates in Malappuram depend on various national and global factors including the supply side of the precious metal, which has been witnessing a drop across various countries such as Chile and Canada and the US.