Silver Rate In Malappuram

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.

Trend of Silver Rate in Malappuram for December 2020 (rates per kg)

Trend of Silver Rate in Malappuram for November 2020 (rates per kg)

Trend of Silver Rate in Malappuram for October 2020 (rates per kg)

Trend of Silver Rate in Malappuram for September 2020 (rates per kg)

Trend of Silver Rate in Malappuram for August 2020 (rates per kg)

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

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

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

• On 1 May 2020, the price of silver in Malappuram was at Rs.42,530 per kg. Over the course of the month, silver rates saw an incline due to the increase in the coronavirus cases and the tensions between China and the US. On 2 May, silver hit its lowest rate for the month and was at Rs.41,010 for a kg. The strong value of the US dollar and the improvement for riskier products were the reasons for the reduction in prices. Silver prices increased slightly on the next day and were at Rs.41,210 per kg. Due to the poor economic data of the US, the prices of silver increased again on 5 May 2020 and were at Rs.41,520 for a kg. Silver rates closed the week at Rs.42,010 for a kg.
• Over the initial days of the second week, silver rates continued to increase. On 8 May, the price of silver was at Rs.42,060 for a kg. On the next day, the price of silver increased by more than Rs.1,000 and was at Rs.43,510 per kg. The main reasons for the increase in prices were a weak dollar and the fears of a second wave of the coronavirus. On 10 May, silver prices increased by Rs.100 and were at Rs.43,610 for a kg. However, by the end of the week, silver rates decreased. By 13 May 2020, silver had reduced to Rs.42,950 per kg. The shift towards equities and the increase in oil prices were the main reasons for the prices to decrease. On the last day of the week, silver was at Rs.43,160 for a kg.
• In the third week, silver prices increased significantly. On 16 May 2020, the price of silver was at Rs.46,900 for a kg. The tensions between the US and China over the coronavirus outbreak was the main reason for the prices to increase. The next day, silver prices reduced slightly and were at Rs.46,710 per kg. However, silver rates saw a huge increase by 22 May 2020 and closed the week at Rs.48,350 for a kg.
• The tensions between China and the US and the riots in the US ensured that the prices of silver increased in the last week. The price of silver on the first day of the fourth week was at Rs.48,350 for a kg. The prices of the white metal increased significantly over the next few days and crossed the Rs.50,000-levels for a kg. On 25 May 2020, silver hit its highest rate for the month and was at Rs.50,400 for a kg. Over the next few days, silver prices reduced and were at Rs.47,910 for a kg on 29 May. The price of silver recovered by 31 May and was at Rs.50,100 per kg. Overall, silver saw its prices increase by 17.79%

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

• On the first day of April, the price of silver in Malappuram was at Rs.40,500 per kg. The prices remained unchanged for the first five days of the month as investors turned towards the white metal as they considered it as a safe haven because of the coronavirus. The coronavirus outbreak affected the stock market around the world as well. Investors moved away from riskier assets because of the lockdown and the enforced restrictions in various countries. By 6 April 2020, the prices of silver dropped to its lowest rate for the month and were at Rs.40,360 per kg. The main reason for the drop in prices was the reduction in the number of coronavirus cases and the optimism that the economy would get back on track. Investors moving towards riskier products also ensured that silver rates dropped.
• In the second week of the month, the prices of silver began to increase because of a weak US dollar. On 11 April and 12 April, the prices of silver were stagnant and were at Rs.41,100 for a kg. Over the next three days, the prices of silver increased in Malappuram. The OPEC meet and the several measures introduced by Central Banks across the world were the main reasons for the change in prices. Investors moving towards the white metal and the increased volatility of the economy and the equities market ensured that the prices remained steady.
• In the third week of the month, silver prices were unsteady. On 15 April 2020, the price of silver was at Rs.41,920 per kg. Over the next two days, the prices of silver fluctuated. On 17 April 2020, silver was at Rs.41,900 for a kg. However, by 21 April 2020, the prices of silver increased and were at Rs.42,710 for a kg. This was the highest rate silver hit for the month. The main reason for the increase in prices was the fears of a global recession. The US President also announced that the economy would be reopening, affecting the prices of the white metal.
• Over the last ten days of the month, the prices of oil reduced drastically. This led to investors turning to silver as a safe haven because of the volatile equities market. On 26 April 2020, the price of silver was at Rs.42,600 for a kg. After increasing by Rs.10 the next day, the prices of silver decreased by Rs.400 on 28 April 2020. On 30 April 2020, silver was at Rs.41,520 for a kg, seeing a 2.51% incline over the course of the month.

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

• Silver prices in Malappuram on 1 March 2020 was at Rs.47,400 per kg. When compared to 29 February, silver rates did not change. On 2 March 2020, the prices jumped by Rs.1,100 and was at Rs.48,500 for a kg.
• From 2 March to 6 March, silver rates increased drastically as traders were anticipating interest rate cuts from the US Federal Reserve. In the first six days of March, the prices of silver increased by Rs.3,300. Silver hit its highest price for the month on 6 March 2020 and was at Rs.50,700 per kg.
• From 11 March to 19 March, silver prices in Malappuram reduced drastically. The coronavirus outbreak and its impact on the economy ensured that the prices reduced significantly. Silver hit its lowest rate for the month on 19 March and was at Rs.37,800 for a kg.
• The introduction of various measures by the US Federal Reserve made sure that the prices of silver did not reduce during the end of the month. Silver closed the month at Rs.40,500, seeing a 14.5% decline.

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

• The effect of the coronavirus ensured that the prices of silver fluctuated throughout the month of February in Malappuram. Silver opened at Rs.50,300 per kg on the first day of the month but reduced to Rs.49,900 per kg by 10 February 2020. The main reason for the reduction in prices was due to China liquidating funds in order to bring stability to its economy. Investors looked towards riskier assets during this period.
• After continuous fluctuations in the second week of the month, silver closed the week at Rs.50,000 per kg. Due to the drop in the number of coronavirus cases, the prices of silver reduced during the week.
• In the third week of the month, the number of coronavirus cases around the world had increased. This ensured that the prices of silver increased. The demand for the white metal also ensured that the prices increased.
• In the last week of February, silver hit its highest rate for the month at Rs.52,900 per kg on 24 February. However, due to profit booking by investors, silver saw a decrease in prices by the end of the week. By the end of the month, the price of silver had reduced to Rs.47,400 per kg. The decrease in prices ensured that silver saw an overall decline of 5.76% in Malappuram for the month.

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

• Malappuram saw silver rates opening at Rs.50,300 per kg in January, which was a good price, riding on the wave of the dollar weakening considerably with a 6-month low on the eve of the new year.
• By 8 January, the price of silver had reached its highest for the month of January at Rs.52,600 per kg, with investors seeing it as a safe haven. This was in the wake of increasing tensions after Iran retaliated with military strikes against the US forces based in Iraq.
• Silver was at its lowest by the end of the month, at Rs.49,200 per kg as the dollar scaled upwards considerably.
• The overall monthly performance for silver showed a decline in January following highs and lows in international affairs that affected the metal considerably.

Also Check Silver Price in NearBy Cities 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.

Read more on Silver

• Why Should You Invest in Silver?
• Amazing Facts About Silver
• Silver Bars and Silver Coins
• What is Spot Silver?
• Are Long Term Silver Investments a Good Idea?

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