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Silver Price in Mysore
Silver is one of the precious metal that people buy after gold as an ornament or as a form of investment in Mysore. As an alternative to gold, silver has provided better returns than gold in Mysore. Silver prices are seen to be rising when the economy and markets were bearish or when there was no certainty over the future trends. This precious metal seems to be stable all over the world even in times of financial uncertainty. Silver, in Mysore, has been called as the ‘poor man’s gold’. The individuals buy silver in the form of jewelry, utensils and as gift items. Rural areas use silver as hedge against inflation.
Trend of Silver Rate in Mysore for June 2017 (rates per kilogram)
|June 1 Rate||Rs.40,500 per kg|
|June 30 Rate||Rs.39,100 per kg|
|Highest Rate in June||Rs.40,600 per kg from 5-8 June|
|Lowest Rate in June||Rs.38,600 per kg on 20 & 21 June|
|Overall Monthly Performance||Decline|
June 2017 - Week 1 (1 -4):
- Gold prices in Mysore were recorded at Rs.40,500 per kg when trading began for the month of June.
- A steep decline in demand brought prices down to Rs.39,800 per kg on the 2nd.
- The sudden drop in prices was due to a significant decrease in local demand brought about by a strengthened US dollar.
- However, as demand increased, silver rates went back up to Rs.40,400 per kg on the 3rd and remained there till the end of the week on the 4th.
- Despite a major price reduction, bullion market performed better after US President Donald Trump’s Russia controversy took centre stage.
June 2017 - Week 2 (5 -11):
- As there were some overnight trading cues, silver prices opened at Rs.40,600 per kg on the 5th.
- Thanks to a sustained demand from industrial units and coin makers in the city, silver rates remained unchanged for the subsequent four days.
- From the 5th to the 9th, silver prices were holding at Rs.40,600 per kg.
- The 9th, however, saw prices drop by Rs.400 for the white metal to trade at Rs.40,200 per kg.
- On the 10th, silver prices dropped as demand fell slightly to end the day at Rs.39,900 per kg and continued the next day at the same rate.
June 2017 - Week 3 (12 - 18):
- Price drops remained a recurring theme for the third week of June.
- On 12th, silver was trading at Rs.39,700 per kg, which then went down to Rs.39,300 per kg on the 13th.
- Prices went down again on the 14th to Rs.39,200 per kg before briefly going up to Rs.39,300 per kg on the 15th.
- As local industries refrained from investing in the metal, prices dipped to Rs.39,100 per kg on the 16th.
- Rates again dropped, to hit Rs.39,000 per gram on the 17th, as demand didn’t seem to pick up.
- On the last day of the week, i.e., the 18th, gold prices remained steady at Rs.39,000 per kg.
June 2017 - Week 4 (19 - 25):
- Overnight trading cues saw to it that silver prices fell when the day began on the 19th.
- Prices had dropped by Rs.300 when trading started on the 19th to start at Rs.38,700 per kg.
- On 20th, prices fell to Rs.38,600 per kg and remained unchanged on the 21st, thanks to sustained demand.
- However, prices surged on the 22nd due to increased demand to go up to Rs.38,900 per kg.
- Price fall on the first three days were curtailed by consistent improve which was reflected on the 23rd.
- Over the next couple days, silver prices remained steady at Rs.39,000 per kg due to relatively sufficient demand.
June 2017 - Week 5 (26 - 30):
- During the final week of June, silver prices soared on a regular basis.
- On the 26th, silver was trading at Rs.39,000 per kg but, due to a drop in demand, prices went down to Rs.38,700 per kg.
- After the fall the previous day, prices went up by Rs.600 to trade at Rs.39,300 per kg on the 28th and then at Rs.39,400 per kg on the 29th.
- The last day of June saw silver trading at Rs.39,100 per kg as demand fell slightly.
- Overall, silver prices fell at a rate of 3.45% for the month of June.
Silver rates in Mysore are a good indication of the rates prevailing in the country. Silver rates in Mysore are constantly changing and are updated daily. The updated rate of silver information can be gathered from the dealers in Mysore directly or through the various online financial websites.
Silver as an Investment:
Silver can be invested in the following ways:
Jewelry - Buying silver as a jewelry or artefact is expensive than buying silver coins. But a lot of households use silver cutlery. The children adorn the silver ornaments like anklets, chains, rings and earrings. But, when you resell the jewelry, the making charges of about 10% is deducted and a melting charges is levied, which lowers the returns.
Coins and bars - Silver can be bought in coins and bars. Usually silver coins are used in India for gifting or during the puja ceremonies in certain religion. The silver purchases are high during the festive and wedding season. The banks also offer silver coins and bars but they won’t buy it back from you.
Silver bullion - Through Bullion India, you can buy small quantities of pure silver at a lowest possible price with an option for free storage for no fee. The market rates are affordable and the quality is ensured. It is easy to open and operate the account. Minimum documentation is needed. You can redeem the holding and take physical delivery of the bullion at your doorstep.
Leading Banks allow you to invest in physical silver and they provide certification for the same. But the silver is sold for a higher rate than that is being offered by the dealers and jewelers.
Silver Price Trend in Mysore
Silver rate as of 16th June, 2015 for 1 gram was Rs.39.36.
The rates of was high at Rs.45,600 per kg in July 2014 and the lowest at Rs.35,990 in December 2014. The average value of silver over the last one year has been around Rs.39,000 per kg.
The rates are based on various indicators and information provided. People tend to buy silver despite the prices being high, as they believe that the silver bullion value will soar in the coming years.
Where can you Buy Silver from in Mysore?
You can buy silver in Mysore at Mysore Silver Palace, Bhima & Brother, MGB Jewellers, Nagaraja Shetty & Bros Jewellers, Sri Shanti Jewellers, Sri Krishna Jewellery Mart, Prakash Jewellers, Sri Misri Jewellers, Jayadeva Jewellers, etc. The jewelers will offer silver in the form of ornament, coins, bars and in any other customized form that the customers requires.
Also Check Silver Price in NearBy Cities of Mysore
|Silver Rate In Bangalore||Silver Rate In Coimbatore||Silver Rate In Kannur|
|Silver Rate In Mangalore||Silver Rate In Salem||Silver Rate In Kozhikode|
|Also Know: Gold Rate in Mysore|
Read more on Silver
- Silver – Poor Man’s Gold
- Silver Bars and Silver Coins
- Silver Jewelry
- How to Find Certified/Authentic Silver
- Need for Silver as an Industrial Commodity