Silver Rate in Nagpur

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

    ₹ 66.95
    Today's Silver Rate per gram

    Compare Silver Rate In Nagpur (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 Nagpur 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 Nagpur

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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 Price in Nagpur

    India is the second largest consumer of silver. Traditionally, gold is considered the number one option in terms of safe investment for the middle class and upper middle class in the country. However, silver rates in Nagpur depend on the overall demand for silver, which largely originates from the industrial use of the metal in the country. Unlike gold which is primarily used as jewelry or investment, silver is used in several industrial segments.

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

    Parameters Silver Price (per kg)
    July 1 Rate Rs.48,560per kg
    July 31 Rate Rs.63,010 per kg
    Highest Rate in July Rs.66,010 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 Nagpur 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 Nagpur 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%
    • When the month started off, silver was priced at Rs.42,530 per kg on 1 May. On 3 May, silver saw its rates dip to Rs.41,210 per kg. The white metal prices had fallen, driven by a firm U.S. dollar and a fall in the risk sentiment of investors. This was in turn led by the tensions brewing between the U.S. and China. A few days later, on 7 May, the rates of silver had skyrocketed to Rs.42,010 per kg. The rates of the metal had increased after a dip during the previous session as the U.S. had released weak economic data and this had underscored the impact of the Coronavirus. Investors all across the world were waiting for the U.S. to release its jobless claims report. The first week of the month had ended 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 next week had then opened with silver trading lower at Rs.46,710 per kg. These rates had dipped from a high and this was led by a surge in stocks and oil. This was because of the optimism of a vaccine for the Coronavirus. The rates had kept fluctuating over the next few days and settled at Rs.48,200 per kg by 21 May. The prices of the metal had then hit Rs.48,350 per kg on 23 May. The hike in the price of silver had been driven by the fears over a weak global economy for a long time.
    • 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 Nagpur 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%
    • In Nagpur, silver had a good start with an opening price of Rs.40,500 per kg which remained the same for the first five days of the month. This was in the wake of the continuing coronavirus pandemic that caused considerable havoc in equities markets around the world, leading to investors turning to precious metals for relief from the volatile equities market. The safe haven appeal of silver dipped, however, by 6 April, which was also the lowest price in the month of April at Rs.40,360 per kg. This was in part due to a slowing down of deaths related to the coronavirus, spiking optimism that the rigid lockdowns would be lifted and the economy would be back on track soon, leading to investors looking towards equities once again.
    • The second week of April had a long weekend with holidays for Good Friday and Easter leading to a lull in the equities market which helped to consolidate prices of silver which remained constant again for three days in a row at Rs.41,100 per kg. The stimulus measures by the US Federal Reserve and the easing of the US dollar further helped to stabilise the price of silver in a volatile equities' scenario.
    • In the third week of April, silver saw its highest price point on 21 April at Rs.42,710 per kg, which was following speculations about the US economy reopening which soon fell following the continued havoc of the coronavirus on economies around the world. This was sparking off fears of a global recession which led to precious metals increasing their allure as a safe haven investment when equities markets were falling all over the world. However, this led to ups and downs in prices of silver throughout the third week of April with investors picking between the equities and bullions market from time to time.
    • In the fourth week of the month, there was a global slump in oil prices which was unprecedented. This led to a fall in equities as well leading to a greater appreciation for silver and other precious metals. The overall trend for the month of April for silver in Nagpur thus was an upward trend of 2.51% in response to these unprecedented and volatile global trends affecting the country.

    Trend of Silver Rate in Nagpur 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%
    • The prices of silver in Nagpur on 1 March 2020 was at Rs.47,400 for a kg. There were no changes to the silver rates when compared to 29 February 2020. On 2 March 2020, silver prices increased by Rs.1,100 and was Rs.48,500 per kg.
    • Silver hit its highest rate for the month on 6 March and was at Rs.50,700 per kg. Traders expecting a rate cut by the US Federal Reserve was the main reason for the prices to increase.
    • In the second week of March, the prices of silver opened at Rs.50,500 for a kg. After fluctuating over the first few days, the silver rates reduced drastically by the end of the week. From 14 March 2020 to 19 March 2020, the prices of the white metal decreased continuously. The main reason for the reduction in prices was the coronavirus outbreak. Silver hit its lowest rate during this period and was at Rs.37,800 for a kg on 19 March 2020.
    • Silver prices remained stagnant from 24 March 2020 until the end of the month. Several measures that were introduced by the US Federal Reserve to help the economy during the coronavirus outbreak ensured that the prices did not fall. Silver saw a 14.5% decline in its prices over the course of the month.

    Trend of Silver Rate in Nagpur 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%
    • At the start of the month, silver opened at a price of Rs.50,300 per kg as a safe-haven investment in times of a possible global economic slowdown in the wake of the coronavirus weakening the Chinese economy since the month of December.
    • By 24 February it hit its highest price point for the month on 24 February, priced at Rs.52,900 per kg, with coronavirus spreading beyond China to become a possible pandemic worldwide with the World Health Organisation declaring it a global emergency.
    • Silver slipped to its lowest on 29 February at Rs.47,400 per kg as investors liquidated assets following a global panic as it was announced that the virus had hit 6 more countries apart from China.
    • The overall trend for the month for silver in Nagpur was on a decline of –5.76% because of the economic slowdown caused by the impact of the coronavirus on stock markets around the world.

    Trend of Silver Rate in Nagpur 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 the first month of 2020 at Rs.50,300 per kg in Nagpur. The rates of the white metal were down by Rs.600 per kg when compared to the price charged on the last day of the previous month.
    • The rates of metal fluctuated a lot over the month due to various reasons. Silver prices climbed to its highest in the city on 8 January with every kilo costing Rs.52,600. The increase in the prices was accounted to escalating tensions between the United States and Yemen.
    • As tensions in the Middle East began to ease, the dollar got a strong boost in the third week of the month. The signing of the trade deal (Phase 1) between Washington and Beijing also helped matters.
    • With the World Health Organization (WHO) declaring coronavirus as a global epidemic, the rates of silver plunged to its lowest for the month on 30 January. The overall performance of the white metal in the city was -0.19%, trending downwards after closing at Rs.50,200 per kg.

    Also Check Silver Price in NearBy Cities of Nagpur

    Silver as an Investment

    According to experts, demand for silver to make jewelry has, by and large, remained constant at around 20 million ounces a year for the past four to five years. Also, around 25 million ounces of silver has been bought in the country for investment in the past few years. In India, including Nagpur, silver is preferred for its beauty. According to recent estimates, about 25% of the overall silver demand every year caters to silverware alone.

    Jewelry - Many investors consider buying silver in the form of jewelry more expensive compared to buying coins. Jewelry comprises making charges (10 per cent and above), melting charges (15 per cent or above while selling), which can prove to be more costly.

    Coins - According to experts, silver coins bought from banks are more expensive in that they include packing charges and a certificate. Also, jewelers charge levy casting charges in addition to sales tax.

    ETFs - There are no silver ETFs offered in the country. You cannot buy silver in the electronic spot market either. However, you can buy silver ETFs in the US market. Towards the end, you have open an account to invest in global stock markets.

    Silver Price Trends in Nagpur

    One gram of Silver is currently pegged at Rs. 37.45 in Nagpur. Silver rates in Nagpur have plummeted in the past few months with one gram of silver costing Rs. 38.75 in the month of May. Silver rates in Nagpur have been witnessing fluctuations in that one gram of silver was pegged at Rs.37.95 in the month of April and Rs. 37.85, Rs. 37.95 and Rs. 40.05 in the months of March, February and January respectively this year.

    Where do I Buy Silver in Nagpur?

    Nagpur has several silver showrooms such as Bhatukbhai Sons, Londhe Jewellers, Pushpalata Jewellers, Shree Krishna Jewellers, Kusum Jewellers, Arun Jewellers and Parekh Bros among many others. While most jewelers in Nagpur do not differ widely in terms of silver rates, you can reduce the other ancillary costs or charges.

    Also Know: Gold Rate in Nagpur

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