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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 June 2017 (rates per kilogram)
|June 1 Rate||Rs.40,285 per kg|
|June 30 Rate||Rs.38,995 per kg|
|Highest Rate in June||Rs.40,890 per kg on 7 June|
|Lowest Rate in June||Rs.38,455 per kg on 21 June|
|Overall Monthly Performance||Decline|
June 2017 - Week 1 (1 - 4):
- When trading started for June in Nagpur, silver prices were recorded at Rs.40,285 per kg.
- Prices fluctuated considerably over this week as there was no steady demand.
- On the 2nd, silver prices had seen a drop of Rs.385 to trade at Rs.39,950 per kg.
- However, as US market performance dipped owing to President Donald Trump’s Russia controversy, silver prices increased to Rs.40,670 per kg on the 3rd and continued at the same rate till the 4th.
June 2017 - Week 2 (5 - 11):
- As there was sustained demand from industrial units and coin makers, silver prices remained at Rs.40,670 per kg on the 5th and the 6th.
- On the 7th, prices increased to Rs.40,890 per kg - the highest for the month - as dollar value dipped and silver was seen as a more profitable investment.
- The US job market data - which showed some positive signs - led to silver trading at Rs.40,725 per kg on the 8th.
- Prices fell gradually over the next few days as dollar value strengthened and silver demand remained sluggish.
- On the 9th, silver was trading at Rs.40,285 per kg and dropped to Rs.40,060 per kg on the 10th.
- When the week ended on the 11th, silver rates remained at Rs.40,060 per kg.
June 2017 - Week 3 (12 - 18):
- Silver prices fluctuated for the most part of week 3 in Nagpur and rates saw a gradual decrease.
- On the 12th, silver was priced at Rs.39,680 per kg and went down to Rs.39,435 per kg on the 13th as local demand was minimal.
- The 14th saw prices drop to Rs.39,115 per kg before increasing briefly to Rs.39,265 per kg on the 15th.
- Rates fell by Rs.270 per kg on the 16th - to hit Rs.38,995 per kg -as demand failed to pick up.
- On the 17th, silver recorded its biggest price drop - to the tune of Rs.535 - as investors backed out on a slightly higher scale.
- When the week ended, silver rates closed at Rs. 38,460 per kg.
June 2017 - Week 4 (19 - 25):
- During this week, silver hit its lowest trading price for the month.
- Despite trading on a relative high of Rs.38,640 per kg on the 19th, prices fell to Rs.38,455 per gram on the 21st.
- As demand improved, prices shot up to Rs.38,690 per kg on the 23rd, which then went up to Rs.38,925 per kg on the 24th.
June 2017 - Week 5 (26 - 30):
- The final week of June opened with silver trading at Rs.38,925 per kg.
- However, as demand dropped significantly, prices dropped to Rs.38,455 per kg, which also happened to be the lowest for the month.
- Some end of the month trading led to an increase in demand and subsequently the prices.
- On the 28th, silver prices went up to Rs.39,115 per gram - a Rs.650 per kg increase from the previous day’s closing figures.
- When the frenzy simmered down, silver prices went back down to Rs.38,995 per kg on the 30th.
- Silver trading rates declined by 3.20% during this month due to a combination of local and international factors.
Trend of Silver Rate in Nagpur for May 2017 (rates per kg)
|May 1 Rate||Rs.40,040 per kg|
|May 31 Rate||Rs.40,060 per kg|
|Highest Rate in May||Rs.40,520 per kg on 30 May|
|Lowest Rate in May||Rs.37,705per kg on the 10 and 11 May|
May 2017 - Week 1 (1 - 7):
- When precious metal trading began for May, silver was priced at Rs.40,040 per kg.
- But as the US dollar strengthened and investors chose to divert their attention to gold, demand for silver took a hit.
- On the 2nd, prices had dropped to Rs.39,115 per kg and went further down to Rs.38,925 per kg on 3rd as silver sales fell.
- Due to industrialists and coin makers refraining from investing in silver, prices took a hit considerably - by Rs.695 - to Rs.38,230 per kg.
- Silver rates declined for the fourth consecutive day on the 5th for the metal to trade at Rs.37,965 per kg - the lowest rate for the month.
- As silver prices recovered marginally on the 6th, prices went up to Rs.38,005 per kg and traded at the same rate on the 7th as well.
May 2017 - Week 2 (8 - 14):
- As Euro strengthened after Emmanuel Macron’s victory in French elections, silver prices were negatively impacted.
- This is because strengthening of Euro influences the way the US dollar performs.
- On the 8th of May, silver was trading at Rs.37,965 per kg which then went down to Rs.37,865 per kg as a positive wave swept France and subsequently the European Union.
- Prices dropped again on the 10th, to reach Rs.37,705 per kg and continued at the same frequency on the 11th as well.
- However, as the French election results wore off, silver demand bounced back, leading the metal to trade at Rs.37,865 per kg.
- Over the next days - 13th and 14th - silver mostly traded a much higher price of Rs.38,005 per kg as demand increased while dollar remained on the slightly weaker side.
May 2017 - Week 3 (15 - 21):
- Some overnight trading cues saw silver prices rise when trading began on the 15th.
- On the 15th, silver was trading at Rs.38,230 per kg and then jumped to Rs.38,640 per kg as demand from industrial units went up.
- Prices went up on the 17th to Rs.38,995 per kg as buyers invested in the metal more and went up again on the 18th to Rs.39,265 per kg.
- However, as demand couldn’t be sustained, silver prices went down briefly to Rs.38,815 per kg on th 19th.
- On the 20th, silver prices increased to Rs.39,115 per kg - performing positively after an unexpected fall on the previous day.
- Silver was still priced at Rs.39,115 per kg when the week came to an end.
May 2017 - Week 4 (22 - 28):
- When trading began on the 22nd, silver was trading at Rs.40,040 per kg but decreased to Rs.39,670 per kg as demand fell.
- Prices fluctuated considerably and, on the 24th, trading picked back up with the metal trading at Rs.39,950 per kg.
- Silver prices rallied over the next few days of the week as demand picked up from key circles in the city.
- On 27th, silver was priced at Rs.40,190 per kg and continued at the same rate when the week ended on the 28th.
May 2017 - Week 5 (29 - 31):
- Prices had increased when the 29th started courtesy of overnight trading cues.
- Silver rates were recorded at Rs.40,285 per kg on the 29th, which then increased to Rs.40,520 per kg on the 30th.
- The last day of the month, however, saw rates fall to Rs.40,060 per kg as demand took a hit.
- Overall, silver prices in Nagpur saw an incline of 0.04% compared to April, due to some global issues which consequently increased local demand.
Trend of Silver Rate in Nagpur for April 2017 (rates per kg)
|April 1st Rate||Rs.42,570 per kg|
|April 30th Rate||Rs.40,040 per kg|
|Highest Rate in April||Rs.43,055 per kg on the 15th and 16th of April|
|Lowest Rate in April||Rs.40,040 per kg on the 29th and 30th of April|
April ‘17 - Week 1 (1st to 9th)
- Silver traded at Rs.42,570 per kg on the first day of the month in Nagpur. This rate was noted on the 2nd of April as well.
- However, after this price of silver reduced on account of the U.S. Fed’s cautious tone regarding interest rates.
- The rate of silver on the 3rd of April was Rs.42,435 per kg which then marginally increased to trade at Rs.42,730 per kg.
- As the the week progressed, the rate of silver varied depending on the demand for this metal, among other factors.
- Although the rate of silver on the 5th of April was Rs.42,775 per kg, due to sluggish economic data from the U.S., rate of silver reduced again.
- Silver was priced at Rs.42,640 per kg on the 6th of April and reduced to Rs.42,570 per kg on the 7th of April.
- Rate of silver increased again to Rs.42,640 per kg on the last two days of the week.
April ‘17 - Week 2 (10th to 16th)
- Due to variations in demand for this metal from coin makers and industrialists, the rate of silver fluctuated during the second week of April in Nagpur.
- Silver opened at Rs.41,625 per kg on the 10th of April and rate of this metal rose marginally the next day.
- On the 11th, silver was priced at Rs.41,780 per kg due to a rise in the demand for this metal.
- The rate of silver increased significantly to trade at Rs.42,775 per kg on the 13th of April and this could be attributed to an increased demand.
- As the demand for this metal rose sharply, silver traded at Rs.43,055 per kg on the last two days of the week. This was also the highest at which silver was priced for the month of April in the city of Nagpur.
April ’17- Week 3 (17th to 23rd)
- Silver was priced at Rs.43,030 per kg on the 17th of April which was lower than the rate seen during the previous week.
- As the value of the U.S. dollar increased, the rate of silver reduced. This trend was noted throughout the entire week.
- Silver was priced at Rs.42,775 per kg on the 18th of April and fell to Rs.42,435 per kg on the 19th of April. This price was noted on the 20th of April as well.
- Silver traded at Rs.42,080 per kg on the 21st of April and fell the next day to trade at Rs.41,980 per kg. Silver continued to trade at this rate until the end of the week.
April ’17- Weeks 4 (24th to 30th)
- Silver traded at Rs.41,625 per kg on the first day of the last week of April in Nagpur. This low rate can be attributed to a fall in the demand for this metal.
- As the demand from coin makers and industrialists continued to reduce, the price of silver declined again.
- Silver traded at Rs.41,435 per kg on the 25th of April and fell to Rs.40,520 per kg on the 26th of April. This rate was seen on the 27th of April as well.
- Emmanuel Macron, a centrist candidate won the first round of the presidential elections in France resulting in price variations of silver.
- Due to stable but low demand for this metal, the price of silver was Rs.40,190 per kg on the 28th of April. The rate fell again and silver was priced at Rs.40,040 per kg on the last two days of the week. This was also the lowest at which silver was priced for the month of April.
- At the end of the month, a decline of 5.94% was noted in the rate of silver in 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 Check Silver Price in NearBy Cities of Nagpur
|Silver Rate In Bhopal||Silver Rate In Indore||Silver Rate In Surat|
|Silver Rate In Raipur||Silver Rate In Hyderabad||Silver Rate In Mumbai|
|Also Know: Gold Rate in Nagpur|
Read more on Silver
- Silver – Poor Man’s Gold
- Silver Bars and Silver Coins
- Global Demand for Silver
- How to Find Certified/Authentic Silver
- Need for Silver as an Industrial Commodity