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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 November 2017 (rates per kg)
|Parameters||Silver price (per kg)|
|Silver rate on 1st November 2017||Rs.38,995 per kg|
|Silver rate on 30th November 2017||Rs.38,640 per kg|
|Highest Rate in November 2017||Rs.40,520 per kg on 18 and 19 November|
|Lowest Rate in November 2017||Rs.38,640 per kg on 30 November|
|Overall Monthly Performance||Decline|
November 2017 - Week 1 (1st - 5th)
- Silver was priced at Rs.38,995 per kg when trading began for the month of November.
- Due to an increase in demand brought about by some positive global cues, silver rate in Nagpur rose to Rs.39,950 per kg.
- Prices remained unchanged on the 3rd of November, but fell to Rs.39,355 per kg on the 4th as demand for the metal took a hit.
- When the week came to an end, the white metal was seen trading at Rs.39,355 per kg.
November 2017 - Week 2 (6th - 12th)
- When trading started for the second week of November, silver rates had moved up slightly to Rs.39,365 per kg.
- Silver rate in Nagpur surged up to Rs.40,040 per kg the next day as local industrial units and coin makers increased their investment in the metal.
- Silver traded at Rs.40,040 per kg on the 8th and 9th as well as demand from investors remained steady..
- As demand reached saturation levels, silver price in in Nagpur dropped to Rs.39,670 per kg on the 10th. This continued till the end of the week as there was no change in demand.
November 2017 - Week 3 (1th3 - 19th)
- Silver prices in Nagpur had dropped slightly to Rs.39,870 per kg when the third week of November began.
- On the 14th, silver price in Nagpur went up to Rs.40,140 per kg, before rising again to Rs.40,240 per kg as offtake from local silver-reliant businesses saw an improvement.
- But, due to a decline in demand caused by a rising US dollar, silver rates went down to Rs.40,040 per kg.
- On the 18th, silver rate in Nagpur went up to Rs.40,520 per kg as the EU-UK situation caused the demand to increase. Rates recorded on the 18th were the highest for the month, and it signified the rising discord between the leaders in Downing Street and Brussels.
November 2017 - Week 4 (20th - 26th)
- Silver price in Nagpur had gone down to Rs.40,440 per kg when trading began for the fourth week of November.
- Rates dropped over the next two days, with the metal selling at Rs.39,780 per kg on the 21st and then at Rs.39,265 per kg on the 22nd of the month.
- When trading opened on the 23rd, silver rates had gone up to Rs.40,060 per kg before selling at Rs.40,040 per kg the next day.
- Over the 25th and 26th of November, silver rate in Nagpur were holding at Rs.39,780 per kg.
- There was a Rs.660 decline in silver prices since the beginning of the week, which best describes the consistent drop in demand and sales.
November 2017 - Week 5 (27th - 30th)
- When trading commenced for the 27th of the month, the white metal was priced at Rs.39,780 per kg.
- A drop in demand the next day caused silver prices to drop. Silver rates fell to Rs.39,680 per kg on the 28th of November.
- On the 29th, silver prices in Nagpur fell to Rs.39,115 per kg as the US dollar was performing strongly against other currencies.
- When the month came to an end, silver was seen trading at Rs.38,640 per kg, recording a 0.91% decline in price trends, owing to poor sales.
Trend of Silver Rate in Nagpur for October 2017 (rates per kg)
|Parameters||Silver price (per kg)|
|October 1 Rate||Rs.39,530 per kg|
|October 31 Rate||Rs.39,435 per kg|
|Highest Rate in September||Rs.40,440 per kg on 16 October|
|Lowest Rate in September||Rs.39,110 per kg on 5 and 19 October|
|Overall Monthly Performance||Decline|
October 2017 - Week 1 (1-8):
- When trading commenced for the month, silver was priced at Rs.39,530 per kg owing to weak demand from coin manufacturers and industrial units.
- Strong dollar rates despite the political stability led to silver rates plunging to Rs.39,110 per kg on the 5th. This was also the lowest recorded monthly price in Nagpur.
- Demand, however, picked up halfway into the week due to an increase industrial offtake. This led to gold prices rising to Rs.39,680 per kg on the 7th.
- Thanks to steady demand for the industrial metal, prices remain unchanged at Rs.39,680 per kg when the week concluded on the 8th.
October 2017 - Week 2 (9-15):
- The second week witnessed silver prices rising significantly due to strong demand compounded by positive overseas trends.
- The white metal was trading at Rs.39,950 per kg when the week began.
- Prices surged further during the week with North Korea’s relentless march to nuclear prowess bringing down the US dollar.
- The 10th saw silver rates rising to Rs.40,060 per kg owing to an increased demand from the European markets.
- Silver prices surged to Rs.40,390 per kg on the 12th after local demand improved amid strong global cues.
- Thanks to steady global, as well as domestic demand amid the prevailing geopolitical crisis between the US and North Korea, silver rates remained untouched at Rs.40,390 per kg for the remainder of the week.
October 2017 - Week 3 (16-22):
- The week began with the industrial metal trading relatively higher at Rs.40,440 per kg - the highest recorded monthly figure - on the 16th.
- Despite vagaries in global demand, rates were comparatively stable owing to the steady local demand amid the festive season.
- However, the 18th saw prices plummeting to Rs.40,060 per kg due to an unexpected decline in festive sales on the auspicious occasion of Dhanteras.
- Demand, however, improved with domestic industrial units and coin makers increasing their orders. This led to prices rising to Rs.40,285 per kg on the 20th.
- The 21st and the 22nd witnessed the white metal trading lower at Rs.40,060 per kg with the festive demand wearing off towards the end of the week.
October 2017 - Week 4 & Week 5(23-31):
- The final week saw silver rates declining considerably amid the strong dollar rates and firmer equity markets in the global trade.
- The week began with the metal priced at Rs.40,040 per kg on the 23rd, which dropped to Rs.39,780 per kg the next day due to reduced global demand.
- Prices declined further over the next few days as world markets shifted their focus away from the political instability between the US and North Korea to the release of the US economic data during December. This led to silver rates plunging to Rs.39,435 per kg on the 27th.
- The 29th recorded silver rates as low as Rs.39,115 per kg as local demand declined significantly with the festive season coming to an end.
- However, prices improved marginally to Rs.39,435 per kg on the 31st registering a drop of 0.24% in silver trade over the course of the month.
Trend of Silver Rate in Nagpur for September 2017 (rates per kg)
|Parameters||Silver price (per 1 kg)|
|Silver rate on 1st September 2017||Rs.40,390 per kg|
|Silver rate on 30th September||Rs.39,530 per kg|
|Highest Rate in September||Rs.41,900 per kg on 9 and 10 September|
|Lowest Rate in September||Rs.39,530 per kg on 28 to 30 September|
|Overall Monthly Performance||Decline|
September 2017- Week 1 (1st to 10th)
- Silver prices in Nagpur reflected trends seen in a number of Indian cities, with a rise in price in the first week of September.
- The industrial metal traded at Rs.40,390 per kg on 1 September and remained constant for the next few days as demand was stable and consistent.
- The relative calm on the geopolitical front led to a steady increase in the dollar rate and increased equity trading, though silver demand remained unaffected.
- Silver prices in Nagpur rose to Rs.41,075 per kg on 4 September as local demand increased, with prices continuing to rise as industrial demand from overseas also increaseding.
- Prices climbed to Rs.41,675 per kg on 8 September after news of the successful testing of a thermonuclear missile by North Korea led to increased demand for safe-haven assets like gold and silver.
- The week ended with silver trading at Rs.41,900 per kg on 9 & 10 September, its highest rate for the month.
September 2017- Week 2 (11th to 17th)
- Silver price in in Nagpur fell sharply as the week began, with silver priced at Rs.41,075 per kg on 11 September due to poor demand and market conditions.
- Local demand was unable to keep prices stable as the U.S. dollar recovered after suffering losses the previous week, resulting in prices dropping further to Rs.41,030 per kg on 12 September.
- Fluctuations in demand led to silver price in Nagpur rising to Rs.41,075 per kg on 13 September, but prices fell to Rs.40,890 per kg on 14 September as demand from coin makers declined.
- There was no change in price for the rest of the week as demand was flat, resulting in silver trading at Rs.40,890 per kg as the week ended on 17 September.
September 2017- Week 3 (18th to 24th)
- Silver opened the third week of September trading at Rs.40,440 per kg on 1 September as demand was sluggish due to poor demand from Asian markets.
- The U.S. dollar continued to make gains, which resulted in a reduction in international demand for silver.
- Silver price in Nagpur fell to Rs.40,060 per kg on 20 September as both local as well as global markets capitalised on brisk trading.
- While war rhetoric and geopolitical tensions continued, markets were more confident and currencies made rapid gains.
- Silver price in in Nagpur dropped to Rs.40,040 per kg on 22 September and remained constant till the week ended on 24 September.
September 2017- Week 4 (25th to 30th)
- Apart from a brief rise in price towards the start of the week, demand for silver was muted in the last week of September.
- The industrial metal was priced at Rs.39,670 per kg on 25 September as the weekend saw a further decline in demand.
- Silver rose to trade at Rs.40,520 per kg on 26 September but a drop in retail as well as industrial demand led to prices falling to Rs.39,780 per kg on 27 September.
- Markets were on the upswing following the victory of Angela Merkel in the German elections, which pushed demand for silver lower, as the metal traded at Rs.39,530 per kg on 28 September.
- The upcoming Catalan referendum and the possibility of the U.S. withdrawing from NAFTA (North American Free Trade Agreement) led to markets falling, but silver prices were unaffected.
- The month ended with silver priced at Rs.39,530 per kg and recording a loss of 2.12%.
Trend of Silver Rate in Nagpur for August 2017 (rates per kg)
|Parameters||Silver price (per kg)|
|August 1 Rate||Rs.38,925 per kg|
|August 31 Rate||Rs.40,040 per kg|
|Highest rate in August||Rs.40,190 per kg|
|Lowest Rate in August||Rs.37,235 per kg on 5 and 6 August|
|Overall Monthly Performance||Incline|
August 2017 - Week 1 (1st-6th)
- The silver trade dropped significantly during the first week of August as industrial demand took a downturn with global trade weakening.
- Silver traded at Rs.38,925 per kg on the 1st as industries and coin makers ramped up their purchases.
- With the US dollar making a recovery, demand for the metal receded which resulted in silver priced at Rs.38,455 per kg on the 2nd.
- Prices took another hit dropping the silver rates in Nagpur down to Rs.37,925 per kg on the 3rd as demand for the metal declined with investors awaiting the news on the US Federal Reserve meetings.
- Silver price in Nagpur reached a monthly low figure of Rs.37,235 per kg on the 5th as investors delayed purchases owing to high cost.
- When the week ended, silver was trading at Rs.37,235 per kg on the 6th.
August - Week 2 (7th-13th)
- Silver traded at Rs.37,295 per kg on the 7th.
- With demand for silver increasing in the domestic trade, prices went up to Rs.38,345 per kg on the 8th.
- An unexpected decline in demand from industries and coin makers dropped silver rates to Rs.37,965 per kg on the 9th.
- The overseas conflict between the US and North Korea resulted in silver prices in Nagpur surging to Rs.38,925 per gram the next day.
- Silver rates in Nagpur rose further to Rs.39,530 per kg on the 11th with industries and coin makers increasing their purchases.
- The next two days saw silver trading at Rs.39,670 per kg owing to positive global and local demands.
August 2017 - Week 3 (14th-20th)
- The third week witnessed fluctuations in silver trade.
- The 14th and 15th saw silver trading at Rs.39,670 per kg due to steady global demand.
- However, the silver trade was affected by the recovery of the US dollar, which led the metal to be priced at Rs.38,815 per kg on the 16th.
- Silver price in Nagpur surged to Rs.39,530 per kg on the 17th with the US-North Korea relations worsening. Thus, bringing down the US economy.
- With demand slightly receding in the global trade, silver was priced at Rs.39,115 per kg on the 18th.
- Thanks to steady demand in the global as well as domestic trade, prices remained the same at Rs.39,115 per kg for the rest of the week.
August 2017 - Week 4 (21st-27th)
- When the week began, silver traded at Rs.39,115 per kg on the 21st.
- A rise in industrial demand led to silver prices slightly rise to Rs.39,265 per kg on the 22nd, which followed on to the next day.
- As local demand for the white metal rose, investors increased their purchases which led silver to be priced at Rs.39,355 per kg on the 24th.
- Silver prices in Nagpur dropped to Rs.38,995 per kg on the 25th following a decline in domestic demand.
- Prices remained the same at Rs.38,995 per kg for the rest of the week, thanks to steady demand from industries and coin makers.
August 2017 - Week 5 (28th-31st)
- Silver traded well during the last week due to the rising tensions between the US and North Korea.
- The week started off with silver trading at Rs.39,435 per kg on the 28th.
- With the US economy affected by Hurricane Harvey, silver rates reached a monthly high figure of Rs.40,190 per kg on the 29th.
- Silver price in Nagpur remained unchanged at Rs.40,190 per on the 30th, thanks to a positive global trade.
- The month ended in Nagpur with silver trading at Rs.40,040 per kg on the 31st.
Trend of Silver Rate in Nagpur for July 2017 (rates per kg)
|Parameters||Silver price (per kg)|
|July 1 Rate||Rs.38,640 per kg|
|July 31 Rate||Rs.38,640 per kg|
|Highest rate in July||Rs.38,690 per kg on 3 and 27 July|
|Lowest Rate in July||Rs.36,035 per kg on 10 July|
|Overall Monthly Performance||No change|
July 2017 - Week 1 (1st-9th)
- Silver traded at Rs.38,640 per kg as the week began in Nagpur.
- Silver price in Nagpur remained unchanged on the 2nd due to steady demand, before it went up to reach a monthly high figure of Rs.38,690 per kg on the 3rd.
- Silver trade dropped to Rs.37,705 per kg on the 4th with domestic demand receding.
- Though silver price in Nagpur went up unexpectedly to Rs.37,800 per on the 5th, the rates dropped again on the 6th to Rs.37,600 per kg with demand for the white metal going down.
- Silver trade took another hit on the 7th as silver was priced at Rs.37,115 per kg.
- Prices remained same on the next two days with no improvement in domestic demand.
July 2017 - Week 2 (10th-16th)
- The week started on a low note with silver price in Nagpur hitting a monthly low figure of Rs.36,035 per kg on the 10th.
- Though the market seemed to improve over the next few days, it experienced declines as well.
- Silver rate in Nagpur went up to Rs.36,270 per kg on the 11th, before going further up to Rs.36,920 per kg on the 12th.
- Prices remained the same on the next day, thanks to steady industrial demand for the metal.
- However, trade declined on the 14th to Rs.36,270 per kg following an unexpected decline in industrial purchases.
- Silver trade bounced back on the 15th and the white metal traded at Rs.37,180 per kg - an increase of Rs.910 per kg.
- Prices stayed same as the week ended on the 16th.
July 2017 - Week 3 (17th-23rd)
- Silver traded positively during the third week of July.
- When the week began, silver was priced at Rs.37,180 per kg on the 17th.
- Silver price in Nagpur went up on the 18th with domestic trade pushing the prices to Rs.37,600 per kg.
- With global as well as local demand increasing, silver was priced at Rs.37,705 per kg on the 19th.
- Silver rates rose to Rs.37,800 per kg on the 21st as the US markets ended in a crisis as a result of the Trump administration being slandered.
- Silver prices in Nagpur rose further to Rs.38,005 per kg on the 22nd and the 23rd with local trade improving.
July 2017 - Week 4 (24th-31st)
- The week started off with silver priced at Rs.38,120 per kg on the 24th, which further went up to Rs.38,230 per kg on the 25th.
- Silver rate in Nagpur dropped to Rs.38,120 per kg on the 26th due to receding demand.
- However, silver prices hit the monthly high figure again at Rs.38,690 per kg on the 27th owing to a significant rise in global and local demand.
- Silver price in Nagpur dropped the next day and the metal traded at Rs.38,275 per kg before going up to Rs.38,460 kg for the next two consecutive days.
- On the last day of the month, silver traded at Rs.38,640 per kg on the 31st.
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