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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 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