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Silver Rate in Panaji
Panaji, the capital of the tourist capital of India, Goa is a city unlike other, full of culture and old world charm. The city was the gateway for traders into India in the past, serving as a key link in international trade. Silver was used extensively to pay for such trade, with the Arabs, Dutch, Portuguese and British trying to establish base here. Today, the city continues to be a major destination, attracting visitors from all over the globe. Silver prices in Panaji are determined by taking international costs into account, since a majority of the silver consumed here is imported.
Trend of Silver Rate in Panaji for August 2016 (rates per kg)
|1st August||Rs.48,100 per kilogram|
|31st August||Rs.44,600 per kilogram|
|Highest Price||Rs.48,400 per kilogram on 03rd August|
|Lowest Price||Rs.44,200 per kilogram from 26th to 29th August|
|Trend||Decline in silver prices|
August '16 – Weeks 1 (1st to 7th)
- Silver opened at Rs.48,100 per kilogram on the first day of the week.
- On the 03rd of August, highest silver rate of Rs.48,400 per kilogram was recorded.
- From 4th to 7th of August, silver prices fell gradually due to subdued demand from domestic spot market.
- Silver traded at Rs.47,200 per kilogram on the 7th of August.
August '16 – Week 2 (8th to 14th)
- Fed rate hike speculation had a negative effect on silver prices in india due to which silver fell by Rs.700 on the first day of this week.
- Silver traded at Rs.46,500 per kilogram on 8th August.
- Silver prices increased by Rs.600 per kilogram on 10th August.
- After remaining stable for 3 days, silver prices fell by Rs.400 and closed at Rs.46,700 per kilogram.
August '16– Week 3 (15th to 21st)
- On 15th of August, silver traded at Rs.46,700 per kilogram and remained the same till 17th of August.
- Following weak trend overseas, on 18th August, silver fell by Rs.200 and traded at Rs.46,500 per kilogram and further drifted by Rs.500 on 20th of August.
- Silver closed at Rs.46,000 per kilogram.
August '16– Week 4 (22nd to 28th)
- On 22nd of August, silver prices dropped by Rs.1000 and traded at Rs.45,000 per kilogram.
- A slight increase on the second day of the week can be ignored as silver prices continued to drift and touched the lowest silver rate of the month on 26th of August when silver traded at Rs.44,200 per kilogram.
- Silver remained at the lowest rate of the month till the end of the week.
August '16 - Week 5 (29th to 31st)
- Silver prices remained low and traded at Rs.44,200 per kilogram on 29th of the month.
- During the last two days of the week, silver prices increased by Rs.400 per kilogram.
- Despite Fed rate hike speculation, positive U.S employment data and lack of demand from coin makers, experts believe that silver prices will increase during the second half of the week due to the festive season in India.
- Silver closed at Rs.44,600 per kilogram.
|1st July rate||Rs.43.500|
|31st July rate||Rs.47,500|
|Highest rate in July||Rs.48,500 on the 6th of July|
|Lowest rate in July||Rs.43,500 on the 1st of July|
July'16 - Week 1 and 2 (1st to 10th)
- Silver prices were recorded at Rs.43.500 on the 1st of July.
- An increase on the 2nd of July by Rs.1,500 ensured that silver closed the first week of the month at Rs.45,000 per kilogram.
- Silver prices started the second week of July with an increase of Rs.2.500 from the previous week’s closing rate, at Rs.47.500.
- Prices remained unchanged from the previous days level, followed by an increase of Rs.500 on the 6th and a decline of Rs.500 on the 7th before a further decline of Rs.1000 on the 8th saw prices drop to Rs.47,000.
- There was no change in prices for the next two days and silver closed the second week of July at Rs.47,000
July'16 - Week 3 (11th to 17th)
- Silver prices fell by Rs.600 on the first day of the third week of July and started the week at Rs.46,400 per kilogram.
- An increase by Rs.100 on the 12th was followed by an increase of Rs.900 as prices stood at Rs.47,400 on the 13th.
- Minor fluctuations occurred during the next two days and prices gained stability at Rs.47,500 on the 16th and 17th before a decline of Rs.400 ensured that silver closed the week at Rs.47,100 per kilogram.
July '16 - Week 4 (18th to 24th)
- Silver was valued at Rs.47,100 per kilogram on the first day of the penultimate week of July.
- A decline by Rs.600 on the 19th pushed prices down to Rs.46,500, after which another decline on the 20th pushed prices down to Rs.46,400.
- Prices then fell by Rs.400 on the 21st to Rs.46,000 and an increase by Rs.800 on the 22nd saw prices rise and remain constant to close the week at Rs.46,800 per kilogram.
July‘16 - Week 5 (25th to 31st)
- Unchanged from the previous week, silver prices started the last week of July at Rs.46,800 per kilogram.
- Prices fell by Rs.300 and remained stable at Rs.46,500 on the 26th and 27th of July.
- An increase by Rs.1,300 on the 28th saw prices rise to Rs.47,800 before a decline by Rs.300 ended with stable rates at Rs.47,500 until the end of the month.
|June 1st Rate||Rs.38,800 per kg|
|June 30th Rate||Rs.43,500 per kg|
|Highest Rate in June||Rs.43,500 per kg on 30th of June|
|Lowest Rate in June||Rs.38,500 per kg on the 2nd of June|
Jun'16 - Week 1 (1st to 4th)
- Silver traded at Rs.38,800 per kg on the 1st of June.
- Silver came down to Rs.38,500 on 2nd of June and the rates stayed the same on the 3rd of June.
- Silver closed the week at Rs.39,100 per kg on the 4th of June.
Jun'16 - Week 2 (5th to 11th)
- Silver traded at Rs.39,100 per kg on the 5th of June.
- Silver traded at Rs. 39,400 on the 8th of June.
- The price of silver hit Rs. 40,900 per kg on the 10th of June.
- Silver hit the highest for the week on the 11th of June at Rs.41,000 per kg.
Jun'16 - Week 3 (12th to 18th)
- Silver traded at Rs. 41,000 per kg on the 12th of June.
- The price of silver dropped down by Rs.200 per kg on the 13th as silver traded at Rs.40,800.
- Silver managed to pick up again as it hit Rs.42,100 per kg on the 16th of June.
- Silver traded at Rs.41,500 per kg on the 18th of June.
Jun'16 - Week 4 (19th to 25th)
- Silver traded at Rs.41,500 per kg on the 19th of June.
- On the 21st of June, silver traded at Rs.42,000 per kg.
- Silver dropped to Rs.41,200 per kg on the 23rd of June.
- Silver traded at Rs.42,000 on the 25th of June.
Jun'16 - Week 5 (26th to 30th)
- The price of silver remained unchanged and traded at Rs.42,000 per kg on the 26th of June.
- Silver witnessed an incline of Rs.400 and traded at Rs.42,400 per kg on the 28th of June.
- Silver closed the month at Rs.43,500 per kg on the 30th of June.
|1st May rate||Rs. 41,900|
|31st May rate||Rs. 38,500|
|Highest rate in May||Rs. 41,900 on 1st and 2nd of May|
|Lowest rate in May||Rs. 38,500 on 30th and 31st of May|
May '16 - Weeks 1 and 2 (1st to 8th)
- The price of silver was stable at the start of the week, before prices dropped towards the middle of the week and then recovered as demand rose.
- Silver was priced at Rs. 41,900 per kg on the 1st and 2nd of May in Panaji, as demand form industry was constant.
- The price fell to Rs. 41,000 per kg on the 3rd of May, a fall of Rs. 600 as domestic demand fell.
- International demand kept the price from dropping as silver recovered, trading at Rs. 41,400 per kg on the 8th of May.
May '16 -Week 3 (9th to 15th)
- Prices fell as the Dollar strengthened and stock markets made gains on news that the Federal Reserve could raise key interest rates in the month of June.
- Silver traded at Rs. 41,200 on the 9th of May, a fall of Rs. 200 from the previous week.
- The price stayed constant for the next day before falling by Rs. 300 to Rs. 40,900 per kg on the 11th of May.
- Fluctuations in the price occurred for the rest of the week, before settling at Rs. 41,200 per kg on the 15th of May.
May '16 - Week 4 (16th to 22nd)
- A fall in the price of silver over the week was observed, as the markets made gains and the price of the Dollar rose.
- Silver traded at Rs. 41,200 per kg, remaining unchanged from the previous week before falling to Rs. 40,800 per kg on the 17th of May as demand for silver dropped.
- The prices continued to stay low as the week progressed, as the market rally kept demand for silver low.
- Prices dropped to Rs. 39,700 per kg on the 22nd of May, falling below Rs. 40,000 for the first time in the month.
May '16 - Weeks 5 and 6 (23rd to 31st)
- Silver prices in the last two weeks of May were characterised by a steady reduction in price as the stock markets began to gain and the Dollar value rose ahead of the U.S. job market data being released.
- Silver was priced at Rs. 39,600 per kg on the 23rd of May and fell throughout the week, losing value by Rs. 100 per day on average.
- Silver had its biggest drop on the 30th of May, when the price fell to Rs. 38,500 per kg as the markets anticipated better-than-expected data from the job market, which pushed up the Dollar price.
- The price remained unchanged as the month ended, with silver trading at Rs. 38,500 per kg on the 31st of May.
|April 1st Rate||Rs.36,800|
|April 30th Rate||Rs.41,900|
|Highest Rate in April||Rs.42,000 on the 29th of April|
|Lowest Rate in April||Rs.35,900 on the 4th of April|
|Overall Performance||Gain / Positive|
Apr'16 - Weeks 1 & 2 (1st to 10th)
- Silver rates declined till the fourth day of the month following which a steady incline was recorded over the next four days before they gained stability on the 8th of the month.
- Prices were recorded at Rs.36,800 on the 1st of April and Rs.36,300 on the 10th.
- Rates began to increase on the fifth day of trading thanks to firming local and international cues as well as an increase in industrial demand.
Apr ‘16 - Week 3 (11th to 17th)
- Silver rates increased steadily for the first three days of the week before becoming stable for the remainder of the seven-day period.
- Prices were recorded at Rs.36,900 on the 11th of April and Rs.38,400 on the 17th.
- Rates increased by Rs.1500 during the course of the week.
Apr ‘16 - Week 4 (18th to 24th)
- The fourth week of April recorded consistent increases as the week progressed barring a slight decline on the 22nd after which they remained constant until the end of the week.
- Prices were recorded at Rs.38,500 on the 18th of April and Rs.40,400 on the 24th of the month.
- The penultimate week recorded the highest jump in prices as rates rose by Rs.1900 over the seven days.
Apr ‘16 - Week 5 (25th to 30th)
- Silver prices continued increasing during the last week of April except for a marginal loss on the second day of trading.
- Prices were recorded at Rs.40,400 on the 25th of April and Rs.41,900 on the last day of the month.
|1st March rate||Rs.36,400|
|31st March rate||Rs.36,400|
|Highest rate in March||Rs.37,700 from 21st to 24th|
|Lowest rate in March||Rs.36,300 on 29th and 30th|
|Overall performance||No change|
Mar'16 - Week 1 (1st to 6th)
- Silver rates were constant at Rs.36,400 for the most part of the first week, except on 2nd when prices rose to Rs.37,710 before settling back at Rs.36,400 from 3rd onwards.
Mar'16 - Mar'16 - Week 2 (7th to 13th)
- Silver rates were stable at Rs.36,400 in the second week.
Mar'16 - Week 3 (14th to 20th)
- Silver prices were again stable at Rs.36,400 over the course of the third week.
Mar'16 - Week 4 (21st to 27th)
- Silver started the third week on a high note at Rs.37,700.
- Prices were constant at that level till 25th before declining to Rs.36,600 on 26th and 27th.
Mar'16 - Week 5 (28th to 31st)
- Silver experienced marginal losses in the last week of trading in March.
- Prices were Rs.36,600 on 28th and Rs.36,400 on 31st.
Details of Silver Price in Panaji (1 Kg) - Till December 2015
Silver prices in Panaji closely reflect prices across the country, with minute variations witnessed on a daily basis. The current price for 1 kg silver in the city is Rs 36,325 (as of December 22, 2015), with the prices hovering around the Rs 36,000 mark for most of this month. Silver rates have remained under the Rs 40,000 mark per kg for most of the year, crossing it in May, when a kg of silver cost around Rs 43,500. March, July and December have been good months for silver aficionados, with the prices staying close to the Rs 35,000 mark per kg of silver.
Silver as an investment
Silver has been around for centuries, and while it may not be expensive enough to wage wars, it has managed to hold its own over all these years. Considered as a safe investment, silver offers people who can’t afford gold or diamond the opportunity to own a precious metal which finds applications across the globe. A limited supply coupled with high demand make it a highly liquid investment, offering a chance to make quick money. With individuals looking to diversify their investment portfolios, silver has found itself on the list of many youngsters in the country. Buying silver in its physical form or indulging in trade through silver contracts are two of the popular investment avenues in India today.
Silver contracts – Silver contracts are new to a majority of the population in India, limited to those who are aware of how the markets function and are not afraid to take risks. Trading in such markets typically involves purchasing silver in bulk, with the National Multi Commodity Exchange, the National Commodity and Derivatives Exchange and the Multi Commodity Exchange offering a platform for enthusiasts to indulge in such trade. Ability to predict market trends could be beneficial while participating in the market.
Physical silver – Silver in the form of coins, bars and jewellery continues to be the preferred form of owning the white metal, with thousands across Panaji opting for them on a regular basis. Silver coins and bars can be used exclusively for investment, as they maintain their value over time, in comparison to jewellery which can lose its value after a particular period. Silver can be purchased from jewellers across the city, with an option for every budget available. Silver coins purchased from banks tend to be more expensive on account of quality assurances and purity checks.
Also Check Silver Price in NearBy Cities of Panaji
|Silver Rate In Pune||Silver Rate In Kolhapur||Silver Rate In Mysore|
|Silver Rate In Mumbai||Silver Rate In Mangalore||Silver Rate In Bangalore|
News About Silver Rate In Panaji
US Federal Reserve unable to hike interest rates – gold holds steady
Gold held steady at $1,230 (ounce) and is expected to continue to be supported by concerns that the global economy will face financial volatility if the US Fed hikes US interest rates any further anytime soon.
The SPDR Gold Trust (which is the largest gold ETF in the world) reported a rise of 0.38% on Thursday – up no to 713.63 tonnes.
19th February 2016