Silver Rate In Panaji

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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 July 2020 (rates per kg)

Trend of Silver Rate in Panaji for June 2020 (rates per kg)

Trend of Silver Rate in Panaji for May 2020 (rates per kg)

• In May, silver opened at a good price of Rs.42,530 per kg in Panaji, which was on the back of grim US payroll data that indicated a bleak economic forecast with job losses and possible recession. However, the price dipped to its lowest price for the month of May on the very next day, falling to Rs.41,010 per kg on 2 May. This was attributed to rising optimism that the economy would recover in the light of several countries gradually easing restrictions with economic activities getting back into full swing. However, it picked up again the rest of the week with rising tensions between US and China about new laws announced by the Chinese government in Hong Kong, which led to increasing concerns about tariffs being imposed by the US on China. This led to investors again being bearish about equities, which led to further gains for precious metals overall.
• In the second week of May, silver continued to rise, dip, but overall hold steady throughout. This was in response to the release of the US jobless claims report which showed how bleak the situation really was, stoking pessimism around recovery of the economy any time soon. However, the dollar remained firm and several countries eased up on restrictions around economic day-to-day activities that were blocked during the lockdowns, which again gave rise to optimism in stock markets, leading to temporary dips in the price of precious metals. However, with the coronavirus pandemic not abating, the appeal of precious metals as a safe-haven investment continued to be strong. However, the news of a second wave of coronavirus infections in countries that had eased up on restrictions led to further buying of precious metals leading to increased prices.
• In the third week of May, the price of silver stood at Rs.43,160 and kept increasing through the week until it ended at Rs.48,200 at the end of the week. The highest price of the week was Rs.48,510 on 19 May. This was a three-week high as tensions increased between China and the US stoking fears of an additional factor that would hamper the global economy on top of the coronavirus pandemic that had already wreaked havoc on almost every country in the world. With US jobs data also being dismal, this underscored the reality of economic recovery being slow in the long haul. This led to prices of bullions increasing as risk appetite lowered and investors looked to precious metals as a safe haven investment in unpredictable times.
• In the fourth week of May, rising US-China tensions around the Hong Kong protests led to investors ditching high-risk equities and choosing bullions as a safe-haven investment in times of rising political and economic unpredictability. Silver overall had an incline in prices in the month of May in Panaji at 17.79% which was in keeping with global political and economic trends.

Trend of Silver Rate in Panaji for April 2020 (rates per kg)

• Silver opened in Panaji at a price of Rs.40,500 per kg which held steady throughout the first week for a few days and then dipped by the end of the week. Precious metals saw a high this week as the coronavirus continued unabated through nearly every country in the world, sparking fears of a global recession, which contributed to the appeal for the white metal as a safe haven investment. However, by the end of the first week of April, there was a dip due to the strengthening of the US dollar and the equities market as deaths related to the coronavirus started slowing down, leading to more confidence in the stock market. This led to the lowest price for silver occurring on 6 April at Rs.40,360 per kg.
• In the second week of April, silver hovered at Rs.41,100 for several days rising to Rs.41,310 at the end of the week. This was in part due to the anticipation around the OPEC meet and the stimulus measures announced by the US Federal reserve which elevated the appeal of equities once again. Even though prices remained steady, it showed a trend towards peaking as fears of a global recession lingered in the background with the coronavirus still being active throughout the world. This resulted in prices remaining high overall.
• By the third week, the prices of silver continued to be on an upward trend with the highest price of the month occurring on 21 April of Rs.42,710 per kg. The factors that contributed to this were the dip in oil prices that lowered the risk appetite and led to a fall in equities as well. This led to a scramble for precious metals as a safe haven investment in light of a possible global recession affecting the stock market.
• By the fourth week, the weakening of the dollar in light of the coronavirus crisis led to a further steadying of silver prices. Rising US-China tensions around the coronavirus further led to a weakening of equities and increased the appeal for silver. Overall, the trend for silver in the month of April in Panaji was an upward trend to 2.51%.

Trend of Silver Rate in Panaji for March 2020 (rates per kg)

• Silver had a good opening in the month of March, compared to the steep fall in prices in February. On 1 March, the price of silver in Panaji was Rs.47,400 per kg as its appeal of being a safe haven investment shot through the roof with the coronavirus pandemic threatening the global economy causing fears of a worldwide recession looming ahead.
• Towards the second week of March, silver had recovered from its largest one-day fall in 7 years, as expectations of interest rate cuts by the US Federal Reserve picked up its prices. By 6 March, it hits its highest price in the month of March, rising to Rs.50,700 per kg. This was further boosted up by the fall in equities due to crude oil prices dipping to new lows. Investors increasingly turned to precious metals as a stable investment in these times of extreme volatility.
• By the third week of March, silver again slipped by nearly 1% as investors started looking to cash in on their investments now and liquidating it in order to meet the demands of a possible economic downturn. Silver thus hit its lowest price of Rs.37,800 per kg on 19 March as coronavirus continued its damaging run through stock markets and economies across the world.
• By the end of the month, silver had picked up again to be a modest Rs.40,500 per kg on 31 March which was a good recovery from the slump of nearly 3% from the previous weeks. This was boosted by the stimulus offered by the US Federal Reserve with its cuts on interest rates.
• There was an overall decline of –14.5% for silver throughout the month of March in Panaji.

Trend of Silver Rate in Panaji for February 2020 (rates per kg)

• The month of February 2020 opened with the rate of silver standing at the rate of Rs.50,300 per kg in Panaji. As Corona virus starts hitting other countries, the global economy is expected to slow down. In such conditions, the precious metal is being considered as a haven for investors.
• During the month of February, the precious metal had hit the highest price point on the 24th of February. The price of silver touched a rate of Rs.52,900 per kg. The lowest recorded rate for the month of February was Rs.47,400 per kg and it was recorded on 29 February 2020. The report of Corona virus hitting 6 other countries had affected the overall investment scenario in the market.
• There was a hefty drop in the price of the precious metal and one of the main reasons behind the drop in price was caused after the World Health Organisation announced that Corona virus has turned out to be a global epidemic. The price of silver came to a close at the rate of Rs.47,400 per kg for the month of February 2020.
• The percentage change in the performance of the metal for the month of February 2020 was –5.76%.

Trend of Silver Rate in Panaji for January 2020 (rates per kg)

• In Panaji, the prices of the white metal opened at Rs.50,300 on 1 January 2020 and closed at Rs.50,200 on 31 January 2020.
• Throughout the month of January, the prices of silver fluctuated in Panaji. However, silver prices saw an overall decline of 0.19% over the course of the month.
• Initially, the prices of the white metal saw a gain in prices due to the tensions between the US and Iran. During the period, silver hit its highest rate for the month and touched Rs.52,600 for a kg on 8 January 2020.
• However, due to the demand for riskier assets and the trade deal concerns, the prices of silver fluctuated for the rest of the month. The concerns of the coronavirus also ensured that silver prices were affected. On 30 January 2020, the prices of silver hit its lowest rate for the month and touched Rs.49,200 for a kg.

Also Check Silver Price in NearBy Cities of Panaji

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.