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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 March 2017 (rates per kg)
|March 1st Rate||Rs.43,900 per kg|
|March 31st Rate||Rs.42,100 per kg|
|Highest Rate in March||Rs.44,000 per gram on 2nd March|
|Lowest Rate in March||Rs.40,300 per kg on the 15th March|
March ‘17 - Week 1 (1st to 5th)
- Silver opened at Rs.43,900 per kg in the city of Panaji on the 1st of March due to high demand and positive market cues.
- As the value of the U.S.Dollar fell, the rate of silver increased to trade at Rs.44,000 per kg which was the highest at which this metal traded for the month of March in Panaji.
- However, this demand was not sustained and the price of silver reduced to Rs.42,700 per kg on the 3rd of March before rising again.
- On the last two days of the week, silver rate in Panaji was steady at Rs.43,300 per kg.
March ‘17 - Week 2 (6th to 12th)
- On the first day of the second week, the rate of silver was Rs.42,800 per kg. This rate was noted the next day as well due to stability in the demand for this metal.
- Due to declining demand, the rate of silver fell to Rs.42,100 per kg but recovered slightly the next day to trade at Rs.42,500 per kg on the 9th of March.
- However, as the demand for this metal plunged, the rate of silver in Panaji reduced by Rs.1,000 to trade at Rs.41,500 per kg on the 10th before decreasing again the next day.
- On the final two days of the week, price of silver in Panaji was steady at Rs.41,200 per kg.
March ’17- Week 3 (13th to 19th)
- Continuing from the previous week, the silver rate in Panaji was steady at Rs.41,200 per kg on the first two days of the week.
- Price of silver fell to Rs.40,300 per kg on the 15th of March which was also the lowest at which this metal traded for the month of March.
- A slight recovery the next day resulted in silver trading at Rs.41,200 per kg before falling to Rs.40,800 per kg on the 17th.
- On the last two days of the week, the rate of silver in Panaji was steady at Rs.40,900 per kg due to stable demand.
March ’17- Week 4 (20th to 26th)
- On the first day of the penultimate week of March, the rate of silver in Panaji was much higher than that noted during the previous week. Silver was priced at Rs.41,100 per kg.
- Silver price in Panaji was not sustained and the rate of silver reduced to Rs.40,800 per kg on the 21st before increasing again the next day to trade at Rs.41,200 per kg.
- Rate of silver fluctuated slightly on the 23rd and 24th of March due to varying demand.
- On the last two days of the week, silver traded at Rs.41,700 per kg.
March ’17 – Week 5 (27th to 31st)
- During the final week of the month, a few variations were noted in the rate of silver in Panaji.
- On the first day of the week, silver traded at Rs.41,700 per kg before increasing to Rs.42,100 per kg.
- On account of steady demand, on the last four days of the final week of March silver traded at Rs.42,100 per kg, recording a decline of 4.10%.
|February 1st Rate||Rs.41,500 per kg|
|February 28th Rate||Rs.43,900 per kg|
|Highest Rate in February||Rs.43,900 per kg on 28th February|
|Lowest Rate in February||Rs.41,500 per kg from 1st to 7th February|
February ‘17 - Week 1 (1st to 5th)
- Owing to consistent demand from industrialists and coin makers in addition to a lack of any major international or domestic event that would otherwise impact the price of silver, the metal traded at a consistent price over the course of the first week of February.
- The price of the metal was recorded at Rs.41,500 per kg on the first day of the month, and there were no changes whatsoever until the fifth day of February.
- Rs.41,500 – the price between the 1st and 5th of February was also the lowest recorded rate in the month.
February ‘17 - Week 2 (6th to 12th)
- Prices remained unchanged on the first day of the second week of February as the metal was seen trading at Rs.41,500 per kg on the 6th of the month.
- Rates were stable on the 7th of February as well, trading at Rs.41,500 per kg until an increase in demand from coin makers on the 8th of February pushed prices up significantly by Rs.1200 so that the metal traded at Rs.42,700 per kg.
- Rates remained stable for another day after which fluctuations were in order.
- On the 10th of February, prices fell by Rs.400 from the previous day to settle at Rs.42,400 per kg, followed by an increase by Rs.600 which pushed prices up to Rs.43,000 per kg on the 11th of the month.
- Silver prices did not experience any change on the last day of the week as it traded at Rs.43,000 on the last day to close the week at the same rate.
- Overall, prices increased by Rs.1500 between the first and last day of the second week of February.
February ’17- Week 3 (13th to 19th)
- Silver prices increased consistently over the third week of February barring one day on which they fell.
- On the 13th of the month, the rate of silver was recorded at Rs.43,200 per kg, marking an increase of Rs.200 from the closing levels of the previous week.
- Rates dropped by Rs.200 to go back to Rs.43,000 per kg on the 14th of February, and remained stable on the 15th as well.
- Thanks to a sudden decline in the value of the U.S. Dollar, the price of silver increased by Rs.400 on the 17th of the month to trade at Rs.43,400 per kg.
- Silver rates increased again on the 18th of February, albeit by just Rs.100, and remained unchanged on the 19th as well and the metal closed the third week of February trading at Rs.43,500 per kg.
February ’17- Weeks 4 & 5 (20th to 28th)
- Uncertainties in the market in addition to the value of the US Dollar contributed to minor fluctuations over the first few days of the last two weeks of February.
- Silver was seen trading at Rs.43,300 per kg on the 20th of February, after which prices fell marginally to settle at Rs.43,300 per kg on the 21st of the month.
- Another minor decline on the 22nd saw prices fall to Rs.43,200 per kg and rates remained stable on the 23rd as well.
- A marginal increase in demand from industrialists contributed to a rise in silver prices as the metal traded at Rs.43,400 per kg on the 24th of February and gained stability until the 26th of the month.
- Silver prices rose again on the final two days of the month, first by Rs.400 to trade at Rs.43,800 per kg on the 27th of February, and then by another Rs.100 to trade at Rs.43,900 on the last day of the month.
- Silver closed the month of February by trading at Rs.43,900 per kg, thereby marking an overall increase of Rs.2400 between the first and last day of the month.
- In terms of percentage change, silver prices rose by 5.78% over the course of February.
|January 1st Rate||Rs.39,600 per kg|
|January 31st Rate||Rs.41,500 per kg|
|Highest Rate in January||Rs.41,700 per kg on 23rd January|
|Lowest Rate in January||Rs.39,200 per kg on 2nd January|
January ‘17 - Week 1 (1st to 7th)
- The price of silver in Panaji fluctuated slightly as the week began due to changes in demand, trading at Rs.39,600 per kg on 1st January.
- Prices dipped due to a drop in demand as silver traded at Rs.39,200 per kg on 2nd January, but prices soon rose as industrial demand increased, trading at Rs.39,900 per kg on 4th January.
- Fluctuating markets due to uncertainty over the fiscal policies under the new U.S. administration led to the dollar falling, as silver climbed to Rs.40,300 per kg on 5th January.
- Silver prices remained constant and the week ended with silver trading at Rs.40,300 per kg on 7th January, a weekly increase of Rs.900 per kg.
January ‘17 - Week 2 (8th to 14th)
- Prices were stable as the second week began, with increased industrial demand and a low U.S. Dollar rate leading to higher prices.
- Silver was priced at Rs.40,300 per kg on 8th January, with the price rising to Rs.40,500 per kg on 10th January.
- An increase in domestic demand led to silver trading at Rs.41,200 per kg on 12th January, though prices dipped due to a lowering of demand for the rest of the week.
- Silver traded at Rs.40,700 per kg on 13th January and closed the week at the same price, recording a weekly increase of Rs.400 per kg.
January ’17- Week 3 (15th to 21st)
- Prices rose steadily in the third week, as industrial demand from Asia kept prices high in spite of market fluctuations elsewhere.
- Silver was priced at Rs.40,700 per kg on 15th January, rising to Rs.41,200 per kg on 16th January due to a rise in domestic demand.
- Prices rose further, trading at Rs.41,500 per kg on 18th January as overseas demand rose thanks to favourable market conditions.
- Silver prices began to drop as the week ended due to reducing domestic demand, in spite of international demand being more or less stable.
- Silver ended the week trading at Rs.41,100 per kg on 21st January, recording a weekly increase of Rs.400 per kg.
January ’17- Weeks 4 & 5 (22nd to 31st)
- Prices in the last two weeks of January were stable, with the price falling briefly towards the middle of the week due to declining demand from industrial units in Asia.
- Silver traded at Rs.41,100 per kg on 22nd January before rising to a monthly high of Rs.41,700 per kg on 22nd January.
- A drop in demand from Asian markets led to silver prices falling, as the metal traded at Rs.41,400 per kg on 24th January.
- Prices fell to Rs.40,500 per kg as markets strengthened on the possibility of a U.S. Fed rate hike in the near future.
- Silver prices recovered marginally as the month ended, trading at Rs.41,500 per kg on 31st January to record an overall increase of 4.79%.
|December 1st Rate||Rs.41,100 per kg|
|December 31st Rate||Rs.39,600 per kg|
|Highest Rate in December||Rs.41,100 per kg on 1st December, 5th December, 6th December and 9th December|
|Lowest Rate in December||Rs.38,500 per kg on 26th December|
December '16 - Week 1 (1st to 4th)
- Silver opened with a bang at Rs.41,100 per kg in December. This was also the highest rate at which silver traded during the month of December. This feat was again repeated during the next week.
- The price declined to Rs.40,500 per kg on 2nd December as overseas demand also decreased.
- A reduction in market performance pushed investors to safe haven assets like bullion resulting in silver ending the week at Rs.40,500 per kg on 4th December.
December '16 - Week 2 (5th to 11th)
- In the second week of December, price of silver continued to rise due to an increase in demand.
- Silver traded at Rs.41,100 per kg on 5th December and continued till the next day. This was also the highest rate at which silver traded for the month of December.
- However, this demand could not be sustained and prices fell thereafter.
- On the 7th and 8th of December, the price of silver was Rs.40,700 per kg before rising to Rs.41,100 per kg on the 9th which was again, the highest rate at which silver was priced for December.
- Silver prices dipped a little as the week ended, trading at Rs.41,000 per kg on 11th December.
December '16 - Week 3 (12th to 18th)
- The rate of silver was steady for the first 3 days of the week at Rs.41,000 per kg. However, due to a decrease in demand overseas, price of silver continued declining steadily thereafter.
- Silver traded at Rs.39,000 per kg on the last two days of the week which was also one of the lowest rates at which silver was priced, for the entire month of December.
- This steady decline in price could be attributed to low demand and a fickle market.
December '16 – Week 4 (19th to 25th)
- Due to a decrease in demand overall, the rate of silver was quite low during the fourth week of December.
- Silver opened at Rs.39,500 per kg on the first day of the week and reduced the Rs.300 the next day.
- Price of silver increased to Rs.39,500 per kg again on the 21st. However this demand could not be sustained.
- Stagnant demand led to the week ending with silver prices unchanged at Rs.39,000 per kg, as silver traded at its lowest rate for the month.
December '16 – Week 5 (26th to 31st)
- Declining demand led to silver prices falling, and the metal traded at Rs.38,500 per kg on the 26th of December which was also the lowest rate at which silver traded at, for the month of December.
- Fears of a slowdown in Asian markets led to global markets falling, which increased demand for silver, boosting prices to Rs.39,500 per kg on 29th December.
- Domestic retail demand appeared to be increasing as the currency shortage abated, which led to an increase in the price of silver.
- A sudden dip in demand led to silver ending the year at Rs.39,600 per kg on 31st December, recording a decline of 3.64% in value.
|November 1st Rate||Rs.42,600 per kg|
|November 30th Rate||Rs.41,100 per kg|
|Highest Rate in November||Rs.45,000 per kg on 12th & 13th November|
|Lowest Rate in November||Rs.40,200 per kg on 23rd & 25th November|
November '16 - Week 1 (1st to 6th)
- Silver prices in Panaji were high owing to strong industrial demand.
- Silver traded at Rs.42,600 per kg on 1st November as markets fluctuated and the U.S. Dollar traded lower against global currencies.
- The upcoming presidential election caused U.S. markets to slip, which led to higher volumes of trade in bullion.
- The festive season in India also contributed to high demand for silver from the retail sector.
- Silver was priced at Rs.43,500 per kg on 6th November.
November '16 - Week 2 (7th to 13th)
- The surprise election of Donald Trump as U.S. President and the announcement of the demonetisation of Rs.1,000 and Rs.500 notes led the markets to collapse, which stimulated trade in bullion.
- Silver traded at Rs.43,500 per kg on 7th November and rose by the middle of the week.
- The demonetisation announcement caused widespread panic as investors rushed to bullion, pushing silver prices higher.
- Silver traded at a monthly high of Rs.45,000 per kg on 13th November as the week ended on brisk trading.
November '16 - Week 3 (14th to 20th)
- Silver prices began to stabilise and drop as a currency shortage following the withdrawal of Rs.1,000 and Rs.500 notes affected all sections of the economy.
- Industrial and retails demand both suffered from stricter controls on bullion trade and a paucity of cash.
- Silver traded at Rs.44,000 per kg on 14th November, with prices falling marginally throughout the week.
- The week ended with silver trading at Rs.40,600 per kg on 20th November on poor demand.
November '16 - Week 4 and 5 (21st to 30th)
- As markets rallied on the possibility of a U.S. Fed rate hike, demand for silver plunged.
- Silver traded at Rs.41,100 per kg on 21st November before sinking to a monthly low of Rs.40,200 on 23rd November.
- The continued shortage of legal tender led to stagnant retail demand during the festive season, dealing a further blow to silver rates.
- Prices recovered marginally as the month ended, with silver trading at Rs.41,100 per kg on 30th November.
|1st Day||Rs.45,500 per kilogram|
|Last Day||Rs.42,600 per kilogram|
|Highest Price||Rs.45,500 per kilogram from 1st to 3rd October|
|Lowest Price||Rs.41,700 per kilogram on 8th and 9th October|
October 2016 – Week 1 and 2 (1st to 9th)
- Silver traded at Rs.45,500 per kilogram, the highest price for this month, on 1st to 3rd October.
- Initially, demand for silver was high but market trends turned bearish and demand declined.
- Silver rates dropped as the dollar gained strength against other currencies.
- By 8th and 9th October, silver was trading at Rs.41,700 per kilogram, the lowest rate for this week.
- The trend for this week was a decline in silver rates.
October 2016 – Week 3 (10th to 16th)
- Silver rates increased this week to Rs.42,000 on 10th and 11th October.
- Uncertainty surrounding the Fed rate hike played in favour of silver this week.
- By 12th October, silver rates climbed to Rs.42,100 per kilogram and remained unchanged going into the fourth week of October.
- Reduced offtake by coin makers and industrial units did not have much effect on silver rates this week.
October 2016 – Week 4 (17th to 23rd)
- On 17th October, silver traded at Rs.42,100 per kilogram.
- There were fluctuations through the week, but silver rates settled back to Rs.42,100 per kilogram on 22nd and 23rd October.
- The highest price for this week was recorded on 20th and 21st October at Rs.42,300 per kilogram.
- The increase in prices could be attributed to increased offtake by industrial units and coin makers.
- Retailers and jewellers are hoping to see an increase in demand as the wedding season takes off.
October 2016 – Week 5 (24th to 31st)
- On 26th and 27th October, silver traded at Rs.42,300 per kilogram.
- The increase in prices this week are a result of favourable trends in the markets that gave demand for silver a boost.
- On 29th October, silver was able to recover and trade at Rs.42,600 per kilogram.
- Rates remained unchanged till October 31st.
- The recovery in prices did not overcome the declining trend for this month.
- Silver prices fell by 6.37% in the month of October.
|1st Day||Rs.44,300 per kilogram|
|Last Day||Rs.45,500 per kilogram|
|Highest Price||Rs.46,600 per kilogram on 9th September|
|Lowest Price||Rs.44,200 per kilogram on 2nd September|
September '16 - Week 1 (1st to 4th)
- The market for silver was bright this week.
- On 1st September, the price of silver was Rs.44,300 per kilogram.
- Prices dropped on 2nd September to Rs.44,200 per kilogram but was short lived.
- Silver rates soon picked up with festive demand in the domestic market coupled with positive global trends.
- Anticipation of a Fed rate hike died down and prices increased gradually.
- By the end of the week, the price of silver touched Rs.45,300 per kilogram.
September '16 - Week 2 (5th to 11th)
- Silver prices continued to increase this week.
- On 5th September, silver traded at Rs.45,300 per kilogram.
- By 9th September, the price of silver climbed to Rs.46,600 per kilogram, which was the highest rate for this month.
- Prospects of a rate hike by the U.S. Federal Reserve cropped up again despite weak economic data from the U.S.
- A downward trend took silver rates to Rs.45,600 per kilogram by 10th September.
September '16 - Week 3 (12th to 18th)
- Stable prices ruled the market this week.
- The price of silver stayed constant at Rs.45,600 per kilogram from 10th to 15th September.
- With prospects of a Fed rate hike sprouting up again, investors took to the sidelines.
- Demand for silver dropped and prices followed suit.
- The price of silver was Rs.45,100 per kilogram from 16th to 18th September.
September '16 - Week 4 (19th to 25th)
- On 19th September, silver continued to traded at Rs.45,100 per kilogram.
- The drop in the price of silver was temporary as prices jumped back up to Rs.45,600 per kilogram on 21st September.
- Industrial offtake was strong in the domestic market lending support to silver rates.
- On 25th September, silver prices climbed yet again to trade at Rs.46,200 per kilogram.
- The trend for this week was an increase of 2.44%.
September '16 - Week 5 (26th to 30th)
- Silver traded at Rs.46,200 per kilogram from 26th September till 29th September.
- With the U.S. economy improving, the dollar gained against a basket of currencies.
- Silver prices dropped to Rs.45,500 per kilogram on 30th September as bearish sentiments took over the global market.
- Domestic demand was subdued even though the festive season draws near.
- The trend for this month was an increase in prices by 2.70%.
|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