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Silver Price in Patna
Popularly referred to as ‘poor man’s gold’, silver or precious white metal is highly sought-after by millions across India including Patna. Silver is bought in many forms from silverware and jewellery to artifacts and articles associated with rituals in Patna. Many consumers in Patna present silver gift articles during weddings given that the precious metal is believed to bring in good luck.
While the upper middle-class and affluent sections of society in Patna may have the resources to buy the yellow metal, the middle-class and lower middle-class segments seek the precious metal as a valuable asset. Many small investors in Patna buy silver given that it is more accessible and affordable than the yellow metal.
Trend of Silver Rate in Patna for September 2016 (rates per Kg)
|1st Day||Rs.45,225 per kilogram|
|Last Day||Rs.45,750 per kilogram|
|Highest Price||Rs.47,820 per kilogram on 7th September|
|Lowest Price||Rs.45,225 per kilogram on 1st September|
September '16 - Week 1 (1st to 4th)
- Based on the U.S. economic data, the rate hike by the Federal Reserve was unlikely this month.
- With the expectations of the hike dampening, demand for silver shot up.
- September month opened for silver at Rs.45,225 per kilogram.
- Silver was recorded at Rs.46,760 per kilogram on the 3rd and 4th of the month.
- The week recorded a hike of 3.39%.
September '16 - Week 2 (5th to 11th)
- Silver prices fluctuated in the 2nd week of September due to the ambiguity in the Fed rate hike.
- On 5th September, silver was recorded at Rs.46,760 per kilogram.
- On the 7th September, silver peaked for the week at Rs.47,820 per kilogram.
- With the possibility of a rate hike becoming stronger, silver prices dipped to Rs.46,835 per kilogram on 10th and 11th of September.
September '16 - Week 3 (12th to 18th)
- Week 3 of September continued to see fall in silver prices thanks to the bearish trend in the global market.
- Silver traded at Rs.45,715 per kilogram on 12th of this month.
- Due to the fall in offtake from industrialists and coin makers, demand for silver lowered
- By the end of the week, silver dropped Rs.1,465 per kilogram and closed at Rs.45,370 per kilogram on 17th and 18th of the month.
September '16 - Week 4 (19th to 25th)
- This week’s silver prices climbed owing to the fact that the Fed rate hike was put on hold due to presidential elections being in full swing.
- On 19th September, silver traded at Rs.46,110 per kilogram.
- Silver recorded its highest at Rs.47,590 per kilogram on 22nd September.
- Despite a peak in demand for silver, its prices dropped to Rs.47,535 per kilogram on 23rd September and remained at the same level for the remaining two days.
September '16 - Week 5 (26th to 30th)
- Silver was recorded at Rs.46,950 per kilogram on 26th September.
- There was weak industrial support in the silver market bringing about a drop in its prices.
- The dollar strengthened leading to a bearish trend in the global market.
- Silver dropped to Rs.45,750 per kilogram by 30th September.
- Despite silver dropping this week, the month saw an overall incline of 1.16%.
|Highest Price||Rs.49,670 per kilogram on 3rd August|
|Lowest Price||Rs.44,805 per kilogram on 29th August|
August '16 – Weeks 1 (1st to 7th)
- Global market trends were positive sending silver rates surging at the beginning of the week.
- Silver traded at Rs.49,430 on 1st August and touched Rs.49,670 on 3rd August.
- The high rates can be attributed to fluctuations in the equities markets coupled with a weak dollar.
- Prices soon started to slip towards the end of the week with silver trading at Rs.47,255 per kilogram.
August '16 – Week 2 (8th to 14th)
- Domestic demand helped silver rates rise slightly.
- Silver traded at Rs.47,460 per kilogram on 8th August.
- By 10th August, the rate for silver was at Rs.48,595 per kilogram. This was the highest price recorded for week 2.
- Global trends dampened the markets and silver slipped to Rs.47,750 per kilogram by the end of the week.
August '16– Week 3 (15th to 21st)
- The decreasing trend continued into week 3 on account of global market trends and lesser demand in the domestic market as well.
- There was a reduction in the offtake by industrialists, coin makers and jewellers.
- Silver traded at Rs.47,750 per kilogram on 15th August and slipped even lower toRs.46,690 per kilogram by the end of the week.
August '16 – Week 4 (22nd to 28th)
- The U.S. Federal Reserve is sure of rolling out an interest rate hike soon and stated that further delays could lead to other economic risks.
- As silver is quite sensitive to the U.S. dollar the expectations of a rate hike, prices continues to slip further.
- On 22nd August, Silver traded at Rs.45,800 per kilogram and fell to Rs.45,040 per kilogram on 28th August.
August '16 - Week 5 (29th to 31st)
- The last week of August confirmed a declining trend for the month with a drop of 8.03%.
- The lowest rate for the month was recorded on 29th August at Rs.44,805 per kilogram.
- The Fed rate hike speculations along with slow demand in the domestic market did not support silver rates.
- Silver traded at Rs.45,460 per kilogram at the end of the month, a drop of Rs.3,970 compared to the start of the month.
|July 1st Rate||Rs.46,490 per 1 kg|
|July 31st Rate||Rs.48,970 per 1 kg|
|Highest Rate in July||Rs.49,745 per 1 kg on 11th of July|
|Lowest Rate in July||Rs.46,490 per 1 kg on July 1st|
July'16 - Week 1 and 2 (1st to 10th)
- Silver traded at Rs.46,490 per 1 kg on the 1st of July.
- As the demand increased, the price of silver increased to Rs.47,920 per kg on the 2nd of July.
- Silver continued to climb up and hit Rs.49,300 per kg on the 6th of July.
- Silver closed the second week at Rs.41,590 per kg on the 10th of July.
July'16 - Week 3 (11th to 17th)
- Silver opened the third week at Rs.49,745 per kg the 11th of July.
- The price of silver fell down by Rs.500 to Rs.49,245 per kg on the 12th of July.
- Silver traded at Rs.48,855 per kg on the 14th of July.
- Silver witnessed a decline as prices dropped down by Rs.15 to Rs.48.840 per kg on the 16th of July and remained the same on the 17th.
July '16 - Week 4 (18th to 24th)
- Silver opened week four at Rs.48,360 per kg on 18th of July.
- Prices came down to to Rs.46,665 per kg on the 21st of July.
- Silver traded at Rs.47,880 per kg on the 22nd of July.
- Silver price reduced to Rs.47,420 per kg on the 23rd of July and remained constant till 24th of July.
July‘16 - Week 5 (25th to 31st)
- Silver opened the week at Rs.47,160 per kg on the 25th of July.
- The price of silver increased to Rs.47,595 per kg on the 26th of July owing to better demand in the market.
- Silver further kept increasing and hit Rs.48,875 per kg on the 28th of July.
- Silver closed the month at Rs.48,970 per kg on the 31st of July.
|June 1st Rate||Rs. 38,640 per 1 kg|
|June 30th Rate||Rs. 44,635 per 1 kg|
|Highest Rate in June||Rs. 44,635 per 1 kg for 1 kg for 30th June|
|Lowest Rate in June||Rs. 44,635 per 1 kg on June 1st|
Jun'16 - Week 1 (1st to 4th)
- Silver traded at Rs. 38, 640 per 1 kg on the 1st of June.
- Silver price surged by Rs.225 per kg on the 3nd of June at Rs. 38,865 per kg.
- Silver traded at Rs.39,755 per kg on the 4th of June.
Jun'16 - Week 2 (5th to 11th)
- Silver traded at Rs. 39,755 per kg on the 5th of June as there was no change in the price from the previous week.
- The price of silver came down by Rs.65 from Rs. 39,755 per kg to Rs. 39,690 per kg on the 6th of June.
- Silver witnessed a further decline as prices dropped down to Rs. 39,585 per kg on the 8th of June.
- Prices steadily increased over the week and silver traded at Rs.41,510 per kg on the 11th of June.
Jun'16 - Week 3 (12th to 18th)
- Silver remained unchanged and traded at Rs.41,510 per kg on the 12th of June.
- Silver hit Rs.41,935 per kg on the 14th of June.
- Silver traded at Rs.42,958 per kg on the 16th of June.
- The price declined further over the week and silver hit Rs.42,235 on the 18th of June.
Jun'16 - Week 4 (19th to 25th)
- Silver traded at Rs.42,235 per kg on the 19th of June.
- Due to heavy demand in the global market,the price of silver rose to Rs.42,405 per kg on the 21st of June.
- The price of silver relatively increased over the week and hit Rs.43,465 per kg on the 24th of June.
- The price of silver remained unchanged on the 25th of June at Rs.43,465 per kg.
Jun'16 - Week 5 (26th to 30th)
- Silver traded at Rs.43,465 per kg on the 25th and 26th of June.
- The price further increased to Rs.43,980 per kg on the 29th of June.
- Silver closed the month at Rs.44,635 per kg on the 30th of June.
|1st May rate||Rs. 42,590|
|31st May rate||Rs. 39,065|
|Highest rate in May||Rs. 42,675 on 2nd May|
|Lowest rate in May||Rs. 38,795 on 30th of May|
May '16 - Weeks 1 and 2 (1st to 8th)
- Silver prices in Patna were subject the market turbulence, with prices falling and recovering slightly during the course of the week.
- Silver was priced at Rs. 42,590 per kg on the 1st of May and good demand resulted in the price rising to Rs. 42,675 per kg on the 2nd of May.
- The price dropped in the next few days, retailing at Rs. 41,595 per kg on the 6th of May before rising by Rs. 380 to Rs. 41,875 per kg on the 7th of May, with the price remaining unchanged on the 8th of May.
May '16 -Week 3 (9th to 15th)
- The third week of May saw silver prices fluctuate, with prices falling at the start of the week and later recovering slightly.
- Silver retailed at Rs. 41,725 per kg on the 9th of May, with prices falling for the next few days as demand dropped.
- Prices rose slightly to Rs. 41,570 per kg on the 12th of May after recovering from a low of Rs. 40,890 per kg on the 10th of May.
- Prices stayed constant for a few days before falling again at the end of the week to Rs. 41,255 per kg on the 15th of May.
May '16 - Week 4 (16th to 22nd)
- Speculation regarding a rate hike in the U.S. led to stocks recovering from a slump and the Dollar rising against other currencies, which led to silver rates falling.
- Silver traded at Rs. 41,255 per kg on the 16th of May, with prices rising marginally over the next day.
- The upward trend continued till the middle of the week, when prices fell to Rs. 40,825 per kg on 19th of May, followed by a further drop to Rs. 40,040 per kg as demand for silver fell.
- Prices rose marginally on the 21st and 22nd of May, when the silver price was recorded at Rs. 40,135 per kg.
May '16 - Weeks 5 and 6 (23rd to 31st)
- Silver prices fell in the last week of May to their lowest rates in the month as market forces and a strengthening Dollar kept prices low.
- Silver traded at Rs. 40,060 per kg on the 23rd of May, with the price falling to a low of Rs. 38,795 per kg on 30th May.
- Stock markets reacted to U.S. housing data figures by rallying during the week, resulting in the Dollar rising as well.
- Silver recovered by Rs. 270 per kg, closing at Rs. 39,065 on the 32st of May.
|April 1st Rate||Rs.36,780|
|April 30th Rate||Rs.42,590|
|Highest Rate in April||Rs.42,690 on the 29th of April|
|Lowest Rate in April||Rs.36,000 on the 4th of April|
|Overall Performance||Gain / Positive|
Apr'16 - Weeks 1 & 2 (1st to 10th)
- Silver rates declined during the first four days of the month after which they increased steadily for four days before gaining stability for the rest of the ten-day period.
- Prices were recorded at Rs.36,780 on the 1st of the month and Rs.36,620 on the tenth day of April.
- Prices began to increase on the fifth day of trading as industrial demand increased and international and domestic cues grew stronger.
Apr ‘16 - Week 3 (11th to 17th)
- Silver rates increased steadily during the third week of the month.
- Prices were recorded at Rs.37,115 on the first day of the week and Rs.39,110 on the last.
- Prices increased by more than Rs.2000 during the course of the week as there were no domestic or international events to affect prices.
Apr ‘16 - Week 4 (18th to 24th)
- Silver rates fluctuated during the course of the week but gained stability on the last two days of trading.
- Prices were recorded at Rs.38,920 on the 18th of April and Rs.41,155 on the 24th.
- The overall increase in prices between Sunday and Saturday was Rs.2200, making it the week with the highest gains in April.
Apr ‘16 - Week 5 (25th to 30th)
- Silver prices increased consistently over the last week of April barring marginal losses on the fourth and last day of trading.
- Prices were recorded at Rs.40,810 on the 25th of April and Rs.42,590 on the last day of the month.
|1st March rate||Rs.37,005|
|31st March rate||Rs.36,495|
|Highest rate in March||Rs.38,640 on 18th|
|Lowest rate in March||Rs.36,455 on 29th|
Mar'16 - Week 1 (1st to 6th)
- Silver rates were down as the month started.
- Prices were Rs.37,005 on 1st and Rs.36,640 on 6th.
- Silver lost a net value of Rs.365 during this week.
Mar'16 - Mar'16 - Week 2 (7th to 13th)
- Silver gained a little value in the second week.
- Rates were Rs.37,695 on 7th and Rs.37,710 on 13th.
- Silver gained a net value of Rs.15 in this week.
Mar'16 - Week 3 (14th to 20th)
- The gains were larger during the third week.
- Rates were Rs.37,650 on 14th and Rs.37,865 on 20th.
- Silver gained a net value of Rs.215 over the course of the week, and also touched a monthly high figure of Rs.38,640 on 18th.
Mar'16 - Week 4 (21st to 27th)
- Silver prices depreciated in the fourth week.
- Rates were Rs.37,930 on 21st and Rs.36,685 on 27th.
- Silver lost a net value of Rs.1,245 during this week.
Mar'16 - Week 5 (28th to 31st)
- Silver continued its losing streak in the final days of the month also.
- Prices were Rs.36,570 on 28th and Rs.36,495 on 31st.
|1st February rate||Rs.34,970|
|29th February rate||Rs.36,295|
|Highest rate in February||Rs.38,640 on 12th|
|Lowest rate in February||Rs.34,970 on 1st|
Week 1 (1st to 7th)
- Silver was substantially up in the first week of February.
- Prices were Rs.34,970 on 1st and Rs.36,925 on 7th.
- Silver rose by a cumulative Rs.1,955 over the week on the back of positive global cues
Week 2 (8th to 14th)
- Silver registered more positive movement in the second week.
- Rates were Rs.36,950 on 8th and Rs.38,525 on 14th.
- Silver prices dropped till 11th before rallying on 12th and stabilizing on 13th and 14th.
Week 3 (15th to 21th)
- Silver was up again in the third week.
- Prices were Rs.37,220 on 15th and Rs.37,930 on 21st.
- Silver traded within 37,000 to 38,000 all through the week, ending at Rs.710 higher.
Week 4 (22nd to 29th)
- Silver was trading lower in the final week.
- Prices were Rs.37,615 on 22nd and Rs.36,295 on 29th.
- Prices went on a gradual decline ending at Rs.1,320 lower.
Silver as an investment in Patna
There is a view that many customers feel more secure investing in traditional forms of investment since they may be wary of financial instruments such as stocks and government bonds thanks to high rates of inflation, alleged corruption and fears about the overall business outlook. To avoid uncertainties, people, therefore, tend to prefer conventional forms of investment such as precious metals and particularly silver which is more affordable compared to gold.
Physical silver: Silver is bought in the form of coins, bars, silverware and various gift articles. Intricate and designer silver jewellery is in demand amongst the younger populace. According to market observers, the average price of silver at Rs.33,500 per kg is an attractive option for physical investment.
Silver contracts: Customers buy silver futures contracts at commodity exchanges in the country. The contracts are, however, short-term in nature. Silver micro is traded in 1 kg. Customers should bear charges such as exchange levy and stamp duty among others.
Silver rates in Patna
Silver rates in Patna have been on the decline since January 2015. The precious metal was pegged at Rs.40,065 at the start of the year but plummeted in the following months. The price of silver fell by -9.0% at Rs.36424 towards the end of the February. The downward trend continued in the months of March, April and June barring minor fluctuations. Silver was pegged at Rs.36340 towards the end of June and Rs.35476 in the month of August. The price of the yellow metal stood at Rs.36,110.00 in September and rose marginally by -4.7% at Rs. 37,915 (per kg) in October. The white precious metal is pegged at Rs.34,415 per kg as of December 2015, a 5.3% decrease from Rs.36,265 in the month of November.
Also Check Silver Price in NearBy Cities of Patna
|Silver Rate in Kolkata||Silver Rate in Raipur||Silver Rate in Guwahati|
|Silver Rate in Ranchi||Silver Rate in Lucknow|
|Also Know: Gold Rate in Patna|
Read more on Silver
- Silver – Poor Man’s Gold
- Silver Bars and Silver Coins
- Amazing Facts About Silver
- Global Demand for Silver
- Are Long Term Silver Investments a Good Idea?
News About Patna Silver Rate
Silver Gains More Value Post Fed Announcement
Silver futures posted gains on Wednesday as the Fed announced its decision to keep rates unchanged while signalling any future reviews would take a gradual approach. July delivery silver rose 1% to $17.34. Meanwhile. Gold prices were also up on Wednesday while platinum also posted gains in trading on the day. The Fed announced a gradual hike of rates in the future with any rate hikes in the near future possibly being stalled for a stronger economy.
28th April 2016