Silver Rate in Patna _{Last Updated : 15 Aug 2020}

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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 July 2020 (rates per kg)

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

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

• The price of silver in Patna for the month of May started at the price of Rs.42,530, which quickly declined to Rs.41,010 on 2 May, which also turned out to be the lowest price recorded for the month. Silver first started off on a strong note as risk sentiments lowered coupled with the rise in US-China tensions creating volatility in the stock market. However, prices were impacted again as the US dollar gained grew on the back of several economic stimulus measures by Governments all over the globe. However, precious metals continued to gain in appeal as a safe-haven investment with the Covid –19 pandemic raging on. This led to silver prices surging through the rest of the first week of the month. Even though the lockdowns were being eased in various countries around the world, the economic data remained weak with an uncertain forecast for the future, predicting a further deterioration of the economy.
• In the second week of May in Patna, silver started at a price of Rs.42,060 and ended at a price of Rs.42,960, although it had surged to Rs.43,620 on 11 May 2020. The rise in silver prices could be attributed to a strong unemployment data which brought back the fears of global recession, thus forcing the investors to turn to precious metals as a safe-haven investment in uncertain times. However, the US jobs data of April was being awaited by investors. The anticipation of the US nonfarm payrolls data led to an increase in global silver prices.
• Silver prices in the third week of May in Patna started off at Rs.43,160, quickly rising to Rs.46,900, with prices more or less rising through the rest of the week, to end the week at Rs.48,200 per kg of silver. The high in prices could be linked to the US jobs data which presented a bleak economy and hampered hopes of a quick turnover for the economy. The rising tensions around US-China trade relations contributed to the appeal of safe-haven investments. However, risk appetite also improved side by side as reports emerged of successful early-stage trials for a vaccine to combat Covid-19.
• In the fourth week of May, silver had its highest price point on 25 May at Rs.51,400 per kg, having opened at Rs.48,250 and closing the month at Rs.50,100 per kg. The rise in political tensions between the US and China around protests in Hong Kong contributed to stock markets being volatile and appetite for risk lowering, prompting the investors to turn to safe-haven assets. The US dollar also weakened, leading to surge in prices of precious metals, in response to unpredictability around the US being mum to China’s announcement of a new security bill for Hong Kong. Overall, the trend for silver prices in May in Patna was in keeping with global economic trends and so showed an incline of 17.79%.

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

• In April, the metal saw an overall increase of 2.51% in its price. Silver entered the fourth month of 2020, standing at Rs.40,500 per kg. This was the price of one kilogram of the white metal for five days. From 1 April to 5 April, Patna saw the rates of silver stagger at Rs.40,500 per kg. Finally, after five days, by 6 April, silver had touched the lowest price for April. The metal had been Rs.40,360 per kg. By 7 April, there was a dip in the price of silver to Rs.40,360 per kg. This was driven by the U.S. dollar and global equities being strengthened. This boost had been backed by a fall in the number of coronavirus cases all around the world. Two days later, on 9 April, many investors across the world had started to hedge risks ahead of a long May Day weekend. Then, the meeting of a few top oil producers wanted to stem the market slump, in the midst of improving the risk sentiment and they hoped that the coronavirus would soon come to an end. This had then driven the price of silver to increase to Rs.41,290 per kg.
• The white metal had stepped foot into the third week of the month standing at Rs.41,400 per kg by 12 April. On 14 April, the world saw a lot of fears mounting over a global economic recession, led by the wide-spread coronavirus. This had increased the bullion's safe-haven appeal. By 16 April, the rates of silver had seen a rise in its price to Rs.41,920 per kg as a weak manufacturing data had been released by the U.S. This was also because of the low retail sales which had in turn, increased the worries of an economic fallout on a global scale. On 17 April the rates had stood at Rs.41,860 per kg and two days later, on 19 April, the prices had dipped by Rs.650 to Rs.41,210 per kg.
• The very next day, on 20 April, the rates of silver had dropped, driven by a firm U.S. dollar amid doubts brewing about the plans of the U.S. to ease its restrictions and reopen the economy. On 22 April, the prices of the precious metal had reduced to Rs.41,660 per kg. The decrease was driven by the investors’ appetite for safe havens and a lot of stimulus measures that had been established by many central banks. These had been caused by the fear over a large-scale economic depression. The rates of silver had then seen a lot of fluctuations all throughout the week and had settled at Rs.42,540 per kg by 26 April.
• After three days, on 29 April, the prices of the metal had dipped to Rs.42,210 per kg. This is a drop by Rs.330 which can be owed to the risk appetite seeing a sudden increase as a few countries wanted to start easing all curbs which had been in place to fight and beat the coronavirus. April had come to an end with the metal being priced at Rs.41,520 per kg on 30 April.

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

• The prices of silver in Patna for the month of March opened at Rs.47,400 per kg. When compared to the closing price of the white metal for the previous month, there was no changes in the rate. However, the prices rose significantly by Rs.1,100 on the second day of the month of March.
• The prices of silver surged and recorded its highest on March 6 as investors anticipated the cut in interest rates by the US Federal Reserve. The Central Bank of United States of America decided to cut rates in order to counter the effect of Coronavirus on the global markets.
• As Coronavirus created a havoc on the global markets, the investors were forced to go on a selling spree which resulted in the prices of silver dropping. The price of silver was recorded to be its lowest on March 19 at Rs.37,800 per kg as fears of recession forced the silver prices to drop.
• The prices of silver closed at Rs.40,500 per kg on the last day of the month which rounded off a disappointing month as the global markets fought the effects of Covid-19.
• Overall, the prices of silver in the city of Patna declined by 14.55%.

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

• In Patna, silver prices opened the month of February at Rs.50,300 per kg. While the rates increased from what was charged on the last day of the previous month, the prices slipped to Rs.49,600 per kg by 5 February as China liquidated funds and reduced the reverse repo rate in a bid to stabilise the economy.
• The rates of the white metal remained steady in the second week. This was accounted to a strong dollar which limited the gain of the bullion market despite the prices escalating due to fears of coronavirus.
• Silver prices witnessed a sharp rise in the third week. The rates increased even though the metal’s price steadied in the international market. Silver recorded the highest price for the month on 24 February with every kilogram costing Rs.52,900.
• The white metal closed the week at Rs.47,400 per kg, the lowest recorded price for the month. The overall performance showed a decline of 5.76% at the end of the month.

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

• Silver witnessed a declining trend of 0.19% over the month of January having started at Rs.50,300 per kg. The rates fluctuated a lot due to the tensions in the Middle East, impact of coronavirus in China and uncertainty over the US-China trade deal.
• Escalating tensions between Washington and Tehran following the killing of a top Iranian military general saw silver prices jump to its highest for the month on 8 January. The white metal was traded for Rs.52,600 per kg in the city on the mentioned date.
• As the news of coronavirus broke out, investors shifted to the bullion. This along with the increasing dollar after the signing of Phase 1 of the trade deal between Washington and Beijing affected silver prices negatively.
• The rates of the white metal closed the month at Rs.50,200 per kg after slipping to its lowest for the month the previous day. The sharp drop in the prices on 30 December was accounted to the WHO declaring coronavirus as a global epidemic.

Also Check Silver Price in NearBy Cities of Patna

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.