Silver Rate in Ranchi

  • Today's Silver Rate In Ranchi ( 15 Aug 2020 )

    ₹ 66.95
    Today's Silver Rate per gram

    Compare Silver Rate In Ranchi (Today & Yesterday)

    Rate Change
    Silver (1 gram) ₹ 66.95 ₹ 65.01 ₹ 1.94 ↑
    Bar Silver (1 Kg) ₹ 66,950 ₹ 65,010 ₹ 1,940 ↑

    Silver Price In Ranchi for Last 10 Days

    Date Silver (1 gram) Bar Silver (1 Kg)
    14 Aug 2020 ₹ 66.95 ₹ 66,950
    13 Aug 2020 ₹ 65.01 ₹ 65,010
    12 Aug 2020 ₹ 72.55 ₹ 72,550
    11 Aug 2020 ₹ 75.16 ₹ 75,160
    10 Aug 2020 ₹ 74.22 ₹ 74,220
    09 Aug 2020 ₹ 74.21 ₹ 74,210
    08 Aug 2020 ₹ 76.52 ₹ 76,520
    07 Aug 2020 ₹ 73.51 ₹ 73,510
    06 Aug 2020 ₹ 71.51 ₹ 71,510
    05 Aug 2020 ₹ 65.06 ₹ 65,060

    Weekly & Monthly Graph of Silver Rate in Ranchi

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    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    Silver Price in Ranchi

    Silver is sought-after in Ranchi due to various factors. Many residents of Ranchi view the white precious metal as a form of robust investment. Silver is bought for special festive occasions and is extensively used in the form of trendy gifts and jewellery. People across different age groups buy silver in Ranchi. For most consumers in Ranchi, silver is more affordable and accessible precious metal compared to the yellow metal. Silver is also viewed as an effective hedge against overall inflation. Non-traditional investors, therefore, view silver as a safe haven.

    Silver is widely used in several industries which increases both its profile and demand in the long term. Silver in Ranchi is sold in the form of intricate silverware and other articles used during many traditional ritualistic practices in the city. Silver rate in Ranchi depends on various national and international geopolitical and economic factors such as inflation and correction in gold prices among other factors.

    Trend of Silver Rate in Ranchi for July 2020 (rates per kg)

    Parameters Silver Price (per kg)
    July 1 Rate Rs.48,560 per kg
    July 31 Rate Rs.63,010 per kg
    Highest Rate in July Rs.66,060 per kg on 30 July
    Lowest Rate in July Rs.48,510 per kg on 5 July
    Overall Monthly Performance Incline
    Percentage Change 29.75%

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

    Parameters Silver Price (per kg)
    June 1 Rate Rs.50,120 per kg
    June 30 Rate Rs.48,510 per kg
    Highest Rate in June Rs.50,160 per kg on 2 June
    Lowest Rate in June Rs.47,110 per kg on 16 June
    Overall Monthly Performance Decline
    Percentage Change -3.21%

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

    Parameters Silver Price (per kg)
    May 1 Rate Rs.42,530 per kg
    May 31 Rate Rs.50,100 per kg
    Highest Rate in May Rs.51,400 per kg on 25 May
    Lowest Rate in May Rs.41,010 per kg on 2 May
    Overall Monthly Performance Incline
    Percentage Change 17.79%
    • On 1 May 2020, the price of silver was at Rs.42,530 in Ranchi. However, silver rates declined the next day and were at Rs.41,010, which was also the lowest rate for the month. A strong US dollar due to the several measures introduced by Central Banks to help the economy was the reason for the prices to increase. However, silver prices gained over the next few days because of the coronavirus outbreak. The pandemic ensured that the white metal was considered as a safe haven. Even though several counties eased the lockdown restrictions, the weak economic data made sure that the prices of silver remained high.
    • In the second week of the month, the price of silver opened at Rs.42,060 for a kg. However, by the end of the week, silver prices increased and were at Rs.42,960 per kg. The anticipation of the US payroll data ensured that the prices of silver gradually increased over the course of the week. A new wave of coronavirus infections led to the white metal being a safe haven, but a strong dollar helped the prices of silver remain steady. The prices remained steady throughout the second week because of the coronavirus outbreak and the low appetite for riskier products.
    • On the first day of the third week, the prices of silver were at Rs.43,170 for a kg. However, by the end of the week, silver prices had increased to Rs.48,200 per kg. The main reasons for the increase in prices were the weak economy all over the world, the tensions between China and the US over the coronavirus outbreak, and the US Federal Reserve not announcing the highly anticipated sub-zero interest rates. Silver was also considered as a safe haven during this period as there were growing fears of a global recession. However, the increase in prices was capped as there were signs that there could be a vaccine for coronavirus. This led to investors moving towards riskier products.
    • In the last week of the month, silver hit its highest rate and was at Rs.51,400 for a kg on 25 May 2020. On 22 May 2020, the price of silver was at Rs.48,250 for a kg. However, the tensions between China and the US because of the protests in Hong Kong ensured that the prices increased and closed the month at Rs.50,100 per kg. The trade tensions between the two countries ensured that the stock markets remained volatile, thus the white metal was considered as a safe haven. A weak US dollar led to the prices of silver increasing as well. China’s announcement of a new national security law in Hong Kong further increased the tensions between the two countries. Overall, the prices of silver in Ranchi saw an incline of 17.79%.

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

    Parameter Silver price
    April 1 Rate  Rs.40,500 per kg
    April 30 Rate  Rs.41,520 per kg
    Highest Rate in April Rs.42,710 per kg on 21 April
    Lowest Rate in April Rs.40,360 per kg on 6 April
    Overall Performance  Incline
    Percentage Change 2.51%
    • On 1 April 2020, the price of silver in Ranchi was at Rs.40,500 for a kg. Until 5 April 2020, silver prices remained stagnant. On 6 April 2020, the price of silver had dropped down to Rs.40,360 per kg as there were signs that the coronavirus spread was reducing. This helped equity markets and silver was not considered as a safe haven. Silver hit its lowest rate for the month on the same day as well. On 9 April 2020, silver was at Rs.41,290 for a kg as the value of the dollar decreased. On 10 April 2020, the price of silver was at Rs.41,000 for a kg.
    • On 11 April and 12 April, the prices of silver remained the same and were at Rs.41,100 for a kg. However, silver rates increased over the next two days because of the several measures that were introduced by Central Banks around the world to help the economy during the coronavirus outbreak. On 15 April 2020, the price of silver was at Rs.41,920 per kg. Over the next five days, the prices of the white metal fluctuated. On 18 April 2020, silver was at Rs.41,210 for a kg.
    • On 19 April 2020, silver rates were at Rs.41,160 for a kg. Silver prices had fallen because of a strong US dollar and the hope that the economies across the world would open following the lockdown. However, by 21 April 2020, silver hit its highest rate for the month and was at Rs.42,710 per kg. The huge reduction in oil prices and the fears of a global recession were the main reasons for the prices of silver to increase. After reducing over the next two days, silver prices increased on 24 April 2020 and were at Rs.42,430 per kg. Over the next three days, the prices of silver increased. Silver rates fluctuated over the last three days of the month and closed April at Rs.41,520 per kg. Overall, silver saw its prices increase by 2.51% in Ranchi in April.

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

    Parameters Silver Price (per kg)
    March 1 Rate Rs.47,400 per kg
    March 31 Rate Rs.40,500 per kg
    Highest Rate in March Rs.50,700 per kg on 6 March
    Lowest Rate in March Rs.37,800 per kg on 19 March
    Overall Monthly Performance Decline
    Percentage Change -14.5%
    • The month of March saw the overall trend in the price of silver decline by 14.5%. From 1 March to 31 March, the price of silver had dropped from Rs.47,400 per kg by Rs.6,900 to Rs.40,500 per kg. The white metal had stepped its foot into March, being priced at Rs.47,400 per kg on the first day of the month. By 2 March, the price of silver had skyrocketed to Rs.48,500 per kg, i.e., by Rs.1,100. All traders were in the hope that the U.S. Federal Reserve would eventually level down the rate of interest in order to heal a weak economy. On 6 March, the metal had witnessed a surge in its prices to Rs.50,700 per kg i.e. by Rs.2,200.
    • Between the three days, 6 March to 8 March, the precious metal’s price had gone through a lot of fluctuations and finally, on 9 March the price of silver had touched Rs.49,200 per kg. By 10 March, the metal’s price had hiked up to Rs.50,000 per kg. This sudden surge in the rates was driven by the strain that the global equities had been swimming in. There had been a soar in the demand for safe-haven assets. Silver had seen a deep fall in its prices to Rs.48,600 per kg i.e., by Rs.1,400. This dip in the price of the metal on 12 March is because all investors and traders had been selling the white metal. The raging selling of silver had been a move for covering the trader’s margins in the stock markets.
    • During the third week of March, the fear of the coronavirus had forced the silver rates to fall to Rs.45,900 per kg by 13 March. The wide-spread pandemic had ensured that all investors would sell their white metal and hoard cash in order to meet their margin calls. By 19 March, silver was priced at Rs.37,800 per kg. The dip in price had been owed to the rise in the U.S. dollar and the investors selling assets for holding cash.
    • By 23 March, prices of the white metal had risen to Rs.40,700 per kg i.e., by Rs.600. The trading rally was home to the increase in rates of silver after the U.S. Federal Reserve announced their measures to help the weak economy stand up strong. The month had come to an end with the metal standing at Rs.40,500 per kg.

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

    Parameters Silver Price (per kg)
    February 1 Rate Rs.50,300 per kg
    February 29 Rate Rs.47,400 per kg
    Highest Rate in February Rs.52,900 per kg on 24 February
    Lowest Rate in February Rs.47,400 per kg on 29 February
    Overall Monthly Performance Decline
    Percentage Change -5.76%
    • The prices of silver in Ranchi opened at Rs.50,300 per kg on 1 February 2020 after reports of outbreak of Corona Virus in China negatively impacted the market movements all over the world forcing investors to aggressively invest in safe havens such as silver.
    • The price of white metal in Ranchi was recorded to be its highest on 24 February 2020 at Rs.52,900 per kg after World Health Organisation declared Corona Virus to be a global epidemic. The investors moved towards investing in safe havens after global markets suffered after reports that the disease had spread to six other countries.
    • The prices of silver slumped on 29 February at Rs.47,400 per kg as investors chose to liquidate their assets and stock on cash due as Corona Virus continued to wreak havoc on global markets and spread to other parts of the globe.
    • As Corona Virus continues to impact the global markets negatively, the overall trend of Silver declined by 5.76% in the month of February.

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

    Parameters Silver Price (per kg)
    January 1 Rate Rs.50,300 per kg
    January 31 Rate Rs.50,200 per kg
    Highest Rate in January Rs.52,600 per kg on 8 January
    Lowest Rate in January Rs.49,200 per kg on 30 January
    Overall Monthly Performance Decline
    Percentage Change -0.19%
    • At the beginning of January, silver prices in Ranchi opened at Rs.50,300 per kg and saw an inclining trend in the first two weeks of the month. This was majorly due to the escalating tensions in the Middle East between the United States of America and Yemen. Moreover, the impeachment inquiry of the United States President, Donald Trump also boosted global silver prices.
    • The price of the metal in the second week of the month declined as investors shifted back to the bullion market based on a stronger dollar value in the market. The signing of the Phase-1 trade deal between China and the United States of America resulted in the dip in the value of the metal. By 15 January, silver prices had dipped to Rs.50,000 per kg.
    • As the global markets got hit by the Coronavirus outbreak from China, there was a slight incline in silver prices due to its increasing safe-haven appeal. The price of the white metal increased to Rs.51,000 per kg on 21 January, however, dipped to a great extent to Rs.49,800 per kg the next day as investors took account of the effect of the virus on the global economy.
    • At the end of the month, silver prices increased gradually and closed the week and the month at Rs.50,200 per kg with a percentage decline of 0.19.

    Also Check Silver Price in NearBy Cities of Ranchi

    Silver as an investment

    Silver has a store of value. Popularly known as ‘poor man’s gold’, silver in Ranchi is in demand as a form of investment. Compared to the yellow metal which may be out of reach for many sections given that it entails investment amounting to thousands of rupees, silver coins of small denominations can be bought for a few hundred rupees.

    Physical silver: Buying physical silver is the easiest and simplest mode of investment in Ranchi. People in Ranchi buy silver bars of varying weights (100g, 500g or 1kg) in addition to coins of different denominations. Also, different types of jewellery such as necklaces, rings, bajubandh and bracelets among many others are sold. Handcrafted jewellery is also in demand.

    Silver contracts:Silver is traded in Multi Commodity Exchange (MCX), National Commodity & Derivatives Exchange (NCDEX) and National Multi Commodity Exchange (NMCE). Silver micro is traded in 1 kg (unit) while SILVERM and SILVER 1000 are traded in units of 5 kg.

    Silver rate in Ranchi

    The rate of silver in Ranchi depends on various international factors besides developments in India. 1 kg of silver was pegged at Rs.40148 in the month of January 2015. The price of the precious white metal fell by -4.4% to Rs.38358. The price of silver hovered around Rs.37471 throughout March and April. The price of the precious metal rose by 6% to Rs.40011 in the middle of May. Silver rates in Ranchi fell in June by -6.9% to Rs.37237 in June. The price of silver continued to plummet in the latter part of 2015 barring a mini rally in the middle of August. The price of 1 kg of silver pegged at Rs. 36301 in September decreased by -2.2% to Rs.35497 in November. The price of silver further decreased by -3.2% to Rs.34360 in December.

    Also Know: Gold Rate in Ranchi

    Read more on Silver

    News About Ranchi Silver Rate

    • Gold drops again but holds above softer equities

      Gold lost its sharp overnight gains but still managed to hold above $1,200 an ounce over other softer equities and hence still remains a safe haven for many investors.The Asian shares nearly dropped from a three week high after a drop in the U.S equities overnight.Spot gold also eased by 0.4% to $1226.61 an ounce after gaining 2 percent a day ago.

      19 February 2016

    • Rebound in Global market causes gold to fall further

      Gold price witnessed a downfall again and the rebound in global stock markets and oil prices is to be blamed for that. The yellow metal took a plunge below $1,200 per ounce which has diminished interest among safe haven seekers. The metal went through the biggest drop in seven months by losing about 4%. Spot gold also dropped by 1.5% to $1,191.40 an ounce.

      17 February 2016

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