Silver Rate in Salem

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

    ₹ 66.95
    Today's Silver Rate per gram

    Compare Silver Rate In Salem (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 Salem 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 Salem

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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 Salem

    Silver has a high intrinsic value and as such is a sought after metal. Not only do consumers buy silver in its various forms such as jewellery or ornaments but also view silver to be a safer form of investment. Salem being one of the largest cities in Chennai, has its roots set deeply around the manufacture and sale of silver ornaments. Hence it comes as no surprise that Silver is a sought after commodity in Salem. This thin precious metal is an effective hedge against inflation and is easily accessible. Small time investors prefer silver over their yellow counterpart as it is a cheaper solution. The uses of silver are varied ranging from embroidery in silk sarees that are a speciality of the region to items used in religious ceremonies. In fact, most auspicious events are marked with the use of silver lamps or plates or other such ornaments.

    Trend of Silver Rate in Salem 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%
    • Silver had a very strong overall monthly performance that was an incline of 29.75%.
    • The opening price of silver in Salem was Rs.48,560 per kg while the closing price was Rs.63,010 per kg.
    • The highest rate was on 30 July, which was Rs.66,060 per kg while the lowest rate was on 5 July which was Rs.48,510 per kg.
    • The price of silver was influenced by global factors stemming from the coronavirus pandemic, with the spike in prices due to economic inactivity over months of lockdown globally, driving the prices of safe-haven investments, such as precious metals like silver, higher than ever, with investors preferring to be safe in such volatile times, rather than choosing high-risk assets such as equities.

    Trend of Silver Rate in Salem 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%
    • In Salem, the price of silver was recorded at Rs.50,120 per kg at the start of the month. There was an increase of Rs.20 in the rates when compared to the closing price of the previous month.
    • The price of the white metal fluctuated over the month in the city. It can be accounted to a variety of factors like increased demand, increasing number of coronavirus cases across the world denting the chance of a quick economic recovery etc.
    • The precious metal recorded its lowest price for the month of June on 16th day of the month with a kilo costing Rs.47,110, and closed the month at Rs.48,510 per kg. The rates witnessed a declining trend over the month with the percentage change standing at -3.21%.

    Trend of Silver Rate in Salem 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%
    • The price of silver opened in the month of May in Salem at Rs.42,530 per kg. Although there was a fall in prices the very next day which also recorded the lowest numbers for silver for the month at Rs.41,010 per kg, silver was still on track for an upward tick as various Governments all over the world released various stimulus packages to boost their economy in response to the coronavirus pandemic. However, prices soon fell before the end of the first week as optimism about the lockdowns being eased rose, as investors looked to invest in riskier assets. This prompted investors to book profits. However, prices remained steady overall as the dollar continued to remain unchanged. The rising tensions between US and China also played a role in the weakening of the risk sentiments among investors in the stock market, which worked in favor of silver ultimately.
    • In the second week of May, the price of silver opened at Rs.42,060 and ended the week at Rs.42,960 per kg. The gradual increase in prices was due to the increased anticipation of the release of the US nonfarm payrolls data which would reveal the true picture of the economic conditions. However, a new wave of coronavirus infections kept investors from investing in riskier assets, making them invest in precious metals. However, the prices remained steady due to a strong US dollar. The appetite for risk fell considerably as reports of coronavirus’ resurgence in several countries emerged forcing the investors to stay away from riskier assets which lead to prices of white metal holding steady through the second week also.
    • In the third week of May, the prices of silver started at Rs.43,160 per kg and ended at Rs.48,200 per kg. This was in response to the US Federal Reserve not announcing sub-zero interest rates as was widely anticipated, the increasing US-China tensions, and a continuing weakening of the economy worldwide with the coronavirus continuing to affect the global economy. There were concerns over the reemergence of global economic recession which resulted in increased appeal for safe-haven investments. However, the prices were capped from rising too high due to reports about a possible success in early-stage trials for a coronavirus vaccine, which led to interest again in equities.
    • 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 Salem was in keeping with global economic trends and so showed an incline of 17.79%.

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

    Parameters Silver Price (per kg)
    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 Monthly Performance Incline
    Percentage Change 2.51%
    • The month of April had started off with the white metal being priced at Rs.40,500 per kg on 1 April. The rates of silver had then stayed at the same figure for the next five days. The precious metal had been retailed at Rs.40,500 per kg from 1 April right up till 5 April. Then, on 7 April, the rate of one kilogram of silver metal had seen a fall to Rs.40,360. This had been driven by the economy showing signs of a drop in number of coronavirus cases in a lot of countries. In turn, this had boosted the equity markets and also taken away the appeal of all safe-havens. Silver had stood at Rs.40,370 per kg by 8 April and on the next day, 9 April, the price of silver had skyrocketed to Rs.41,290 per kg. This shooting up of prices can be linked with the U.S. dollar inching lower. The week had come to an end with the metal being sold at Rs.41,000 per kg on 4 April.
    • By 12 April, the rates of white metal had seen an increase to Rs.41,100 and had then stayed at the same number on 13 April also. By 14 April, the prices of the metal had jumped to Rs.41,160 per gram. This was driven by the rising concerns over a possible economic global scale damage led by the coronavirus. There were many measures that had been rolled out central banks for absorbing the impact of the coronavirus. On 16 April, a lot of fears over a global recession which had been driven by the coronavirus which had started to increase as the U.S. dollar started to gain. This had led to the rise in the price of the white metal to Rs.41,920 per kg. The third week had ended on 18 April, with silver standing firm at Rs.41,900 per kg.
    • The nest week had kicked off with the metal being sold at Rs.41,210 per kg on 19 April. On 20 April, the price of silver had dropped to Rs.41,160 per kg as the U.S. dollar had firmed. Many investors had been optimistic that the economy would soon reopen from the lockdown. This had been enforced due to the coronavirus. On 22 April, the price of silver had risen to Rs.42,710 per kg. This shooting up of price had been driven by investors who started to seek refuge in safe-haven metals like silver after a fall in oil prices. This had also increased the fears of a possible global recession. By 23 April, the rates of silver had fallen decreased to Rs.41,660 per kg. On 29 April, the price of silver had dropped because the market witnessed a huge boost in the risk appetite for some countries which had begun to ease a few of their coronavirus-induced restrictions. The month had closed with the metal being priced at Rs.41,520 on 30 April.

    Trend of Silver Rate in Salem 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%
    • On 1 March 2020, 1 kilogram of silver stood at Rs.47,400. By 2 March, the price of the precious metal had risen to Rs.48,500 per kg. The rise in price was a rebound from a steep fall amidst investors holding out hope that the U.S. Federal Reserve would bring down the interest rates in order to absorb the impact of the coronavirus. On 6 March 2020, the price of one kilogram of silver had risen to Rs.50,700. The anticipated cut in the interest rates by the U.S. Federal Reserve had come into effect and this led to the surge in silver prices.
    • Silver opened the second week of March at Rs.50,500. After a few marginal fluctuations during the week, the price of the metal stood at Rs.50,000 per kg on 10 March. The hike in price was because of a rout in international equities over an economic fallout driven by the pandemic. This had increased demands for safe-haven assets. On 12 March 2020, the last day of the week, the price of silver was Rs.48,600 per kg. This fall in the rates of the white metal was because the traders had sold this metal for covering the margins for stock markets that were spooked by the coronavirus.
    • The third week of March opened with silver being priced at Rs.45,900 per kg. By 13 March, the price of one kilogram of silver had dipped to Rs.45,900. Once again, the pandemic had forced investors to embark on a selling spree and hoard liquid cash in order to meet their margin calls across markets that bore the brunt of the coronavirus. The price of the metal continued to fall until it reached its lowest for the month on 19 March. On this day, the precious metal was priced at Rs.37,800 per kg. The rise in the U.S. dollar coupled with the pandemic hovering over the global markets prompted the investors to sell their assets and keep all money in the form of cash.
    • On 21 March and 22 March, the price of the metal remained the same at Rs.40,100 per kg. On 23 March, the rates marginally increased by Rs.600 to Rs.40,700 per kg. During the previous trading rally, the price of the metal had hiked after the U.S. Federal Reserve had announced unprecedented measures to absorb the impact of the coronavirus on the economy. From 24 March to 31 March, the price of silver remained at Rs.40,500. The overall price trend of the metal for March shows a decline of 14.5%.

    Trend of Silver Rate in Salem 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%
    • In Salem, silver prices saw constant fluctuations over the month of February. It was accounted to the outbreak of coronavirus and its effect on the economy. Having started the month at Rs.50,300 per kg, the rates slipped to Rs.50,000 per kg by the end of the first week.
    • The fluctuations continued in the second week as well with China liquidating funds in a bid to keep their economy afloat.
    • In the third week of the month, silver rates started to climb as investors shifted back to the markets with increased risk appetite. The value of dollar holding strong and capping the gains of the precious metal in the global market meant that silver prices went up to Rs.50,400 on 18 February.
    • Silver recorded its highest price for the month on 24 February with every kilo costing Rs.502,900 before slipping towards the end of the month. The rates closed at Rs.47,400 per kg with the overall performance showing a decline of 5.76%.

    Trend of Silver Rate in Salem 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%
    • Silver prices stood at Rs.50,300 per kg on 1 January in Salem. The rates were down by Rs.600 per kg in the city when compared to the previous month’s closing price.
    • Over the month, silver witnessed a declining trend in the city due to various political and geopolitical factors. The rates recorded its highest for the month on 8 January with every kilo costing Rs.52,600 as tensions between the United States and Yemen escalated to a great extent.
    • With the value of the US dollar increasing in the market after the interim Phase-1 trade deal was finally signed between Washington and Beijing, the rates of silver slipped in the city.
    • The rates of silver closed the month in Salem at Rs.50,200 per kg. The metal’s overall performance witnessed a declining trend of 0.19% over the month as the demand for the white metal took a hit in Salem.

    Also Check Silver Price in NearBy Cities of Salem

    Silver as an investment

    Most of Salem’s populace view Silver as an effective mode of investment. Various segments of the populace prefer silver over gold because of its lower prices. Silver is an effective investment and its intrinsic value gives it an edge especially during times of financial instability.

    Physical silver

    Silver is extensively used in the form of jewellery especially silver anklets and silver ornamental jewellery forms an integral part of Salem’s economy. In fact the silver jewellery industry employs a large part of the population and employs close to 80,000 people across the various regions of Salem. With majority of the silver ornaments being produced for religious occasions and various other uses in the jewellery market, the use of silver in its physical form is deeply entwined to the history of Salem. In fact, silver in Salem can be dated back to 2000 years ago where silver coins from the Roman era were discovered in Salem in 1987.

    Silver contracts

    Multi Commodity Exchange (MCX), National Multi Commodity Exchange (NMCE) and National Commodity & Derivatives Exchange (NCDEX) are some of the channels in which silver is traded extensively. With an initial margin of around RS 2200, the minimum contract which is traded (silver micro) is 1 kg. Consumers will also have to incur other charges such as stamp duty, brokerage fee and so forth.

    Silver rates in Salem

    1 kg of silver was pegged at RS 34,415 at the start of December 2015, an increase of RS 400 from the close of November, 2015 when the price stood at RS 34,005. The overall price of silver in the past few months has not seen too many major fluctuations with any increase or decrease being in a reasonable range. The price of silver was high on the start of November 2015 and stood at RS 36,675 and saw a considerable slump in mid-November. However towards the close of November, the prices had evened itself out and now currently stands at RS 34.415 per gram.

    Also Know: Gold Rate in Salem

    Read more on Silver

    News About Salem Silver Rate

    • Gold and silver rebounds as jewellers start buying

      Gold prices increased by Rs.230 to Rs.28,645 per 10 grams at the bullion market. Pure gold also rose to Rs.28,795. Spot gold was up by 0.2% at USD 1,211.68 an ounce. There has been a rise in the overseas trend and jewellers have been buying at prevailing lower levels. Silver also followed suit and gained Rs.305 to Rs.37,615 per kg.

      17 February 2016

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