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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 August 2016 ( rates per kg)
|Highest Price||Rs.49,660 per kilogram on 3rd August|
|Lowest Price||Rs.44,900 per kilogram on 29th August|
August '16 – Weeks 1 (1st to 7th)
- Silver traded at Rs.49,200 per kilogram on 1st August, a strong start for the precious metal.
- The dollar was weak and silver gained wind on 3rd August, trading at Rs.49,660 per kilogram, the highest price recorded for the month.
- Overseas demand fell when the U.S. released more positive economic data.
- Silver traded at Rs.47,255 per kilogram by the end of the week.
August '16 – Week 2 (8th to 14th)
- The trend for silver prices at the beginning of the week showed an inclination.
- Silver traded at Rs.47,280 per kilogram on 8th August.
- As domestic demand increased, silver prices climbed. On 10th August, silver traded at Rs.48,760 which was the highest for this week.
- With stable domestic demand, silver was able to overcome negative global trends.
- There was a slight drop towards the end of the week, a silver traded at Rs.47,750 per kilogram on 14th August.
August '16 – Week 3 (15th to 21st)
- Silver rates declined compared to the previous week.
- Silver traded at Rs.47,750 per kilogram on 15th August.
- Despite weak trends in the international market, silver managed climbed to Rs.48,130 on 16th, the highest for the week, on account of domestic demand.
- But domestic demand fell as well and prices dropped again.
- Silver traded low at Rs.46,690 per kilogram.
August '16 – Week 4 (22nd to 28th)
- Silver was seen trading at Rs.45,800 per kilogram on 22nd August.
- Demand in the domestic market kept prices stable this week, but speculations of a Fed rate hike could not be ignored.
- Prices for the metal fell to Rs.45,040 per kilogram by 25th August.
- Rates did not change till the end of the week.
August '16 - Week 5 (29th to 31st)
- Global market trends were not favorable for silver this week.
- The price of silver dropped drastically on 29th August to Rs.44,900 on 29th August. This was an all-time low for the month of August.
- Silver prices were able to stabilize on account of domestic demand coming in from industrialists, jewellers and coin makers.
- Silver prices are expected to climb in the second half of this year as the festive season approaches.
- The month of August saw a decline of 7.88% in silver rates.
|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.46,650 per 1 kg on the 1st of July.
- Owing to heavy demand, silver climbed up to Rs.47,925 per kg on the 2nd of July.
- Silver further increased over the week and traded at Rs.48,130 per kg on the 5th of July.
- Silver continued to climb up and hit Rs.49,265 per kg on the 6th of July.
July'16 - Week 3 (11th to 17th)
- Silver opened the at Rs.49,200 per kg the 11th of July.
- The price of silver increased by Rs.215 to Rs.49,415 per kg on the 12th of July.
- Silver traded at Rs.49,130 per kg on the 13th of July.
- Silver witnessed a decline as prices dropped down to Rs.48.840 per kg on the 16th and 17th of July.
July '16 - Week 4 (18th to 24th)
- Silver traded at Rs.48,360 per kg on 18th of July.
- Prices came down to to Rs.47,105 per kg on the 21st of July.
- Silver price increased to Rs.47,420 per kg on the 22nd of July
- Silver remained constant at Rs,47,420 per kg on the 24th of July.
July‘16 - Week 5 (25th to 31st)
- Silver opened the week at Rs.47,195 per kg on the 25th of July.
- The price of silver increased by Rs.415 and traded at Rs.47,610 per kg on the 26th of July.
- The price of silver dropped down and was at at Rs.47,370 per kg.
- Silver hit the highest for the week at Rs.49,070 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.38,720 per kg|
|June 30th Rate||Rs.44,725 per kg|
|Highest Rate in June||Rs.44,725 per kg on the 30th of June|
|Lowest Rate in June||Rs.38,720 per kg on the 1st of June|
June 2016 – Week One(June 1st to June 4th)
- Silver traded at Rs.38,720 per kg on the 1st of June.
- The price of silver climbed to Rs.39,075 per kg on the 3rd of June.
- The price further increased as silver hit 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.
- Prices dropped down to Rs.39,370 per kg on the 7th of June.
- The price of silver increased as the week progressed and silver hit Rs.41,510 per kg on the 10th of June and remained the same 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.
- The price increased the very next day, owing to global demand and silver hit Rs.41,835 on the 13th of June.
- Silver traded at Rs.43,055 per kg on the 16th of June.
- The price declined further over the week and silver hit Rs.42,280 on the 18th of June.
Jun'16 - Week 4 (19th to 25th)
- Silver traded at Rs.42,280 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.44,440 per kg on the 29th of June.
- Silver closed the month at Rs.44,725 per kg on the 30th of June.
|1st May rate||Rs. 42,590|
|31st May rate||Rs. 39,010|
|Highest rate in May||Rs. 42,590 on 1st of May|
|Lowest rate in May||Rs. 38,705 on 30th of May|
May '16 - Weeks 1 and 2 (1st to 8th)
- Salem’s silver prices for the month of May reflected a decrease in the silver price due to weakened demand and international trends.
- Silver traded at Rs. 42,590 per kg on the 1st of May, decreasing throughout the week in spite of a stable demand.
- Prices fell to a weekly low of Rs. 41,575 per kg on the 4th of May but rose by Rs. 115 on the 5th of May, taking the price to Rs. 41,690 per kg.
- The price dipped lower and then rose slightly, with the price reaching Rs. 41,875 per kg on the 8th of May.
May '16 -Week 3 (9th to 15th)
- Silver traded at Rs. 41,635 per kg on the 9th of May, with the price dipping to Rs. 41,085 per kg on the 10th of May before demand pushed prices back up.
- The market uncertainty and fluctuating Dollar led to volatility in the markets, as silver prices dipped for the remainder of the week.
- Silver made some gains mid-week, before falling to Rs. 411,255 per kg on the 15th of May.
May '16 - Week 4 (16th to 22nd)
- Prices continued to fall as the Dollar made gains and the markets recovered from the previous week’s volatility.
- Data from the U.S. manufacturing sector showed encouraging growth, leading to stocks posting gains as demand for silver fell.
- Silver traded at Rs. 41,255 per kg on the 16th of May and moved up very slightly on the following day.
- Prices of silver fell towards the end of the week, recording a price of Rs. 40,135 per kg on the 22nd of May.
May '16 - Weeks 5 and 6 (23rd to 31st)
- Silver prices fell as markets became stronger, buoyed by the possibility of an imminent U.S. Federal Reserve interest rate hike in June.
- Silver started the week at Rs. 39, 780 per kg, a fall of Rs. 355 from the previous week.
- Prices slid lower as the Dollar gained on other currencies, reaching a low of Rs. 38,705 per kg on the 30th of May.
- Less than favourable figures from the U.S. job market led to silver regaining some of its value, as it traded at Rs. 39,010 per kg on the 31st of May.
|April 1st Rate||Rs.37,015|
|April 30th Rate||Rs.42,590|
|Highest Rate in April||Rs.42,590 on the 30th of April|
|Lowest Rate in April||Rs.35,765 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 but rose steadily for the next two days before becoming constant for the remainder of the ten-day period.
- Prices were recorded at Rs.37,015 at the start of the month and Rs.36,620 on the tenth day of April.
- Prices began to increase on the fifth day of trading as a result of increase in industrial demand and firming domestic and international trends.
Apr ‘16 - Week 3 (11th to 17th)
- Silver rates increased steadily during the third week of the month.
- Prices were recorded at Rs.37,180 on the 11th of April and Rs.39,110 on the 17th.
- Prices increased by more than Rs.1900 over the week.
Apr ‘16 - Week 4 (18th to 24th)
- Silver rates increased consistently as the week progressed and remained unchanged for the last three days of trading.
- Prices were recorded at Rs.38,860 on the 18th of April and Rs.41,155 on the 24th.
- Prices increased by almost Rs.2300 during the week, making it the week with the highest gains in April.
Apr ‘16 - Week 5 (25th to 30th)
- Silver prices continued their consistent incline over the last week of April barring marginal losses on the fourth day of trading.
- Prices were recorded at Rs.40,520 on the 25th of April and Rs.42,590 on the last day of the month.
- An overall increase of more than Rs.2000 was recorded in the last week.
|1st March rate||Rs.36,640|
|31st March rate||Rs.36,715|
|Highest rate in March||Rs.38,455 on 18th|
|Lowest rate in March||Rs.35,260 on 2nd|
Mar'16 - Week 1 (1st to 6th)
- Silver was stable on the whole in first week’s trading.
- Rates were Rs.36,640 on 1st and Rs.36,640 on 6th again.
Mar'16 - Mar'16 - Week 2 (7th to 13th)
- Silver lost value in second week’s trading.
- Rates were Rs.37,915 on 7th and Rs.35,260 on 13th.
- Silver lost a net value of Rs.2,655 over the course of this week.
Mar'16 - Week 3 (14th to 20th)
- Silver prices appreciated marginally in this week.
- Prices were Rs.37,850 on 14th and Rs.37,865 on 20th.
- Silver gained a net value of Rs.15 in this week, and also touched a monthly high of Rs.28,455 on 18th.
Mar'16 - Week 4 (21st to 27th)
- Silver fell some more in fourth week’s trading.
- Rates were Rs.37,705 on 21st and Rs.36,685 on 27th.
- Silver lost a net value of Rs.1,020 in this week’s trading.
Mar'16 - Week 5 (28th to 31st)
- Silver posted profits in the last week.
- Prices were Rs.36,545 on 28th and Rs.36,715 on 31st.
- Silver gained a net value of Rs.170 over the course of this week.
|1st February rate||Rs.35,040|
|29th February rate||Rs.36,605|
|Highest rate in February||Rs.38,525 on 12th|
|Lowest rate in February||Rs.34,975 on 2nd|
Week 1 (1st to 7th)
- Silver was profitable in the first week of trading.
- Prices were Rs.35,040 on 1st and Rs.36,690 on 7th.
- Silver rose by a cumulative Rs.1,650 through the week, rising on all days.
Week 2 (8th to 14th)
- Silver registered even more profits in the second week.
- Rates were Rs.35,900 on 8th and Rs.37,800 on 14th.
- Silver rose almost continuously all through the week.
Week 3 (15th to 21th)
- Silver had subdued gains in the third week.
- Prices were Rs.37,100 on 15th and Rs.37,600 on 21st.
- Prices fluctuating all through the week, ultimately ending Rs.500 up.
Week 4 (22nd to 29th)
- Silver broke its winning streak in the last week of the month.
- Rates were Rs.37,400 on 22nd and Rs.36,400 on 29th.
- Prices dropped by Rs.1,000 over the course of the week.
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 Check Silver Price in NearBy Cities of Salem
|Silver Rate in Coimbatore||Silver Rate in Bangalore||Silver Rate in Chennai|
|Silver Rate in Trichy||Silver Rate in Mysore||Silver Rate in Pondicherry|
|Also Know: Gold Rate in Salem|
Read more on Silver
- About Silver Mining
- Silver – Poor Man’s Gold
- Silver Bars and Silver Coins
- Silver Jewelry
- Need for Silver as an Industrial Commodity
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.
17th February 2016