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Silver Rate in Shimla
The summer capital of erstwhile British India, Shimla occupies a close place in the history of our country. A tourist destination for thousands, the city is known for its scenic beauty and unique cultural identity. Silver forms an intrinsic component of life here, with it being used as an accessory to complement the local way of dressing. Silver rates in the city are predominantly dependent on international prices, with the cost changing on a regular basis.
Trend of Silver Rate in Shimla for August 2016 (rates per kg)
|1st August||Rs.48,100 per kilogram|
|31st August||Rs.44,600 per kilogram|
|Highest Price||Rs.48,400 per kilogram on 03rd August|
|Lowest Price||Rs.44,200 per kilogram from 26th to 29th August|
|Trend||Decline in silver prices|
August '16 – Weeks 1 (1st to 7th)
- Silver opened at Rs.48,100 per kilogram on the first day of the week.
- On the 03rd of August, highest silver rate of Rs.48,400 per kilogram was recorded.
- From 4th to 7th of August, silver prices fell gradually due to subdued demand from domestic spot market.
- Silver traded at Rs.47,200 per kilogram on the 7th of August.
August '16 – Week 2 (8th to 14th)
- Fed rate hike speculation had a negative effect on silver prices in india due to which silver fell by Rs.700 on the first day of this week.
- Silver traded at Rs.46,500 per kilogram on 8th August.
- Silver prices increased by Rs.600 per kilogram on 10th August.
- After remaining stable for 3 days, silver prices fell by Rs.400 and closed at Rs.46,700 per kilogram.
August '16– Week 3 (15th to 21st)
- On 15th of August, silver traded at Rs.46,700 per kilogram and remained the same till 17th of August.
- Following weak trend overseas, on 18th August, silver fell by Rs.200 and traded at Rs.46,500 per kilogram and further drifted by Rs.500 on 20th of August.
- Silver closed at Rs.46,000 per kilogram.
August '16– Week 4 (22nd to 28th)
- On 22nd of August, silver prices dropped by Rs.1000 and traded at Rs.45,000 per kilogram.
- A slight increase on the second day of the week can be ignored as silver prices continued to drift and touched the lowest silver rate of the month on 26th of August when silver traded at Rs.44,200 per kilogram.
- Silver remained at the lowest rate of the month till the end of the week.
August '16 - Week 5 (29th to 31st)
- Silver prices remained low and traded at Rs.44,200 per kilogram on 29th of the month.
- During the last two days of the week, silver prices increased by Rs.400 per kilogram.
- Despite Fed rate hike speculation, positive U.S employment data and lack of demand from coin makers, experts believe that silver prices will increase during the second half of the week due to the festive season in India.
- Silver closed at Rs.44,600 per kilogram.
|1st July rate||Rs.46,490|
|31st July rate||Rs.48,970|
|Highest rate in July||Rs.49,745 on the 11th of July|
|Lowest rate in July||Rs.46,490 on the 1st of July|
July'16 - Week 1 and 2 (1st to 10th)
- Silver prices were recorded at Rs.46,490 on the 1st of July.
- Prices rose significantly on the 2nd and remained stable until the end of the week at Rs.47,920.
- Silver started the second week of the month at Rs.48,965.
- Consistent declines over the next five days saw prices drop and close the week at Rs.47,720 per kilogram.
July'16 - Week 3 (11th to 17th)
- Silver prices started the third week of July with an increase in excess of Rs.2000, at Rs.49,745.
- Prices then declined for four days in succession to stand at Rs.48,745 on the 15th.
- On the 16th of July, prices rose marginally and closed the week at Rs.48,840.
July '16 - Week 4 (18th to 24th)
- Silver prices started the penultimate week of July with a decline as rates were recorded at Rs.48,360 on the 18th.
- Prices fluctuated for the next two days but a significant drop on the 21st brought them down to Rs.46,665.
- Rates increased to Rs.47,880 on the 22nd, followed by a drop on the 23rd as silver closed the week at Rs.47,420 per kilogram.
July‘16 - Week 5 (25th to 31st)
- Silver prices were recorded at Rs.47,160 at the start of the last week of July.
- Fluctuations were recorded over the next four days, but prices gained stability on the 30th and closed the month at Rs.48,970 per kilogram.
|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)
- The price of silver in Shimla was steady during the week, but fell slightly due to a drop in demand.
- Silver traded at Rs. 42,590 per kg on the 1st of May, reaching Rs. 42,675 per kg on the 2nd of May as domestic demand stayed high.
- There was a dip in the price as international markets experienced lowered demand, causing the price to fall slightly.
- Silver recovered towards the end of the week to trade at Rs. 41,875 per kg on the 8th of May.
May '16 -Week 3 (9th to 15th)
- Prices of silver fell towards the beginning of the week before rising as the Dollar fell, pushing demand for silver up by a small margin.
- Silver traded at Rs. 41,725 per kg on the 9th of May before falling slightly as demand slowed.
- Prices fell to Rs. 41,175 per kg on the 13th of May as international demand deficit led to domestic prices falling.
- The price rose marginally to Rs. 41,255 per kg on the 14th and 15th of May.
May '16 - Week 4 (16th to 22nd)
- Prices of silver remained constant from the previous week but fluctuations in the market led to prices dropping during the week.
- The price of silver was Rs. 41,255 on the 16th of May and rose to Rs. 41,545 per kg on the 17th of May, an increase of Rs. 290.
- After the initial price rise, demand for silver dropped in the international and domestic markets, leading to silver prices falling to Rs. 40,040 per kg on 20th of May.
- Silver traded at Rs. 40,135 per kg on the 23rd of May.
May '16 - Weeks 5 and 6 (23rd to 31st)
- Silver prices were affected by the news of a possible rate hike by the U.S. Federal Reserve in June, leading to the Dollar making gains and stock markets performing well.
- Silver traded at Rs. 40,060 per kg on the 23rd of May in Shimla, with the price falling by Rs. 365 on the 24th of May as demand fell.
- The impending announcement of U.S. job market data led to the stock markets rising, while Asian stock markets also rose, lessening overall demand for silver.
- The price dropped to Rs. 38,795 per kg on the 30th of May before gaining Rs. 270 in a day to trade at Rs. 39,065 per kg on the 31st 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 till the fourth day of the month after which a steady rise was recorded over the next four days before they gained stability on the 8th of the month.
- Prices were recorded at Rs.36,780 on the first day of the month and Rs.36,620 on the tenth.
- Rates began to rise on the fifth day of trading as local and international cues began firming amidst an increase in industrial demand.
Apr ‘16 - Week 3 (11th to 17th)
- Silver rates increased steadily for the first three days of the week before becoming stable for the remainder of the seven-day period.
- Prices were recorded at Rs.37,115 on the first day of the week and Rs.39,110 on the last.
- Rates increased by almost Rs.2000 during the course of the week.
Apr ‘16 - Week 4 (18th to 24th)
- Consistent increases were recorded in the fourth week of April barring marginal decline on the second and fifth day of trading.
- Prices were recorded at Rs.38,920 on the 18th of April and Rs.41,155 on the 24th of the month.
- The penultimate week recorded the highest jump in prices as rates rose by more than Rs.2200 over the seven days.
Apr ‘16 - Week 5 (25th to 30th)
- Silver prices continued increasing during the last week of April except for a marginal loss on the second 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||
|Highest rate in March||Rs.38,640 on 18th|
|Lowest rate in March||Rs.35,260 on 2nd|
Mar'16 - Week 1 (1st to 6th)
- Silver prices were down at the start of March.
- Prices were Rs.37,005 on 1st and Rs.36,640 on 6th.
- Silver lost value on 2nd to fall to a monthly low of Rs.35,260 before regaining the lost value on 3rd to settle at Rs.36,640 for the week.
Mar'16 - Mar'16 - Week 2 (7th to 13th)
- There was marginal gain in rate in the second week.
- Rates were Rs.37,695 on 7th and Rs.37,710 on 13th.
- Prices appreciated on 8th post which they remained stable at Rs.37,710.
Mar'16 - Week 3 (14th to 20th)
- There were gains again during the third week.
- Rates were Rs.37,650 on 14th and Rs.37,865 on 20th.
- Prices were volatile all through the week, and managed to touch a high of Rs.38,640 by 18th.
Mar'16 - Week 4 (21st to 27th)
- There were some losses in the fourth week.
- Rates were Rs.37,930 on 21st and Rs.36,685 on 27th.
- Silver had a negative week that culminated in an overall loss of Rs.1,245.
Mar'16 - Week 5 (28th to 31st)
- There were some more losses as the month was about to end.
- Prices were Rs.36,570 on 28th and Rs.36,495 on 31st.
Details of Silver Price in Shimla (1 Kg) - Till December 2015
Silver prices in Shimla closely mimic the prices across the country, with minor differences. The current cost of 1 kg silver in the city is Rs 36,325 (as on December 22, 2015). The current prices have stabilised after a lull in the market, which saw rates drop to as low as Rs 35,400 in early December. The cost of a kg silver in the city has remained under the Rs 39,000 mark for most of the year, peaking at Rs 43,400 in May. March and July were good months for people to buy the metal, with prices remaining close to Rs 35,000 per kg.
Silver as an investment
Silver is viewed as a safe and dependable metal, offering decent returns on investment. It is the mainstay for millions who cannot afford gold or other precious metals in the state, providing them an opportunity to build an investment portfolio without having to empty their bank accounts. The high demand for silver coupled with its limited supply make it perfect for both long term and short term investments. With silver considered auspicious by millions in the country, it serves a dual purpose, becoming part of their way of life and an additional investment. Purchasing silver in its physical form and through silver contracts are two of the popular modes of investing in the white metal.
Physical silver – Silver can be moulded and carved into different shapes and sizes, making it a metal which can be custom made to meet a particular budget. Silver bars, coins and jewellery continue to be extremely popular in Shimla, with jewellers across the city offering products ranging from bangles, necklaces, rings, etc. at affordable rates. Silver jewellery forms an integral part of celebrations and functions in Shimla, with it being considered a family heirloom and passed on from generation to generation, making it more valuable. Silver coins and bars can be purchased in different weights, and are a better investment option, considering that there are no making and wastage charges involved with them.
Silver contracts – Silver contracts and futures are ideal for people who are aware about markets and closely follow them. With growing trading opportunities, individuals stand a chance to make quick profits by participating in them. The National Multi Commodity Exchange, the National Commodities and Derivatives Exchange and the Multi Commodity Exchange are three platforms where one can indulge in silver trade.
Also Check Silver Price in NearBy Cities of Shimla
|Silver Rate In Delhi||Silver Rate In Lucknow||Silver Rate In Chandigarh|
|Silver Rate In Ludhiana||Silver Rate In Srinagar||Silver Rate In Dehradun|