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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 July 2017 (rates per kg)
|Parameters||Silver price (per kg)|
|July 1st Rate||Rs.38,640 per kg|
|July 31st Rate||Rs.38,640 per kg|
|Highest Rate in July||Rs.38,690 per kg on 3 July|
|Lowest Rate in July||Rs.36,035 per kg on 10 July|
|Overall Monthly Performance||No change|
Trend of Silver Rate in Shimla for June 2017 (rates per kilogram)
|June 1 Rate||Rs.40,285 per kg|
|June 30 Rate||Rs.38,995 per kg|
|Highest Rate in June||Rs.40,890 per kg on 7 June|
|Lowest Rate in June||Rs.38,455 per kg on 21 and 27 June|
|Overall Monthly Performance||Decline|
June ‘17- Week 1 (1st to 4th)
- Demand for silver in the first week of June fluctuated due to minor vagaries in industrial demand, with the metal opening the month at Rs.40,285 per kg on 1 June.
- Silver price in Shimla dipped to Rs.39,950 per kg on 2 June due to a decline in local demand as the rupee rose against the U.S. dollar, making imports more expensive.
- Silver stabilised as the week progressed, trading at Rs.40,670 per kg on 3 & 4 June.
June ‘17- Week 2 (5th to 11th)
- Prices remained constant as demand was stable, with an increase in demand from coin makers keeping prices steady.
- Silver traded at Rs.40,670 per kg on 5 & 6 June as U.S. markets were unstable due to ongoing geopolitical crises in the country.
- The industrial metal rose to Rs.40,890 per kg on 7 June as markets and the U.S. dollar tumbled, leading to higher demand from overseas consumers and industrial units.
- Prices regularised as demand plateaued, trading at Rs.40,285 per kg on 9 June as positive cues from the U.S. jobs data led to a rally by stock markets.
- Demand dropped as the week ended, with silver trading at Rs.40,060 per kg on 10 & 11 June.
June ‘17- Week 3 (12 to 18)
- Silver price in Shimla fell further in the third week as investors stayed away from the metal following a recovery by the U.S. dollar and stock markets.
- Demand was also muted as Asian industry awaited news on a possible rate hike, which led to fewer orders as silver prices fell to Rs.39,680 per kg on 12 June.
- Local demand echoed trends seen globally as silver prices dropped to Rs.39,115 per kg on 14 June.
- Sluggish demand from Europe and the rising crude oil deficit led to silver prices falling to Rs.38,460 per kg on 17 & 18 June.
June ‘17- Week 4 (19th to 25th)
- Gold rate rose marginally as the week began with silver trading at Rs.38,640 per kg on 19 June.
- Demand was muted at the start of the week as silver plunged to Rs.38,455 per kg on 21 June following a sudden rally by the U.S. dollar.
- Local demand boosted prices as local industry increased orders ahead of the GST implementation, resulting in silver trading at Rs.38,690 per kg on 23 June.
- Prices continued to rise as war rhetoric with North Korea led to markets in the U.S. falling and silver rising to Rs.38,925 per kg on 24 & 25 June.
June ‘17- Week 5 (26th to 30th)
- Silver prices fluctuated as local demand was stable but overseas demand was volatile, with the metal trading at Rs.38,925 per kg on 26 June.
- Silver rate in Shimla fell to Rs.38,455 per kg on 27 June as the announcement of the Fed Reserve meeting was met with rising stock prices and declining demand.
- Industrial units had saturated orders for the month leading to muted growth in the metal’s demand, as silver traded at Rs.39,115 per kg on 28 & 29 June.
- Local markets rose ahead of the introduction of GST, as silver prices fell to Rs.38,995 per kg on 30 June.
Trend of Silver Rate in Shimla for May 2017 (rates per kg)
|Parameters||Silver Price in Shimla|
|May 1 Rate||Rs.40,040 per kg|
|May 31 Rate||Rs.40,060 per kg|
|Highest Rate in May||Rs.40,520 per kg on 30 May|
|Lowest Rate in May||Rs.37,705 per kg on 10 & 11 May|
May ’17 – Week 1 (1st to 7th)
- Silver prices in the first week of May were on the decline as demand fell due to rising U.S. dollar rates.
- The week opened with silver priced at Rs.40,040 per kg but prices soon dropped to Rs.38,925 per kg on 3 May due to declining demand.
- Industrial demand fell as markets were bullish and exports were costlier due to a high U.S. dollar, resulting in silver prices falling to Rs.37,965 per kg on 5 May.
- Prices recovered as local demand pushed prices marginally higher to Rs.38,005 per kg on 6 May, with the price remaining constant as the week ended on 7 May.
May ’17 – Week 2 (8th to 14th)
- Shimla saw a drop in the price of silver in the second week as global demand dropped and local demand was muted.
- Silver was priced at Rs.37,965 per kg on 8 May as demand fell following the victory of Euro-centric Emmanuel Macron in the French Presidential election.
- As markets were bullish and global currencies were trading strongly, demand for silver fell sharply, as demonstrated by the metal trading at Rs.37,705 per kg on 10 & 11 May.
- Prices recovered marginally to trade at Rs.37,865 per kg on 12 May before local demand pushed prices up to Rs.38,005 per kg on 14 May.
May ’17 – Week 3 (15th to 21st)
- Demand for silver rose as stock markets began to falter and currency markets fluctuated due to internal conflicts and geo-political tensions.
- Silver traded at Rs.38,230 per kg on 15 May before rising to Rs.38,995 per kg on 17 May on steadily growing industrial demand.
- Overseas demand also increased as the declining U.S. dollar made silver imports cheaper.
- Minor fluctuations aside, silver prices rose throughout the week, trading at Rs.39,265 per kg on 18 May.
- Local demand also boosted silver prices, though a slight drop in demand resulted in the week ending with silver trading at Rs.39,115 per kg on 21 May.
May ’17 – Week 4 (22nd to 28th)
- Burgeoning demand for the white metal led to silver opening the week at Rs.39,265 per kg on 22 May as coin makers increased orders due to favourable market conditions.
- With the U.S. dollar still trading low against other global currencies, local demand for silver also increased, resulting in the metal selling at Rs.40,040 per kg on 23 May.
- Fluctuations in demand led to silver prices falling to Rs.39,950 per kg on 25 May as demand from Asian markets reduced.
- Prices recovered as the week ended, with silver trading at Rs.40,190 per kg on 27 May, with the price remaining constant on 28 May as well.
May ’17 – Week 5 (29th to 31st)
- Silver prices rose in the final week of May as economic data from the United States looked to be lower than anticipated, which led to stock market plunging and an increase in demand for safe-haven assets like silver.
- The white metal traded at Rs.40,285 per kg on 29 May as local demand rose due to low U.S. dollar rates.
- Silver reached its monthly high of Rs.40,520 per kg on 30 May as demand from overseas as well as higher demand from coin makers and local industrial units buoyed prices.
- A sudden drop in price led to silver ending the month trading at Rs.40,060 per kg on 31 May.
- Silver registered an overall increase in price of 0.04% over the course of the month.
Trend of Silver Rate in Shimla for March 2017 (rates per kg)
|March 1st Rate||Rs.43,970 per kg|
|March 31st Rate||Rs.42,115 per kg|
|Highest Rate in March||Rs.44,100 per kg on 2nd March|
|Lowest Rate in March||Rs.40,040 per kg on 15th March|
March ‘17 - Week 1 (1st to 5th)
- Silver traded at Rs.43,970 per kg on the first day of March in Shimla.
- Due to high demand and a weak U.S.Dollar, the silver rate in Shimla on the 2nd of March was Rs.44,100 per kg which was also the highest at which silver traded for the month of March in the city.
- This demand however could not be sustained and silver traded at Rs.42,730 per kg on the 3rd of March.
- Due to slightly low but sustained demand, silver traded at Rs.43,295 per kg on the last two days of the week.
March ‘17 - Week 2 (6th to 12th)
- The rate of silver in Shimla on the 6th of March was Rs.42,925 per kg which was one of the highest rates noted during the second week of March.
- However, this price was not sustained and the rate of silver marginally reduced to trade at Rs.42,570 per kg on the 7th before falling even further the next day to trade at Rs.41,900 per kg on the 8th of March.
- On the last two days of the week, due to steady demand, silver traded at Rs.40,520 per kg.
March ’17- Week 3 (13th to 19th)
- The price of silver in Shimla on the 13th of March was Rs.40,760 per kg which was marginally higher than the rates seen the previous week.
- As the demand for this metal declined, silver rate in Shimla fell proportionately to trade at Rs.40,440 per kg on the 14th and reduced even further on the 15th to trade at Rs.40,040 per kg. This was the lowest at which silver traded for the month of March.
- However, a recovery in prices resulted in silver trading at Rs.40,890 per kg.
- On the last two days of the week, silver was priced at Rs.40,815 per kg due to low but sustained demand for this metal.
March ’17- Week 4 (20th to 26th)
- Silver traded at Rs.41,075 on the 20th of March.
- The next day, the rate of silver declined to Rs.40,725 before rising again to trade at Rs.41,230 per kg on the 22nd of March.
- As the week progressed, the rate of silver in Shimla continued to increase due to demand for this metal from overseas and positive market cues.
- Price of silver on the 25th of March was the same as that noted on the 23rd of March which was Rs.41,340 per kg.
- On the last two days of the week, due to sustained demand for this metal, silver was priced at Rs.42,115 per kg.
March ’17 – Week 5 (27th to 31st)
- Due to a rise in the demand for this metal, the rate of silver in Shimla shot up to trade at Rs.41,900 per gram on the first day of the final week of March.
- This demand was sustained the next day as well and additionally, a marginal drop in the value of the U.S.Dollar resulted in this metal trading at Rs.42,115 per kg on the 28th and 29th of March.
- As the week continued, the rate of silver continued to rise and traded at Rs.42,435 per kg on the 30th of March.
- However, this demand was not sustained and the rate of silver fell to Rs.42,115 per kg again on the last day of March, recording a decline of 3.61% in the price of this metal.
|February 1st Rate||Rs.42,520 per kg|
|February 28th Rate||Rs.44,165 per kg|
|Highest Rate in February||Rs.44,165 per kg on 28th February|
|Lowest Rate in February||Rs.42,115 per kg on 3rd February|
February ‘17 - Week 1 (1st to 5th)
- Due to a decline in demand from coin makers and industrialists in domestic markets, silver rates fluctuated at the beginning of the first week of February.
- The price of silver was recorded at Rs.42,520 per kg on the 1st of February, after which they rose by Rs.120 to Rs.42,640 on the 2nd of the month.
- A decline in demand saw prices fall as silver traded at Rs.42,115 per kg on the 3rd of February.
- Rates increased slightly towards the end of the week, with silver trading at Rs.42,355 per kg on the 4th and 5th of February, thereby recording a fall of Rs.165 over the week.
February ‘17 - Week 2 (6th to 12th)
- On the 6th of February, silver traded at Rs.42,520 per kg, with the prices rising by Rs.410 to Rs.42,930 per kg on the 7th thanks to an increase in industrial demand.
- Prices fluctuated over the course of the week, with silver trading at Rs.42,950 per kg on the 9th of the month, followed by a significant decline which saw rates tumble to Rs.42,375 per kg on the 10th of February.
- An increase in domestic demand on the 11th led to a marginal increase in prices as the silver traded at Rs.42,570 per kg.
- Prices gained stability on the last day of the week, and the metal closed the week at Rs.42,570 per kg.
February ’17- Week 3 (13th to 19th)
- An incline in the value of the U.S. Dollar resulted in muted demand for silver as the metal traded at Rs.43,280 per kg on 13th February.
- Prices decreased by Rs.250 on the second day of the week to settle at Rs.43,030 per kg, after which consistent increases followed over the next three days owing to a sudden fall in the value of the U.S. Dollar.
- Silver rates were recorded at Rs.43,115 on the 15th, Rs.43,385 on the 16th, and Rs.43,520 on the 17th.
- An increase in local demand ensured that prices remained stable as silver traded at Rs.43,400 per kg on the 18th of the month.
- The week ended with silver trading at Rs.43,400 per kg on the 19th of February, recording an increase of Rs.120 over the week.
February ’17- Weeks 4 & 5 (20th to 28th)
- Uncertainties in the market as well as instability in the value of the US Dollar saw prices fluctuate over the first few days of the last two weeks of the month.
- Silver traded at Rs.43,270 on the 20th of February, after which prices increased slightly to Rs.43,285 on the 21st before declining by Rs.45 to Rs.43,240 on the 22nd of February.
- A slight increase in demand from industrialists contributed to an increase in silver prices as the metal traded at Rs.43,295 on the 24th of the month.
- Silver prices increased to Rs.43,910 per kg on the 25th of February before remaining stable on the 26th, and then increased further to Rs.44,110 per kg on the 27th of February.
- Silver prices gained again on the final day of the month and the metal traded at Rs.44,165 per kg on the 28th, thus recording an overall increase of 3.86% over the month.
|January 1st Rate||Rs.39,035 per kg|
|January 31st Rate||Rs.41,980 per kg|
|Highest Rate in January||Rs.42,180 per kg on 23rd January|
|Lowest Rate in January||Rs.39,035 per kg on 1st January|
January ‘17 - Week 1 (1st to 7th)
- The price of silver in Shimla reflected trends seen across the country, with a rise in price in the first week of January.
- Silver traded at Rs.39,035 per kg on 1st January and rose to Rs.39,530 per kg on 3rd January on strong demand from the industrial sector.
- A rise in demand from coin makers led to silver prices rising to Rs.40,670 per kg on 5th January, though prices dipped for the rest of the week due to fluctuations in demand.
- Silver traded at Rs.40,435 per kg on 6th January and closed the week at Rs.40,390 per kg on 7th January, recording a weekly increase in price of Rs.1,355 per kg.
January ‘17 - Week 2 (8th to 14th)
- Prices of silver in Shimla continued to trade high, albeit with slight fluctuations in the second week of January, as silver traded at Rs.40,390 per kg on 8th January.
- Prices rose as local demand rose on positive cues, resulting in silver trading at Rs.40,520 per kg on 9th January.
- A low U.S. Dollar and poor stock trading led to silver demand rising, as prices rose to Rs.41,295 per kg on 11th January.
- A dip in demand due to faltering domestic demand led to silver trading at Rs.41,030 per kg on 13th January.
- Silver closed the week trading at Rs.41,230 per kg on 14th January, to record a weekly increase of Rs.840 per kg.
January ’17- Week 3 (15th to 21st)
- The third week of January saw marked fluctuations in the price of silver due to conflicting cues from the U.S. and Asian markets, which led to sharp dips in price.
- Silver traded at Rs.41,230 per kg on 15th January, with the price rising to Rs.41,560 per kg on 16th January on heightened demand from the Asian industrial sector.
- Prices rose to Rs.41,990 per kg on 18th January, but a drop in local demand and fluctuating demand from Asian markets led to prices falling to Rs.41,675 per kg on 20th January.
- Silver prices rose as the week ended with to trade at Rs.41,930 per kg on 21st January as demand rose due to weak markets.
January ’17- Weeks 4 & 5 (22nd to 31st)
- Silver prices in Shimla in the last two weeks of January were more or less stable, though prices fell towards the end of the month due to a decline in demand.
- Silver traded at Rs.41,930 per kg on 22nd January, with the price rising to Rs,42,180 per kg on 23rd January due to a sharp rise in demand from overseas.
- Local demand helped keep prices stable as industrial demand fell, resulting in silver trading at Rs.41,83 per kg on 25th January.
- A rally by the stock markets led to a reduction in demand for silver, as silver traded at Rs.41,075 per kg from 27th-29th January.
- Prices recovered as the month ended, with silver trading at Rs.41,980 per kg to record an overall increase of 7.54%.
|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.
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