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Silver Price in Srinagar
Silver is sold in many forms in Srinagar. For many investors in Srinagar, silver is viewed as a precious metal or asset with an increasing value over the long term. Many prefer buying investing in silver by way of incremental savings every month rather than in a lump sum form to avoid the negative effects of price fluctuations. Silver is viewed as a safe bet during times of high inflation.
Silver is extensively sold in Srinagar in the form of silverware, artefacts and traditional rituals including weddings. Silver or ‘poor man’s gold’ is sought-after by small investors in Srinagar given that the white metal is more affordable than the yellow metal.
Trend of Silver Rate in Srinagar for November 2016 (rates per kg)
|November 1st Rate||Rs.42,910 per kg|
|November 30th Rate||Rs.41,055 per kg|
|Highest Rate in November||Rs.44,960 on 9th November|
|Lowest Rate in November||Rs.40,190 per kg on 25th November|
November '16 - Week 1 (1st to 6th)
- The price of silver was high as the month began on account of increased demand from the retail and industrial sector.
- Silver was priced at Rs.42,910 per kg on 1st November, with demand rising as the U.S. Dollar continued to trade low due to uncertainty over the upcoming U.S. elections.
- Prices rose as the week continued, with silver trading at Rs.44,645 per kg on 4th November.
- The week ended with silver trading at Rs.44,180 per gram, registering an increase in price courtesy increased demand both domestically as well as internationally.
November '16 - Week 2 (7th to 13th)
- Silver prices continued to stay high, albeit with some fluctuations.
- The U.S. election results declaring Donald Trump the new President led to markets crashing and increasing demand for silver.
- Silver traded at Rs.43,685 per kg on 7th November and reached a monthly high of Rs.44,960 per kg on 9th November, following the announcement of the demonetisation of Rs.1,000 and Rs.500 notes.
- Prices settled as the week ended, with silver trading at Rs.42,005 per kg on 13th November.
November '16 - Week 3 (14th to 20th)
- The demand for silver dropped during the week due to a shortage of cash brought on by demonetisation.
- Silver demand from the retail sector fell as the government enacted strict legislation to monitor bullion purchases in the wake of demonetisation.
- Silver traded at Rs.41,760 per kg on 14th November, with the price continuing to fall throughout the week.
- Silver traded at Rs.40,735 per kg on 20th November.
November '16 - Week 4 and 5 (21st to 30th)
- Silver prices fell further as the month came to an end, with a strengthening U.S. Dollar contributing to a decline in international silver demand.
- Domestic demand was poor as investors stayed away from bullion following a market recovery.
- Silver traded at Rs.40,890 per kg on 21st November and rose to Rs.41,325 per kg on 22nd November.
- Prices fluctuated the rest of the week before closing at Rs.41,055 per kg on 30th November.
|1st Day||Rs.45,900 per kilogram|
|Last Day||Rs.43,035 per kilogram|
|Highest Price||Rs.45,900 per kilogram on 1st and 2nd October|
|Lowest Price||Rs.41,685 per kilogram on 7th October|
October 2016 – Week 1 and 2 (1st to 9th)
- The month started with silver trading high at Rs.45,900 per kilogram as demand for the metal was soaring.
- Trends in the market did not favour silver this week and demand took a hit.
- Silver rates fell through the week and settled at Rs.41,800 per kilogram on 8th and 9th October.
- Anticipation of the Fed rate hike continued to take its toll on the global market.
October 2016 – Week 3 (10th to 16th)
- The U.S. Federal Reserve was unsure about the interest rate hike as jobs data indicated the economy was not strong enough.
- On 10th October, silver recovered and traded at Rs.42,600 per kilogram.
- The spike in demand was short lived as industrialists and coin makers reduced their offtake.
- Silver traded at Rs.41,780 per kilogram by the end of the week.
October 2016 – Week 4 (17th to 23rd)
- Silver traded at Rs.41,970 per kilogram on 17th October.
- Rising expectations of the Fed rate hike kept silver prices low initially, but domestic market trends gave silver support.
- There was an increase in industrial offtake and the wedding season kicked off in the domestic market.
- Silver was able to recover and prices climbed to Rs.42,130 per kilogram by the end of the week.
October 2016 – Week 5 (24th to 31st)
- A weak dollar played in favour of silver and helped silver rates increase this week.
- On 24th October, silver traded at Rs.42,330 per kilogram.
- Though there were fluctuations witnessed through the week, there was an inclining trend in silver rates.
- Silver managed to touch Rs.43,035 per kilogram on 31st October, the highest price for this week.
- Though silver recovered on the back of increased demand this week, the trend for this month was a decline of 6.24%.
|1st Day||Rs.45,225 per kilogram|
|Last Day||Rs.45,750 per kilogram|
|Highest Price||Rs.47,820 per kilogram on 7th September|
|Lowest Price||Rs.45,225 per kilogram on 1st September|
September '16 - Week 1 (1st to 4th)
- On 1st September, the price of silver was Rs.45,225 per kilogram.
- Expectations of an interest rate hike by the U.S. Federal Reserve settled down as U.S. economic data was week.
- Silver prices climbed through the week as demand in the domestic market also surged.
- Silver traded at Rs.46,760 per kilogram on 4th September.
September '16 - Week 2 (5th to 11th)
- Silver traded at Rs.46,760 per kilogram on 5th September.
- Silver prices continued to rise this week as well as demand for the shiny metal was on the rise.
- Silver touched its highest price for this month on 7th September when it traded at Rs.47,820 per kilogram.
- Talk of a Fed rate hike sprouted again and investors were reluctant to purchase silver.
- By the end of the week, silver traded at Rs.46,835 per kilogram.
September '16 - Week 3 (12th to 18th)
- On 12th September, silver traded at Rs.45,715 per kilogram.
- Demand dropped on account of bearish sentiments in the global market.
- Despite weak economic data from the United States of America, the U.S. Federal Reserve intended to raise the interest rates soon.
- In the domestic market, savvy traders remained on the sidelines as the market was volatile.
- By the end of the week, silver rates dropped to Rs.45,370 per kilogram.
September '16 - Week 4 (19th to 25th)
- Silver traded at Rs.46,110 per kilogram on 19th September.
- With the U.S. presidential elections nearing, the U.S. Federal Reserve put the interest rate hike on hold till December.
- A bullish outlook took over the global market and demand for the metal increased.
- There was a slight drop in prices on 23rd September when silver traded at Rs.47,535 per kilogram.
- Rates remained unchanged for the rest of the week.
September '16 - Week 5 (26th to 30th)
- On 26th September, silver traded at Rs.46,950 per kilogram.
- An improving U.S. economy gave the dollar much support which led to a fall in silver prices.
- Support from the industrialists and coin makers was weak.
- The dollar was on the rise and had its impact on the global markets.
- Silver traded at Rs.45,750 per kilogram on 30th September.
- Silver prices increased by 1.16% this month.
|1st August||Rs.49,430 per kilogram|
|31st August||Rs. 45,460 per kilogram|
|Highest Price||Rs.49,670 per kilogram on 03rd August|
|Lowest Price||Rs.44,805 per kilogram on 29th August|
|Trend||Decline in silver prices|
August '16 – Weeks 1 (1st to 7th)
- Silver sold at Rs.49,430 on the first day of the week.
- Highest silver rate of the month was noted on 03rd August when silver was brought at Rs.49,670 per kilogram.
- Silver prices fell due to subdued demand from local jewellers and closed at Rs.47,255 per kilogram.
August '16 – Week 2 (8th to 14th)
- An increase of Rs.205 per kilogram was reported on the first day of the week.
- Silver prices continued to rise on 10th and 11th of August as demand from domestic market picked up. On these days, silver traded at Rs.48,595 per kilogram and Rs.48,330 per kilogram, respectively.
- Silver drifted to Rs.47,990 per kilogram on 12th August before settling at Rs.47,750 per kilogram on 13th and 14th of August.
August '16 – Week 3 (15th to 21st)
- Silver opened at Rs.47,750 per kilogram on 15th of August.
- Silver increased by Rs.190 per kilogram and hit Rs.47,940 per kilogram despite weak trend overseas.
- Silver prices decreased gradually due to lacklustre demand for gold in India from 17th of August.
- By the end of the week, silver was brought and sold at Rs.46,690 per kilogram.
August '16 – Week 4 (22nd to 28th)
- Silver managed to survive without any major fluctuations throughout the week.
- Silver prices stood at Rs.45,800 per kilogram on 22nd of August.
- Highest silver rate of the week was marked on 23rd August when silver was sold at Rs.45,935 per kilogram.
- Silver closed at Rs.45,040 per kilogram.
August '16 - Week 5 (29th to 31st)
- Lowest silver rate of the month is Rs.44,805 per kilogram which was recorded on 29th of August.
- Due to muted demand, Fed rate hike expectation and strong U.S employment data, silver prices continued to decline.
- Silver prices drifted to Rs.45,460 per kilogram at the end of the week.
|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.46,490 per 1 kg on the 1st of July.
- Owing to heavy demand, silver hit the highest for the week at Rs.48,965 per kg on the 4th of July.
- Silver and hit Rs.49,265 per kg on the 7th of July.
- Silver closed the second week at Rs.49,745 per kg on the 10th of July.
July'16 - Week 3 (11th to 17th)
- Silver opened the at Rs.49,745 per kg the 11th of July.
- The price steadily climbed up to Rs.49,235 per kg on the 12th of July.
- Silver hit Rs.48,885 per kg on the 14th of July.
- Silver closed the month at Rs.48.840 per kg on the17th of July.
July '16 - Week 4 (18th to 24th)
- Silver traded at Rs.48,360 per kg on 18th of July.
- Silver hit Rs.48,185 per kg on the 20th of July.
- Prices came down to to Rs.46,665 per kg on the 21st of July.
- Silver price increased to Rs.47,880 per kg on the 22nd of July.
- The precious metal closed the week at 47,420 per kg on the 24th of July.
July‘16 - Week 5 (25th to 31st)
- Silver opened the week at Rs.47,160 per kg on the 25th of July.
- Silver traded at Rs.47,595 per kg on the 26th of July.
- The price of silver dropped down by Rs.220 on the 27th of July at Rs.47,375 per kg.
- Silver hit Rs.48,785 per kg on the 29th of July.
- Silver closed the month at Rs.48,970 per kg on the 31st of July.
|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 Srinagar fluctuated during the first two weeks due to markets forces and a slowly appreciating Dollar.
- Silver was trading at Rs. 42,590 per kg on the 1st of May and traded at a monthly high of Rs. 42,675 per kg on the 2nd of May.
- The price fell over the rest of the week, trading at Rs. 41,565 per kg on the 4th of May, before rising on the next day to Rs. 41,835 per kg.
- The appreciating Dollar led to a drop in demand for silver.
- Silver traded at Rs. 41,875 per kg on the 8th of May.
May '16 -Week 3 (9th to 15th)
- Silver prices rose marginally before continuing to fall as demand slowed from industrial units domestically.
- Silver traded at Rs. 41,725 per kg on the 9th of May and fell to Rs. 40,890 per kg on the 10th of May, a drop of Rs. 835 per kg.
- The price rose as the week progressed as the volatile markets resulted in silver demand rising.
- Silver prices still fell overall, trading at Rs. 41,255 per kg on the 15th of May.
May '16 - Week 4 (16th to 22nd)
- The fourth week of May saw silver prices in Srinagar fall further, due to strong data emerging from the U.S. manufacturing industry as well as a strengthening Dollar.
- Silver traded at Rs. 41,255 per kg on the 16th of May, remaining unchanged from the previous week.
- Prices rose slightly mid-week as the Dollar began to lose ground, with silver trading at Rs. 41,545 per kg on the 17th of May.
- Prices dropped as the markets recovered, with silver trading at Rs. 40,135 per kg on the 22nd of May.
May '16 - Weeks 5 and 6 (23rd to 31st)
- Silver prices plummeted as stock markets rallied on news of a possible interest rate hike in June, with the Dollar also making significant gains.
- Silver traded at Rs. 40,060 per kg on the 23rd of May, with the price falling the following day to Rs. 39,695 per kg and to Rs. 39,255 on the 27th of May.
- The price dipped to a monthly low of Rs. 38,795 per kg on the 30th of May as speculation of positive data from the U.S. job market lead the Dollar to make gains.
- Asian stock markets also rose, leading to a reduction of demand and prices dropping, with silver trading 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 during the first two days of the month but increased steadily for the next few days before gaining 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.
- Prices started to rise on the fifth day of trading as both domestic as well as international trends began strengthening amidst an increase in industrial demand.
Apr ‘16 - Week 3 (11th to 17th)
- Silver rates increased steadily during the third week of the month.
- Prices were recorded at Rs.37,115 on the 11th of April and Rs.39,110 on the 17th.
- Prices increased by almost Rs.2000 during the course of the week as there were no domestic or international events to affect the rise in rates.
Apr ‘16 - Week 4 (18th to 24th)
- Silver rates increased consistently over the course of the week except for marginal losses on the second and fourth day of trading.
- Prices were recorded at Rs.38,920 on the first day of the month and Rs.41,115 on the last.
- The week with the highest increase in rates during April was the penultimate week which recorded a jump in prices by almost Rs.2200 over the seven days.
Apr ‘16 - Week 5 (25th to 30th)
- Silver prices continued their incline over the last week of April barring slight declines on the fourth and last day of trading.
- Prices were recorded at Rs.40,810 on the first day of the last week and Rs.42,590 on the last day of the month.
|1st March rate||Rs.37,005|
|31st March rate||Rs.36,495|
|Highest rate in March||Rs.38,640 on 18th|
|Lowest rate in March||Rs.36,455 on 29th|
Mar'16 - Week 1 (1st to 6th)
- Silver rates declined in Srinagar during first week of trading in March.
- Prices were Rs.37,005 on 1st and Rs.36,640 on 6th.
- Silver experienced ups and downs in the first three days after which prices stabilized.
Mar'16 - Mar'16 - Week 2 (7th to 13th)
- Silver gained a marginal amount of Rs.15 in this week.
- Rates were Rs.37,695 on 7th and Rs.37,710 on 13th.
- Silver appreciated to Rs.37,710 on 8th itself and was stable for the rest of the days.
Mar'16 - Week 3 (14th to 20th)
- Silver traded in the green over the third week also.
- Rates were Rs.37,650 on 14th and Rs.37,865 on 20th.
- Silver experienced large fluctuation in this week, touching a high of Rs.38,640 on 18th and a low of Rs.37,140 on 16th and 17th.
Mar'16 - Week 4 (21st to 27th)
- Silver dropped in the fourth week.
- Rates were Rs.37,930 on 21st and Rs.36,685 on 27th.
- Silver appreciated only on 22nd post which prices declined for the rest of the week.
Mar'16 - Week 5 (28th to 31st)
- Silver lost more value in last week’s trading.
- Prices were Rs.36,570 on 28th and Rs.36,495 on 31st.
Silver as an investment
Silver as a precious metal has a store of value. Silver also known as ‘poor man’s gold’ is sought-after by small investors given that unlike the yellow metal, which entails investment running into thousands, a small denominations of silver coins can be bought for a few hundred rupees. Many consumers turn to conventional or traditional investments such as silver coins or during periods of economic instability.
Physical silver: Buying physical silver is, by and large, the more preferred mode of investing in Srinagar. People in Srinagar buy silver bars (100g, 500g or 1kg) and coins. Various items of jewellery from necklaces and bajubandh to rings and bracelets are sold. Handcrafted intricate jewellery with traditional designs by expert craftsmen are also much in demand.
Silver contracts: Silver is traded in Multi Commodity Exchange (MCX), National Multi Commodity Exchange (NMCE) and National Commodity & Derivatives Exchange (NCDEX). Silver micro is traded in 1 kg (unit) and SILVER 1000 in units of 5 kg.
Silver rate in Srinagar
Silver rate in Srinagar depends on various national and international factors. 1 kg of silver was pegged at Rs.39985 in the month of January. The price of the white precious metal decreased by -6.0% to Rs.37555 in February. The downward slide continued in the months of March and April as well with the white precious metal pegged at Rs.37471 and Rs.37388 respectively. The months of May witnessed a minor rise in the price of silver by 6% to Rs.39701. Silver rates in Srinagar, however, plummeted in the latter part of 2015, barring a mini rally in the month of August. 1 kg of silver which was pegged at Rs.36028 in September decreased by -1.1% to Rs.35626 in October. The price of silver hovered around Rs.34500 in November but decreased by 0.4% to Rs.34360 in December.
Also Check Silver Price in NearBy Cities of Srinagar
|Silver Rate in Delhi||Silver Rate in Chandigarh||Silver Rate in Ludhiana|
|Also Know: Gold Rate in Srinagar|
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