Silver Rate in Srinagar

  • Today's Silver Rate In Srinagar ( 10 Aug 2020 )

    ₹ 74.21
    Today's Silver Rate per gram

    Compare Silver Rate In Srinagar (Today & Yesterday)

    Rate Change
    Silver (1 gram) ₹ 74.21 ₹ 76.52 ₹ -2.31 ↓
    Bar Silver (1 Kg) ₹ 74,210 ₹ 76,520 ₹ -2,310 ↓

    Silver Price In Srinagar For Last 10 Days

    Date Silver (1 gram) Bar Silver (1 Kg)
    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
    04 Aug 2020 ₹ 65.41 ₹ 65,410
    03 Aug 2020 ₹ 65.13 ₹ 65,130
    02 Aug 2020 ₹ 65.12 ₹ 65,120
    01 Aug 2020 ₹ 65.01 ₹ 65,010
    31 Jul 2020 ₹ 63.01 ₹ 63,010

    Weekly & Monthly Graph of Silver Rate in Srinagar

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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 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 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%

    Trend of Silver Rate in Srinagar 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%

    Trend of Silver Rate in Srinagar 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%
    • In May, silver started off at Rs.42,530 with the anticipation that May would be the best month in four years as several economic stimulus packages were released by governments around the world in response to the coronavirus pandemic which also stoked fears of a global recession amid long-running lockdowns which were restricting economic activities severely. However, the price of silver took an unexpected turn for the worst the very next day, falling to the lowest price in the month of May at Rs.41,010 per kg, with the US dollar gaining and six countries set to reopen their economies. However, US-China tensions ricocheted up again due to the announcement of a new law in Hong Kong by China, which led to the prices of silver rising again so that by the end of the week it was Rs.42,010.
    • In Srinagar, the price of silver was Rs.42,060 at the beginning of the second week of May which quickly rose to Rs.43,620 on 11 May, and then again dipped by end of the week to Rs.42,960, which meant the prices remained steady overall on the back of the strong US dollar that remained firm with the support of all the economic stimulus measures that were being released by the government. However, investors again started moving towards risks in equities as economies started gradually reopening after an extended lockdown, thus stimulating the economy once again. However, the risk appetite was tempered by news of a second fresh wave of coronavirus infections which again sparked fears of continued lockdowns and a global recession, thus making precious metals and the bullion more appealing as safe-haven investments in light of such unpredictability.
    • In the third week of May, silver stood at Rs.43,160 at the start and Rs.48,200 at the end of the week with a spike of Rs.48,510 on 19 May. There were rising tensions between the US and China around the protests and riots in Hong Kong with anticipation around what Trump’s position would be. The fear of further trade tariffs being imposed led to speculation about a global economic downturn again on top of the existing coronavirus pandemic which seemed to be raging even though several countries, notably New Zealand, had managed to flatten the curve. However, equities still remained high-risk in light of the bleak US jobs payroll data that forecast a grim future economy which further stoked fears of a global recession.
    • By the fourth week of May, silver had risen to the highest for the month when it rose to Rs.51,400 on 25 May. Analysis showed an upward incline in the trend of prices through the entire month of May at 17.79% overall. This was in keeping with the rising political tensions around the US and China as well as the global economic downturn in response to the coronavirus pandemic due to the lockdowns and other restrictions.

    Trend of Silver Rate in Srinagar 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%
    • Silver started the month of April at Rs.40,500 per kg in Srinagar. It stayed consistently at the same price point for the first 5 days of the week. On a global and national level, the lockdowns had bought the economy to a standstill, pushing investors towards precious metals as a safe-haven investment. Also, there was eager anticipation around the release of the US jobs data which would reveal the true extent of the coronavirus on the economy. This contributed to prices holding steady for so many days in the first week of the month. However, this was soon to change as by 6 April the price of silver dipped to the lowest it would be for the month at Rs.40,360 per kg. This was due to data being released showing that there was a slowing of coronavirus related deaths, which pushed investors to be optimistic once again about equities and lowered interest in safe-haven investments such as silver.
    • The second week saw a long holiday weekend with Good Friday and Easter, again contributing to prices of silver looking up and staying steady at the same price point for 3 consecutive days, at Rs.41,100 per kg. Safe-haven investments such as precious metals perked up with the economic stimulus released by the US Federal Reserve in response to the coronavirus pandemic. The easing of the US dollar and global concerns around a recession led to even more confidence in precious metals, which led to prices staying on an upward trend throughout the second week of April.
    • Prices skimmed high and low in the third week of April, with the highest price point being on 21 April at Rs.42,710 per kg. This was in response to many countries lifting the lockdown and easing restrictions which helped to inject some optimism into the stock market, bringing the price of silver down as investors had renewed optimism in equities. However, consistent concerns about a global recession continued to contribute to prices going low as well.
    • However, by the last week of the month, oil prices hit a new low on the global scale, leading to precious metals being once again picked up by investors as a safe investment in such volatile times. So overall silver had an upward tick in the month of April with a percentage change of 2.51% in Srinagar in response to the global trends around the coronavirus pandemic and its impact on the economy of all countries around the world.

    Trend of Silver Rate in Srinagar 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%
    • There was an overall decline of 14.5% in the price of silver in March. From the first day of the month till 31 March, the rates of the white metal had dipped by Rs.6,900 from Rs.47,400 per kg to Rs.40,500 per kg. On the second day of the month, the rates of the metal had increased to Rs.48,500 per kg. This was a boost of Rs.1,100. The traders had been holding on to the hope that the interest rates would be brought down by the U.S. Federal Reserve. They hoped that this would be a move for healing the weak economy. By 6 March, silver prices had surged to Rs.50,700 per kg.
    • During the three-day window, 6 March and 8 March, the price of silver had gone through many fluctuations and then, by 9 March, the rate had finally touched Rs.49,200 per kg. On 10 March, silver prices had increased to Rs.50,000 per kg. The surge in the price had been spurred by the burden weighing down the global equities. The demand for safe-haven assets had soared. The price of the metal had then fallen to Rs.48,600 per kg. This decrease by Rs.1,400 on 12 March can be associated with the raging selling of the white metal by traders for covering their margins.
    • By 13 March, the prices of silver had dropped to Rs.45,900 per kg. The coronavirus had made all the investors sell silver and hold cash for meeting their margin calls. On 19 March, silver reached its lowest price for March and had been priced at Rs.37,800 per kg. The drop can be owed to the rise in the U.S. dollar. Another reason for this fall in price is the selling of assets by investors to hold onto cash.
    • By 23 March, prices of silver had risen increased to Rs.40,700 per kg i.e., by Rs.600. The previous trading session had been home to the rise in rates of the white metal after the U.S. Federal Reserve announced measures for helping the weak economy. The month had ended with the metal standing at Rs.40,500 per kg.

    Trend of Silver Rate in Srinagar 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%
    • The month of February started with the rate of silver standing at the rate of Rs.50,300 per kg. At the time when the international economy is likely to slow down owing to the break of the Corona virus in China, silver is now a good investment option.
    • During the month, the precious metal has hit the highest price point on 24 February when it stood at the rate of Rs.52,900 per kg. The lowest recorded rate for the month of February was Rs.47,400 per kg and it was recorded on 29 February 2020. The report of Corona virus hitting 6 other countries had taken a toll in the market.
    • The price of silver came to a close at the rate of Rs.47,400 per kg for the second month of 2020. The main reason behind the drop in price of the precious metal was also affected by the announcement made by World Health Organisation wherein Corona virus was pointed out as a global epidemic.
    • The percentage change in the performance of the metal for the month of February 2020 was –5.76%.

    Trend of Silver Rate in Srinagar 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%
    • The prices of silver in Srinagar opened at Rs.50,300 per kg on 1 January and closed at Rs.50,200 per kg on 31 January 2020. The prices of the white metal fluctuated throughout the month in Srinagar.
    • In the first week of January, the prices of silver increased due to the tensions between Iran and the US. Silver hit its highest rate for the month of 8 January 2020 and touched Rs.52,600 per kg.
    • However, due to the demand for riskier assets and the concerns of the coronavirus, the prices of silver decreased by the end of the month. On 30 January 2020, the prices of silver hit its lowest rate and touched Rs.49,200 per kg.
    • Overall, silver prices in Srinagar saw an overall decline of 0.19% in the month of January.

    Also Check Silver Price in NearBy Cities of Srinagar

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    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 Know: Gold Rate in Srinagar

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