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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 August 2016 (rates per kg)
|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|
Read more on Silver
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- How to Find Certified/Authentic Silver
- Why Should You Invest in Silver?
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