Silver Rate in Surat

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Silver Price in Surat

Silver is highly sought-after by millions of Indians. According to experts, given that mining of silver is getting costlier, the price of the white precious metal may also increase. According to latest reports, the gold-to-silver ratio in 2015 reveals that silver is under priced vis-a-vis gold, thereby paving way for increased buying of silver. The low prices trigger result in more consumers turning to silver.

Silver is widely used in Surat in the form of silverware and gifts during festivals and weddings. Silver is sought across varying age groups and social strata. Several jewellery exhibitions are regularly held in the city of Surat, attracting serpentine queues and bookings. Various kinds of jewellery such as bajubandh, bracelets and anklets are in demand in addition to handcrafted artefacts.

Trend of Silver Rate in Surat for March 2020 (rates per kg)

• Silver had a good start in March, starting off on Rs.47,400 per kg in the first week. This was helped by the fact that precious metals were seen as a good safe haven investment in light of the economic downturn faced around the world due to the coronavirus pandemic.
• Towards the second week, the price of silver rose even further to Rs.50,700 per kg, which was also the highest in the month, on 6 March, as the possibility of the US Federal Reserve cutting interest rates to reduce the coronavirus impact on the economy seemed higher. This later turned out to be the biggest weekly gain since January 2009.
• By the third week of March, silver hit its lowest rate on 19 March, falling to Rs.37,800 per kg as the coronavirus threat to the economy solidified across the world, slowing down economies, thus leaving investors to fall back on cash reserves, leading to panic selling of precious metals such as silver in order to liquidate investments to free up cash.
• Silver ended the month on a low note of Rs.40,500 per kg by 31 March, which was in response to the strengthening of the dollar and the Chinese economy as the virus eased up in China, leaving the country limping back to normal and stock markets slowly gaining ground, thus also impacting the prices of precious metals.

Trend of Silver Rate in Surat for February 2020 (rates per kg)

• In Surat, the month of February opened with the rate of silver standing at the rate of Rs.50,300 per kg. The global economy is likely to face a slowdown in the light of the breakout of the Corona virus in China. In such conditions, the precious metal is being considered as a haven for investors.
• During the month of February, the precious metal had hit the highest price point on the 24th of February. The price of silver touched a 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 affected the overall investment scenario in the market.
• There was a hefty drop in the price of the precious metal and one of the main reasons behind the drop in price was caused after the World Health Organisation announced that Corona virus has turned out to be a global epidemic. The price of silver came to a close at the rate of Rs.47,400 per kg for the month of February 2020.
• The percentage change in the performance of the metal for the month of February 2020 was –5.76%.

Trend of Silver Rate in Surat for January 2020 (rates per kg)

• The prices of the white metal fluctuated throughout the month of January in Surat. When compared to the last day of December 2019, silver prices reduced by Rs.600 on 1 January 2020.
• Some of the factors that affected the prices of silver in Surat were the trade talks between China and the US, the tensions between Iran and the US, and the concerns of the coronavirus.
• Even though the prices of silver increased in the first week of January due to the tensions in the Middle East, the prices declined by the end of the month because of the demand for riskier assets and the concerns of the coronavirus. The highest and lowest prices of silver for the month of January in Surat were Rs.52,600 per kg and Rs.49,200 per kg, respectively.
• Overall, silver prices in Surat saw a decline of 0.19% for the month of January.

Trend of Silver Rate in Surat for December 2019 (rates per kg)

• In Surat, the trend of silver showed positive signs in the month of December opening at Rs.48,100 per kg. There were a number of political and geopolitical factors at play in this month which resulted in the inclining trend of the white metal in the city.
• The white metal’s price was at its lowest on 10 December as investors awaited further developments on the trade deal between China and the United States of America. The investors held on to the market due to uncertainties. At the same time, the United States Federal Reserve decided to revise its monetary policy. The demand for the bullion dipped due to this decision.
• However, in the second half of the month, the price of the metal saw a sharp incline. As the tensions between the United States of America and Iran escalated as Iran retaliated to the drone attack by the United States of America by attacking the Army base in Iraq killing many soldiers.
• Due to this, investors shifted to the bullion with an increased safe-haven appeal. At the same time, United States House of Representatives voted to launch an impeachment inquiry on their President, Donald Trump. The price of the metal, due to this, hit its monthly high on 31 December at Rs.50,900 per kg. Silver closed the month of December with a percentage high of 5.82%.

Trend of Silver Rate in Surat for November 2019 (rates per kg)

Trend of Silver Rate in Surat for October 2019 (rates per kg)

Trend of Silver Rate in Surat for September 2019 (rates per kg)

Trend of Silver Rate in Surat for August 2019 (rates per kg)

Trend of Silver Rate in Surat for July 2019 (rates per kg)

Trend of Silver Rate in Surat for June 2019 (rates per kg)

Silver Rate Tend in Surat for June 2019:

• Demand for silver was on the rise after opening the month at Rs.39,400 per kg as renewed global uncertainty over the impact of trade disputes dented investor confidence in equity investments.
• Prices rose to Rs.40,300 per kg on 6 June as the dollar dropped on weak U.S. jobs data, but a drop in local offtake resulted in prices falling marginally to Rs. 40,100 per kg from 14-18 June.
• A steady U.S. dollar rate dampened interest from coin makers, but rising overseas industrial demand pushed prices up to Rs.41,500 per kg on 21 June. Local retail interest also rose on weak local equity performance, though prices dipped to Rs.41,200 per kg on 24 June.
• Silver prices in Surat dropped marginally as the month progressed as the dollar recovered and domestic industrial demand fell, resulting in the metal trading at Rs.40,800 per kg to record a 3.55% overall rise in value during the month.

Trend of Silver Rate in Surat for May 2019 (rates per kg)

• After opening at Rs.40,500 per kg silver rates in Surat dropped steadily on weak overseas demand and a rising U.S. dollar, as prices fell to Rs.40,200 per kg on 7 May. Prices briefly rose to Rs.40,400 per kg on 8 May on a late bullion rally.
• Waning retail demand dented prices, as the resurgent dollar rate further reduced local offtake as the industrial metal traded at Rs.40,000 per kg on 13 May before climbing to Rs.40,200 per lg on 16 May after retaliatory tariffs by China.
• As equity markets recovered, the steady dollar resulted in reduced local industrial offtake as prices dipped to Rs.39,200 per kg from 20-22 May.
• Prices plummeted to Rs.39,100 per kg on 29 May as bullion interest fell on stable equity performance though silver rose to Rs.39,400 per kg when the month ended on 31 May.

Trend of Silver Rate in Surat for April 2019 (rates per kg)

Trend of Silver Rate in Surat for March 2019 (rates per kg)

• The rate of silver in Surat at the beginning of the month was Rs.42,700 per kg. This was a dip in value from the previous month as the US dollar rose in value during the same time that equity declined in value. This was the highest that the metal was priced at for the month of March.
• The dollar rose over the Euro on 7th March after the European Central Bank pushed the interest rate hike. This curtailed the gain that bullion would have incurred due to economic turmoil. At this point, the white metal was priced at Rs.41,000 per kg.
• On 29th March, silver dipped in value to Rs.40,200 per kg along with other equities, the lowest value of the metal for the month of March.
• Silver showed a percentage decline of 4.91 and was priced at Rs.40,600 per kg at the end of the month.

Trend of Silver Rate in Surat For February 2019 (rates per kg)

• Fluctuating overseas demand caused the silver rate in Surat to stand strong at.43,900 per kg at the start of the month. During this time, the US dollar was volatile as well which influenced the price of silver.
• On 5 Feb, silver price in Surat then rose to Rs.44,100 per kg due to weak equity markets. This resulted in investors investing in bullion while the dollar recovered. This caused the price of the metal, on 14 Feb, to decline to Rs.42,700 per kg.
• Due to the uncertain economic conditions of Brexit and the Sino-U.S. trade crisis, the price of silver in Surat rose to Rs.43,600 per kg on 18 February as the dollar and equities fell.
• Positive economic trends in the U.S. rose the value of the dollar in comparison to other currencies, thereby reducing the value of silver. As the interest in silver plummeted, the demand for the metal dipped too. At the end of the month, on 28 Feb, the metal stood at Rs.43,300 per kg.

Trend of Silver Rate in Surat for January 2019 (rates per kg)

• Offtake from local industries increased at the start of January. This, clubbed with positive overseas trends caused the price of silver to open at Rs.41,500 per kg.
• The price of silver in Surat then rose further to Rs.42,800 per kg on 10 January as the dollar weakened and local industries received higher sales.
• Prices then plummeted in the following days as the demand for the metal in the Asian continent still remined to dip. As on 22 January, silver was trading at Rs.41,800 per kg.
• Fears over Brexit and rising market volatility resulted in an overall rise in bullion, as silver prices rose to Rs.42,100 per kg on 25 January before closing the month at Rs.43,900 per kg.

Trend of Silver Rate in Surat for December 2018 (rates per kg)

Trend of silver rate in Surat in December 2018:

• In Surat, the capital of Gujarat, silver trade showed an upward trend in prices in December due to a fall in the value of the dollar.
• As the rupee strengthened against the dollar throughout the month, the price of the metal increased from opening at Rs.38,500 per kg on 1 December to Rs.40,900 per kg by 15 December.
• Another factor which played a role in the increase in silver prices was the wedding season in the country. Local demand amongst jewellers in Surat increased to a great extent in the second half of December, resulting in an increase of the import business.
• Silver, on 31 December, closed at a price of Rs.41,500 per kg with a percentage incline of 7.79.

Trend of Silver Rate in Surat for November 2018 (rates per kg)

Silver Rate Trend in Surat for November 2018:

• A weak rupee impacted silver rates in Surat, with the metal trading at Rs.40,900 per kg on 1 November as industrial offtake dropped steadily during the month.
• Overseas demand was also poor in spite of volatile markets, as investors were wary of bullion investments ahead of a possible interest rate hike by the U.S. Federal Reserve.
• Silver prices dropped sharply on 14 November, falling to Rs.39,400 per kg as local coin makers reduced orders due to high import costs.
• Prices failed to recover as the month ended, with sluggish Asian demand also impacting local prices as the metal traded at Rs.38,800 per kg on 30 November to record a 5.13% loss in value.

Trend of Silver Rate in Surat for October 2018 (rates per gram)

October 2018 – Week 1 (1-7):

• The first week of October witnessed a gradual increase in the rate of silver in Surat. The month began with the industrial metal holding at Rs.41,100 per kg on October 1.
• On the 3rd, the price jumped to Rs.42,000 per kg. This sharp spike was led by a weary U.S dollar and falling stocks.
• In the second half of the week, however, the dollar made steady gains driven by sharp U.S. economic data. As a result, the price of silver dipped marginally, and it concluded the week at Rs.41,900 per kg on October 7.
• This marked an increase of Rs.800 over the course of the week.

October 2018 – Week 2 (8-14):

• Silver commenced the second week of October at Rs.41,500 per kg on October 8. The demand, over the course of the week, was rather tepid from coin manufacturers and industries.
• This weak demand, combined with a strong performance by the dollar, led to the silver price in Surat drop down to Rs.41,200 per kg on October 10.
• However, towards the end of the week, the demand for silver from the industries improved. Consequently, the price jumped to Rs.41,500 per kg on October 12 and stayed there for the remainder of the week.

October 2018 – Week 3 (15-21):

• Silver started the third week of October in Surat on a strong note at Rs.41,900 per kg. The rise was led by the investors seeking refuge in silver and gold from sliding equities.
• Over the course of the week, however, the demand for silver subsided as the price of the metal on October 17 was Rs.41,400 per kg.
• The closing days of the week saw a marginal increase in the price of silver. The sliding equities and an increase in demand from local coin makers took the rate up to Rs.41,500 on October 22.

October 2018 – Week 4 (22-28):

• The penultimate week of the month started with silver priced at Rs.41,500 per kg – same as its previous close.
• On the 24th, the price of silver soared to Rs.41,900 per kg in Surat. This sharp increase was caused by volatility in share markets and a fluctuating rupee-dollar relationship.
• Towards the end of the week, the demand for silver subdued albeit, it was steady. On October 26, the price fell to Rs.41,500 per kg before recovering some lost ground to end the week at Rs.41,700 per kg on October 28.

October 2018 – Week 5 (29-31):

• The final week of October commenced with silver trading at Rs.41,600 per kg in Surat. The fall of Rs.100 per kg was led by rising shares and a strong dollar.
• For the month, silver concluded trading at Rs.41,200 per kg. The fall was the consequence of a strengthening U.S. dollar. Over the course of the month, the silver rate in Surat appreciated by 0.24%.

Trend of Silver Rate in Surat for September 2018 (rates per gram)

September 2018- Week 1 (1-8)

• Silver opened at Rs.40,000 per kg in Surat on 1st September. Silver rates fluctuated throughout the week amid poor demand and unfavourable overseas trend.
• On the 2nd of the month, silver prices increased by Rs.100 per kg and traded at Rs.40,100 per kg before declining and recording a monthly low of Rs.39,500 per kg on 5th September as the retail and industrial demand for the metal dropped.
• Meanwhile, the ongoing trade war tension hit the stock market negatively and investors turned towards safe-haven assets which helped silver prices in Surat incline and close at Rs.39,700 per kg.

September 2018- Week 2 (9-15)

• Though silver prices stood unaffected at Rs.39,700 per kg, the price of the metal surged throughout the week due to favourable market conditions.
• On the other hand, the US inflation data was released which dimmed the policy tightening case proposed by the US Federal Reserve due to which the US dollar value fell compared against a basket of apex currencies and silver rates in Surat inclined and traded at Rs.39,900 per kg from 11 to 13 of the month.
• By the end of the week, fluctuating dollar fortunes led to a fall in silver prices when the metal closed at Rs.39,500 per kg on 15 September.

September 2018- Week 3 (16-22)

• Though silver was priced at Rs.39,500 per kg which is the lowest silver rate for the month of 16 September, the price of the metal recovered during the week as the US dollar lost grounds.
• As the demand for the metal picked up, silver prices surged and traded at Rs.39,700 per kg on 17 and further increased to Rs.39,800 per kg and Rs.40,000 per kg on 18 and 19 September respectively.
• Silver rates further inclined and traded at Rs.40,100 per kg on 20 and 21 September before closing at Rs.40,300 per kg on 22 as the value of the rupee fell and the global trade tensions continued.

September 2018- Week 4 (23-30)

• Silver opened at Rs.40,300 per kg on 23 September in Surat.
• Though due to poor industrial demand, silver rates fell to Rs.40,000 per kg on 24 September, it quickly recovered and surged to Rs.40,200 per kg on 25 and further inclined to Rs.40,800 per kg on 26 September.
• On 29 and 30 September, silver prices in Surat hit a monthly high of Rs.41,200 per kg and recorded an overall incline of 3% for the month.

Trend of Silver Rate in Surat for August 2018 (rates per kg)

August 2018 - Week 1 (1 - 05):

• Silver in Surat for the month of August 2018 commenced trading at Rs.41,400 per kg. This was the highest that the metal stood at during the month.
• The very next day, on 2 August, demand for the metal dropped causing the price of silver in the city over the following few days to decline as well. The metal fell in value by Rs.300 per kg, and was recorded at Rs.41,100 per kg.
• The price then stabilised for the following few days, before finally enjoying a surge of Rs.200 per kg. Demand for the metal also picked up on 4 August.. This, however, did not affect the price of silver.
• At the end of the first week, silver in Surat was priced at Rs.41,300 per kg.

August 2018 - Week 2 (6 - 12):

• In the beginning of week 2, industrial demand for the metal dipped causing its price to drop as well.
• On 6 August, silver was priced at Rs.41,300 per kg.
• The US economy strengthened during the second week, and on 7 August, positive global cues for the metal were recorded too. This caused silver in Surat to drop in value as it stood at Rs.41,200 per kg.
• On 9 August, after the decline of the metal, a noticeable hike in value was observed as silver in the city was priced at Rs.41,400 per kg, which was the highest price that silver stood at in Surat for the month. This increment in the value of silver can be associated with the decline in the value of the dollar along with an increment in the domestic demand for the metal.
• On 10 August, the day after positive global trends were recorded, demand for the metal dramatically plummeted causing silver in the city to drop in value. Silver was priced at Rs.41,100 per kg. The price of the metal throughout the entire week was determined by the alteration in demand from local industries.
• At the end of the second week of August, silver enjoyed a small hike as it stood at Rs.41,200 per kg. This was the price that week 2 ended with.

August 2018 - Week 3 (13 - 19):

• Silver commenced at Rs.41,200 per kg on 13 August, the start of week 3.
• On 14 August, the second day of week 3, saw a decline in the value of silver in Surat as it fell a couple of points to Rs.40,900. This may have been directly affected by the decline in the demand for silver from local industries.
• During the course of week 3, US released employment data which had favourable effects on the economy. This had caused a decline in the value of silver as the dollar, in comparison to other currencies, strengthened.
• In spite of the fact that the dollar strengthened, the value of silver managed to rise to Rs.41,100 per kg on 15 August. However, the price quickly dipped to Rs.39,900 per kg the very next day on 16 August.
• The price of silver in Surat on 17 - 19 August, stood at Rs.40,000 per kg, a Rs.100 increment in value of the metal.

August 2018 - Week 4 (20 - 26):

• Silver at the start of week 4 commenced at the same price as it was at the end of week 3. The price of the metal in the city stood stagnant at Rs.40,000 per kg.
• The price of silver rose by Rs.100 per kg on 22 August, as it stood at Rs.40,100.
• The dollar then rose in comparison to other currencies causing the price of silver to drop to Rs.39,900.
• Subsequently, the demand for the metal dropped causing the price to dip as well. On 24 August, silver in Surat stood at its lowest during the month of August 2018 when the price was recorded at Rs.39,800 per kg.
• The metal then enjoyed a rise in its value when it picked up to Rs.40,200 per kg on 26 August.

August 2018 - Week 5 (27 - 31):

• The metal at the start of week 5 stood the same as it was at the end of week 4 at Rs.40,200 per kg.
• SubsequentlyMeanwhile, demand for silver picked up, and on 28 August, the price of the metal increased in value as it stood at Rs.40,400 per kg.
• At the end of the week 5, however, the value of the dollar, in respect towith other currencies, rose, naturally causing the price of silver to drop to Rs.40,300 per kg. This was the price that ended the month of August 2018. The month also recorded a declining trend in silver prices of -2.65%.

Trend of Silver Rate in Surat for July 2018 (rates per kg)

July 2018- Week 1 (1-10)

• On 1 July 2018, silver prices stood at Rs.42,800 per kg in Surat.
• However, on 3 July 2018, a drop of Rs.400 per kg was noted in silver prices when the metal traded at Rs.42,400 per kg. The fall in silver rates was mainly due to the fall in demand for the metal from industrial units and coin makers.
• Silver prices managed to regain its position and hit Rs.42,800 per kg mid-week. As the demand for the metal picked up, the prices rose too. Throughout the month of July, demand for the metal played a huge role in determining silver rates in Surat.
• On 9-10 July, the highest silver price of Rs.42,900 per kg for the month of July was recorded in Surat.
• The increase in silver rates during the last two days of the week can be attributed to positive market trends and the declining dollar rate over all other currencies.

July 2018- Week 2 (11-17)

• Silver prices fell by Rs.300 per kg and traded at Rs.42,600 per kg on 11 July. As demand for silver is directly proportional to silver rates, the price of the metal fell due to poor demand.
• In the following days as the demand for silver from industrial units fell further, silver rates continued to dip and traded at Rs.42,200 per kg from 12 to 14 July.
• A slight increase in silver rates was noted on 16 July when the metal traded at Rs.42,300 per kg. Though it was not a significant hike, experts believe it was due to the increase of silver intake in the city that caused the hike.
• Silver further dipped and closed at Rs.42,100 per kg on 17 July.

July 2018- Week 3 (18 - 24)

• Silver was priced at Rs.41,700 per kg on 18 July 2018 in Surat.
• Silver rates dropped by Rs.400 per kg on the first day of week 3 mainly due to poor demand.
• Though various external factors that could affect silver rates remained neutral, demand played a huge role in determining silver rates in Surat throughout the month of July.
• As the dollar value spiked, on 20 July 2018, the price of silver further dipped to Rs.41,300 per kg.
• Silver rates between 21 - 22 July stood at Rs.41,700 per kg. Though the prices slightly picked up on 21 and 22, the rates quickly fell to Rs.41,400 per kg on 24 July.

July 2018- Week 4 (25 - 31)

• Silver traded at Rs.41,500 per kg. Compared to the previous day, an increase of Rs.100 per kg was noted.
• Due to the decline of US dollar value, silver prices rose on 26 July to Rs.41,800 per kg. However, due to poor demand, silver rates dropped in the following days.
• As on 28 - 29 July, the price of silver stood at Rs.41,200 per kg. This was the lowest silver rate recorded for the month of July in Surat.
• Silver closed at Rs.41,400 per kg.
• Overall, silver rates in Surat for the month of July fell by 3.27%.

Silver as an investment in Surat

For many investors, silver is not only a robust hedge against inflation and economic instability, but also diversifies the asset allocation of a portfolio. Most consumers in Surat view the white precious metal as a safe haven of investment owing to its intrinsic value. Small investors find silver more affordable than gold. Also, owing to its wide uses in several industries, the demand for silver is on the rise and therefore, continues to be a valuable investment.

Physical silver: Most consumers buy silver in the form of jewellery or artefacts. There are several prominent stores across Surat which offer a wide range of silverware and jewellery. Sterling silver has resale value and therefore, widely popular.

Silver contracts: Silver is traded in Multi Commodity Exchange (MCX) and National Commodity & Derivatives Exchange (NCDEX). Silver micro is traded in 1 kg. Investors ought to bear various charges such as brokerage, exchange levy and stamp duty among others.

Silver rates in Surat

The price of the white precious metal has been on the decline since January 2015. The price of the precious metal which was pegged at Rs.40065 in the month of January, decreased by -4.6% at Rs. 38200. Barring minor fluctuations, the price of silver followed a downward trend for the most part of March and April at Rs.37925, Rs.37279 respectively. The price of silver, however, marginally rose by 2.7% to Rs.38321 in the month of May but plummeted by -4.2% to Rs.36696 in June. The price of the white precious metal continued to slide further in the months of August and September at Rs.36102 and Rs.35512 respectively. The price of silver hovered around Rs.35000 in the months of October and November with minor fluctuations. 1 kg of silver was pegged at Rs.34768 in the month of December.

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Also Know: Gold Rate in Surat