Silver Rate in Surat

*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 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 July 2020 (rates per kg)

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

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

• In May, silver opened in Surat at a good price of Rs.42,530 per kg, which soon dipped to Rs.41,010 the very next day but started picking up as the week went by, closing the week at Rs.42,010. These fluctuations could be attributed to several factors, ranging from investors liquidating their long positions on the back of several economic stimulus packages released by governments across the world, which led to the fall, to very bleak US jobs data that highlighted the grim economic situation which led to gains for silver as a safe-haven investment in such unpredictable times. The jump in prices of silver were also due to rising tensions between the US and China with Trump threatening new tariffs on China that rattled the stock market. However, the dollar remained firm, which led to prices of silver remaining steady overall in the first week of May in Surat.
• In the second week of May in Surat, silver opened at Rs.42,060 which was an increase from the previous week’s closing price. However, although prices continued to rise as the week wore on, even touching Rs.43,620 on 11 May, it also dipped by the end of the week to Rs.42,960 per kg. The dip in prices was in response to optimism around the stock market picking up with several world economies opening up again after lockdowns that lasted for weeks, which had curbed economic activity severely. The rise in prices were in response to fears around a fresh wave of coronavirus infections in such countries that led to more interest in precious metals as a safe-haven investment, especially if the economy was being so unpredictable and recovery seeming to be more in the long haul now.
• Silver continued to rise steadily through the third week of May in Surat, with the price rising to a high of Rs.48,510 on 19 May, while it started at Rs.43,160 and ended the week at Rs.48,200 per kg. Investors continued to flock to precious metals as a safe-haven investment in light of the coronavirus pandemic showing up in a second wave in many countries where there was optimism around the lockdown being lifted. The US-China tensions and possible new tariffs being imposed on China by the US led to more fears of a worsening trade war which made stock markets and equities even less appealing. All these factors contributed to the steady increase in prices of silver through this week.
• In the fourth week of May, the prices of silver hit the highest for the whole month on 25 May at Rs.51,400 per kg, ending the week at Rs.50,100 which was a steady increase from the start of the week when it was Rs.48,250. The rising US-China trade tensions and anticipation around Trump’s response to the Hong Kong riots triggering the Chinese government led to lower risk appetite and a higher appeal for safe haven investments. Overall, the trend of silver prices in Surat in the month of May was a steady incline of 17.79%.

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

• Silver opened in Surat at a price of Rs.40,500 in the month of April. It stayed consistent for the first five days of the month in keeping with global trends as investors turned to precious metals as a safe-haven investment in times of the coronavirus pandemic which was affecting stock markets around the world. With almost every country going for lockdowns and restrictions, which were affecting the economy, investing in equities seemed riskier. Anticipation around the release of US jobs data, which would reveal the true extent of the coronavirus pandemic, resulted in a steadying of silver prices in the first week of April. However, by the end of the week, prices dipped to the lowest price point for the month of April at Rs.40,360 per kg on 6 April. This was in response to lowering of coronavirus-related deaths which led to optimism around the economy getting back on track, leading to an increase in risk appetites once again, thus resulting in a dip in prices of precious metals and its appeal as a safe-haven investment.
• By the second week of April, prices again began to climb, remaining at Rs.41,100 for three consecutive days as the long weekend loomed ahead of the Good Friday holiday. There was also an easing of the US dollar, release of stimulus measures by the US Federal reserve in response to the coronavirus pandemic, the OPEC meet, and increasing worries about the global economy limping back to normal very slowly after the coronavirus crisis aftermath. The appeal of precious metals increased as a safe haven investment in the face of increasing volatility around the economy and equities which helped to keep prices steady.
• By the third week of the month, prices kept going up and down, with the highest price point for the month of April being Rs.42,710 per kg on 21 April. The rise was driven by fears of a global recession continuing while Trump’s announcement of the economy reopening helped to drive prices down.
• By the end of the month, prices of oil slumped drastically, leading to further volatility in equities which led to a steadying of prices of precious metals as investors looked to it as a safer option. Overall, the trend for silver in the month of April was an incline with a percentage change of 2.51%.

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.

Also Check Silver Price in NearBy Cities of Surat

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.