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 November 2018 (rates per kg)

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

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

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.

Also Check Silver Price in NearBy Cities of Surat