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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 2016 (rates per kg)
|November 1st Rate||Rs.42,910 per kg|
|November 30th Rate||Rs.41,055 per kg|
|Highest Rate in November||Rs.44,960 on 9th November|
|Lowest Rate in November||Rs.40,190 per kg on 25th November|
November '16 - Week 1 (1st to 6th)
- Silver prices in Surat for the month of November increased as the month began as on account of increased demand from the retail and industrial sector.
- Silver was priced at Rs.42,910 per kg on 1st November, with demand rising as the U.S. Dollar continued to trade low due to uncertainty over the upcoming U.S. elections.
- Prices rose as the week continued, with silver trading at Rs.44,645 per kg on 4th November.
- The week ended with silver trading at Rs.44,180 per gram, registering an increase in price courtesy increased demand both domestically as well as internationally.
November '16 - Week 2 (7th to 13th)
- Silver maintained its price as demand was high due to strong demand from the retail sector following the demonetisation announcement.
- Silver was priced at Rs.43,685 per kg on 7th November and rose as the week progressed.
- Donald Trump’s surprise win in the U.S. presidential election led to a fall in markets, which boosted silver demand.
- Indian markets also fell following demonetisation, which pushed silver demand.
- Silver traded at Rs.42,005 per kg on 13th November, with prices dropping as the week ended.
November '16 - Week 3 (14th to 20th)
- Prices during the third week fell as demand was sluggish owing to a shortage of cash due to demonetisation.
- Silver was priced at Rs.41,760 per kg on 14th November, as international demand was also slow due to a recovering market.
- The possibility of a U.S. Fed rate increase led to the U.S. Dollar strengthening, resulting in demand for silver falling.
- The continued cash shortage and signs of a domestic stock market recovery also contributed to lower than usual demand for silver.
- Prices fell as the week ended, with silver trading at Rs.40,735 per kg on 20th November.
November '16 - Week 4 and 5 (21st to 30th)
- Silver rates stabilised in the last two weeks of November, though prices continued to remain low.
- Silver was priced at Rs.40,890 per kg on 21st November as the U.S. markets made significant gains.
- Prices rose marginally to Rs.41,325 per kg on 22nd November before a strengthening U.S. Dollar resulted in silver demand falling again.
- Prices were stable for the rest of the week, with silver closing the month at Rs.41,055 per kg on 30th November.
|1st Day||Rs.45,900 per kilogram|
|Last Day||Rs.43,035 per kilogram|
|Highest Price||Rs.45,900 per kilogram on 1st and 2nd October|
|Lowest Price||Rs.41,685 per kilogram on 7th October|
October 2016 – Week 1 and 2 (1st to 9th)
- Demand was high for silver at the start of the month
- Silver traded at Rs.45,900 per kilogram on 1st and 2nd October, the highest price for this month.
- Prospects of a Fed rate hike were raised this month and investors were reluctant.
- Reduced industrial offtake also led to a drop in prices.
- On 8th and 9th, silver traded at Rs.41,800 per kilogram, marking a considerable decline in prices.
October 2016 – Week 3 (10th to 16th)
- Trends in the overseas market turned positive as the U.S. economic data was not strong enough to warrant an interest rate hike by the U.S. Federal Reserve.
- Silver traded at Rs.42,600 per gram on 10th October but prices declined after that.
- A reduction in industrial offtake led to silver prices dropping through the week.
- By the end of the week, silver traded at Rs.41,780 per kilogram indicating a slight decline in prices.
October 2016 – Week 4 (17th to 23rd)
- On October 17th, silver prices were low as the U.S Federal Reserve was hawkish about the interest rate hike.
- Silver traded at Rs.41,970 per gram at the start of the week.
- Increased offtake by industrialists and coin makers coupled with wedding season demand gave silver rates a boost.
- By the end of the week, silver prices had recovered to Rs.42,130 per kilogram.
October 2016 – Week 5 (24th to 31st)
- The dollar lowered this week which resulted in increased demand for silver.
- At the start of the week, silver traded at Rs.42,330 per kilogram.
- Festive demand helped silver rates climb this week.
- Industrial units and coin makers increased their offtake which helped silver rates climb up.
- By the end of the week, silver was trading at Rs.43,035 per kilogram.
- Prices increased this week but was not enough to avoid a declining trend for this month.
|1st Day||Rs.45,225 per kilogram|
|Last Day||Rs.45,750 per kilogram|
|Highest Price||Rs.47,820 per kilogram on 7th September|
|Lowest Price||Rs.45,225 per kilogram on 1st September|
September '16 - Week 1 (1st to 4th)
- Silver prices climbed this week on account of positive global trends.
- The U.S. Federal Reserve’s interest rate hike seemed impossible this month as the U.S. economic data indicated slow growth.
- On 1st September, the price of silver was Rs.45,225 per kilogram.
- Demand in the domestic market was high and silver received a good amount of industrial support.
- Silver traded at Rs.46,760 per kilogram on 4th September.
September '16 - Week 2 (5th to 11th)
- On 5th September, silver prices remained unchanged from the previous week. Silver was seen trading at Rs.46,760 per kilogram.
- Demand was stable and helped rates climb at the start of the week.
- Silver traded at Rs.47,820 per kilogram on 7th September which was the highest price for this month.
- A growing chorus of a Fed rate hike led to a bearish outlook in the global market.
- By the end of the week, silver traded at Rs.46,835 per kilogram.
September '16 - Week 3 (12th to 18th)
- With bearish sentiments taking over the global market, the price of silver dropped to Rs.45,715 per kilogram.
- Demand continued to fall this week as the expectations of the U.S. Federal Reserve rate hike grew strong.
- By the end of the week, the price of silver had dropped to Rs.45,370 per kilogram.
September '16 - Week 4 (19th to 25th)
- On 19th September, the price of silver was Rs.46,110 per kilogram.
- The Fed rate hike was put on hold in light of the approaching U.S. presidential elections.
- With the rate hike being put to rest till December, demand for silver picked up.
- Investors and industrialists flocked to the shiny metal and silver prices gained strength.
- Silver traded at Rs.47,535 per kilogram from 23rd September till the end of the week.
September '16 - Week 5 (26th to 30th)
- As the U.S. economy improves, the dollar rose against a basket of currencies making silver much costlier to purchase.
- On 26th September, silver traded at Rs.46,950 per kilogram.
- Demand from industrialists and coin makers dropped.
- Silver traded at Rs.45,750 per kilogram on 30th September.
- For the month of September, silver prices increased by 1.16%.
|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 traded at Rs.49,430 per kilogram on 1st August.
- Though there was a slight fall in silver price on the second day of the week, silver priced picked up and hit Rs.49,670 per kilogram on 03rd August, which is also the highest silver rate recorded in the month of August.
- Silver prices started to decline from 04th of August due to subdued demand from domestic market and closed at Rs.47,255 per kilogram.
August '16 – Week 2 (8th to 14th)
- On 08th of August, silver prices increased by Rs.205 per kilogram and traded at Rs.47,460 per kilogram.
- After remaining stable for one day, silver prices increased on 10th of August by Rs.135 per kilogram.
- Silver prices gradually declined from 11th to 14th August due to speculated fed rate hike and strong dollar rate.
- Silver exchanged at Rs.47,750 per kilogram on the last day of the week.
August '16– Week 3 (15th to 21st)
- On 15th of August, silver traded at Rs.47,750 per kilogram.
- There was a slight increase of Rs.190 per kilogram on 16th of August.
- Silver prices continued to fall throughout the week due to muted demand and strong U.S employment data.
- Silver closed at Rs.46,690 per kilogram.
August '16 – Week 4 (22nd to 28th)
- Silver was brought and sold at Rs.45,800 per kilogram on 22nd of August.
- No major fluctuations in silver prices was noted this week though silver prices continued to fall gradually.
- Dollar stood on firm grounds while silver prices dropped and touched Rs.45,010 per kilogram on 26th August, which was the lowest silver rate reported this week.
- Silver traded at Rs.45,040 per kilogram on 28th of August.
August '16 - Week 5 (29th to 31st)
- The lowest silver rate of the month was recorded on 29th of August when silver traded at Rs.44,805 per kilogram.
- Overall, silver had a downward curve on the 5th week of August due to Fed rate hike, positive U.S economy, lack of demand from domestic market.
- Silver closed at Rs.45,460 per kilogram.
|1st July rate||Rs.46,650|
|31st July rate||Rs.48,970|
|Highest rate in July||Rs.49,265 on the 6th and 7th of July|
|Lowest rate in July||Rs.46,650 on the 1st of July|
July'16 - Week 1 and 2 (1st to 10th)
- Silver prices were recorded at Rs.46,650 on the 1st of July.
- A considerable increase on the 2nd saw prices jump to Rs.47,925 and end the first week of the month at the same rate.
- The price of silver stood at Rs.48,790 on the 4th of July, after which a minor decline was recorded on the 5th.
- An increase in excess of Rs.1,000 took prices up to Rs.49,265 on the 6th and they remained stable for another day.
- Silver closed the second week of July at Rs.47,720 per kilogram as prices remained unchanged from the 8th of the month.
July'16 - Week 3 (11th to 17th)
- The value of silver was recorded at Rs.49,200 on the 11th of July after prices rose significantly from the previous week’s level.
- Prices then increased marginally on the 12th before a relatively small decline brought them down to Rs.49,120 on the 13th.
- A further decline on the 14th pushed prices down to Rs.48,595 after which consecutive increases on the next two days lifted the metal’s value to Rs.48,840 and it remained constant until the 17th.
- On the last day of the third week of July, silver prices fell and closed the week at Rs.47,980.
July '16 - Week 4 (18th to 24th)
- Silver rates stood at Rs.47,980 at the start of the fourth week of July, followed by an increase on the 19th which pushed prices up to Rs.48,300.
- Prices were recorded at Rs.47,905 on the 20th after which they plunged to Rs.47,105 on the 21st.
- Prices remained constant at Rs.47,420 between the 22nd and 24th to close the week at a profit.
July‘16 - Week 5 (25th to 31st)
- Silver prices started the last week of July at Rs.47,195 per kilogram and increased to Rs.47,610 on the 26th.
- A minor decline on the 27th saw prices plunge to Rs.47,370, followed by a significant rise on the 28th which pushed prices up to Rs.49,070.
- A decline on the 29th brought prices down to Rs.48,380, but an increase on the 30th saw prices rise again and close the month at Rs.48,970 per kilogram.
|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. 39,010|
|Highest rate in May||Rs. 42,590 on 1st of May|
|Lowest rate in May||Rs. 38,705 on 30th of May|
May '16 - Weeks 1 and 2 (1st to 8th)
- Silver prices in Surat stayed high for the beginning of the week before falling slightly as demand dipped.
- Silver traded at Rs. 42,590 per kg on the 1st of May and rose to Rs. 42,675 per kg on the 2nd of May.
- Prices dropped by Rs. 650 to trade at Rs. 42,020 on the 3rd of May as demand dropped.
- Market fluctuations during the week kept prices low, as silver slumped after the middle of the week.
- Silver traded at Rs. 41,875 per kg on the 8th of May.
May '16 -Week 3 (9th to 15th)
- The price of silver fell slightly during the week due to markets strengthening as the Dollar recovered.
- Silver was priced at Rs. 41,725 per kg on the 9th of May, with a sudden slump in demand pushing the price to Rs. 40,890 per kg on the 10th of May.
- The price of silver made small gains as the week progressed, trading at Rs. 41,570 per kg on the 12th of May.
- The price fell as the week ended, trading at Rs. 41,255 per kg on the 15th of May.
May '16 - Week 4 (16th to 22nd)
- Prices continued to fall as the Dollar made gains and the markets recovered from the previous week’s volatility.
- Data from the U.S. manufacturing sector showed encouraging growth, leading to stocks posting gains as demand for silver fell.
- Silver traded at Rs. 41,255 per kg on the 16th of May and moved up very slightly on the following day.
- Prices of silver fell towards the end of the week, recording a price of Rs. 40,135 per kg on the 22nd of May.
May '16 - Weeks 5 and 6 (23rd to 31st)
- Silver prices fell as markets became stronger, buoyed by the possibility of an imminent U.S. Federal Reserve interest rate hike in June.
- Silver started the week at Rs. 39, 780 per kg, a fall of Rs. 355 from the previous week.
- Prices slid lower as the Dollar gained on other currencies, reaching a low of Rs. 38,705 per kg on the 30th of May.
- Less than favourable figures from the U.S. job market led to silver regaining some of its value, as it traded at Rs. 39,010 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 four days of the month following which a steady incline was recorded over the next few days before they became stable 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.
- Rates began to increase on the fifth day of trading as domestic and international trends began firming while an increase in industrial demand was also recorded.
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.
- Rates increased by almost Rs.2000 during the course of the week as there were no domestic or international events to affect the increase in prices.
Apr ‘16 - Week 4 (18th to 24th)
- The fourth week of April recorded consistent increases as the week progressed barring marginal losses on the second and fifth 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 penultimate week recorded the highest jump in prices in the month, increasing 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 except slight decline 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 lost value in the first of trading in March.
- Prices were Rs.37,005 on 1st and Rs.36,640 on 6th.
- Silver gained Rs.705 on 2nd to rise to Rs.37,710 before stabilizing there for the remaining part of the week.
Mar'16 - Mar'16 - Week 2 (7th to 13th)
- Prices were positive in the second week.
- Rates were Rs.37,695 on 7th and Rs.37,710 on 13th.
- Silver gain appreciated on the second day of the week before stabilising over the remaining days.
Mar'16 - Week 3 (14th to 20th)
- Silver was positive over the third week also.
- Rates were Rs.37,650 on 14th and Rs.37,865 on 20th.
- Prices were volatile all through the week, bottoming out on 16th and 17th at Rs.37,140 and peaking at Rs.38,640 on 18th.
Mar'16 - Week 4 (21st to 27th)
- Silver was down in fourth week’s trading.
- Rates were Rs.37,930 on 21st and Rs.36,685 on 27th.
- Silver appreciated on 22nd before declining in the remaining days to end the week at Rs.36,685.
Mar'16 - Week 5 (28th to 31st)
- March ended in negative for silver rates in Surat.
- Prices were Rs.36,570 on 28th and Rs.36,495 on 31st, a net loss of Rs.75.
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
|Silver Rate in Mumbai||Silver Rate in Pune||Silver Rate in Ahmedabad|
|Silver Rate in Nagpur||Silver Rate in Indore|
|Also Know: Gold Rate in Surat|
Read more on Silver
- About Silver Mining
- Amazing Facts About Silver
- Global Demand for Silver
- How to Find Certified/Authentic Silver
- Need for Silver as an Industrial Commodity