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Silver Rate in Tamil Nadu
Silver, a high-beta precious metal compared to the yellow metal is sought by millions across India. Around 55% of silver is utilized by industries across the world of which 40% of demand stems from electronic industries alone. According to analysts,the price of silver has dropped faster compared to gold in that the silver-gold ratio in April 2011 was pegged at 31.7. In September 2015, the ratio stood at 76. According to experts, the rate at which price of silver drops will be slower than that of gold.
Silver is held in high regard across Tamil Nadu across both rural and urban populace. Significantly, over 80% of silver imported to Chennai is sent to Salem, making the latter one of the largest consumer of silver. Intriguingly, Salem has been one of the biggest manufacturers of silver anklets in India. Salem payals (500 gm to 1000 gm) are widely sold in Goa and Chhattisgarh.
- Also Know: Gold Rate In Tamil Nadu
Details of Silver Price in Tamil Nadu (1 Kg) - Till December 2015
Silver rates in Tamil Nadu depends on a lot of national and international factors. 1 kg of silver was pegged at Rs.33785 in Chennai as on December 21st, 2105. The price of silver has been on the decline barring minor fluctuations since the start of the year with the white precious metal pegged at Rs.40283 in January. The price of silver fell by -5.6% to Rs.38010 in the month of February. Silver rates in Tamil Nadu plummeted in the following months of March and April when the price of the precious metal dropped to Rs.37940 and Rs.37660 respectively. The month of May witnessed a mini rally as the rate of the white precious metal rose by 7% to Rs.40435. The price of silver, however, tumbled to Rs.38351 towards the end of the same month. The price of silver continued to slide further in the following months. 1 kg of silver was pegged at Rs. 37788 in June and Rs.36021 in July. The price of silver decreased by 0.5% to Rs.35840 in August. The price of silver marginally rose by 0.1% to Rs.35885 in October. The price of silver hovered around Rs.34930 towards the end of November.
Silver as an investment in Tamil Nadu
Silver or ‘poor man’s gold’ is the most common form of traditional investment which caters to demands of all sections of society. Silver is seen as a valuable asset with a store of value offering protection against rising prices and effective hedge against inflation. Silver coins and bars are the most common forms of investment. Significantly, the plummeting price of silver has made it more attractive as a vehicle for investment.
Physical silver: Silver is widely bought in the form of coins and 1 kg bars. Silver jewellery including temple jewellery including artefacts meant for ritualistic purposes, and other auspicious occasions is prevalent and drives demand for the white metal across various towns and cities in Tamil Nadu. From traditional silver jewellery items such as toe-rings and anklets to antique jewellery and artefacts, silver is sold in multiple forms. Silver articles are much in demand during the festive season.
Silver contracts: Silver is traded in the spot as well as futures market. Silver is traded in Multi Commodity Exchange, National Spot Exchange and National Commodity & Derivatives Exchange. MCX offers three silver options, namely, Silver Mini, Silver 1000 and Silver Micro. Silver contracts deliver up to 30kg of silver. Silver Micro is one of the most traded contracts owing to the low margins involved.
Also Check Silver Price in NearBy Cities of Tamil Nadu
|Silver Rate in Chennai||Silver Rate in Coimbatore||Silver Rate in Madurai|
|Silver Rate in Salem||Silver Rate in Trichy|