Silver Rate in Tamil Nadu

  • Today's Silver Rate In Tamil Nadu ( 15 Aug 2020 )

    ₹ 66.95
    Today's Silver Rate per gram

    Compare Silver Rate In Tamil Nadu (Today & Yesterday)

    Today
    Yesterday
    Rate Change
    Silver (1 gram) ₹ 66.95 ₹ 65.01 ₹ 1.94 ↑
    Bar Silver (1 Kg) ₹ 66,950 ₹ 65,010 ₹ 1,940 ↑

    Silver Price In Tamil Nadu for Last 10 Days

    Date Silver (1 gram) Bar Silver (1 Kg)
    14 Aug 2020 ₹ 66.95 ₹ 66,950
    13 Aug 2020 ₹ 65.01 ₹ 65,010
    12 Aug 2020 ₹ 72.55 ₹ 72,550
    11 Aug 2020 ₹ 75.16 ₹ 75,160
    10 Aug 2020 ₹ 74.22 ₹ 74,220
    09 Aug 2020 ₹ 74.21 ₹ 74,210
    08 Aug 2020 ₹ 76.52 ₹ 76,520
    07 Aug 2020 ₹ 73.51 ₹ 73,510
    06 Aug 2020 ₹ 71.51 ₹ 71,510
    05 Aug 2020 ₹ 65.06 ₹ 65,060

    Weekly & Monthly Graph of Silver Rate in Tamil Nadu

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    *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 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.

    Trend of Silver Rate in Tamil Nadu for July 2020 (rates per kg)

    Parameters Silver Price (per kg)
    July 1 Rate Rs.48,560 per kg
    July 31 Rate Rs.63,010 per kg
    Highest Rate in July Rs.66,060 per kg on 30 July
    Lowest Rate in July Rs.48,510 per kg on 5 July
    Overall Monthly Performance Incline
    Percentage Change 29.75%

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

    Parameters Silver Price (per kg)
    June 1 Rate Rs.50,120 per kg
    June 30 Rate Rs.48,510 per kg
    Highest Rate in June Rs.50,160 per kg on 2 June
    Lowest Rate in June Rs.47,110 per kg on 16 June
    Overall Monthly Performance Decline
    Percentage Change -3.21%

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

    Parameters Silver Price (per kg)
    Rate on May 1 Rs.42,530 per kg
    Rate on May 31 Rs.50,100 per kg
    Highest Rate in May Rs.51,400 per kg on 25 May
    Lowest Rate in May Rs.41,010 per kg on 2 May
    Overall Monthly Performance Incline
    Percentage Change 17.79%
    • In Tamil Nadu, the price of silver opened at the rate of Rs.42,530 per kg for the month of May 2020. By 3 May, the rates of the precious white metal had dropped to Rs.41,210 per kg. The metal witnessed the fall in its price as the U.S. Dollar had firmed. However, the prices had been trading above the previous session's low as the risk sentiment saw a decrease after the increasing tensions over the recent wide-spread Corona virus pandemic between China and USA. Silver prices had risen after a drop during the previous trading rally as a weak and grim U.S. economic data had underscored the impact of the virus. The week came to an end with the price of silver standing at the rate of Rs.43,510 per kg.
    • The second week of the month started with the metal standing at Rs.43,610 per kg. In the following days, the rates had witnessed a decrease as the U.S. Dollar had gained from safe-haven buying which was driven by the wide-spread fears over another wave of the COVID-19 virus hitting the economy. On 15 May, the price of silver had risen to the rate of Rs.43,160 per kg. Silver prices had risen to be below the three-week high that it achieved during the previous session, and this was underpinned by talks about another U.S. stimulus. This was also driven by increasing tensions between USA and China. The price of the metal had increased to Rs.46,900 per kg on 16 May, the last day of the second week. This increase in price was led by the increasing trade tensions between the USA and China. This had in turn added to the fears over a weak global economy which was just recovering from the impact of the coronavirus.
    • The third week opened in Tamil Nadu with the precious metal being priced at a lower rate of Rs.46,710 per kg. The price decrease was affected by a surge in the stocks and oil over the optimism of a potential vaccine for the Corona virus. The prices kept fluctuating over the next few days and then hit Rs.48,200 per kg on 21 May. The rates of silver continued to increase. On 23 May, the week ended with the metal being sold at Rs.48,350 per kg. This increase in silver rates was due to the fears over a long global economic weakness and this pushed aside a premature enthusiasm over a possible vaccine for the coronavirus. This had led investors to seek refuge in this safe-haven metal for their investments.
    • Silver was trading at the rate of Rs.48,360 per kg at the beginning of the last week of the month. The price of the metal had then hit its highest price for the month on 25 May 2020 at Rs.51,400 per kg. The rates had surged higher due to the increasing concerns over the relation between USA and China and this had an impact on the risk appetite of investors. The price had then decreased to Rs.48,000 per kg on 26 May. After increasing to Rs.48,700 per kg on 27 May, the rates of silver had fallen to Rs.47,910 per kg on 28 May. The week had closed with the price of the precious metal standing at the rate of Rs.48,560 per kg. The month had ended with the white metal standing at the rate of Rs.50,100 per kg. For the month of May 2020, the precious metal witnessed an overall improvement of 17.79% in its performance.

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

    Parameters Silver Price (per kg)
    April 1 Rate Rs.40,500 per kg
    April 30 Rate Rs.41,520 per kg
    Highest Rate in April Rs.42,710 per kg on 21 April
    Lowest Rate in April Rs.40,360 per kg on 6 April
    Overall Monthly Performance Incline
    Percentage Change 2.51%
    • In Tamil Nadu, silver opened at the rate of Rs.40,500 in the month of April. As per the global trends, many investors around the world had turned to the precious white metal as a safe investment option amidst the coronavirus pandemic outbreak which affected stock markets across the world. The investors were avoiding the idea of investing in other assets with higher risk factors owing to the fact that almost every other country had been locking themselves down. Most of the countries had also implemented a certain set of restrictions, which have been affecting the economy. The price of the precious metal was steady during the first week of April due to the anticipation around the release of US jobs data, which would reveal the true extent of the coronavirus pandemic. However, as the first week came towards an end, the prices of the white metal dropped to the lowest price point for the month of April wherein is stood at the rate of Rs.40,360 per kg on 6 April.
    • By the second week of April, the prices of the white metal had started increasing once again. At this point in time, the price of the metal stood at the rate of Rs.41,100 per kg for three consecutive days. The US dollar had also eased during this time, as the US Federal Reserve released the stimulus measures in response to the coronavirus pandemic. The OPEC meet and increasing worries about the global economy delay in getting back to normal conditions had been very slow as Covid-19 pandemic continued to exist with the infection rates being varied across the globe. This led the investors to turn to the precious metals like gold and silver which were being considered to be haven investment options in the face of increasing volatility around the economy and equities which helped to keep prices steady.
    • Towards the beginning of the third week of the month, the prices fluctuated further, with the highest price point for the month of April being recorded on the 21st of April wherein in stood at the rate of Rs.42,710 per kg. The rise in the prices was driven by fears of a global recession. However, the prices were also being driven down owing to the US President, Donald Trump’s announcement of the economy reopening amidst the corona virus spread.
    • By the end of the month, prices of oil dropped to a great extent which led to further volatility in equities which, in turn, led to the consistency of the prices of the precious white metal as investors looked at it as a safer investment option. Overall, the trend for silver in the month of April witnessed an incline with a percentage change of 2.51% in total.

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

    Parameters Silver Price (per kg
    March 1 Rate Rs.47,400 per kg
    March 31 Rate Rs.40,500 per kg
    Highest Rate in March Rs.50,700 per kg on 6 March
    Lowest Rate in March Rs.37,800 per kg on 19 March
    Overall Monthly Performance Decline
    Percentage Change -14.5%
    • With the world being affected by the novel pandemic Coronavirus, the price of silver in the state of Tamil Nadu opened the month of March at Rs.47,400 per kg and showed a decreasing trend throughout the month. The price of the metal increased in the first week of the month with traders awaiting the rate cut by the United States Federal Reserve to counter the effect of the virus on the global economy. Silver prices increased to cross the Rs.50,000 per kg mark on 4 March at Rs.50,100 per kg. After hitting its highest price in the month on 6 March at Rs.50,700 per kg, the white metal’s price decreased marginally by Rs.200 and closed the first week of the month at Rs.50,500 per kg on 7 March.
    • Silver prices in the second week of the month showed continuous fluctuations in its trend in the global market. With the metal hovering around the Rs.49,000 per kg to Rs.50,000 per kg mark in the first half of the month, the metal’s price began to falter in the second half of the week. With the effect of Coronavirus increasing all over the world, traders resorted to cash by selling their assets to survive the crisis. After opening the second week at Rs.50,500 per kg on 8 March, the price of the white metal dipped drastically to Rs.49,200 per kg on 9 March. Even though the metal recovered based on its safe-haven appeal, investors resorted to hoarding cash as the crisis got worse with an increasing number of cases in the United States of America. Silver prices declined to Rs.45,900 per kg on 13 March and closed the week at Rs.44,000 per kg on 15 March.
    • With the increasing number of traders selling off their assets and the rise in the value of the dollar, the price of silver showed no sign of an incline for the third week of March initially. Opening at Rs.43,200 per kg, the price of the metal declined heavily throughout the week, recording its lowest price of the month on 19 March at Rs.37,800 per kg dropping by more than Rs.5,000 per kg since the week’s opening. However, after hitting the monthly low, the price of the white metal recovered marginally crossing the Rs.40,000 per kg mark at Rs.40,100 per kg on 21 March. With the virus’ effect rising in the economy, silver provided safe-haven for investors and with most countries going into lockdown, the price of the metal increased by Rs.400 to Rs.40,500 per kg at the end of the third week.
    • In the last week of the month, silver was priced at Rs.50,400 per kg from 25 March to 31 March with no incline or decline in its prices in the country. With most trading floors closed down due to the government imposed 21-day lockdown, the metal’s price remained steady. At the end of the month, silver closed at Rs.50,400 per kg recording an overall percentage decline of 14.5.

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

    Parameters Silver Price (per kg)
    February 1 Rate Rs.50,300 per kg
    February 29 Rate Rs.47,400 per kg
    Highest Rate in February Rs.52,900 per kg on 24 February
    Lowest Rate in February Rs.47,400 per kg on 29 February
    Overall Monthly Performance Decline
    Percentage Change -5.76%
    • The prices of Silver in Tamil Nadu opened at Rs.50,300 per kg as reports of the outbreak of Corona Virus in China negatively impacted the global markets forcing the investors to stay away from riskier assets and invest in silver which is considered to be a safe haven.
    • The white metal recorded its highest rate on 24 February 2020 at Rs.52,900 per kg after World Health Organisation declared Corona Virus to be a global epidemic. Investors chose to stay away from investing in riskier assets after reports of the disease spreading in six other countries including China.
    • The price of silver dropped on 29 February and recorded its lowest at Rs.47,400 as the outbreak of Corona Virus forced investors to liquidate their assets and stock on cash.
    • Silver had an overall downward trend in February at –5.76% as the outbreak of Corona Virus impacted the movement of global markets negatively.

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

    Parameters Silver Price (per kg)
    January 1 Rate Rs.50,300 per kg
    January 31 Rate Rs.50,200 per kg
    Highest Rate in January Rs.52,600 per kg on 8 January
    Lowest Rate in January Rs.49,200 per kg on 30 January
    Overall Monthly Performance Decline
    Percentage Change -0.19%
    • At the beginning of January, silver prices in Tamil Nadu opened at Rs.50,300 per kg and saw an inclining trend in the first two weeks of the month. This was majorly due to the escalating tensions in the Middle East between the United States of America and Yemen. Moreover, the impeachment inquiry of the United States President, Donald Trump also boosted global silver prices.
    • The price of the metal in the second week of the month declined as investors shifted back to the bullion market based on a stronger dollar value in the market. The signing of the Phase-1 trade deal between China and the United States of America resulted in the dip in the value of the metal. By 15 January, silver prices had dipped to Rs.50,000 per kg.
    • As the global markets got hit by the Coronavirus outbreak from China, there was a slight incline in silver prices due to its increasing safe-haven appeal. The price of the white metal increased to Rs.51,000 per kg on 21 January, however, dipped to a great extent to Rs.49,800 per kg the next day as investors took account of the effect of the virus on the global economy.
    • At the end of the month, silver prices increased gradually and closed the week and the month at Rs.50,200 per kg with a percentage decline of 0.19.

    Also Check Silver Price in NearBy Cities of Tamil Nadu

    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.

    Read more on Silver

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    News About Silver Rate in Tamil Nadu

    • Silver rates gain by over 1 percent

      On Monday, domestic silver rates Tamil Nadu made gains after tracking strength in the global rates of the white metal. On the Multi Commodity Exchange (MCX), silver futures due for a September 4 delivery recorded an increase of 2.78 percent and was trading at Rs.76,219. MCX silver futures contract increased by 1.08 percent and settled at Rs.74,960. The increase brought down the average price of the monthly MCX silver contract to Rs.75,202. International silver price was trading at $28.33 per ounce after increasing by 0.20 percent.

      It must be noted that the opening price of silver jewellery in the country on Monday cost Rs.74,595 per kg. The price of jewellery is calculated after taking into account factors like excise duty and making charges.

      10 August 2020

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