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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
Trend of Silver Rate in Tamil Nadu for April 2018 (rates per kg)
|Parameters||Silver price (per kg)|
|April 1 Rate||Rs.41,400 per kg|
|April 30 Rate||Rs.42,300 per kg|
|Highest Rate in April||Rs.43,800 per kg on 20 and 22 April|
|Lowest Rate in April||Rs.41,000 per kg on 5 April|
|Overall Monthly Performance||Incline|
Trend of Silver Rate in Tamil Nadu for March 2018 (rates per kg)
|Parameters||Silver price (per kg)|
|March 1 Rate||Rs.41,100 per kg|
|March 31 Rate||Rs.41,400 per kg|
|Highest Rate in March||Rs.41,900 per kg on 7 March|
|Lowest Rate in March||Rs.41,000 per kg on 19 and 21 March|
|Overall Monthly Performance||Incline|
March 2018 – Week 1 (1 – 4):
- The first week witnessed silver price in Tamil Nadu rising with shaky equity markets and dollar performances pushing demand higher for the white metal during the week.
- The week began in Tamil Nadu with silver priced a Rs.41,100 per kg on the 1st amid firm overseas trends.
- Rates surged to Rs.41,400 per kg on the 2nd after the US dollar index lost against a basket of other major emerging currencies in the international market.
- The weakened US dollar coupled with bullish demand for the metal led to silver prices rising to Rs.41,600 per kg on the 3rd.
- Strong trends overseas coupled with steady demand from local industrial units and coin makers led to silver rate in Tamil Nadu holding firm at Rs.41,600 per kg for the remainder of the week.
March 2018 – Week 2 (5 – 11):
- The second week saw silver price in Tamil Nadu fluctuating considerably with uneven global cues leading to vagaries in demand during the week.
- When the week began, the industrial metal prices were recorded holding at Rs.41,600 per kg on the 6th steady demand from industrial units and coin manufacturers.
- Prices plunged to Rs.41,400 per kg on the 7th after demand took a hit after the dollar index rose against a basket of other emerging currencies in the international market.
- The 8th saw silver rates surging to Rs.41,900 per kg following an increase in industrial offtake in the domestic level after industries tracked a firm trend overseas.
- But with the greenback regaining lost ground from its previous session’s decline, prices dropped to Rs.41,500 per kg on the 8th.
- On the 9th, silver rate in Tamil Nadu dropped further to Rs.41,300 per kg as the US dollar rose amid the well performing equity markets.
- Thanks to an increase in domestic demand from local jewellers and retailers over the next few days, prices rebounded to Rs.41,600 per kg on the 10th and continued trading at the same rates for the rest of the week.
March 2018 – Week 3 (12 – 18):
- Trading commenced for the week with the white metal priced at Rs.41,600 per kg on the 12th with demand remaining unchanged from the previous week.
- The US dollar rose after the US employment data reported an increase in the number of jobs associated to the country’s economy. This led to silver being priced at Rs.41,400 per kg on the 13th.
- Prices rose to Rs.41,700 per kg on the 14th after the greenback lost significant ground with markets shaken by the abrupt dismissal of Rex Tillerson the US Secretary of State by the White House.
- However, with markets speculating over the possibilities of a Fed rate hike by the central bank next week, the dollar rebounded. This led to silver price in Tamil Nadu dropping to Rs.41,500 per kg on the 15th.
- The next couple of days saw silver rate in Tamil Nadu dropping significantly amid the rising dollar and recovering equities. The white metal was priced at Rs.41,300 per kg on the 16th before plunging further to Rs.41,100 per kg on the 17th amid the poor market trends overseas.
- When the week came to an end, the industrial metal prices were recorded holding at Rs.41,100 per kg on the 18th with subdued demand by industrial units and coin makers amid weak global cues.
March 2018 – Week 4 (19 – 25):
- Trading opened for the week with the white metal priced relatively lower at Rs.41,000 per gram on the 19th following a slight decline in demand from the previous week.
- Thanks to an increase in demand from local coin manufacturers and industrial units, silver price in Tamil Nadu surged to Rs.41,200 per kg on the 20th.
- Though rates plunged to Rs.41,000 per gram the next day, silver rate in Tamil Nadu soon rebounded with investors and traders banking on the metal to hedge against the uneven equities and the metal was recorded trading at Rs.41,500 per kg on the 22nd.
- With markets cautious ahead of the US Federal Bank monetary policy announcement on future Fed rate hikes, demand for the white metal remained strong over the next few days. Silver was priced at Rs.41,600 per kg on the 23rd amid the firm overseas trends.
- The week came to an end with prices remaining untouched at Rs.41,600 per kg on the 25th with the bullion market following strong trends overseas.
March 2018 – Week 5 (26 – 31):
- The last week saw silver prices rising initially before the recovering US dollar and equities resulted in muting the demand as the week progressed.
- Silver was priced at Rs.41,600 per kg on the 26th when the week began with firm market trends from the previous week.
- The 27th witnessed an increase in demand for safe-haven assets due to rising tensions between US and Russia resulting in silver prices surging to Rs.41,800 per kg.
- However, with the US dollar regaining lost ground from its previous rally of losses, silver rate in Tamil Nadu plunged to Rs.41,500 per kg on the 28th.
- Poor domestic demand along with weak market trends overseas led to silver price in Tamil Nadu dropping further to Rs.41,400 per kg on the 29th.
- The month came to an end with the industrial metal prices holding firm at Rs.41,400 per kg on the 31st with subdued but steady demand by coin makers and industries amid weak global cues.
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|