Silver Rate in Trichy

Trend of Silver Rate in Trichy or July 2020 (rates per kg)

Trend of Silver Rate in Trichy or June 2020 (rates per kg)

Trend of Silver Rate in Trichy or May 2020 (rates per kg)

• Silver opened the month of May at Rs.42,530 per kg in Trichy. The rates were up by Rs.1,010 for every kilo when compared to what was charged on the last day of April. The price of the white metal slipped in the city the following day as the value of dollar increased in the international market. The drop in the rates meant that silver recorded its lowest price for the month with every kilo being retailed for Rs.41,010.
• The metal opened the second week of May at Rs.42,060 per kg. As investors shifted away from riskier assets fearing a second wave of coronavirus cases, the rates climbed to Rs.43,620 per kg on 11th May. The rates slipped over the next couple of days and closed the week at Rs.42,960 per kg.
• Over the next two weeks, the rates continued to fluctuate in the city. This was accounted to reasons like tensions between Washington and Beijing, riots in the major cities of the United States, and investors awaiting the response of the White house regarding Hong Kong. The metal recorded its highest price for the month on 25th May with a kilo costing Rs.51,400 per kg. The metal’s overall performance of the white metal in Trichy witnessed an inclining trend with the percentage change being 17.71%.

Trend of Silver Rate in Trichy or April 2020 (rates per kg)

• In Trichy, silver was priced at Rs.40,500 per kg at the start of the month of April. There was no change in the rates of the white metal when compared to the closing price of the previous month.
• Having stayed constant for the first five days, the rate of the precious metal slipped to its lowest for the month on 6th April with a kilo costing Rs.40,360 in the city. The decline in the prices was driven by the strengthening of the U.S. dollar and global equities as the number of Covid-19 cases saw a slowdown.
• The rates of the white metal touched its highest for the month on 21st April as investors found refuge in safe-haven assets following a record dip in U.S. crude oil prices as demand for the fuel fell. On the mentioned date, a kilo of the precious metal cost Rs.42,710 in Trichy.
• Silver closed the month of April at Rs.41,520 per kg. The overall performance of the metal witnessed an inclining trend in the city with the percentage change being 2.51%.

Trend of Silver Rate in Trichy or March 2020 (rates per kg)

• Silver opened the month of March at Rs.47,400 per kg in Trichy. Compared to the closing price of the precious month, there was no change in the prices. The rates increased the following day due to the anticipated cut in the interest rates by the US Federal Reserve.
• As the US Federal Reserve cut the interest rates given the prevailing situation, the rates of the white metal jumped to Rs.50,700 per kg on the 6th of March. This was the highest recorded price for the month.
• The rates of silver dropped in the city following that as investors embarked on a selling spree to hoard cash due to the increase in the US dollar along with the fear of coronavirus looming over the global markets. The decline saw a kilogram of silver being retailed for Rs.37,800 on 19th March. This was the lowest recorded price of silver over the month in Trichy.
• As unprecedented measures were announced by the US Federal Reserve in a bid to absorb the impact of coronavirus on the economy, the rates of the white metal improved in the city. Silver closed the month at Rs.40,500 per kg after the rates remained constant over the last week of March. The prices witnessed a declining trend over the month.

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

• Jaipur saw a declining trend in silver prices in the month of February. The metal opened the month at Rs.50,300 per kg on 1 February and had dropped by Rs.700 per kg by 5 February itself to be priced at Rs.49,600 per kg. This was majorly due to China liquidating funds and cutting down the reverse repo rates in the country to help float their economy. The price of the metal increased again due to increased fears with a greater number of cases of the virus being reported in the world.
• After increasing marginally to Rs.49,900 per kg by 10 February, silver prices in the city fluctuated through the second week of the month. With reports of new cases of the virus every day, investors shifted to the bullion market amidst lower risk appetite and increased safe-haven demand. The price of the white metal increased to Rs.50,000 per kg on 15 February. However, the prices had dipped marginally in the week when it was reported that the number of new cases of the virus had decreased.
• In the third week of February, silver prices in the city saw an incline with South Korea reporting fresh new cases along with a rise in the number of deaths due to the virus. Traders shifted to the bullion market quickly amidst the fears, thus increasing the demand for the metal. On 20 February, the price of the metal was Rs.52,100 per kg and had increased to Rs.52,900 per kg by 24 February.
• However, due to silver’s higher prices and constant fluctuation investors took to profit booking which was the primary reason for the monthly decline. With the profit booking, silver prices in the city and country dipped drastically. At the end of the month, the metal closed at a low price of Rs.47,400 per kg on 29 February with an overall decline of 5.76%.

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

• At the beginning of January, silver rates opened at Rs.50,300 per kg and exhibited a decreasing trend throughout the month. However, even with a positive trend at the beginning of the month, silver rates ended January with an overall declining percentage.
• By 6 January, due to the escalating tensions between Iran and the United States of America, the price of the metal increased and hit its monthly high at Rs.52,300 per kg. However, as the United States of America and China agreed on Phase 1 of the trade deal, the dollar value rose and affected the metal’s prices negatively.
• By 14 January, silver prices hit close to its monthly low at Rs.49,700 per kg due to the stock market showing positive signs amidst a strong dollar value. However, in the second half of the month, as the news of the Coronavirus broke out, investors shifted to the bullion.
• The price of silver at the end of the month was Rs.50,200 per kg as the WHO declared a World Health Emergency due to rising fears on the virus. At the end of the month, silver prices closed with a declining percentage of 0.19%.

Also Check Silver Price in NearBy Cities of Trichy

Silver as an Investment

When the market is bearish, investors have little confidence in the white metal, which leads to plummeting price. Many keen market analysts believe that silver, by and large, tends to follow the prices of gold. It would be more prudent to buy the white precious metal during times of recession while sell it during a boom, believe experts. Silver can be effectively used as a hedge against inflation in the long term but cannot be used as a hedge against recession in the short term.

Jewelry - Over the past few years, there has been a slight increase in demand for silver jewelry across the country which can be partly attributed to the fact that gold has become out of reach for many consumers across the country. Also, silver jewelry is catching up among youngsters. For instance, a bracelet made of sterling silver is considered to be more desirable (and cheaper) compared to gold.

Coins - Coins can be bought from reputed jewelry stores at current rates in the market. However, decorative coins involve making charges which you won’t be able to recover during resale. Also, storage issues remain if you make a huge investment.

ETFs - Silver exchange traded funds (ETFs) are not currently available in the country. However, investors can trade in silver ETFs available in the US market. Also, investors can buy stocks of reputed silver mining companies regularly listed on the Nasdaq or Dow.

Silver Price Trends in Trichy

One gram of silver is currently pegged at Rs. 39.70 in Trichy. Silver rates in Trichy have plummeted in the past few months in that one gram of silver was priced at Rs. 41.10 in the month of May. Silver rates have been fluctuating overall in the city of Trichy with one gram of silver priced at Rs 40.10 in the month of April while the metal was pegged at Rs. 40.90, Rs. 40.20 and Rs.42 in the months of March, February and January respectively this year.

Where to Buy Silver in Trichy?

There are several top rate silver jewelry showrooms in Trichy such as Om jewellery, Amar Jewellery House, Mangal and Mangal Jewellery, GRT Jewellers, Idhayam Thanga Maaligai, Thangamail Jewellery and G T Thanga Maaligai among many others.

Read more on Silver

• About Silver Mining
• Silver Jewelry
• Why Should You Invest in Silver?
• How to Find Certified/Authentic Silver
• Need for Silver as an Industrial Commodity