Silver Rate in Trichy

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Silver Price in Trichy

Silver is both a precious and an industrial metal (silver is as a result more prone to undergo some price fluctuations in the short run compared to gold). Silver rates in Trichy are determined by several dynamic variables in the market. Silver is riskier compared to gold, according to keen market observers. Silver can act as a hedge against inflation when there is lack of confidence in fiat money and residents of Trichy are following the trend.

India is the second largest consumer of silver. Unlike gold which is mostly used for jewelry, silver is used in several industrial sectors in Trichy. Traces of silver are found in most electronic devices such as smartphones and tablets among many others. What’s more, silver forms a major component in the manufacturing of photovoltaic cells largely used in solar panels across the country including Trichy.

Trend of Silver Rate in Trichy for November 2018 (rates per kg)

Trend of Silver Rate in Trichy for October 2018 (rates per gram)

Trend of Silver Rate in Trichy for September 2018 (rates per gram)

Trend of Silver Rate in Trichy for August 2018 (rates per gram)

August 2018 - Week 1 (1 - 05):

• On the first day of the month, the highest silver rate for the month of August in Trichy was recorded when the metal was traded at Rs.41,400 per kg.
• On 2 August, poor demand for the metal caused silver prices to fall and trade at Rs.41,100 per kg.
• On 4 August, the price of the white metal surged in Trichy as the retail demand for the metal picked up. On this day, silver increased by Rs.200 per kg.
• On 5 August, silver closed at Rs.41,300 per kg.

August 2018 - Week 2 (6 - 12):

• Silver continued to trade at Rs.41,300 per kg on 6 August due to steady demand for the metal.
• Meanwhile, the value of the US dollar increased compared to other currencies as the US unemployment data revealed positive changes for the economy.
• As the value of the US dollar increased, the price of silver fell by Rs.41,200 per kg.
• On 9 August, silver prices rose and traded at Rs.41,400 per kg. This was also the highest silver rate for the month recorded the second time in Trichy after 1 August.
• On 10 August, as the demand for silver in Trichy fell, the price fell to Rs.41,100 per kg.
• A small hike in silver prices was noted on the last two days of the week when the metal traded at Rs.41,200 per kg.

August 2018 - Week 3 (13 - 19):

• No difference in silver prices was noted on the first day of week 3. On 13 August, the precious metal continued to trade at Rs.41,200 per kg.
• On 14 August, as the retail demand for the metal fell, silver prices fell to Rs.40,900 per kg.
• Though the value of the US dollar increased, stable demand for the metal helped silver prices rise. The silver price in Trichy rose to Rs.41,100 per kg on 15 August.
• However, due to weak overseas trend, the price of the metal fell to Rs.39,900 per kg on 16 August.
• Silver traded at Rs.40,000 per kg from 17 to 19 August.

August 2018 - Week 4 (20 - 26):

• Silver started at Rs.40,000 per kg on 20 August.
• On 22 August, the price of silver fell by Rs.100 per kg and traded at Rs.40,100 per kg.
• On 23 August, silver prices fell to Rs.39,900 as the value of the US dollar increased.
• As the local demand for the metal also fell, the lowest silver rate for the month of August in Trichy was recorded on 24 August when the metal traded at Rs.39,800 per kg.
• Silver closed at Rs.40,200 per kg on 26 August.

August 2018 - Week 5 (27 - 31):

• Silver continued to trade at Rs.40,200 per kg on 27 August in Trichy as the demand from industrial units was stable.
• Silver traded at Rs.40,400 per kg on 28 August.
• As the value of the US dollar started recovering, silver prices fell marginally during the last two days of the month and closed at Rs.40,300 per kg.

Trend of Silver Rate in Trichy for July 2018 (rates per kg)

July 2018- Week 1 (1-10)

• On 01 July 2018, silver rates stood at Rs.42,800 per kg in Trichy.
• Within the next two days, a slight drop in silver prices was recorded as the metal dropped by Rs.400 per kg and traded at Rs.42,400 per kg on 03 July 2018. The fall in silver rates was mainly due to the fall in demand for the metal from industrial units and coin makers.
• Silver prices managed to restore back and hit Rs.42,800 per kg mid-week. Demand from industrial units and coin makers play an important role in the price of silver. As demand picked up, silver rates saw an increase.
• On 9-10 July, the highest silver price of Rs.42,900 per kg for the month of July was recorded.
• The increase in silver rates during the last two days of the week can be attributed to positive market trends and the declining dollar rate over all other currencies.

July 2018- Week 2 (11-17)

• On 11 July 2018, silver prices stood at Rs.42,600 per kg. A drop of Rs.300 was recorded from the previous day. Apart from a fall in demand, no other significant changes in external factors were noted.
• Silver prices dropped continuously throughout the week.
• Silver prices dipped further as the demand for the metal fell. The price of silver from 12 - 14 July stood at roughly Rs.42,200 per kg.
• Though a slight increase in silver rates was noted on 16 July 2018 when the metal traded at Rs.42,300 per kg, it did not remain stable as the prices quickly dropped.
• There was a decline in the dollar value during the last few days of the week, but it did not affect silver rates much.
• Silver dropped further and stood at Rs.42,100 per kg on 17 July.

July 2018- Week 3 (18 - 24)

• On 18 July 2018, silver was priced at Rs.41,700 per kg in Trichy.
• Silver rates dropped by Rs.400 per kg compared to the previous day mainly due to poor demand.
• Throughout the month of July, no significant external factors affected silver rates negatively. Demand was the only reason silver rates fell throughout fell this week.
• On 20 July 2018, the price of silver further dipped to Rs.41,300 per kg. However, this could be due to a rise in the dollar value.
• Silver rates between 21 - 22 July stood at Rs.41,700 per kg. Though the prices slightly picked up on 21 and 22, the rates quickly fell to Rs.41,400 per kg on 24 July.

July 2018- Week 4 (25 - 31)

• On the first day of the week i.e., 25 July 2018, an increase of Rs.100 per kg was recorded. Silver opened at Rs.41,500 per kg.
• On 26 July, the rate of silver increased by Rs.300 per kg and traded at Rs.41,800 per kg as the demand for the metal picked up.
• The price of silver stood at Rs.41,200 per kg as on 28 - 29 July. This was also the lowest silver price recorded for the month.
• By the end of the month, the price of silver increased as dollar rates dropped slightly. The metal stood at Rs.41,400 on 30 - 31 July.

Trend of Silver Rate in Trichy for June 2018 (rates per kg)

June 2018- Week 1 (1-10)

• Silver price in Trichy showed signs of volatility, with the metal opening the week at Rs.42,800 per kg on stable demand from industrial units.
• The recent rally by the dollar ahead of the summit between the United States and North Korea caused some turbulence on the commodity exchanges, as silver rate in Trichy fell to Rs.42,600 per kg on 2 June.
• Local industrial offtake fluctuate based on the dollar rate, as the rupee fell heavily against the dollar for most of the week.
• Prices were stable for the remainder of the week, as investor sentiment moved towards bullion, as silver ended the week priced at Rs.43,700 per kg on 10 June.

June 2018- Week 2 (11-17)

• The positive market trend continued in spite of the dollar gaining on other currencies, as silver opened the second week priced at Rs.43,900 per kg on 11 June.
• Industrial offtake kept prices stable, as both local as well as overseas industrial units increased order volumes ahead of a possible trade war.
• Silver price in Trichy jumped to Rs.44,000 per kg on 12 June before surging to Rs.45,000 per kg on 15 June on sharp dips in the dollar rate.
• The fear of a global trade war led to renewed pressure on the dollar as investors looked to bullion as a safe haven.
• Prices stabilised towards the end of the week, with silver trading at Rs.44,300 per kg on 17 June.

June 2018- Week 3 (18-24)

• Silver in Trichy was priced at Rs.43,400 per kg on 18 June as prices fluctuated following the rapid drop in the dollar rate last week.
• Demand for bullion was on the decline as equity markets recovered amidst positive investor sentiment, with industrial offtake falling steadily.
• Prices fell to Rs.42,900 per kg on 21 June as investors looked to short sell bullion, which affected silver sales as well.
• The continued drop in demand for silver from industrial units led to stagnating sales locally, though overseas demand kept pace with previous sessions.
• There was some fluctuation in prices towards the end of the week, though silver did not see much change in price.

June 2018- Week 4 (25-30)

• The last week of June saw silver price in Trichy decline steadily due to poor demand from industrial units, resulting in silver prices dropping steadily.
• The industrial metal was priced at Rs.43,200 per kg when trading opened on 25 June, with local coin makers reducing offtake due to the rising dollar rate.
• Stable local equity markets coupled with overseas trends led to silver rate in Trichy falling to Rs.43,100 per kg on 26 June.
• The Federal Reserve meeting and a possible interest rate hike led to increased pressure on bullion, as silver prices tumbled to Rs.42,800 per kg on 29 June.
• There was no change in price as the month ended, with silver remaining unchanged from the month’s opening price.

Trend of Silver Rate in Trichy for May 2018 (rates per kg of silver)

May 2018 - Week 1 (1st - 6th):

• When trading began for the month of May, silver rates in Trichy were recorded holding at Rs.42,000 per kg on the 1st. This was also the lowest recorded monthly figure in the city.
• With market participants capitalising on the weakening US dollar, silver price in Trichy surged to Rs.42,600 per kg on the 3rd.
• Thanks to steady demand from local industries and coin makers, rates remained unaltered for much of the week.
• When the week came to an end, the white metal was recorded trading at Rs.42,600 per kg with steady demand brought about by favourable cues overseas.

May 2018 - Week 2 (7th - 13th):

• The second week began with silver price in Trichy holding at Rs.43,200 per kg on the 7th with steady silver demand at the domestic level.
• The 8th saw rates dropping to Rs.43,000 per kg as demand subsided on account of the strengthening US dollar.
• With diplomatic relations worsening between the US and North Korea, demand for safe-haven assets surged during the week. This led silver being priced at Rs.43,100 per kg on the 9th.
• Strong trends overseas coupled with steady investor demand led to prices surging to Rs.43,300 per kg on the 10th.
• An increase in industrial offtake for the metal brought about by the firm trend overseas led to silver rates rising further to Rs.43,500 per kg on the 11th.
• The week came to an end with the white metal priced at Rs.43,500 per kg on the 13th with consistent demand from local industrial units and coin makers.

May 2018 - Week 3 (14th - 20th):

• Trading opened for the week with the industrial metal prices holding at Rs.43,600 per kg on the 14th following a marginal increase in domestic demand from the previous week.
• With market participants speculating over the US-North Korean summit to be held in Singapore, and investors concerned over the success of the meeting gravitated towards safe-haven assets such as the bullion.
• The next couple of days saw commodity markets tumbling with the strengthening US dollar suppressing global demand for the white metal.
• The 15th saw silver rate in Trichy holding at Rs.43,300 per kg before plummeting to Rs.43,000 per kg on the 16th with poor industrial demand amid the strong US greenback.
• Though prices surged to Rs.43,200 per kg on the 17th, a decline in investor demand led to prices dropping again to Rs.43,000 per kg on the 18th.
• Trading concluded for the week with silver priced at Rs.43,100 per kg on the 20th owing to a slight incline in demand from coin makers and industrial units.

May 2018 - Week 4 (21st - 27th):

• The fourth week began in Trichy with silver rate in Trichy holding at Rs.43,100 per kg on the 21st with steady industrial demand amid the positive trend overseas.
• Thanks to strong trends overseas, silver prices rose considerably during the course of the week.
• With tensions rising in the Middle East and the European continent, safe-haven demand surged. This led to rate surging to Rs.43,500 per kg on the 23rd.
• Silver price in Trichy dropped to Rs.43,300 per kg the next day before rising to Rs.43,800 per kg on the 25th with industrial units and coin makers ramping up purchases in order to stock up inventories.
• The week came to an end with the white metal priced at Rs.43,600 per kg on the 27th as local demand stabilised amid the firm trend overseas.

May 2018 - Week 5 (28th - 31st):

• The last week began with silver price in Trichy opening at Rs.43,000 - a drop of Rs.600 from the previous session - on the 28th after global demand plummeted with the US dollar strengthening over the weekend.
• Poor trend overseas coupled with weak domestic demand led to rates plunging to Rs.42,900 per kg on the 30th.
• Trading concluded for the month with the white metal priced at Rs.43,100 per kg on the 31st and Trichy recorded an inline of 2.61% in silver prices during the course of the month.

Trend of Silver Rate in Trichy for April 2018 (rates per kg)

April 2018 - Week 1 (1st - 7th):

• Trading commenced for the month in Trichy with silver rate holding at Rs.41,400 per kg on the 1st on account of steady demand from local industries and coin manufacturers.
• An increase in safe-haven demand brought about by the rising geopolitical tensions between the US and North Korea led to silver rate in Tirchy rising to Rs.41,600 per kg on the 3rd.
• However, an incline in the dollar value coupled with good returns on the equity markets led to demand dropping over the next couple of days.
• Silver was recorded trading at Rs.41,000 per kg on the 5th amid the poor trend overseas. This was also the lowest monthly figure registered in the city.
• Demand, however, picked up towards the end of the week following an increase in industrial orders from the Asian continent. This led to silver being priced at Rs.41,200 per kg on the final day of the week.

April 2018 - Week 2 (8th - 15th):

• The week opened with silver rates in Trichy holding at Rs.41,200 per kg on the 8th with steady demand from industrial units and coin makers amid firm global cues.
• An unevenly performing stock markets coupled with the losing dollar led to silver rates rising during the week.
• With tensions escalating between the US and North Korea, safe-haven demand for the metal surged. This led to the white metal being priced at Rs.41,700 per kg on the 11th.
• Rates rose further to Rs.41,200 per kg on the 12th with investors and traders banking on the assets considered safer such as the bullion as the news about the US-led airstrike on Syria broke out.
• Strong trends overseas coupled with steady demand from global as well as domestic markets led to silver price in Tirchy holding at Rs.41,900 per kg for the remainder of the week.

April 2018 - Week 3 (16th - 22nd):

• The third week began with silver priced relatively higher at Rs.42,100 per kg on the 16th as the bullion markets capitalised on the US attacks last week.
• Poor equity market performances coupled with a losing dollar led to silver prices rising considerably during the week.
• The 19th saw silver prices rising to Rs.43,700 per kg following an increase in industrial orders from the Asian markets.
• With the US dollar index losing against other apex currencies, the greenback weakened. This led to rates surging further to Rs.43,800 per kg on the 20th. This was also the highest recorded monthly figure in Trichy.
• The week came to an end with silver price in Tirchy remaining untouched at Rs.43,800 per kg on the 22nd with steady demand from local industries and coin makers.

April 2018 - Week 4 (23rd - 30th):

• The last week began with silver trading at Rs.43,700 per kg on the 23rd amid favourable market cues.
• However, with markets participants speculating ahead of the US Federal Reserve monetary policy meeting, the dollar strengthened. This led to silver prices plummeting by Rs.700 to Rs.43,000 per kg on the 24th.
• The 25th saw rates recovering to Rs.43,100 per kg before dropping again to Rs.43,000 per kg the next day amid the poor market trend overseas.
• Silver prices dropped further to Rs.42,800 per kg on the 27th on account of subdued demand from local industries and coin makers.
• The month concluded with silver trading at Rs.42,300 per kg on the last day with demand suppressed by the rising dollar and equities.
• Trichy registered an increase of 2.17% in silver price in Tirchy due to the firm global market trends that pushed local demand higher during the month.

Trend of Silver Rate in Trichy for March 2018 (rates per kg)

March 2018 - Week 1 (1st - 4th):

• The silver price in Trichy on the first day of trading in March stood at Rs.41,100 per kg, a slight increase compared to the previous day’s rate.
• With an increase in demand for the industrial metal, silver prices inclined to stand at Rs.41,600 per kg on the third day of trading.
• The silver rate in Trichy continued to rally in the backdrop of a steady demand and firm global cues ending the week with a rate of Rs.41,600 per kg.

March 2018 - Week 2 (5th - 11th):

• The second week opened with silver rate in Trichy holding at Rs.41,700 per kg on the 5th determined by the steady demand from local industries and coin manufacturers.
• During the week, silver prices fluctuated significantly due to uneven demand and global trends.
• On the second day of the week, the silver price in Trichy declined by Rs.300 per kg with the demand declining due to recovering US dollar and equity markets.
• However, on the 7th the rate for a kg of silver rebounded to Rs.41,900 per kg influenced by the rise in offtake by local industries.
• During the next two days, silver rates plummeted as the US dollar appreciated over other major emerging currencies in the global market.
• The white metal was recorded trading at Rs.41,500 per kg on the 8th before declining by Rs.200 to stand on 9th at Rs.41,300 per kg.
• The week ended with silver rates in Trichy closing at Rs.41,600 per kg on the 11th due to an increase in demand by local industries.

March 2018 - Week 3 (12th - 18th):

• The silver price in Trichy on the first day of week 3 stood at Rs.41,600 per kg amid firm global cues.
• On 13th the silver rate dropped to Rs.41,400 per kg with the US dollar appreciating over other currencies after the US jobs data grew stronger than expected.
• However, the next day the silver rate in Trichy inclined to trade at Rs.41,700 per kg. The increase in the rate of the white metal is attributed to tumbling of the US dollar and stock market due to the abrupt firing of the US Secretary of State by the Trump administration.
• With stocks and equities receiving higher returns over the next few days witnessed the silver prices declining to record Rs.41,500 per kg on the 15th and Rs.41,300 per kg on the 16th.
• The week ended with the white metal price holding at Rs.41,100 per kg on the 18th amid weak overseas trend.

March 2018 - Week 4 (19th - 25th):

• Silver traded at Rs.41,000 per kg, its lowest rate for March, as the US dollar held on to its appreciation from the previous day.
• The following day, silver price in Trichy increased to Rs.41,200 per kg before declining on the 21st due to the gains in the US dollar.
• Rates for the white metal continued to increase amid a hike in the demand from domestic industries and coin manufacturers in order to stock up inventories.
• On the 23rd, the price for a kg of silver in Trichy inclined to Rs.41,600 in the backdrop of speculations of a possible increase in the Fed rate by the Federal Reserve.
• For the rest of the week, silver rate in Trichy remained steady amid positive global cues with a kg of silver holding at Rs.41,600.

 

March 2018 - Week 5 (26th - 31st):

• The silver price in Trichy opened at Rs.41,600 per kg in the final week of March.
• On the 27th, the silver price rose to Rs.41,800 per kg as investors banked on the bullion market amid geopolitical tensions between the US and Russia.
• However, the white metal lost a little but sheen owing to the decline in demand in industrial demand despite strong overseas trends.
• On the last day, the silver rate in Trichy stood at Rs.41,400 per kg with steady demand from domestic industries and coin manufacturers amid the appreciation of the US dollar and equities.
• Overall, Trichy registered an incline in trend at 0.72% in silver trading during March 2018.

Trend of Silver Rate in Trichy for February 2018 (rates per kg)

February 2018 - Week 1 (1st - 4th):

• The month began in Trichy with silver trading at Rs.42,600 per kg - the highest recorded monthly figure - on the 1st after the US dollar and equities lost ground ahead of the US jobs data later during the week.
• Thanks to steady demand from coin makers and industrial units amid the positive trend overseas, silver rate in Trichy were recorded holding firm at Rs.42,600 per kg the following day.
• However, the stronger than expected employment data resulted in the US dollar regaining its lost sheen and silver was priced at Rs.41,700 per kg on the 3rd.
• Silver price in Trichy remained unchanged at Rs.41,700 per kg with steady domestic demand for the remainder of the week.

February 2018 - Week 2 (5th - 11th):

• When trading commenced for the second week, the industrial metal prices recorded holding at Rs.41,500 per kg on the 5th after a weak trend overseas led to a decline in demand.
• With the US dollar losing against other apex currencies, silver rate in Trichy surged to Rs.41,900 per kg on the 6th.
• However, with the dollar index regaining lost ground, prices plunged to Rs.41,500 per kg the next day.
• With industrial demand taking a hit against the strong dollar rates, silver rates dropped further to Rs.40,800 per kg on the 8th.
• Silver price in Trichy rebounded to Rs.41,000 per kg on the 9th before plummeting to Rs.40,600 per kg - the lowest recorded monthly figure - on the 10th amid the strengthening US dollar and equities market.
• Poor domestic demand compounded by weak global cues resulted in silver rates holding at Rs.40,600 per kg for the remainder of the week.

February 2018 - Week 3 (12th -18th):

• Silver price in Trichy were greatly influenced by the US inflation data released during the week.
• The week began with the white metal priced at Rs.40,900 per kg on the 12th.
• With markets refraining from making purchases ahead of the US inflation data, the US dollar dropped. This led to silver being priced at Rs.41,300 per kg on the 13th.
• The 14th saw silver rates rising to Rs.41,400 per kg before surging further to Rs.41,800 per kg on the 15th after the dollar weakened with investors eyeing on the inflation data for clues on the pace of interest rate hikes during the year.
• With the US dollar index touching near three-year lows in the global market, prices stabilised at Rs.41,700 per kg on the 16th.
• With investors gravitating on safe-haven assets to hedge against inflation concerns, demand for the white metal rose. This led to silver rate in Trichy holding steady at Rs.41,700 per kg until the 18th.

February 2018 - Week 4 (19th - 25th):

• When trading commenced for the week, silver price in Trichy were recorded holding at Rs.41,600 per kg on the 19th.
• Silver rates dropped to Rs.41,200 per kg on the 20th after the US dollar gained against a basket of other emerging currencies.
• Though prices remained untouched at Rs.41,200 per kg on the 21st, silver rate in Trichy rose to Rs.41,400 per the following day with an increased demand from local industries and coin manufacturers.
• On the 23rd, the industrial metal prices were recorded holding at Rs.41,600 per kg with strong demand amid the positive trends overseas.
• However, with the US dollar index and equities gaining in the international markets, rates plunged to Rs.41,500 per kg on the 24th.
• The week concluded with silver closing at Rs.41,500 per kg on the 25th owing to steady demand from coin makers and industries.

February 2018 - Week 5 (26th - 28th):

• The last week commenced with silver trading at Rs.41,600 per kg on the 26th ahead of the Federal Reserve chairman Jerome Powell’s first testimony to address the nation regarding inflation concerns.
• With traders and investors eyeing on the Fed chairman’s speech for clues on the pace of US interest rate hikes, the dollar weakened. This led to silver rate in Trichy surging to Rs.41,700 per kg on the 27th.
• However, the dollar regained lost ground after Jerome Powell vowed to save the nation from further economic crisis while continuing with the gradual Fed rate hikes during the year. This resulted in silver being priced at Rs.41,200 per kg on the 28th.
• Silver price in Trichy declined by 3.28% due to the weak global cues that resulted in reduced demand for the metal.

Trend of Silver Rate in Trichy for January 2018 (rates per kg)

January 2018 - Week 1 (1 - 7):

• When trading began in Trichy, silver was recorded trading at Rs.38,925 per kg on the 1st This was also the lowest recorded monthly figure in the city.
• Thanks to steady demand from local coin makers and industrial units, prices remained untouched at Rs.38,925 per kg the next day.
• Rates surged to Rs.39,110 per kg on the 3rd before plunging to Rs.38,995 per kg on the 4th after demand for the metal declined amid the strengthening US dollar.
• However, demand picked up with the dollar index losing against a basket of other emerging currencies towards the end of the week.
• Silver prices rose to Rs.39,265 per kg on the 5th which rose further to Rs.39,355 per kg on the 6th following an increase in demand amid the positive trends overseas.
• Steady demand coupled with strong global cues resulted in silver rates remaining untouched at Rs.39,355 per kg for the remainder of the week.

January 2018 - Week 2 (8 - 14):

• Silver prices were recorded holding steady at Rs.39,355 per kg on the 8th when the week began amid positive overseas trends.
• However, with the US dollar gaining against other apex currencies in the global markets, demand for the metal declined. This led to the metal being priced Rs.39,115 per kg and Rs.38,925 per kg on the 9th and the 10th respectively.
• However, with demand picking up after an increase in offtake by industries and coin makers, prices surged to Rs.39,110 per kg on the 11th.
• Strong global cues coupled with steady domestic demand resulted in the white metal prices remaining untouched at Rs.39,110 per kg the following day.
• Silver rates rose to Rs.39,265 per kg on the 13th which surged further to Rs.39,355 per kg on the 14th due to a decline in the US dollar index value in the international markets.

January 2018 - Week 3 (15 -21):

• The third week saw silver prices rising initially before plummeting on poor global cues towards the end of the week.
• Silver was recorded trading relatively higher at Rs.39,680 per kg on the 15th as demand for the metal picked up amid the weakening equities and the US greenback.
• Prices dropped slightly to Rs.39,670 per kg on the 16th and continued to remain unchanged at the same rate the next day.
• The US dollar, however, regained lost ground and pushed demand lower for the industrial metal. This led to silver being priced at Rs.39,265 per kg on the 18th.
• Though the white metal prices dropped to Rs.39,115 per kg on the 19th, silver rates rebounded to Rs.39,265 per kg on the 20th following an uncharacteristic increase in demand in the domestic markets.
• Steady demand from coin manufacturers and industries despite the weak global cues resulted in the industrial metal being priced at Rs.39,265 per kg for the rest of the week.

January 2018 - Week 4 (22 -28):

• Strong safe-haven demand compounded by positive global cues resulted in silver rates rising significantly during the week.
• When trading began for the week, the industrial metal was priced at Rs.39,265 per kg on the 22nd.
• Steady domestic demand from local coin makers and industrial units amid the firm trends overseas resulted in the metal prices holding steady at Rs.39,265 per kg until the 24th.
• The 25th, however, saw silver rates surging to Rs.40,285 per kg on the 25th after investors and traders speculating over possible US government shutdown concerns ramped up safe-haven purchases.
• Thanks to strong global demand amid the strong global cues, prices remained untouched at Rs.40,285 per kg until the end of the week.

January 2018 - Week 5 (29 - 31):

• The final week commenced with silver opening on a stronger note with the metal priced at Rs.42,700 per kg - the highest recorded monthly figure- on the 29th with an increased domestic demand brought about the positive trends overseas.
• However, with markets eyeing on the two-day monetary policy meeting at the US Federal Reserve, the US dollar surged.
• The strengthening greenback coupled with firmer equities resulted in silver rates holding steady at Rs.42,200 per kg on the 30th and the 31st.
• Silver prices in Trichy rose by 8.41% owing to the strong trends that pushed rates higher during the month.

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.

Also Check Silver Price in NearBy Cities of Trichy