Silver Rate in Trivandrum

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Silver Price in Trivandrum

Silver is a sought-after precious metal in Trivandrum. Besides its expanding industrial usage, it is bought in various forms such as traditional intricate jewellery, silverware, articles used for ritualistic purposes in addition to artefacts. Many consumers in Trivandrum present trendy gift articles made of silver during the wedding season. For many consumers in Trivandrum, silver is considered as a harbinger of good luck, a symbol of social prestige and prosperity.

Many consumers belonging to the middle-class and upper middle-class sections buy the white precious metal as they consider it as a safe haven of investment in the long term against any kind of economic instability. Many small investors in Trivandrum buy silver given that it is more affordable than the yellow metal. Silver is respected for its intrinsic value and instant acceptability across the world.

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

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

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

• Silver opened the month of May at Rs.42,530 per kg. Compared to the closing price of the previous month, the rates were up by Rs.1,010 for every kilogram. The rates dropped in the city on 2nd May due to increased risk appetite among investors and the value of dollar increasing in the international market. A kilo of the white metal cost Rs.41,010, the lowest recorded price of the metal for the month. Over the next few days, the rates increased gradually before jumping by Rs.300 on 5th May. The white metal closed the opening week of the month on Rs.42,010 per kg.
• The precious metal opened the second week of the month on Rs.42,060 per kg. While the rates were on an inclining trend over the first half, silver prices faltered on 12th and 13th May before closing the week at Rs.42,960 per kg. The decline in the rates was because investors shifted away from the bullion expecting the economy to recover fast.
• Over the next two weeks, the rates of the white metal witnessed a lot of fluctuations in the city. It was accounted to factors like decreased risk appetite amongst investors and trade tensions between the US and China. Silver recorded its highest price for the month on 25th May when a kilogram of the metal cost Rs.51,400. In Trivandrum, the white metal closed the month at Rs.50,100 per kg with the percentage change being 17.79%.

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

• In the city of Trivandrum, the price of silver opened the month of April at Rs.40,500 per kg on 1 April and held steady at the same price for the majority of the week due to the shut-down of major bullion trading centres to prevent the outbreak of COVID-19. The price of the metal showed minor changes on 6 April when it dipped from Rs.40,500 per kg to Rs.40,360 per kg. On 7 April, the price of the white metal increased marginally by Rs.10 and closed the first week of the month at Rs.40,370 per kg. The drop and marginal rise in prices were due to investors shifting to the stock market amidst increased risk appetite with the dollar value increase in the international market.
• On 8 April, the precious metal opened the second week of the month at a higher price of Rs.41,290 per kg with investors shifting back to the bullion market due to its safe-haven demand with new cases of COVID-19 rising rapidly in various countries all over the world. The price of the metal dipped substantially on 9 April at Rs.40,960 per kg. In the second week of the month, the price of the metal showed steady prices with minor fluctuations at the beginning of the week. On 10 April, the price of silver had increased marginally to Rs.41,000 per kg and remained steady at Rs.41,100 per kg on 11 April and 12 April. Increasing by Rs.200 per kg, the price of silver increased on 14 April to Rs.41,310 per kg and hit its highest price of the week on 15 April, at Rs.41,920 per kg. The rise in prices of the metal was due to the rising number of fresh cases of COVID-19 along with central banks and the United States Federal Reserve releasing funds to help the economy survive.
• The price of silver fluctuated heavily in the third week of the month as well. Opening the week at Rs.41,860 per kg on 16 April, the price of the precious metal increased marginally to Rs.41,900 per kg on 17 April. The rise in prices was due to global factors affecting the international prices of the bullion. However, during the rest of the week, the price of silver dipped extensively to Rs.41,210 per kg on 18 April and further dropped to Rs.41,160 per kg on 19 April. The fall in prices was majorly due to the dip in local demand with investors shifting to the stock market momentarily with possible reports of a vaccine to treat the virus. Due to this, the safe-haven appeal of the metal dipped considerably. However, in the latter half of the week, the price of silver hit its weekly and monthly high on 21 April at 42,710 per kg with the number of cases rising again all over the world and talks of a possible vaccine faded out. At the end of the week, silver prices closed at Rs.41,420 per kg on 23 April.
• In the last week of April, the price of the metal increased to a great extent due to the worsening of the effect of COVID-19 on the world and the economy. With central banks offering stimulus packages and continuous changes in economic policies to support the economy, the price of the metal increased, opening the last week at Rs.42,430 per kg on 24 April and increasing to Rs.42,610 per kg by 27 April. However, in the latter half of the week, the price of the metal showed continuous declines with speculations arising of easing the lockdown in various countries and help restart the economy by opening primary businesses. With this, the risk appetite of investors increased, and the metal’s price dipped to close the month at Rs.41,520 per kg on 30 April with an overall percentage incline of 2.51.

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

• Opening the month at Rs.47,400 per kg, silver prices in Trivandrum showed an inclining trend in the first two weeks of March. After increasing to Rs.48,500 per kg on 2 March and holding steady at the same price on 3 March, the white metal’s prices increased to Rs.50,100 per kg with investors awaiting on rate cuts by the United States Federal Reserve to help the falling economy. After dipping marginally on 5 March at Rs.49,900 per kg, the price of the metal increased to hit its highest price of the month at Rs.50,700 per kg on 6 March on rising expectations of the interest rate cut.
• In the second week of March, the precious metal was Rs.50,500 per kg on 7 March and showed a fluctuating trend in its prices with traders and investors eagerly awaiting on the rate cut decision to be made by the United States Federal Reserve. The price of silver on 9 March dipped to Rs.49,200 per kg. With the dip in equities in the market, the focus of investors was on the bullion market, thus resulting in an increase in prices. On 10 March, the price of silver was at Rs.50,000 per kg. However, at the end of the week, silver prices showed a heavy decline with traders selling off their assets for cash. At the end of the week, a kg of silver was priced at Rs.44,000.
• The last 2 weeks of March saw a heavy decline in prices of the white metal as investors sold their assets for liquidity due to the effect of the Coronavirus outbreak on the economy. On 16 March, the price of silver was Rs.43,200 per kg in the city, decreasing to Rs.39,000 per kg on the very next day on 17 March. By the end of the third week, silver prices had seen a major drop on 20 March at Rs.39,900 per kg. The price of the metal closed the third week of the month after increasing marginally, at Rs.40,500 per kg on 25 March.
• The price of silver in the last week of the month remained steady at Rs.40,500 per kg from 26 March till the ending of the month. With the value of the dollar remaining steady in the market, and the United States Federal Reserve announcing measures to be taken to tackle the outbreak of the virus in the country and the world, the demand for the metal remained steady in the global markets. Silver closed the month at Rs.40,500 per kg in the city recording an overall percentage decline by 14.5.

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

• In Trivandrum, silver rates opened the month at Rs.50,300 per kg and showed a fluctuating trend throughout the month. The metal had hit its highest price in 7 years in this month due to the effect of the Coronavirus on the global economy. By 5 February, the price of the white metal had dipped marginally as China liquidated funds and reduced the reverse repo rate to help stabilise their economy. On 5 February, the price of the metal was Rs.49.600 per kg.
• In the second week of the month, the white metal’s prices remained steady with minor changes in its price in the country. After increasing to Rs.50,000 per kg on 7 February, the price of the precious metal had dipped marginally, however recovering to be priced the same on 15 February. Amidst the fears of the virus, which escalated the price of the metal, a strong dollar limited the gain of the bullion market.
• Silver saw a major rise in its prices in the third week of the month even though the metal’s prices had steadied in the international market at the beginning of the week. With the help of a one-day holiday trade. However, this did not last long as the equities had taken a hit due to the escalating effect of the virus.
• Silver prices hit its monthly high at Rs.52,900 per kg on 24 February. However, this price did not last long as investors booked profit leading silver to close the month at a monthly low of Rs.47,400 per kg on 29 February. The metal showed a percentage decline of 5.76 at the end of the month.

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

• As the tensions in the Middle East escalated between the United States of America and Yemen, the price of the white metal at the beginning of the month was Rs.50,300 per kg and increased in the first week. The metal hit its monthly high at Rs.52,600 per kg on 6 January. Silver prices hit record highs in the first week of the month as investors shifted to the bullion as its safe-haven appeal increased.
• However, in the middle of the month, as the United States of America signed the interim Phase-1 trade deal with China, the pressure of the stock market eased, and investors shifted back to the market. The price of silver eased in Trivandrum and was Rs.50,700 per kg by 20 January.
• In the latter half of the month, the price of silver showed continuous fluctuations due to the outbreak of the Corona virus in China. Investors switched back to the bullion market due to its safe-haven appeal and hit Rs.51,700 per kg on 27 January.
• There minor fluctuations in the metal’s prices as investors awaited developments on the rate cuts by the United States Federal Reserve and China showing positive manufacturing data. However, the precious metal closed the month at Rs.50,200 per kg on 31 January.

Also Check Silver Price in NearBy Cities of Trivandrum

Silver as an investment

Silver, also known as ‘poor man’s gold’ is in demand as it is within the reach of most consumers (10 grams of silver coin costs around Rs.340) apart from being viewed as a safe hedge against inflation. For many consumers in Trivandrum, sterling grade silver is considered a good mode of investment in the long term. Also known as grade 925, sterling grade is made up of 92.5% silver and 7.5% copper or any other metal.

Physical silver: Many consumers in Trivandrum buy silver coins and bars. Silver is also sought in the form of silverware and traditional ornaments. There are several major jewellery stores in Trivandrum which offer various kinds of silver articles. Attractive items of jewellery such as toe-rings, necklaces and bracelets among many others are also sold.

Silver contracts: Silver is traded in National Multi Commodity Exchange (NMCE), Multi Commodity Exchange (MCX) and National Commodity & Derivatives Exchange (NCDEX). SILVERM is traded in units of 5 kg while Silver micro is traded in 1 kg (unit).

Silver rate in Trivandrum

Silver rate in Trivandrum depends on a host of factors influenced by various geo-political and economic developments. 1 kg of the precious metal was pegged at Rs.40197 at the start of 2015 but decreased by -5.9% to Rs.37800. The price of silver continued to slide in the following months of March and April barring a mini rally in May where the 1 kg of silver was pegged at Rs.40530. The price of silver plummeted by -8.1% to Rs.37237. The downward slide continued in June and July before rising marginally by 2.6% at Rs.36147 in August. The price of silver fell by -3.0% to Rs.35049 in September. The months of October and November witnessed a similar trajectory as price of 1 kg of silver fell by around -2.2%. The precious metal was pegged Rs.34343 in December.