Silver Rate in Uttarakhand

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

    ₹ 66.95
    Today's Silver Rate per gram

    Compare Silver Rate In Uttarakhand (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 Uttarakhand 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 Uttarakhand

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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 Uttarakhand

    The “Land of Gods”, Uttarakhand holds an important position in the hearts and minds of Indians. Nestled under the foothills of the Himalayas, this small state is the abode of temples and monasteries, with millions of people visiting it every year. Most of the devotees who come here leave behind offerings, a number of them choosing to donate silver, making silver intrinsic to the way of life here. Given that there are no major silver reserves in Uttarakhand, residents and travellers alike have to use silver which has been imported into the country. The price of silver in Uttarakhand, is therefore, dependant on international silver trends, with prices changing on a regular basis.

    Trend of Silver Rate in Uttarakhand 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 Uttarakhand 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 Uttarakhand 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 the month of May, silver opened in Uttarakhand at the rate of Rs.42,530 per kg. Soon after, it witnessed a dip and stood at the rate of Rs.41,010 per kg on the very next day. However, it started picking up as the week went by, closing the week at the rate of Rs.42,010 per kg. These fluctuations could be attributed to several factors, including the investors liquidating their long positions on the back of several economic stimulus packages released by governments across the world to very little US jobs data that highlighted the grim economic situation. These things led to the gains for silver as a safe-haven investment in such unpredictable times. The jump in prices of silver were also due to the rising tensions in regard to the tiff between the USA and China with Trump threatening new tariffs on China that rattled the stock market. However, the dollar remained firm, which led to prices of silver remaining steady overall in the first week of May in Uttarakhand.
    • In the second week of May in Uttarakhand, silver opened at the rate of Rs.42,060 per kg which was an increase from the previous week’s closing price. However, the prices continued to rise as the week passed by and even touched the rate of Rs.43,620 per kg on 11 May. Soon after, it also dipped by the end of the week where it stood at the rate of Rs.42,960 per kg. The dip in prices was in response to optimism around the stock market picking up with several world economies opening up again after the lockdowns that lasted for weeks. These lockdowns had affected the economic activities severely. The rise in prices were in response to fears around a fresh wave of coronavirus infections in such countries that led to more interest in precious metals as a safe-haven investment, especially if the economy was being so unpredictable and recovery seeming to be more in the long haul now.
    • The precious white metal continued to rise steadily through the third week of May in Uttarakhand, with the price rising to as high as Rs.48,510 per kg on 19 May. The week started with the prices standing at the rate of Rs.43,160 per kg and ended the week standing at the rate of Rs.48,200 per kg. Investors continued to flock to precious metals as a safe-haven investment in light of the coronavirus pandemic showing up in a second wave in many countries where there was optimism around the lockdown being lifted. The US-China tensions and possible new tariffs being imposed on China by the US led to more fears of a worsening trade war which made stock markets and equities even less appealing. All these factors contributed to the steady increase in prices of silver through this week.
    • In the last week of the month, the prices of silver had hit the highest for the month on 25 May wherein it stood at the rate of Rs.51,400 per kg. The week ended with the price of the metal standing at the rate of Rs.50,100 per kg. This was a steady increase from the start of the week when it was Rs.48,250. The rising trade tensions between China and USA and the anticipation around Trump’s response to the Hong Kong riots triggering the Chinese government led to lower risk appetite and a higher appeal for safe haven investments. The trend of silver prices in Uttarakhand in the month of May witnessed an overall and a steady incline of 17.79%.

    Trend of Silver Rate in Uttarakhand 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%
    • The price of silver opened in Uttarakhand at a price of Rs.40,500 per kg in the month of April. It stayed consistent for the first five days of the month in keeping with global trends as investors turned to precious metals as a safe-haven investment in times of the coronavirus pandemic which was affecting stock markets around the world. With almost every country going for lockdowns and restrictions, which were affecting the economy, investing in equities seemed riskier. Anticipation around the release of US jobs data, which would reveal the true extent of the coronavirus pandemic, resulted in a steadying of silver prices in the first week of April. However, towards the end of the first week, the prices dropped to the lowest price point for the month of April wherein it stood at the rate of Rs.40,360 per kg on 6 April. This was in response to lowering of coronavirus-related deaths which led to optimism around the economy getting back on track, leading to an increase in risk appetites once again, thus resulting in a dip in prices of precious metals and its appeal as a haven investment.
    • The prices of the precious metal began to rise up by the second week of April. At this point in time, the prices stood at the rate of Rs.41,100 per kg and had stayed consistent for three consecutive days. The consistency in prices was broken off as the long weekend owing to the Good Friday holiday came to an end. There was also an easing of the US dollar, release of stimulus measures by the US Federal reserve in response to the coronavirus pandemic. In addition to that, the OPEC meet and the increasing worries about the global economy being stranded and struggling to get back to normality at a very slow pace after the coronavirus crisis aftermath have also been responsible for the fluctuations in the price of the precious metal. The appeal of precious metals increased as a haven investment with the increase in volatility around the economy and equities which helped to keep prices steady for some time.
    • By the third week of the month of April, the prices kept going up and down, with the highest price point for the month of April being recorded at the rate of Rs.42,710 per kg on 21 April. The rise was driven by fears of a global recession continuing while the American President Donald Trump’s announcement of the economy reopening helped to drive prices down.
    • By the time the end of the month was nearing, the prices of oil had also slumped drastically. This led to further volatility in equities which, in turn, also led to a consistency of prices of the precious metals. More and more investors looked to it as a safer option thereafter. The trend for silver in the month of April witnessed an overall incline in its performance with a percentage change of 2.51%.

    Trend of Silver Rate in Uttarakhand 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 -14.55%
    • In Uttarakhand, silver prices opened at the rate of Rs.47,400 per kg for the month of March 2020. There was no change in the rates when compared to the previous month’s closing price. However, there was a rebound in the prices on the following day.
    • There was a rebound from the steep drop in the prices on 29th February owing to which the rates of the white metal increased by Rs.1,100 per kg the following day. The price of the precious metal continued to climb and touched the highest for the month on 6th March with every kilogram costing Rs.50,700. The increase in the prices was accounted to the fact that the US Federal Reserve cut the interest rates given the current situation across the globe.
    • Following that, the rates slipped in the state as investors embarked on a selling spree to meet margin calls across markets which suffered because of the coronavirus outbreak. The drop in the prices meant that the rates slipped to the lowest for the month on 19th March before closing the week at Rs.40,500 per kg. Silver’s overall performance witnessed a declining trend in the state.
    • For the month of March 2020, the price of silver closed at the rate of Rs.40,500 per kg. There was an overall decline of –14.55% in the performance of the precious metal.

    Trend of Silver Rate in Uttarakhand 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%
    • In Uttarakhand, the prices of Silver were recorded to be Rs.50,300 per kg. The investors looked to invest in the safe-haven due to the outbreak of Corona Virus in China as there were serious global growth concerns which ultimately impacted the markets negatively. The outbreak of Corona Virus prompted the investors to turn to investing in Silver.
    • The silver prices were recorded to be the highest on 24 February after World Health Organisation declared Corona Virus to be a global epidemic and after reports emerged that the disease has spread to six other countries including China. The news negatively impacted the global growth and the market movements forcing traders to stay away from riskier assets and invest in silver which is a safe haven.
    • The price of Silver dropped on 29 February at Rs.47,400 per kg as the outbreak of Corona Virus forced investors to liquidate their assets and stock on cash.
    • As Corona Virus continues to impact the global markets negatively, the overall trend of Silver declined by 5.76% in the month of February.

    Trend of Silver Rate in Uttarakhand 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%
    • Silver recorded an overall monthly decline in the month of January due to various economic and geological factors which played a major role. The price of the metal on 1 January was Rs.50,300 per kg and increased to Rs.52,600 per kg, its monthly high on 8 January. The rise in prices was due to the escalation of the tensions in the Middle East and the aftermath of the impeachment inquiry of United States President, Donald Trump.
    • The metal’s demand gradually dipped in the following week of the month with the Phase-1 of the trade deal finally being signed by China and the United States of America. Silver was priced at Rs.50,000 per kg as investors shifted back to the stock markets on the back of a strong dollar.
    • In the second half of the month, silver saw a major fluctuation in prices due to a number of factors playing an integral role. Silver prices dipped on 22 January at Rs.49,800 per kg with the Coronavirus’ outbreak hitting the global radar. The price of the metal closed the month at Rs.50,200 per kg on 31 January, a day after the WHO declared a World Health Emergency.

    Details of Silver Price in Uttarakhand (1 Kg) - Till December 2015

    Silver rates in Uttarakhand over the last year have reflected global trends, with a huge variation seen over a few months. The current price of 1 kg silver in the state is Rs 35,956 (as of December 21, 2015). Prices have picked up over the last few days, but on an average have stayed around the Rs 38,000 level per kg for most of the year. The month of May witnessed the highest rates of 2015, with a kg costing around Rs 43,500, while March and December saw lean periods, with a kg costing around Rs 35,200 and Rs 35,400 respectively.

    Silver as an investment

    The significance of silver can be seen in its usage, with it forming the core for multiple industries across the globe. Silver has been around for centuries and looks like it will stay strong for many more centuries to come. It offers a safe and affordable investment option, especially to the millions of people who cannot afford other precious metals like gold, diamond or platinum. High demand coupled with limited availability make silver ideal for individuals looking to get moderate returns without the risk attached with investments. Individuals who wish to invest in silver in Uttarakhand can do so in two ways, either by purchasing physical silver or participating in market trade.

    Physical silver – This continues to be the most popular means of buying and owning silver in the state. Ease of purchase coupled with multiple options have ensured that silver in the form of jewellery, coins and bars continues to occupy a place in the investment portfolio of thousands in Uttarakhand. While coins and bars are viewed as excellent investment modes, jewellery serves a dual purpose, acting both as an investment and as a heirloom, passed on from generation to generation. Silver coins can be purchased from both banks and jewellers across the state, while jewellers offer exquisite jewellery options for those who prefer jewellery.

    Silver contracts/futures – Still in their infancy stage in Uttarakhand, silver futures and contracts provide an alternate mode of investment to those who are familiar with how the markets function. Silver can be traded through the National Multi Commodity Exchange, the National Commodity and Derivatives Exchange and the Multi Commodity Exchange. Investing in silver through these mediums involves an element of risk and one should exercise caution with their investments.

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