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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.
- Also Know: Gold Rate In Uttarakhand
Trend of Silver Rate in Uttarakhand 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 Uttarakhand 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 week began in Uttarakhand with silver trading at Rs.41,100 per kg on the 1st with steady industrial offtake in the domestic level.
- Poor dollar performances compounded by the unevenly performing equity markets led to silver rates rising significantly during the week.
- Silver price in Uttarakhand rose to Rs.41,400 per kg the next day after the bullion market capitalised on the weakened greenback and stock markets.
- An incline in demand local industrial units and coin makers amid the strong global cues led to silver rate in Uttarakhand surging further to Rs.41,600 per kg on the 3rd.
- The week came to an end with the industrial metal prices holding firm at Rs.41,600 per kg on the 4th with domestic markets tracking a firm trend overseas.
March 2018 – Week 2 (5 – 11):
- Trading commenced for the second week silver priced at Rs.41,700 per kg on the 5th amid firm trends from the previous week.
- Strong market uncertainties coupled with varying demand led to silver prices fluctuating throughout the week.
- Silver price in Uttarakhand plunged to Rs.41,400 per kg on the 6th as the US dollar index gained against a basket of other major emerging currencies in the world market.
- However, an increase in industrial offtake for the metal despite the poor trend overseas led to silver rates rebounding to Rs.41,900 per kg on the 7th. This was also the highest recorded monthly figure in Uttarakhand.
- With the US dollar regaining lost ground against other apex currencies, silver rate in Uttarakhand plunged to Rs.41,500 per kg on the 8th.
- Prices dropped further to Rs.41,300 per kg the next day before silver rates stabilised at Rs.41,600 per kg on the 10th following an increase in purchases made by industries and coin makers.
- The week came to an end with the white metal prices holding at Rs.41,600 per kg on the 11th with steady demand amid positive market trends.
March 2018 – Week 3 (12 – 18):
- The third week opened with silver priced at Rs.41,600 per kg on the 12th with domestic markets tracking steady trends from the previous week.
- However, with the US employment data indicating a positive result on the US economic growth, the dollar index rose against a basket of other currencies. This led to silver rate in Uttarakhand dropping to Rs.41,400 per kg on the 13th.
- Safe-haven demand for the metal spiked after the US Secretary of State Rex Tillerson was fired abruptly by the US President. With people doubting Trump’s presidency, the US dollar plummeted. This led to silver price in Uttarakhand surging to Rs.41,700 per kg on the 14th.
- But with investors and traders refraining from making purchases ahead of a possible Fed rate hike, silver rates dropped to Rs.41,500 per kg on the 15th.
- Poor trends overseas coupled with reduced domestic demand led to silver being priced at Rs.41,300 per kg and Rs.41,100 per kg on the 16th and the 17th respectively.
- The week ended with the industrial metal trading at Rs.41,100 per kg on the 18th with subdued but steady demand from industries and coin makers amid weak global cues.
March 2018 – Week 4 (19 – 25):
- The week began with silver trading at its lowest recorded monthly figure of Rs.41,000 per kg on the 19th after the strengthened US dollar led to a decline in domestic demand for the metal.
- Though prices rose to Rs.41,200 per kg on the 20th, silver rate in Uttarakhand plunged again to Rs.41,000 per kg on the 21st following a surge in the US dollar value.
- However, an incline in safe haven demand for the metal brought about by the weakened US dollar amid market uncertainties led to silver price in Uttarakhand rising over the next couple of days.
- Silver was recorded trading at Rs.41,500 per kg on the 22nd before surging further to Rs.41,600 per kg on the 23rd amid firm trends overseas.
- Thanks to steady global demand from industries and coin makers amid the positive global cues, prices remained untouched at Rs.41,600 per kg until the end of the week.
March 2018 – Week 5 (26 – 31):
- The last week saw silver rate in Uttarakhand rising initially before declining amid the strengthening US dollar and recovering equities.
- Silver was priced at Rs.41,600 per kg on the 26th when the week opened.
- Rates rose to Rs.41,800 per kg the next day after safe-haven investments surged following the ongoing US- Russian political spat overseas.
- The dollar, however, regained ground the next day with the greenback gaining against a basket of other emerging currencies in the international market. This led to silver being priced at Rs.41,500 per kg on the 28th.
- The strengthening US dollar coupled with firmer equity markets led to silver price in Uttarakhand dropping to Rs.41,400 per kg on the 29th.
- The rest of the month saw the white metal prices holding steady at Rs.41,400 per kg with subdued but steady demand from industrial units and coin makers.
- Uttarakhand registered an incline of 0.72% in silver rates during the course of the month.
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.
- Also Check: Silver Rate in Dehradun