Silver Rate in Visakhapatnam Last Updated : 15 Aug 2020

  • Today's Silver Rate in Visakhapatnam( 15 Aug 2020 )

    ₹ 66.95
    Today's Silver Rate per gram

    Compare Silver Rate In Visakhapatnam (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 Visakhapatnam 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 Visakhapatnam

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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 Price in Visakhapatnam

    Silver rates in Visakhapatnam depend on the demand, supply and use of the white precious metal in several domains such as industries, photography, jewelry, silverware and coins among others. Silver price patterns in Visakhapatnam are determined by jewelry and retail investment, robust industrial demand, and solar power expansion in addition to medicinal uses of silver among others.

    Industry experts point out that production patterns and utilization of gold and silver differ which has an impact on the prices of the precious metals in the long term. Demand for silver shoots up if the government raises tariffs on gold imports. Also, local taxes, transportation costs besides additional costs by jewelry stores influence silver rates in Visakhapatnam.

    Silver as an Investment

    There are several pertinent factors to consider before investing in silver such as liquidity, storage and resale value in Visakhapatnam. Silver jewelry is more in demand in rural areas across the country whereas urban areas prefer investment in traditional silverware and coins in terms of investment, gift articles and as a status symbol.

    Jewelry - Silver articles such as tableware and idols made of silver are much more in demand in Visakhapatnam in addition to gifting silver utensils during festive and auspicious occasions. However, silver jewelry is also gaining increasing popularity owing to aspirational and aesthetics-driven youngsters. Intriguingly, investment in silverware has been on a decline due to under-karating in the recent past.

    Coins - Silver coins have intrinsic value or numismatic value, scarcity value and metal value, which largely depends on market demand and speculation. Coins are a solid investment in that you own real pure silver and not some paper backed by a bank.

    ETFs - Silver exchange traded funds (ETFs) are not currently available in the country. Investors can nevertheless trade in silver ETFs in the US market. Investors can also buy stocks of reputed silver mining companies listed on the Nasdaq or Dow stock exchanges.

    Where to Buy Silver in Visakhapatnam?

    There are several big silver showrooms which offer pure Hallmarked silver such as Khazana jewellery, Joyalukkas, Sri Kanakadurga Jewellers, Lalithambika Jewellers and GRT jewellers among many others. Daily fluctuation in silver prices is caused by short-term movements in the market which can be offset by long-term investors who can invest in silver and resell at lucrative rates.

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

    Parameters Silver Price (per kg)
    May 1 Rate Rs.42,530 per kg
    May 31 Rate 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%
    • Silver rates opened the month of May at Rs.42,530 per kg in Visakhapatnam. Compared to what was charged on the final day of the previous month, the cost for a kilogram of the white metal increased by Rs.1,010. The rates dropped in the city the next day and recorded its lowest price for the month. A kilo of the white metal was retailed for Rs.41,010 on the mentioned date.
    • The precious metal opened the second week 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 before slipping and closing the week at Rs.42,960 per kg.
    • Due to tensions between the United States of America and China, investors awaiting the response of the White house regarding Hong Kong, and riots all over the US, the rates continued to fluctuate in the city.
    • Silver recorded its highest price for the month on 25th May with a kilo of the white metal costing Rs.51,400 per kg. The overall performance of silver in Visakhapatnam witnessed an inclining trend with the percentage change being 17.79%.

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    Trend of Silver Rate in Visakhapatnam 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%
    • Silver opened the month of April at Rs.40,500 per kg in Visakhapatnam. Compared to the closing price of the previous month, the rates didn’t see any change. The rates of the precious metal slipped to Rs.40,360 per kg on 6th April after staying constant for the first five days of the month. This was the lowest recorded price of the metal for the month.
    • The rates of white metal fluctuated a lot in the city over the month due to variety of reasons like increased demand, rising value of dollar, stimulus measures being announced by central banks, etc. Silver recorded its highest price for the month on 21st April with a kilo being retailed for Rs.42,710.
    • In the final week of the month, the fluctuations continued. The white metal was priced at Rs.42,610 per kg on 27th April before declining and closing the month at Rs.41,520 per kg. Silver’s overall performance in Visakhapatnam witnessed an incline of 2.51% in the prices.

    Trend of Silver Rate in Visakhapatnam 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 Visakhapatnam, silver opened the month of March at Rs.47,400 per kg. When compared to the previous month’s closing price, the rates of the white metal didn’t see any change. As there was a rebound from a steep fall witnessed on 29th February, the rates increased by Rs.1,100 per kg on 2nd March.
    • With the US Federal Reserve slashing the interest rates, the rates of the precious metal climbed to the highest for the month on the 6th of March. A kilo of silver was retailed for Rs.50,700 in the city.
    • As investors embarked on a selling spree in a bid to meet margin calls across markets which suffered because of the coronavirus outbreak, silver prices in the city declined. The rates dropped to its lowest for the month on 19th March with every kilogram costing Rs.37,800.
    • The rates improved over the next few days as the US Federal Reserve announced unprecedented measures to absorb the impact of coronavirus on the economy. However, with many countries going into lockdown, silver prices remained stagnant over the last week and closed the month at Rs.40,500 per kg. In Visakhapatnam, the price of the white metal witnessed a decline of 14.55% over the month.

    Trend of Silver Rate in Visakhapatnam 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%
    • The price of silver in Visakhapatnam for the month of February saw an overall decline of 5.76%. Compared to the last day of January, the price of silver increased by Rs.100.
    • After remaining stagnant over the first three days of the month, the prices of silver fluctuated until 14 February 2020.
    • From 15 February 2020 to 24 February 2020, the prices of the white metal increased. The main reasons for the increase in prices were the coronavirus concerns and the increase in demand. During this period, the prices of silver hit its highest rate for the month and touched Rs.52,900 per kg.
    • Silver rate reduced from 25 February 2020. On 29 February 2020, silver hit its lowest rate for the month at Rs.47,400. The prices of silver reduced by Rs.2,400 when compared to the previous day.

    Trend of Silver Rate in Visakhapatnam 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%
    • The prices of silver fluctuated throughout the month of January in Visakhapatnam. Even though the prices of the white metal had increased at the beginning of the month, due to various factors, they saw a decline by the end of the month.
    • Some of the factors that ensured that the prices of silver fluctuated throughout the end of the month were the concerns in the Middle East, the demand for riskier assets, the signing of the trade deal, and the outbreak of the coronavirus.
    • The prices of silver opened at Rs.50,300 per kg on 1 January 2020 and closed at Rs.50,200 per kg on 31 January 2020. Overall, silver saw a 0.19% decline in Visakhapatnam in the month of January.
    • The highest and lowest prices of silver in Visakhapatnam in January were Rs.52,600 per kg and Rs.49,200 per kg, respectively.
    Also Know: Gold Rate in Visakhapatnam

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    News About Silver Rate in Visakhapatnam

    • Silver rates jump in the Visakhapatnam on Monday

      Silver prices in the Visakhapatnam edged higher on Monday. On the Multi Commodity Exchange (MCX), the rates jumped up by 1.43 percent to cost Rs.75,220 per kg. In the global market, silver rates eased by 0.1 percent to cost $28.28 per ounce.

      The price of the yellow metal also climbed. On the MCX, October gold futures were up 0.46 percent and cost Rs.55,040 for every 10 grams. Gold prices in the country have shot up by more than 40 percent this year. In the international market, the price of the bullion was steady. Spot gold was trading $2,333.40 per ounce. It must be noted here that the holdings of SPDR Gold Trust fell by 0.46 percent to 1,262.12 tonnes on Friday.

      10 August 2020

    • Silver and gold prices holding steady in the international market

      Gold prices increased to Rs.48,190 per kg compared to Rs.47,960 per 10 grams on Tuesday according to various reports. In the National Capital Region, the price of 22-karat gold was holding steady at Rs.47,000 per 10 grams while in Chennai it is Rs.46,290 per 10 grams. In Mumbai, 22-karat gold was priced at Rs.46,600 per 10 grams.

      On the Multi Commodity Exchange, gold futures for August increased marginally by 0.01% to Rs.47,944 per 10 grams and silver futures dipped by 0.28%. Trade tensions between China and the United States of America eased after China plans to accelerate the purchases of American farm goods to be complacent with the Phase-1 trade deal.

      The price of gold increased by 1% to set a record high on 22 June due to escalating geopolitical tensions between China and India and increasing to COVID-19 cases. Due to dipped risk appetite, gold prices continued to incline with a record incline in COVID-19 cases in the country. With the economy taking longer than expected to recover, demand for the safe-haven metal inclined.

      24 June 2020

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