Silver Rate in Visakhapatnam

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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 December 2018 (rates per gram)

Silver rate trend in Vishakhapatnam in December 2018:

• Silver trade opened the month at Rs.38,500 per kg on 1 December and increased through the month due to increased global demand.
• Along with global demand, the value of the rupee also increased against the dollar which led to the increased value of the bullion.
• The month of December also marked the beginning of the wedding season due to which the demand of the bullion amongst local jewellers increased to a great extent.
• On 31 December, silver trading closed at the highest price of the month at Rs.41,500 per kg with a percentage incline of 7.79.

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

Silver Rate Trend in Visakhapatnam for November 2018:

• For the month of November, silver started trading on a strong note owing to a healthy demand ahead of the festival season. However, as the weeks progressed, the price went down owing to tumultuous global cues and a rupee-dollar relationship.
• Starting the month at Rs.40,900 per kg on the 1st, the silver rate in Visakhapatnam spiked to Rs.41,500 per kg on the 3rd and 4th. The industrial metal stayed at that level for a couple of days before dropping down to Rs.40,500 per kg on November 10.
• As the rupee continued to plummet against the dollar on the back of sliding equities, the cost of imports rose sharply and the demand for the white metal receded. On November 14, the price of silver in Visakhapatnam was Rs.39,400 per kg.
• For the rest of the month, silver was traded at levels below the Rs.40,000 per kg mark. On November 30, it was priced at Rs.38,800 per kg, marking an overall monthly decline of 5.13% in the price.

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

October 2018 - Week 1 (1 - 7):

• In Vizag, the month of October opened on a low with prices on the first two days holding at Rs.41,100 per kg - also the lowest price for the month.
• On the 3rd, silver was priced at Rs.42,000 per kg - which was the highest silver rate for the month.
• The week came to an end with silver trading at Rs.41,900 per kg.

October 2018 - Week 2 (8 - 14):

• October week 2 started with silver starting at Rs.41,500 per kg - a Rs.400 drop from the previous day’s prices.
• Demand dropped over the course of the week and prices dropped to as low as Rs.41,200 per kg but as days neared towards the end of the week, they picked up.
• On the final day of this week, silver prices were holding at Rs.41,500 per kg.

October 2018 - Week 3 (15 - 21):

• The third week of October began with silver opening at Rs.41,900 per kg. This week recorded one of the highest falls this week as prices fell to Rs.41,400 per kg on the 17th - a Rs.500 per kg drop.
• However, prices picked back up on the 19th for the metal to trade at Rs.41,900 per kg, thanks to solid demand.
• On the 20th, the white metal traded at Rs.41,500 per kg and on the final day of the week, it was priced at Rs.41,400 per kg.

October 2018 - Week 4 (22 - 28):

• The fourth week of October started with silver trading at Rs.41,500 per kg which then went up to Rs.41,900 per kg over the next few days.
• The rise in prices could be attributed to the falling rupee which was hit severely by the rising crude oil prices.
• However, as the rupee recovered slowly, silver rates went down as demand took a hit. On the 26th, silver was priced at Rs.41,500 per kg before rising to Rs.41,700 per kg on the 28th of October.

October 2018 - Week 5 (29 - 31):

• The last week of October in Vizag opened with silver opening at Rs.41,600 per kg. But, due to a drop in demand, prices seemed to plummet the next day.
• On the 30th, the white metal was priced at Rs.41,200 per kg which then held on till the closing hours of the week and month on the 31st.
• A 0.24% incline was recorded in silver prices this month, thanks to strong demand for the metal and weaker local currency.

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

September 2018- Week 1 (1-8)

• On the 1st of September, silver was priced at Rs.40,000 per kg in Visakhapatnam.
• On 3th of the month, silver rates in the city dipped to Rs.40,000 and further slid and hit a monthly low of Rs.39,500 per kg on 5th and 7th September.
• The stock market was affected negatively due to the ongoing trade war and investors turned to safe-haven assets which helped silver rates recover and close at Rs.39,700 per kg.

September 2018- Week 2 (9-15)

• Though steady demand for the metal helped silver rate remain unaffected and trade at Rs.39,700 per kg on 9th September, the price of silver fell in the last few days of the week.
• Silver rates inclined and traded at Rs.39,900 per kg from 11 to 13 of the month before falling to Rs.39,800 per kg on 14 September.
• Fluctuating dollar rate led to a dip in silver rates and silver once again hit a monthly low of Rs.39,500 per kg on 15 September.

September 2018- Week 3 (16-22)

• On 16 September, silver opened at Rs.39,500 per kg but inclined throughout the week as the ongoing trade war tension weakened the value of the US dollar.
• Silver prices inclined and traded at Rs.39,700 per kg, Rs.39,800 per kg, and Rs.40,000 per kg on 17, 18, and 19 September respectively.
• As the value of the rupee fell and the global trade tensions continued, silver rates further inclined and traded at Rs.40,100 per kg on 20 and 21 September before closing at Rs.40,300 per kg on 22.

September 2018- Week 4 (23-30)

• Silver continued to trade at Rs.40,300 per kg on 23 September in Visakhapatnam.
• Due to poor retail demand, the price of silver dropped to Rs.40,000 per kg on 24 September. However, as the demand for the metal picked up, silver rates quickly recovered and inclined to Rs.40,200 per kg on 25 and further inclined to Rs.40,800 per kg on 26 September.
• During the end of the month, silver prices surged and hit a monthly high of Rs.41,200 per kg on 29 and 30 September. Silver rates inclined by 3% in the month of September in Visakhapatnam.

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

August 2018 - Week 1 (1 - 05):

• On 1 August 2018, the highest silver price for the month of August in Visakhapatnam was recorded when the metal traded at Rs.41,400 per kg.
• However, on 2 August the price of silver fell by Rs.300 per kg due to poor demand from local coin makers and jewellers. On this day, silver traded at Rs.41,100 per kg.
• After remaining stable for one day, silver prices rose by Rs.200 per kg as the demand picked up on 4 August.
• Silver closed at Rs.41,300 per kg on 5 August.

August 2018 - Week 2 (6 - 12):

• During the second week of August, the industrial demand for silver fell in Visakhapatnam causing the price of silver to decline.
• Silver opened at Rs.41,300 per kg on 6 August in Visakhapatnam.
• On 7 August, silver traded at Rs.41,200 per kg. A positive report on the U.S economy strengthened the US dollar which caused silver prices in Visakhapatnam to decline on this day.
• On 9 August, silver prices in Visakhapatnam recorded the highest silver rate of Rs.41,400 per kg for the month once again as the demand for the metal picked up.
• On 10 August, the retail and industrial demand for the metal fell significantly which caused silver prices to fall and trade at Rs.41,100 per kg.
• Silver prices in Visakhapatnam recovered marginally and closed at Rs.41,200 per kg on 12 August.

August 2018 - Week 3 (13 - 19):

• On 13 August, silver continued to trade at Rs.41,200 per kg due to steady demand for the metal.
• However, as the demand for the metal fell on 14 August, the price of silver fell sharply and traded at Rs.40,900 per kg.
• As the US unemployment data was released, it looked positive for the US economy. Therefore, the value of the US dollar increased which negatively affected silver prices in Visakhapatnam.
• Though on 15 August silver prices in Visakhapatnam rose and traded at Rs.41,100 per kg, it quickly fell to Rs.39,900 per kg on 16 August due to weak overseas trends and poor domestic demand for the metal.
• Silver traded at Rs.40,000 per kg from 17 to 19 August and closed at the same price for the week.

August 2018 - Week 4 (20 - 26):

• At the beginning of week 4 silver continued to trade at Rs.40,000 per kg.
• After remaining steady for one day, silver prices in Visakhapatnam increased by Rs.100 per kg and traded at Rs.40,100 per kg on 22 August.
• On 23 August, silver prices fell due to a strong US dollar. On this day, silver traded at Rs.39,900 per kg.
• On 24 August, the lowest silver price for the month of August was recorded when the metal traded at Rs.39,800 per kg.
• Silver prices managed to pick up during the last few days of the week and 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 due to steady industrial demand for the metal in Visakhapatnam.
• As the demand for the metal picked up on 28 August, silver was sold at Rs.40,400 per kg.
• 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 Visakhapatnam for July 2018 (rates per kg)

July 2018- Week 1 (1-10)

• Silver traded at Rs.42,800 per kg on 01 July 2018.
• On 03 July 2018, a marginal drop in silver prices was noted as the metal traded at Rs.42,400 per kg. The drop in silver prices on this day was mainly due to the drop in demand for the metal in industrial units.
• However, during the week, silver prices managed to increase as the demand from industrial units and coin makers picked up and hit Rs.42,800 per kg.
• The highest silver price for the month of July in Visakhapatnam was recorded on 9-10 July, when the metal traded at Rs.42,900 per kg.
• The increase in silver rates during the last two days of the week can be contributed to positive market trends and the declining dollar rates over all other currencies.

July 2018- Week 2 (11-17)

• Silver prices stood at Rs.42,600 at the beginning of week 2 in Visakhapatnam.
• The drop in demand for the white metal led to the drop in silver prices. Compared to week 1, silver rates fell continuously during the second week of July.
• As the industrial demand for silver dipped further, it decreased the silver price in the city. The price of silver from 12 - 14 July stood at roughly Rs.42,200.
• On 16 July 2018, silver prices slightly increased and traded at Rs.42,300 per kg. Though it was a small difference in silver rates, the increase was majorly due to the increase in demand as other external factors remained almost neutral.
• Though there was a decline in the dollar value during the last few days of the week, it did not affect silver rates much.
• Silver stood at Rs.42,100 per kg on 17 July.

July 2018- Week 3 (18 - 24)

• As of 18 July, silver was priced at Rs.41,700 per kg.
• On the first day of the week, silver rates dropped by Rs.400 per kg compared to the previous day when the white metal traded at Rs.42,100 per kg.
• Demand for silver played a huge role throughout the month and determined the silver rates in Visakhapatnam. When demand from local jewelers, merchants, coin makers, and industrial units dipped, the prices declined. When the demand picked up, the prices increased too.
• The price of silver further dipped to Rs.41,300 per kg on 20 July mainly because the value of the dollar increased.
• 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)

• An increase of Rs.100 per kg was recorded on 25 July 2018. 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 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.

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