Silver Rate in Visakhapatnam _{Last Updated : 15 Aug 2020}

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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 July 2020 (rates per kg)

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

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

• 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%.

Also Check Silver Price in NearBy Cities of Visakhapatnam

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

• 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)

• 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)

• 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)

• 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.