Silver Rate in West Bengal

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Silver Rate in West Bengal

West Bengal has for long been the centre of power and administration in India, acting as the capital of British India before independence. A rich legacy combined with abundant natural resources made West Bengal one of the most prosperous states in the country, with residents known for their acute investment sense. One of the most densely populated places in the world, the state is known to have a soft corner for silver, which is viewed as auspicious, making it an intrinsic part of life here. Being a hub of commerce and trade, certain cities in the state have witnessed huge growth, with silver being the primary mode of making payments in the past. Today, silver prices in West Bengal are dependent on international prices, given the fact that most of the silver used in the state is imported.

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

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

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

Trend of Silver Rate in West Bengal for August 2018 (rates per kg)

August 2018 - Week 1 (1 - 05):

• At the start of August 2018, silver commenced to trade at Rs.41,400 per kg. This was recorded to be the highest price point of the metal in West Bengal for the month.
• On the second day of the month, demand amongst local industries and jewellers declined causing the price of silver to drop as well. The metal was trading at Rs.41,100 per kg, a Rs.300 decline from the start of the month.
• The price of the metal remained unaltered for a day but increased by Rs.200 per kg on August 4. On this day, silver in West Bengal was priced at Rs.41,300. This hike in silver price may have been linked to the high demand for the metal from local industries.
• At the end of week 1, silver in the state was recorded at Rs.41,300 per kg, unaffected by the increased demand for the metal from the previous day.

August 2018 - Week 2 (6 - 12):

• At the start of week 2, the state experienced a drop in the demand for metal. This naturally caused the silver price in West Bengal to decline. The metal was trading at Rs.41,300 per kg.
• The US dollar increased in value in comparison to other currencies after their economy showed positive trends. This depleted the value of silver, and on 7 August, it was priced at Rs.41,200 per kg.
• Two days later, silver experienced a hike in its value, and was recorded to be at its highest price point for the month of August 2018. On this day, the metal was trading at Rs.41,400 per kg, which can be linked to the decline in the dollar value.
• This upswing in price did not last long as the metal dipped in value after domestic demand in the state plummeted as well. On 10 August, the metal was trading at Rs.41,100 per kg. Throughout the entire month, the price of silver in West Bengal was determined by the varying demand that the state experienced.
• On the last day of week 2, silver enjoyed a rise in value as it stood at Rs.41,200 per kg.

August 2018 - Week 3 (13 - 19):

• Silver commenced trading at Rs.41,200 per kg at the start of the week. This was the same price as recorded at the end of week 2.
• Silver then witnessed a drop in its value after demand in the state for the metal declined. The price on 14 August was recorded at Rs.40,900.
• US released their employment data during week 3, which had a positive effect on the economy and the dollar value, and a negative impact on the price of silver.
• In spite of the dollar gaining value, silver price rose as well. The price of silver as on 15 August, increased to Rs.41,100 per kg, but dropped to Rs.39,900 per kg the next day.
• During the end of week 3, silver price in the state shot up by Rs.100 per kg, and during 17 - 19 August, it was trading at Rs.40,000 per kg.

August 2018 - Week 4 (20 - 26):

• Week 4 began with silver price in West Bengal being recorded at Rs.40,000 per kg.
• Silver then experienced a rise in value on 22 August as it was recorded at Rs.40,100 - a Rs.100 increment in comparison to the price of silver at the start of week 4.
• Subsequently, the value of the metal dipped a couple of points as the dollar rose in value over other currencies. The metal, on 23 August, was trading at Rs.39,900 in West Bengal.
• In the following days of week 4, domestic demand for the metal declined, thereby adversely affecting the price of silver. Silver dropped in value further as it stood at Rs.39,800 per kg.
• However, at the end of week 4 the price of silver in West Bengal increased as it stood at Rs.40,200 per kg.

August 2018 - Week 5 (27 - 31):

• In the beginning of week 5, silver in West Bengal was recorded at Rs.40,200 per kg.
• The value of silver then rose as domestic demand from industries and jewellers increased as well.
• The silver price in West Bengal for the month of August recorded a declining trend of -2.65% as it stood at Rs.40,300 per kg to end week 5.

Trend of Silver Rate in West Bengal for July 2018 (rates per kg)

July 2018- Week 1 (1-10)

• Silver was sold at Rs.42,800 per kg on 1 July 2018.
• Though no changes were noted in silver prices on 2 July, the industrial demand for the metal fell on the next day, which caused silver prices to decline. On this day, the price of the metal fell by Rs.400 per kg on this day and traded at Rs.42,400 per kg.
• Though the value of the US dollar dropped during this period, silver prices could not rise due to poor demand.
• Silver rates remained stable for a few days before a slight hike was noted on 6 July when the metal traded at Rs.42,800 per kg. This was mainly because industrial units and local coin makers increased their silver intake.
• On 9 and 10 July, the precious white metal was sold at Rs.42,900 per kg. This was the highest silver rate recorded for the month of July in West Bengal.
• Positive market trends clubbed with the variation in the value of the US dollar with respect to other currencies can be linked to the rise in silver values.

July 2018- Week 2 (11-17)

• On 11 July, silver prices fell by Rs.300 per kg and traded at Rs.42,600 per kg.
• Though the value of the US dollar and other external factors remained stable, silver prices continued to drop due to poor demand.
• Silver traded at Rs.42,200 per kg from 12 - 14 July.
• Silver traded at Rs.42,300 per kg on 16 July 2018, a marginal increase was noted, but the prices of the metal quickly dropped.
• Silver rates were not significantly affected though the value of the US dollar fell in the last few days in this week.
• Silver dropped further and stood at Rs.42,100 per kg on 17 July.

July 2018- Week 3 (18 - 24)

• On 18 July, silver was priced at Rs.41,700 per kg in West Bengal.
• Due to muted demand from coin makers, jewellers, and industrial units, a drop of Rs.400 per kg was noted on the first day of the week.
• The main factor that affected silver prices in West Bengal throughout the month was the demand for the metal. However, the value of the US dollar played a key role in determining the silver price this week.
• As the value of the US dollar increased on 20 July 2018, the price of the metal further dipped to Rs.41,300 per kg.
• 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)

• As demand picked up, the price of the white metal rose and traded at Rs.41,500 per kg on 25 July.
• Due to the decline of US dollar value, prices spiked on 26 July to Rs.41,800 per kg. However, demand for the metal dropped which naturally caused the decline in silver prices over the next few days.
• As on 28 - 29 July, the lowest silver price of Rs.41,200 per kg for the month was recorded in West Bengal.
• By the end of the month, the price of silver increased as US dollar rates dropped slightly. The metal stood at Rs.41,400 on 30 - 31 July.
• Overall, the prices of silver fell by 3.27% in the month of July in West Bengal.

Trend of Silver Rate in West Bengal for June 2018 (rates per kg)

June 2018 - Week 1 (1 - 10):

• Trading for the metal started for the month of June with silver prices holding at Rs.42,800 per kg. On the first day of the month, the demand for the metal was struggled to keep up due to the rising value of the US dollar and the high demand for equities.
• From 2 to 5 June, the lowest silver rate of Rs.42,600 per kg was recorded in West Bengal as the demand for the metal dropped and the value of the US dollar dominated against a basket of other major currencies. The US dollar grew stronger after the release of the positive US jobs and payrolls’ data.
• Poor retail and industrial demand coupled with weak global cues also led silver to continue trading at the lowest rate for the month of at Rs.42,600 per kg until the 5 June.
• As the players in the market were concerned over the G7 summit which was -planned to be held this week, the prices of silver surged to Rs.43,900 per kg on 6 June. A significant increase of Rs.1,500 per kg was recorded on this day compared to the previous day.
• However, as the future looked positive in the US economy and the value of the US dollar continued to rise, a small dip in silver prices was recorded on 7 June. On this day, the metal was traded at Rs.43,800 per kg.
• Meanwhile, the G7 summit went well with US President targeting other heads of the participating nations over inappropriate trade practices. This pushed the US dollar rate to fall significantly.
• Silver traded at Rs.43,600 per kg on 8 and rose to Rs.43,700 per kg on 9 June amid positive market trend overseas.
• Trading concluded for the week with silver priced at Rs.43,700 per kg on 10 June with strong and steady industrial demand for the metal.

June 2018 - Week 2 (11 - 17):

• The political summits and the US central bank meeting held this week affected silver prices in West Bengal to a large extent.
• Silver traded at Rs.43,900 per kg on 11 when the week began with domestic markets capitalising on the previous week’s gains.
• Prices rose to Rs.44,000 per kg on 12 before falling to Rs.43,900 per kg on 13. This was right after the US-North Korean summit.
• However, the value of the US dollar fell quickly in the following days right after the  US Federal Reserve decided to not change their interest rates at their monetary policy meeting.
• Silver was priced at Rs.44,300 per kg on the 14 June.
• The highest silver price was recorded on 15 June when the metal traded at Rs.45,000 per kg. Strong overseas market trends coupled with high demand for the metal helped silver hit the highest rate on this day.
• Though the global demand for the metal was stable, the price of the metal fell slightly and closed at Rs.44,300 per kg on 17.

June 2018 - Week 3 (18 - 24):

• A Rs.900 per kg decline was recorded in silver rates on the first day of the week in West Bengal. On 18 June, silver traded at Rs.43,400 per kg as the value of the US dollar stood strong.
• Though the silver rates recovered the next day and traded at Rs.43,500 per kg, it quickly fell to Rs.43,100 per kg on 20 as the industrial demand for the metal was suppressed by the well-performing equities and the rising US dollar rate.
• As the investor demand for the metal also dropped, silver rates in West Bengal fell further on 21 and traded at Rs.42,900 per kg.
• Silver prices remained stable and continued to trade at Rs.42,900 per kg for the rest of the week with subdued but steady demand from local industrial units and coin makers.

June 2018 - Week 4 (25 - 30):

• On the first day of week 4, silver prices in West Bengal increased by Rs.300 per kg and traded at Rs.43,200 per kg. The prices surged as the retail and industrial demand for the metal increased.
• However, as the demand fell, silver rates in West Bengal fell by Rs.200 per kg and traded at Rs.43,000 per kg on the 28.
• The price of the precious metal fell further and traded at Rs.42,800 per kg due to the strengthening US dollar and well-performing stock markets.
• Trading concluded for the month with silver priced at Rs.42,800 per kg, recording a steady overall performance during the course of the month.

Trend of Silver Rate in West Bengal for May 2018 (rates per kg of silver)

 

May 2018 - Week 1 (1 - 6):

• When May’s trading began in West Bengal, silver was priced at Rs.42,000 per kg.
• As the US dollar weakened and bullion investors capitalised, silver rates went up to Rs.42,600 per kg on the 3rd of May.
• The demand seemed steady for the remainder of the week and hence, silver rates recorded very little change.
• When the week drew to a halt on the 6th, silver rates continued to remain at Rs.42,.600 per kg, thanks to a steady demand from the local market.

May 2018 - Week 2 (7 - 13):

• During the second week, silver rates in West Bengal fluctuated due to a weak stock market and the US dollar.
• When the second week of May began, silver was priced at Rs.43,200 per kg as there was steady demand for the metal locally.
• On the 8th, silver rates dropped to Rs.43,000 per kg as the US dollar gained against other currencies and demand plunged as a result.
• With tensions escalating between the US and North Korea, safe haven assets recorded an increased demand on the 9th. This led to silver trading at Rs.43,100 per kg on the 9th and then to Rs.43,300 per kg the next day.
• As there was a steady demand from industrial units and coin makers, rates went up to Rs.43,500 per kg on the 11th.
• Due to demand remaining steady for the remaining few days of the week, silver continued to trade at Rs.43,500 per kg till the closing hours.

May 2018 - Week 3 (14 - 20):

• When the third week of May began, silver rates had risen to Rs.43,600 per kg as there was a slight rise in domestic demand.
• The main reason for this was the growing speculation about the upcoming summit between North Korea and the US, which was supposed to be held in Singapore. The fact that success of the event remained questionable helped demand.
• For the next few days demand plunged owing to  weak demand from the market and a rise in the US dollar.
• On the 15th, the metal’s rates dropped to Rs.43,300 per kg, which then dropped to Rs.43,000 per kg after the greenback rose against its competing currencies.
• There was a brief rise in prices on the 17th, and the metal traded at Rs.43,200 per kg before dropping back to Rs.43,000 per kg on the 18th due to weak demand.
• When the week came to a halt on the 20th, silver rates had fallen to Rs.43,100 per kg after demand remained steady from coin manufacturers and the local industry.

May 2018 - Week 4 (21 - 27):

• The penultimate week of May saw silver opening at Rs.43,100 per kg. This week saw silver rates rise strongly, thanks to positive global cues.
• As global tensions rose, safe haven demand seemed to be on the rise. Prices rose to Rs.43,500 per kg on the 23rd as there was a strong demand for the metal.
• There was a brief drop in prices on the 24th - with the metal trading at Rs.43,300 per kg - before trading at Rs.43,800 per kg on the 25th - the month’s highest rates.
• The week came to an end when the metal was seen trading at Rs.43,600 per kg, as the US dollar began to recover from the fall.

May 2018 - Week 5 (28 - 31):

• The final week of May opened with silver trading at Rs.43,000 per kg before rising slightly to Rs.43,100 per kg on the 29th.
• Prices dropped to Rs.42,900 per kg as demand fell worldwide after the US President Donald Trump confirmed that the initially cancelled summit between the US and North Korea would go on as planned.
• Despite a late slump, silver rates recorded a 2.61% change this month, thanks to a strong local demand and positive cues from the global market.

Trend of Silver Rate in West Bengal for May 2018 (rates per kg of silver)