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 June 2019 (rates per kg)

• Silver price in West Bengal stood at Rs.39,400 per kg on June 1, thereby recording the lowest price in the entire month. This was primarily due to soft demand of the white metal among coin makers and industries.
• Silver prices remained unchanged on the following day. However, a gradual increase in the prices were recorded in the next few days with the precious metal closing the week at Rs.39,900 per kg.
• Prices continued to rise with the US Federal Reserve deciding to slash interest rates, which was speculated to have an adverse effect on the economy. This prompted the investors to turn to bullion as a safe-haven investment channel. With increased demand and depreciation of dollar, silver prices surged to Rs.41,400 per kg on 14 June and 41,500 per kg on 21 June, respectively.
• Silver closed on a monthly high of Rs.40,800 per kg on 30 June. The steady and gradual rise in prices was primarily due to a looming global economic crisis.

Trend of Silver Rate in West Bengal for May 2019 (rates per kg)

• Silver rates in West Bengal opened relatively stable at Rs.40,500 per kg but consistently weak local demand and fluctuating overseas interest resulted in the metal falling to Rs.40,000 per kg on 13 May.
• A stable U.S. dollar reduced local retail offtake, with coin makers also reducing orders due to high import costs which led to silver rates dropping to Rs.39,500 per kg on 18 May.
• Prices fluctuated as equity markets remained volatile due to escalating tensions between the U.S. and China, with weak overseas demand for the metal impacting local demand as well. The industrial metal’s price dropped to Rs.39,200 per kg on 22 May.
• A marginal increase in offtake saw silver rise to Rs.39,500 per kg on 27 May as fears of a global recession bolstered interest in bullion but the metal settled at Rs.39,400 per kg when the month ended on 31 May.

Trend of Silver Rate in West Bengal for April 2019 (rates per kg) 

Trend of Silver Rate in West Bengal for March 2019 (rates per kg)

• West Bengal experienced a decline in silver rate at the start of the month when the metal traded at Rs.42,700 per kg. This may have been the effect of the US dollar increasing in value and gaining an edge over other currencies. During this time, equities declined in value as well.
• Silver disappointed many investors after it failed to increase in value due to weak economic trends. Out of the many reasons that the price may have fallen, one of the most prominent was the European Central Bank’s (ECB) verdict to postpone the interest rate hike. On the 7th, silver was priced at Rs.41,000 per kg.
• On 29th, the metal traded at its lowest while equities also surprisingly dipped in value. Silver rate in West Bengal traded at Rs.40,200 per kg. during this time.
• The month ended with silver trading at Rs.40,600 per kg. The percentage decline was recorded at 4.91.

Trend of Silver Rate in West Bengal For February 2019 (rates per kg)

• Silver opened at Rs.43,900 per kg on 1 February. The domestic demand for the metal, especially from the industrial units, was high though the overseas trend was poor.
• As the overseas demand for the metal also picked up, the price of silver increased and recorded the highest rate for the month of Rs.44,100 per kg on 5 February. However, the price of the metal dropped to Rs.43,100 per kg on 12 February in West Bengal as the value of the US Dollar increased.
• Meanwhile, investors turned towards safe-haven assets as they feared the impact of ongoing Sino-U.S. trade dispute, Brexit, and geopolitical tensions in the US. This helped silver rates incline and trade at Rs.43,900 per kg on 21 February.
• As the value of the US dollar further increased, silver rates dropped and closed at Rs.43,300 per kg on 28 February. The value of the white metal fell by 1.36% during the month of February.

Trend of Silver Rate in West Bengal for January 2019 (rates per kg)

• Silver was priced at Rs.41,500 per kg on 1 January and rose to Rs.42,600 per kg on 10 January as local industrial demand was on the rise due to favourable market cues.
• Asian industrial demand was muted due to the trade sanctions on China which was reflected in a slight dip in price when silver traded at Rs.42,100 per kg on 19 January.
• Market uncertainty over the impact of Brexit and the U.S. government shutdown resulted in renewed investor interest in bullion as silver prices recovered to trade at Rs.43,200 per kg on 26 January.
• The surge in demand for silver from coin makers and retail sales boosted the metal’s value significantly as silver prices in West Bengal closed the month at Rs.43,900 per kg to record a rise of 5.78% during the month.

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

Silver Rate Trend in West Bengal for December 2018:

• The month of December started on a strong note for the industrial metal. The price of silver on December 1 in West Bengal was Rs.38,500 per kg. Over the course of the week, the price appreciated by more than Rs.500, led mainly by a rising demand for silver in the local markets. By the 7th, the rate had climbed up to Rs.39,600 per kg.
• The second week of the month was by far the dullest for silver. The demand was flat throughout and the price didn’t significantly fluctuate. From December 11 to December 14, silver was traded at Rs.40,700 per kg.
• As the dollar moved up to recover lost ground against other apex currencies, investors’ faith was restored in the greenback. This impacted the price of silver in West Bengal, as the rates continued to dip and on December 23, the rate was Rs.39,800 per kg.
• A reversal of the trend was observed in the final week of the month. On the back of global cues and developments, the demand picked up and the price hit its monthly high at Rs.41,500 per kg.

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

Silver Rate Trend in West Bengal for November 2018:

• In the month of November, the silver price in West Bengal was mainly in a state of gradual decline. The only exception to this came in the first week, when the price soared to touch the monthly high at Rs.41,500 per kg owing to the festive season.
• After the festival, the demand for the white metal across the state receded gradually. This was led by a slowdown among the local coin makers, tumultuous markets and a strengthening dollar that increased the cost of imports. On November 15, the price hit the Rs.39,700 per kg mark.
• There was no reprieve in sight for silver in the second half of the month either. The price continued to go down as the greenback strengthened on the news of a possible interest rate hike by the U.S. Federal Reserve.
• With investors pulling their investments out of bullion, the silver rate in West Bengal ended the month at Rs.38,800 per kg – an overall monthly decline of 5.13%.

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

October 2018 - Week 1 (1-7):

• Silver opened the week trading at Rs.41,100 per kg on 1 October when the month began amid poor demand from the local market due to weak overseas market trends.
• However, the exchange rate of the dollar fell against a basket of apex currencies ahead of the crucial US Federal Reserve meeting on a possible interest hike which led silver to trade at Rs.42,000 per kg on 3 October.
• With the demand for the industrial metal stabilising towards the end of the week, silver prices dropped to Rs.41,900 per kg.

October 2018 - Week 2 (8-14):

• Silver rates in West Bengal when the week opened on 8 October stood at Rs.41,500 per kg backed by a rallying US dollar and bullish equity market which led to prices falling by Rs.400 per kg compared to the previous day.
• Weak overseas cues and subdued domestic market demand from industries prompted silver prices in the state to drop further to Rs.41,200 per kg on 9 October.
• However, towards the end of the week, purchases increased from industrial units amid fluctuating markets which led silver to close the week trading at Rs.41,500 per kg.

October 2018 - Week 3 (15-21):

• The silver price in West Bengal when the week commenced stood at Rs.41,900 per kg owing to strong demand from the domestic market amid positive global cues influenced by a depreciating US greenback and equities.
• Prices declined to Rs.41,400 per kg on 17 October, however; demand rose over the next couple of days and silver was recorded trading at Rs.41,900 per kg on 19 October.
• Silver traded at Rs.41,400 per kg when the week came to an end as the local market failed to capitalise the depreciating US dollar and weak equity market trends.

October 2018 - Week 4 (22-28):

• When the week began on 22 October, silver rates in West Bengal stood at Rs.41,500 per kg with domestic markets ramping purchases in the back of strong overseas market trends.
• The US dollar index lost against a basket of apex currencies leading to a surge in demand for silver by industries and coin makers and silver was recorded trading at Rs.41,900 per kg on 24 October.
• The industrial metal declined to Rs.41,700 per kg on 28 October influenced by subdued but steady demand from industries from the local market.

October 2018 - Week 5 (29-31):

• Silver traded at Rs.41,600 per kg when the week began on 29 October with poor demand from the domestic market impacted by the rising dollar and equities.
• With the demand for the white metal declining as the month came to an end amid weak global cues, silver traded at Rs.41,200 per kg on 31 October.
• Overall, the silver price in West Bengal during the month of October inclined by 0.24% aided by firm overseas cues and stable demand from the local markets.

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

September 2018- Week 1 (1-8)

• Silver opened at Rs.40,000 per kg in West Bengal on 1st September. Silver rates fluctuated throughout the week amid poor demand and unfavourable overseas trend.
• On the 2nd of the month, silver prices increased by Rs.100 per kg and traded at Rs.40,100 per kg before declining and recording a monthly low of Rs.39,500 per kg on 5th September as the retail and industrial demand for the metal dropped.
• Meanwhile, the ongoing trade war tension hit the stock market negatively and investors turned towards safe-haven assets which helped silver prices in West Bengal incline and close at Rs.39,700 per kg.

September 2018- Week 2 (9-15)

• Though silver prices stood unaffected at Rs.39,700 per kg, the price of the metal surged throughout the week due to favourable market conditions.
• On the other hand, the US inflation data was released which dimmed the policy tightening case proposed by the US Federal Reserve due to which the US dollar value fell compared against a basket of apex currencies and silver rates in West Bengal inclined and traded at Rs.39,900 per kg from 11 to 13 of the month.
• By the end of the week, fluctuating dollar fortunes led to a fall in silver prices when the metal closed at Rs.39,500 per kg on 15 September.

September 2018- Week 3 (16-22)

• Though silver was priced at Rs.39,500 per kg which is the lowest silver rate for the month of 16 September, the price of the metal recovered during the week as the US dollar lost grounds.
• As the demand for the metal picked up, silver prices surged and traded at Rs.39,700 per kg on 17 and further increased to Rs.39,800 per kg and Rs.40,000 per kg on 18 and 19 September respectively.
• 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 as the value of the rupee fell and the global trade tensions continued.

September 2018- Week 4 (23-30)

• Silver opened at Rs.40,300 per kg on 23 September in West Bengal.
• Though due to poor industrial demand, silver rates fell to Rs.40,000 per kg on 24 September, it quickly recovered and surged to Rs.40,200 per kg on 25 and further inclined to Rs.40,800 per kg on 26 September.
• On 29 and 30 September, silver prices in West Bengal hit a monthly high of Rs.41,200 per kg and recorded an overall incline of 3% for the month.

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)