Today Silver Rate
11th Nov 2019
Today MCX silver price in rupees per 1 kg.
Today silver price in india is 50,465.00 rupees per Kg
Silver Rate Today in India (in Rs/1 gm)
|Silver Rate||Silver Rate In Bangalore||Silver Rate In Chennai||Silver Rate In Delhi||Silver Rate In Hyderabad||Silver Rate In Kerala||Silver Rate In Mumbai|
Price of Silver in Different Cities
Silver Rate in India
The Indian market offers to invest in commodities like Silver and gold beyond the ordinary shares, real estate, and bonds. The commodity markets are stable than the equity and mutual funds. This is a viable option regarding an investment that is safe.
Silver is an industrious as well as a precious metal. Silver in India is mainly imported rather than produced. The metal is malleable, ductile, lustrous, and also a good conductor of electricity.
The demand for Silver is rising every day in India and China. The ever-increasing gold price has shifted the investor's attention to Silver which is also a haven. The versatile metal is mostly utilized in industrial applications.
The demand for the metal has increased at a rate greater than its production which means that the commodity only appreciates.
India's Silver demand is mostly for jewelry and Silverware. The increasing industrial growth would result in a higher amount of application for the metal.
The Silver prices are fixed based on various factors. The buying, selling, production, and demand are the factors that affect the Silver pricing in India on a daily basis.
Multi Commodity Exchange of India is the full form of MCX. It is an autonomous body for commodity exchange in India. It offers to trade in bullion, energy and agricultural commodities apart from non-ferrous metals.
This is an exchange for commodities like the BSE is for stocks and shares. The MCX sells the products in bulk.
The price for the asset depends upon various factors and is not determined at MCX. The MCX Silver rates are set by trading activity and a bunch of different other factors.
Today Silver Price Chart
Silver Rate in India for Last 10 Days
|11 November 2019||Rs. 50.47||Rs. 504.7||Rs. 50465.00||Rs. 504650|
|10 November 2019||Rs. 50.47||Rs. 504.7||Rs. 50465.00||Rs. 504650|
|09 November 2019||Rs. 50.47||Rs. 504.7||Rs. 50465.00||Rs. 504650|
|08 November 2019||Rs. 50.47||Rs. 504.7||Rs. 50465.00||Rs. 504650|
|07 November 2019||Rs. 50.47||Rs. 504.7||Rs. 50465.00||Rs. 504650|
|06 November 2019||Rs. 50.47||Rs. 504.7||Rs. 50465.00||Rs. 504650|
|05 November 2019||Rs. 50.47||Rs. 504.7||Rs. 50465.00||Rs. 504650|
|04 November 2019||Rs. 49.16||Rs. 491.6||Rs. 49163.00||Rs. 491630|
|03 November 2019||Rs. 49.16||Rs. 491.6||Rs. 49163.00||Rs. 491630|
Comparison for 1 Gram Silver Rates for India (In Rupees/Gram)
Historical Price of Silver Rate
The Factors Affecting the Silver Prices
There’re various factors that affect silver price in India. Although the rate of silver has witnessed a steady hike over the period of last 2 decades, the historical trends should not be taken as a benchmark when considering the future price volatility. Making an investment in silver as a commodity has witnessed tremendous growth in India. Investors consider various factors before investing in silver so that they can make good profits from their investments. Here are the factors that affect silver price today.
- Large Investors - As compared to the gold market, the silver market is smaller. Large traders or investors can potentially affect the silver rate. In 1997, Warren Buffet purchased 130 million troy ounces of silver at $4.50 per ounce that impacted the market prices.
- Oil Prices - Silver mining is an energy-intensive process. Today silver rate is affected by oil prices, as oil is the prime source of energy around the world. The imported silver needs a sound logistics platform, which is backed-up by the consistent supply of oil. Also, fluctuations in the oil price are responsible for the dynamic price of silver as well as of gold.
- Industrial Demand - As our country is stepping towards better industrialization, the demand for silver, especially as an industrial product, has been hiked off late. This correspondingly triggers a hike in silver rates.
- Import Duties - Since silver is imported in India, the silver price is directly linked to the application of import duty on imports. A higher import duty means higher silver rates in India.
- US Dollar Fluctuation - Silver rates are impacted by the US Dollar Index. It means that a rising US Dollar can decrease silver prices in India, while a falling Dollar indicates an increase in silver prices.
- Gold Rate - Generally, silver prices follow the upward or downward trend of gold. If there’s a rise in the demand for gold leads to an increase in its rate, then silver will follow it. Likewise, any decrease in gold rates will trigger a decrease in silver rate.
- Trade Deficit - The higher the number of imported commodities, the higher the trade deficit of a country. With the increase in the trade deficit, the government might take a step to curb the import of those commodities. The government did the same in the last a few years to tackle the gold imports.
- Inflation - Today silver price is adversely affected by inflation.Since commodities like silver and gold are most preferred choices of clients to hedge their funds during financial distress due to inflation, the prices of silver increase when inflation is high.
- Large Concentrated Short Position - At present, 90 percent of all short silver contracts are held by 3-4 of the largest silver traders. This kind of concentration, specifically of a publicly-traded product in the hands of a few people, has a significant impact on silver price in the short as well as in the long run.
The Factors Affecting the Silver Price Per 1 Gram in India Today
There are plenty of factors that affect silver rate today. These factors include the international rate of silver. In India, silver rates take cues from the latest happenings in the international markets. As you know, gold and silver rates are in tune. When the gold rate increases, the silver rate also rallies. When the silver price hikes, gold price acts in accordance. Apart from that, there are various other factors that affect the per gram silver price in India. It includes interest rate movement and inflationary trends in India.
Why is Silver in India Cheaper?
Throughout the modern history, silver has been considered cheaper as compared to gold. A majority of silver is used for industrial purposes. It’s not worth it when silver is recycled. Silver is used for the purpose of conductivity in electronic devices. The rarity of silver itself makes it a crucial element and in comparison to gold making, it’s cheaper.
The imbalance in demand and supply of silver and gold creates most price difference between the two metals. One of the primary reasons that make silver cheaper is its lesser demand across the globe. It’s important to know that silver (just like all other metals) works a function of demand and supply. The higher demand means the higher silver and vice-versa.
Where from We can Purchase Silver in India
In India, we can purchase silver specifically from a bank or a jeweler. Generally, silver coins offered by banks are little expensive. It’s because when we purchase a silver coin from a bank, we’ve to pay the additional charges that include tamper-proof packaging along with an assay certificate.
Purchasing silver from jeweler is costlier than purchasing coins as it includes the making charges of 10 percent (or more). It will include melting charges of 15 percent at the time of resale and it lowers down the returns. You can purchase silver on the commodity futures exchange. Exact MCX silver price can be determined when you make a purchase.
At the commodity future exchange, the length of contract size is comparatively larger. When it comes to silver trading, the smallest contract is traded in the units of 1 kilogram and it is delivered in a minimum quantity of 30 kilograms. Silver is a precious metal that is traded freely, so you can purchase that in the electronic form and the physical form too. If you want, you can place your bet on silver in the futures market.
Should you Make an Investment in Silver in India?
You should make an investment in silver in India for the following reasons:
- Demand - In India, silver has a pretty good demand. This demand is generated by the jewelry sector as well as the industrial sector.
- Supply and Demand - In our country, silver has a growing demand. As the demand rises, the availability of silver drops. In the future, it is going to be tough to purchase silver and the silver rates might drive up the restricted supply. It would put long-term investors in a strong financial position.
- Common Man's Gold - Silver is regarded as a common man's gold. Buying silver is easier as compared to buying gold. The silver rate keeps rising and investors are to get various alternatives to make an investment in silver rather than investing in real estate, bonds etc.
- Timing the Markets - At times, the silver market can be easily predicted. Some of the basic ways are to let festivals come around or you could wait for the wedding season to arrive. During that time period, the demand for silver as well as gold spikes up.
- No Bank Accounts - In our country, a fairly large number of population isn’t familiar with the process of banking/taxation. It’s difficult for people to make an investment in a variety of options. Silver is one of the best options to invest for them.
- Easy Storage - Silver is easy to store in comparison to gold. Various e-silver products that can be traded are available on the NSEL. It lets people make an investment in silver and they don’t have to worry about its storage.
- Liquidity - Silver can help investors during the emergency situations. At the time of personal financial emergency, silver metal can be converted into money. In case the currency loses its value, silver would not.
How to do Silver Trading?
National Spot Exchange has e-series products, such as e-gold and e-silver, and people can make investment or trade in silver like people trade in equities. The trading hours of National Spot Exchange is from 10 am-11:30 pm. Investors can purchase 1 unit to 100 gms of silver at real-time Indian prices in demat form. The price tracks the international silver and gold rates.
In order to trade in NSEL, the investors need to open a demat account with any of the depositories. The depositories’ names are available on the NSEL’s website. Once you open a demat account, you can purchase silver online in dematerialized form. The E-series unit of silver is 100 gms. You can convert your e-silver into physical silver form or money by trading it in NSEL.
What is the Best Option to Make Investment in Silver?
You can purchase silver from a bank or a jeweler. Buying silver in the form of coins from a bank is a little expensive. When a person buys silver coins from banks, he/she has to pay the packing and assay certificate charges.
The investors can purchase silver from the commodity futures exchange too. It’s better to opt for coins because when you buy silver jewelry or artifacts, it becomes more expensive as compared to purchasing coins.
At the time of purchasing jewelry or ornaments, an investor has to make payment for the making charges as well, which can be 10 percent or more. Also, there’ll be incurred melting charges at 15 percent; it will decrease the resale value of silver.
At present, there isn’t silver ETF in our country. People can purchase silver ETFs exclusively from the American market. In order to purchase silver ETF from the American market, investors need to hold a global trading account.
Reasons to Purchase Silver in India
There are myriad of reasons why you should purchase silver in India. The investors can purchase silver in the form of coins or ornament as an investment. When an investor purchases silver as an investment for the future use, it’s recommended to buy coins instead of buying ornaments. When you sell the silver jewelry, you would not get any making charge. Silver does not react when it comes in contact with air, but the base metals like lead, copper etc. oxidize after coming in the contact with air and it gets and separated.
The ancient people refined silver with the help of a process known as cupellation. Cupellation is a process of refining silver by heating up the silver ore, and then blowing air over it. The largest silver mine is located in Mexico.
What are the Uses of Silver?
Unique features loaded in silver makes it a king in the industrial as well in electrical domains. Here are some uses of silver:
- Essential Anti-Infective - Silver is regarded as an essential anti-infective medicine by WHO. SilverCoat Foley catheters are extensively used in the field of urology in order to prevent UTI.
- Radiology - Silver is used in the field of Radiology, as silver needles, sutures etc. are used to stitch the wounds. Also, silver bearing coatings helps to prevent infections.
- Photography - Silver is used in color film photography as the light-sensitive characteristic of silver activates this.
- Mirrors - Silver is used in mirrors as silver has reflective properties. It reflects 95–99 percent of the light.
- Jewellery - Silver ornaments are very popular. Indians are fond of buying silver ornaments like necklaces, rings, watches, bracelets, pendants, earrings, etc.
Some Mind-blowing Facts about Silver
Some facts about silver are mentioned below.
- The term silver is derived from the word Anglo-Saxon - seolfor.
- There isn’t any word which rhymes with the word - silver.
- On a scale of 0-100, silver ranks 100 regarding electrical conductivity. Copper ranks 97 and gold ranks 76.
- Ag is the chemical symbol (in periodic table) for silver. Ag is derived from the Latin word Argentum, which means silver.
- Solar energy uses silver, as it is one of the fundamental components responsible for the photovoltaic cells.
- Silver is super reflective and is used in mirrors, microscopes, solar cells, and telescopes.
- Silver is a bad reflector of ultraviolet light.
- Silver is regarded as one of the first five metals that were discovered. It’s believed that silver was discovered in 5000 BC.
- Silver is capable of existing in its native state as crystals or nuggets of pure silver do exist in nature.
Silver is a metal that isn’t toxic to human beings and that is why it is used for the purpose of food decoration.
Silver Price History
Silver is a non-ferrous metal that is malleable, ductile, and lustrous. Moreover, it is also a good conductor of electricity. These properties are the reason the increase of the metal has increased in the industrial applications.
India imports the majority of the silver and utilizes it for jewelry and silverware. The silver price history shows that the commodity has always been a stable commodity to invest in rather than equity, shares, and bonds.
The investors closely follow the silver price news that helps them decide whether to sell, hold or buy the commodity. The news gives an insight into the supply-demand patterns which can be used to evaluate the exact profits.
The price fixing is done by organizations that include in the buying and selling of the metal. The international trading impacts the price of the metal the most.
Sterling Silver is a commodity that is 95% silver and rest other 5% are metals mostly copper. This kind of silver is used primarily in jewelry.
Sterling silver is used in electronics, Solar panels and traditional film photography.
Silver is traded by the MCX. Its pricing depends mainly on two important factors:
Though shocking, its prices are dependent on the price of Gold in the international market as well. Various analysis show that the prices of Gold and Silver are related with each other.
MCX is an independent association that buys and sells commodities like the BSE buys and sells stocks and shares. The MCX does not decide the price of the commodity it just acts as an exchange medium.
Latest Silver News
Gold Rises up by Rs. 100 and Silver by Rs. 130
There has been a rise in the prices of Gold and Silver. Gold has risen by Rs. 100 to Rs. 33, 720 every 10 grams in the bullion market in the capital of the country on Tuesday with a positive demand from the local jewellers among the favourable trends abroad, as per the All India Sarafa Association.
Simultaneously, the prices of silver has been increased to Rs. 38,220 from Rs. 38,090 every kilogram on the account of the raised off take by the industrial units and the coin makers.
As per the traders in the bullion market, positive global market and the demand from the local jewellers are the key reasons in the increase of the prices of these metals.
Spot gold was trading @ USD 1,344.90 per ounce in the global bullion market. However, silver was traded @ USD 14.96 per ounce in New York City (NYC).
In our National Capital, gold of 99.5% and 99.9% purity grew up by Rs. 100 each to Rs. 33,550 and Rs. 33.720 every 10 gram, respectively.
Betting on Silver-Gold Ratio is Costlier for the Local Traders
Gold and silver traders who shorted future of gold and bought silver future on the domestic commodity derivatives have been experiencing sleepless night due to the seemingly surging gold-silver ratio. This ratio happens to be around 84 in the month of February. These traders anticipated that silver would outdo gold in the bullion market and the ratio between the two metals would come back to its 200-week poignant average of 78.11.
The Director of Commtrendz – Gnanasekar Thiagarajan and the Business Head of Kedia Commodity – Nitin Kedia claimed they came to know about the traders rolling over the positions since that month. They hoped to give a whirl to their trade at some gains. However, with the outperformance of gold in the bullion market there has been a decrease in the rates in the United States (US).
Silver Demand All Set to Grow Considerably in 2019
The previous year was quite disappointing; however, there is a prediction by the Silver Institute of comparatively more supportive climate for silver in the current year. There has been a growth in sales of the American Eagle coins of the US Mint. Now, these coins have grown to 12 per cent in January 2019 in comparison to January 2018. Silver must also have an advantage as the United States Federal Reserve is expected to slow down the interest rate growth.
There must be a growth of 5 per cent in the demand for the physical silver investment.
The Silver Institute boldly said that it expects the price of silver to make stronger in the current year and an average of $16.75 per ounce. This represents a 7 per cent growth over the year 2018. The investors are sceptical of the equity markets are expected to seek alternatives like precious and valuable metals, and silver will take advantage of their interests.
Will Dismal Run of Silver ETF Continue this Year?
Silver ETFs are reeling under peer pressure for a long time. The US Economy’s strength and the consequent rates of interest are impacted. There was a decline in SPDR Gold Shares GLD (Gold Bullion ETF) by 4.5 per cent last year (as of January 18, 2019). However, iShares Silver Trust SLV (Silver Bullion ETF) have incurred losses of around 10.4 per cent last year. According to Bloomberg, the year 2018, was the worst year in three for silver.
The same rough patch is continuing this year also. Silver bullion ETF is still down by 1 per cent in comparison to a decline of 0.2 per cent in the Gold Bullion ETF.
The chances are higher that the silver bullion will be lagged by the gold bullion in the near future. Industrial activities make use of around 50 per cent silver for various industrial applications. Many important and main economies such as Eurozone, Japan and China reeling under peer pressure and extensive global growth concerns, silver demand has taken a toll.
Silver Trade Expected to Surge by Mid-Year
Owing to an increase in the demand for electronic vehicles and solar panels, the price of silver is expected to hit Rs. 40,000-Rs. 41,000 per kilogram by July-August this year. According to the records, this precious metal was being traded at Rs. 39, 237 per kg during the final days of the year 2017. As per some reports, a 23% surge in the demand for silver in the field of solar photovoltaic process was noticed last year.
Silver will Overtake Gold in Terms of Performance: Survey
A top Canadian precious metals retailer conducted a survey which predicted that silver will soon overtake gold in terms of market performance.
The survey was undertaken by 386 people, out of which, 151 (around 39%) believed that silver will outperform gold in terms of generated business. Gold appeared to be the second preference as it got only 27% of the votes during the survey, followed by Copper with 25% votes. Palladium and Platinum couldn’t manage to receive more than 5% and 4% votes respectively.
However, seeing the performance of silver in the previous year, many have quoted that silver has attained very little in terms of returns.
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