Silver Rate in Chennai

Silver Rate in Chennai

The silver rate in Chennai is determined by a number of factors. For example, the government recently increased the excise tax on gold, which should raise silver prices. Rural investors may turn to silver as a hedge when gold prices rise. In fact, silver prices have risen to near $15 per ounce on international markets, indicating that demand remains strong.

Silver Rate in Chennai for Last 10 Days

YEAR	SILVER (IN GM) 1 GRAM 10 GRAM		SILVER (IN KG) 1 KG 10 KG
11 March 2021	Rs. 67.40	Rs. 674	Rs. 67400.00	Rs. 674000
10 March 2021	Rs. 71.40	Rs. 714	Rs. 71400.00	Rs. 714000
09 March 2021	Rs. 71.10	Rs. 711	Rs. 71100.00	Rs. 711000
08 March 2021	Rs. 71.00	Rs. 710	Rs. 71000.00	Rs. 710000
07 March 2021	Rs. 70.10	Rs. 701	Rs. 70100.00	Rs. 701000
06 March 2021	Rs. 70.10	Rs. 701	Rs. 70100.00	Rs. 701000
05 March 2021	Rs. 69.90	Rs. 699	Rs. 69900.00	Rs. 699000
04 March 2021	Rs. 70.40	Rs. 704	Rs. 70400.00	Rs. 704000

Historical Price of Silver Rate in Chennai

Trend of Silver Rate in Chennai for February 2021 (rates per kg)

Highest Feb Rate	Rs. 79200.00/- per Kg
Lowest Feb Rate	Rs. 72200.00/- per Kg
Overall Performance	Decline
Percentage Change	8.46 %

Trend of Silver Rate in Chennai for January 2021 (rates per kg)

Highest Feb Rate	Rs. 79200.00/- per Kg
Lowest Feb Rate	Rs. 72200.00/- per Kg
Overall Performance	Decline
Percentage Change	-3.04 %

Trend of Silver Rate in Chennai for December 2020 (rates per kg)

Highest Feb Rate	Rs. 79200.00/- per Kg
Lowest Feb Rate	Rs. 72200.00/- per Kg
Overall Performance	Decline
Percentage Change	-11.57 %

Trend of Silver Rate in Chennai for November 2020 (rates per kg)

Highest Feb Rate	Rs. 79200.00/- per Kg
Lowest Feb Rate	Rs. 72200.00/- per Kg
Overall Performance	Decline
Percentage Change	3.06 %

Trend of Silver Rate in Chennai for October 2020 (rates per kg)

Highest Feb Rate	Rs. 79200.00/- per Kg
Lowest Feb Rate	Rs. 72200.00/- per Kg
Overall Performance	Decline
Percentage Change	-7.58 %

Trend of Silver Rate in Chennai for September 2020 (rates per kg)

Highest Feb Rate	Rs. 79200.00/- per Kg
Lowest Feb Rate	Rs. 72200.00/- per Kg
Overall Performance	Decline
Percentage Change	11.22 %

Silver Price in Chennai

The cost of silver in Chennai is determined by a number of factors. Silver is regarded as one of India’s most valuable assets. Chennai is one of the country’s largest silver buyers. Silver prices in Chennai are influenced by global demand and supply. The silver rate in Chennai increased significantly at the start of the year, with a 7.33 per cent increase in January. In April, the rate of silver fell by 5.63 per cent overall. For example, the government recently increased the excise tax on gold, which should raise silver prices. Rural investors may turn to silver as a hedge when gold prices rise. In fact, as demand continues to grow, silver prices have risen to near $15 per ounce on international markets.

What Makes the Demand for Silver in Chennai?

Silver is one of the most widely traded commodities on the planet. It is a valuable metal that has been used by humans for millennia. Silver is essential to industrial demand in industries like electronics and medicine. In fact, the industrial sector consumes more than half of all silver.

Silver is mostly made as a by-product of the production of other metals like zinc, lead, copper, and gold. By-products account for nearly half of all silver production, with exclusive mining accounting for just 20% of all global silver production.

In recent years, demand for silver, also known as “poor man’s gold,” has increased. Silver demand in India is rising as the country’s industrial sector develops. Indeed, demand for industrial needs has been constantly growing over time. Silver prices in India have been undervalued in comparison to gold prices. The high gold-to-silver price ratio in comparison to the past demonstrates this. As such, investors are looking at the long term potential of this precious metal in terms of returns compared to its expensive cousin gold.

Silver as an Investment in Chennai

Silver has long been a popular investment choice in Chennai. It’s a tangible asset and a real form of money that can’t be made from paper or any other digital medium. Furthermore, silver is a low-cost investment that will yield high returns for silver investors. Silver can be purchased in small or large amounts by an investor. While small investments can be made through coins, large investments in silver can be made through silver bars.

Jewellery and wares: In Chennai, silver jewellery and wares are readily available. Simply go to the nearest jewellery store and purchase intricately crafted silver jewellery and wares such as utensils, for example. People should use this physical silver as a reserve that can be easily liquidated in times of need. During festivals, there is an increase in demand for silver.

Coins: In India, various institutions such as banks and private enterprises issue silver coins. Coins come in a variety of sizes, such as 10 grammes, 100 grammes, and so on. The coin prices in Chennai reflect the city’s silver rates. The use of pure silver in coinage is uncommon, with alloys being the preferred option. In Chennai, 999 purity silver coins are the most common.

Bars: Silver bars are also very popular among Chennai residents. The bars can be bought from a variety of bullion dealers throughout the city. Residents of Chennai have historically preferred silver ingots as a means of investing in bullion. These ingots or bars are readily available throughout the city and can be bought at fair prices.

Things to Remember Before Buying Silver Jewellery in Chennai

Here are some of the important aspects to consider before purchasing silver in Chennai:

• Buyback: Many jewellers in Chennai offer silver buyback, which allows investors to have their old silver jewellery replaced with new. People can use the buyback option to get the latest jewellery designs without having to spend money on them. Silver jewellery, on the other hand, is often resold based on its weight. When trading old silver for new, this factor should be taken into account.
• Online Shopping: When purchasing silver jewellery or other forms of jewellery online in Chennai, it is critical to ensure that the purchase is made from a reputable jewellery company. Make sure to look into the daily silver rate in Chennai as well. You won’t end up paying more than the current silver rates if you do it this way.
• Look for the hallmark: Always purchase BIS-certified silver. When purchasing silver, look for the following marks: purity, BIS mark, Assay centre identification mark, Marking Year, and Jeweller/Manufacturer identification mark.

Also, check the Gold rate in Chennai.

Historical Trend of Silver Price in Chennai

FAQs 

✅ Where can I buy the best quality silver in Chennai?

You can purchase the best quality silver from leading silver retailers in the city, as well as, from the leading jewellers in Chennai.

✅ What are the factors that determine the silver price in Chennai?

There are many factors that play an important role in determining the silver price in Chennai such as crude oil prices, U.S. dollar value, rupee value along with the performance of the global equities market, etc.

✅ Will the silver price in Chennai change today?

The price of silver can change depending on a number of factors such as the political tensions between two or more countries, crude oil prices, the trend of the commodities market along the trend of the equities market.