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Today Silver Rates In Chennai

21 May 2022

silver rate today india

₹59.72

( Per Gram )

silver price today

₹59718

1 Kg

Silver Price TodaySilver Rate YesterdayChange(%)
1 gram59.7259.86-0.23%
10 gram5971859859-0.24%

Silver Rates In Chennai for Last 90 Days

21 May 2022

Date1 gramBar Silver 1KG
2022-05-21₹ 60.72₹ 59,718
2022-05-20₹ 60.86₹ 59,859
2022-05-19₹ 59.67₹ 58,666
2022-05-18₹ 59.15₹ 59,146
2022-05-17₹ 59.30₹ 59,301
2022-05-16₹ 58.98₹ 57,977
2022-05-15₹ 58.71₹ 57,713
2022-05-14₹ 58.71₹ 57,713
2022-05-13₹ 57.71₹ 56,705
2022-05-12₹ 59.89₹ 58,897
2022-05-11₹ 58.99₹ 57,987
2022-05-10₹ 60.56₹ 59,566
2022-05-09₹ 60.49₹ 60,490
2022-05-08₹ 61.71₹ 60,710
2022-05-07₹ 61.71₹ 60,710
2022-05-06₹ 61.53₹ 60,529
2022-05-05₹ 62.70₹ 61,698
2022-05-04₹ 61.97₹ 60,967
2022-05-03₹ 61.41₹ 61,410
2022-05-02₹ 61.24₹ 61,236
2022-05-01₹ 63.43₹ 63,436
2022-04-30₹ 63.43₹ 63,436
2022-04-29₹ 64.51₹ 63,516
2022-04-28₹ 63.41₹ 63,418
2022-04-27₹ 64.72₹ 63,720
2022-04-26₹ 64.98₹ 63,972
2022-04-25₹ 65.08₹ 65,079
2022-04-24₹ 65.18₹ 65,181
2022-04-23₹ 65.18₹ 65,180
2022-04-22₹ 65.32₹ 65,318
2022-04-21₹ 68.69₹ 67,686
2022-04-20₹ 68.79₹ 67,790
2022-04-19₹ 70.61₹ 69,608
2022-04-18₹ 70.59₹ 69,591
2022-04-17₹ 69.12₹ 69,120
2022-04-16₹ 69.12₹ 69,120
2022-04-15₹ 69.09₹ 69,087
2022-04-14₹ 69.94₹ 68,943
2022-04-13₹ 68.18₹ 68,180
2022-04-11₹ 66.42₹ 66,418
2022-04-10₹ 66.37₹ 66,374
2022-04-09₹ 66.37₹ 66,374
2022-04-08₹ 66.92₹ 65,917
2022-04-07₹ 65.32₹ 65,311
2022-04-06₹ 65.75₹ 64,758
2022-04-05₹ 65.31₹ 65,308
2022-04-04₹ 66.09₹ 66,089
2022-04-03₹ 66.98₹ 65,979
2022-04-02₹ 66.98₹ 65,978
2022-04-01₹ 66.33₹ 66,332
2022-03-31₹ 66.36₹ 66,358
2022-03-30₹ 66.04₹ 66,049
2022-03-29₹ 67.91₹ 66,906
2022-03-28₹ 69.56₹ 68,552
2022-03-27₹ 69.67₹ 68,675
2022-03-26₹ 69.67₹ 68,676
2022-03-25₹ 69.70₹ 68,701
2022-03-24₹ 68.99₹ 67,998
2022-03-23₹ 66.36₹ 66,358
2022-03-22₹ 68.94₹ 67,938
2022-03-21₹ 67.78₹ 66,780
2022-03-20₹ 67.79₹ 66,793
2022-03-19₹ 67.79₹ 66,793
2022-03-18₹ 68.07₹ 68,076
2022-03-17₹ 67.44₹ 67,448
2022-03-16₹ 67.23₹ 67,225
2022-03-15₹ 68.59₹ 67,593
2022-03-14₹ 69.47₹ 69,476
2022-03-13₹ 70.93₹ 69,927
2022-03-12₹ 70.93₹ 69,927
2022-03-11₹ 70.82₹ 69,815
2022-03-10₹ 69.28₹ 69,282
2022-03-09₹ 71.45₹ 71,453
2022-03-07₹ 70.24₹ 70,240
2022-03-06₹ 69.30₹ 69,300
2022-03-05₹ 69.30₹ 69,300
2022-03-04₹ 67.46₹ 67,459
2022-03-03₹ 68.99₹ 67,992
2022-03-02₹ 68.86₹ 67,854
2022-03-01₹ 65.00₹ 65,002
2022-02-28₹ 65.76₹ 64,767
2022-02-27₹ 64.24₹ 64,239
2022-02-26₹ 64.27₹ 64,268
2022-02-25₹ 65.90₹ 64,899
2022-02-24₹ 65.67₹ 64,667
2022-02-23₹ 64.56₹ 63,565
2022-02-22₹ 63.24₹ 63,238
2022-02-21₹ 63.24₹ 63,241
2022-02-20₹ 63.08₹ 63,083
2022-02-19₹ 63.08₹ 63,083

Historical Price of Silver Rate In Chennai

Trend of Silver Rate in Chennai for May 2022 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
May 1st Rate60.7259,718
May 21th Rate63.4363,436
Highest May Rate63.4363,436
Lowest May Rate57.7156,705

Trend of Silver Rate in Chennai for April 2022 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
April 1st Rate63.4363,436
April 30th Rate66.3366,332
Highest April Rate70.6169,608
Lowest April Rate63.4163,418

Trend of Silver Rate in Chennai for March 2022 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
March 1st Rate66.3666,358
March 31th Rate65.0065,002
Highest March Rate71.4571,453
Lowest March Rate6565,002

Trend of Silver Rate in Chennai for February 2022 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
February 1st Rate65.7664,767
February 28th Rate59.1359,130
Highest February Rate65.964,899
Lowest February Rate59.0959,091

Trend of Silver Rate in Chennai for January 2022 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
January 1st Rate59.1959,189
January 31th Rate61.2061,199
Highest January Rate64.1964,189
Lowest January Rate58.358,302

Introduction

Chennai, the capital city of Tamil Nadu has had a proven love for silver like no other in India. Silver is one of the most demanded commodities as the people of Chennai consider it to be a good investment option. Investors mainly look for attractive returns while trying to resell it in the long run. Because silver is far more affordable as compared to gold, people invest in this precious metal for the financial stability it can offer even in case there is a crisis.

In India, Chennai has been at the forefront as far as investments in silver is concerned. Due to various factors, the silver rate in Chennai can fluctuate daily. Silver is mainly used for different industrial purposes and trading in Chennai. Silver rate is determined on a per gram basis and as per different purity levels.

Which factors affect silver prices in Chennai?

Some of the factors which have a direct impact on silver rates in Chennai are listed here:

  • Demand and supply: Historically, in India and specifically in Chennai, silver demand has far exceeded its supply. This has led to a spike in the rate of this precious metal over the years.
  • Industrial demand: Silver is demanded in the form of jewellery in Chennai and it is also heavily used for manufacturing different medical, utensils and other items. This has resulted in a rise in the demand for silver, specifically in the industrial sector. Thus, silver has become an important commodity in the southern region which has led to regular price fluctuations.
  • Inflation: Since Chennai has faced the flak of inflation over the years, the silver rate too has witnessed many changes. This is primarily because silver is used as a hedge against inflation. Thus, when the inflation swings upwards, the silver rate also tends to rise.
  • US dollar rate: Silver rate is inversely proportional to the rate of the US dollar. As soon as the US dollar turns stronger, the silver rates start to dip in Chennai and vice versa. This inverse relation is a result of the buying habits of people as they tend to buy commodities which are expected to increase in value.
  • Import duty: Chennai silver consumption is met by heavy imports of silver. Thus, any fluctuations in the import duty tend to have an impact on silver prices in the city.
  • Bullion rate: Silver rate in Chennai runs parallel to the price of the bullion. As soon as gold rates dip, the city sees a reduction in silver rates too.

Because of the above-mentioned factors, the silver prices in Chennai keep changing on a daily basis and are fixed by the Indian Bullion and Jewellers Association Ltd. This organisation is made up of members who procure the ‘buy’ and ‘sell’ quotes from influential silver jewellers across the country. They then decide upon the daily silver rate for the country.

What silver investment options are available in Chennai?

Chennai is one of the country’s topmost consumers of silver. People purchase this precious metal in the form of jewellery, silverware, etc, and also various gift articles made of silver. Chennai is a religious city and therefore, silver carries a high cultural value apart from being looked at as an investment option. People in Chennai consider silver investments as a safe avenue. Whether it is the middle-class or the lower-income segments, everyone loves to buy silver for its higher expected value at the time of resale.

Here are the various forms of silver which are preferred by people in Chennai.

Silver coins: Silver coins are considered as an ideal gift option by locals in Chennai. These are purchased on birthdays, anniversaries and even to celebrate any traditional festival. Silver coins can be purchased from different banks in Chennai, silver jewellery or online silver stores. Coins can be bought in various shapes, different weights and purity levels. The price varies as per these characteristics of the item bought.

Silver jewellery: Women in Chennai are fond of silver jewellery. Attractive designs are available across Chennai in earrings, neckpieces, rings, bracelets, etc. Similar to coins, silver jewellery also comes in different shapes, sizes, purity, and weight. The silver demand generally picks up at the time of festivals and wedding season in Chennai.

Silver bars: Silver bars are frequently bought as a preferred investment option in Chennai. These are very easily available and since they come in various sizes, they are affordable too. Silver bars can be bought from different silver stores and also banks in Chennai.

Silver trading: One popular option of investing in silver is through the trading route. It can be done electronically via exchanges like MCX or Multi-Commodity Exchange in India. For silver trading, it is mandatory to hold an individual Demat account in Chennai.

Silver Demand and Supply in Chennai

Silver is primarily a by-product of different metal production processes. By-product silver contributes to nearly 80% of the entire silver available in the world. India is known to have bought large silver reserves for meeting domestic demand and also catering to global needs.

Silver demand and supply in Chennai has a direct influence on the daily rates. As trends suggest, the demand for silver always exceeds its supply. This has resulted in Chennai silver prices going up in the last few years.

Factors to Consider Before Buying Silver

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

  • Buyback: In Chennai, a lot of jewellers offer an option to buyback silver i.e. investors can get old silver jewellery replaced by a new one. Buyback option allows people to purchase the latest jewellery designs without having to spend cash to buy the same. However, reselling silver jewellery is always based on its weight. This factor should be considered while exchanging old silver for new.
  • Online shopping: While buying silver jewellery or other forms online in Chennai, it is important to make sure that it is being bought from a reputed jewellery enterprise. Also, make sure to check on the daily silver rate in Chennai. This will ensure that you don’t end up paying a higher amount than the prevailing silver rates.
  • Look for the hallmark: Always buy silver which is BIS certified. Look for below marks while buying silver:
    • Purity
    • BIS mark
    • Identification mark of Assay centre
    • Marking Year
    • Jeweller/ manufacturer’s identification mark

Request invoice: Silver purchase must always be a transparent process. To ensure this, always ask for the invoice. For future resale of silver, the invoice will be useful and can act as a proof of the exact specifications of the silver form.

Where to buy silver in Chennai?

Several silver dealers can be found in Chennai. Some of the major silver dealers include Vummidi Silverware, GRT, SLN Bullion, Tanishq, Khazana Jewellers, N. Gopaldas, etc. These silver jewellers offer various silver items like jewellery, coins, ornaments, bars, gifts, silverware etc. They offer silver at the prevailing price. The price could differ across products especially if you compare jewellery to bar form since jewellery will have additional making charges.

People Also Ask Silver Rate Chennai

1. Which is the best silver jewellery shop in Chennai?

Some of the top silver jewellers in Chennai include Gopaldas, SLN Bullion, GRT, Tanishq and Khazana Jewellers.

2. How do I check the prevailing silver price in Chennai?

You can check prevailing silver prices in Chennai by looking it up online or asking the nearest jewellery store.

3. How is silver used in Chennai?

Silver is mainly used for radiology, manufacturing of utensils, satellite manufacturing, etc in Chennai.

4. Does GST have an impact on silver prices in Chennai?

Purchasing silver may be expensive in Chennai as 3% GST charge is applicable on the same.
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