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Today Silver Rates In Chennai

17 Jan 2021

gold rate

₹63.93

( Per Gram )

gold rate

₹63925

1 Kg

TodayYesterdayChange(%)
1 gram63.9363.920.02%
10 gram63925639180.01%

Silver Rates In Chennai for Last 90 Days

17 Jan 2021

Date1 gramBar Silver 1KG
2021-01-1764.9363,925
2021-01-1664.9263,918
2021-01-1566.1466,144
2021-01-1466.6665,665
2021-01-1366.8665,856
2021-01-1265.9764,971
2021-01-1166.8365,825
2021-01-1066.8365,825
2021-01-0965.5864,574
2021-01-0871.5370,521
2021-01-0770.9369,926
2021-01-0671.1171,103
2021-01-0570.0470,039
2021-01-0468.0468,044
2021-01-0368.0468,044
2021-01-0268.0468,044
2021-01-0168.8267,820
2020-12-3168.4068,402
2020-12-3068.6867,677
2020-12-2968.3368,327
2020-12-2867.2767,264
2020-12-2767.0066,999
2020-12-2667.0066,999
2020-12-2567.0267,020
2020-12-2467.9966,987
2020-12-2366.7565,748
2020-12-2268.2468,237
2020-12-2167.0167,013
2020-12-2067.0167,013
2020-12-1967.0367,027
2020-12-1867.3567,356
2020-12-1765.9164,909
2020-12-1664.5463,545
2020-12-1562.0662,070
2020-12-1462.3162,310
2020-12-1362.3162,310
2020-12-1262.4262,418
2020-12-1162.3362,330
2020-12-1063.5662,560
2020-12-0964.0964,092
2020-12-0864.0464,046
2020-12-0763.0062,999
2020-12-0663.0062,999
2020-12-0563.8562,857
2020-12-0462.4662,460
2020-12-0362.4362,433
2020-12-0262.0962,097
2020-12-0159.8958,891
2020-11-3057.4357,423
2020-11-0362.0962,083
2020-11-0261.9460,942
2020-11-0161.4661,451
2020-10-3161.4261,414
2020-10-3060.4560,454
2020-10-2961.5860,582
2020-10-2863.8062,800
2020-10-2763.6562,651
2020-10-2663.2563,252
2020-10-2563.2563,252
2020-10-2463.1763,170
2020-10-2363.3263,320
2020-10-2264.2264,217
2020-10-2163.4663,457
2020-10-2062.9861,976
2020-10-1962.8061,793
2020-10-1862.8061,793
2020-10-1762.0362,030
2020-10-1662.8661,868
2020-10-1562.0262,022
2020-10-1462.7761,771
2020-10-1364.1764,169
2020-10-1264.9163,902
2020-10-1164.9163,902
2020-10-1064.6363,638
2020-10-0961.9660,962
2020-10-0861.7360,727
2020-10-0761.6060,600
2020-10-0662.0862,077
2020-10-0561.5460,541
2020-10-0461.5460,541
2020-10-0361.8660,863
2020-10-0261.1461,146
2020-10-0160.9159,907
2020-09-3062.4362,427
2020-09-2961.7860,775
2020-09-2859.7758,773
2020-09-2759.7758,773
2020-09-2659.2159,207
2020-09-2559.9058,898
2020-09-2458.4958,489

Historical Price of Silver Rate In Chennai

Trend of Silver Rate in Chennai for October 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
October 1st Rate61.4261,414
October 31th Rate60.9159,907
Highest October Rate64.2264,217
Lowest October Rate60.9159,907

Trend of Silver Rate in Chennai for November 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
November 1st Rate57.4357,423
November 30th Rate61.4661,451
Highest November Rate62.0962,083
Lowest November Rate57.4357,423

Trend of Silver Rate in Chennai for December 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
December 1st Rate68.4068,402
December 31th Rate59.8958,891
Highest December Rate68.468,402
Lowest December Rate59.8958,891

Trend of Silver Rate in Chennai for January 2021 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
January 1st Rate64.9363,925
January 17th Rate68.8267,820
Highest January Rate71.1171,103
Lowest January Rate64.9263,918

Trend of Silver Rate in Chennai for September 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
September 1st Rate62.4362,427
September 30th Rate72.3472,336
Highest September Rate72.3472,336
Lowest September Rate58.4958,489

Trend of Silver Rate in Chennai for August 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
August 1st Rate71.3571,357
August 31th Rate64.6663,662
Highest August Rate76.9475,949
Lowest August Rate63.463,401

Trend of Silver Rate in Chennai for July 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
July 1st Rate61.4861,479
July 31th Rate48.9047,905
Highest July Rate68.5667,564
Lowest July Rate47.846,802

Trend of Silver Rate in Chennai for June 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
June 25th Rate47.9946,984
June 30th Rate46.3046,292
Highest June Rate47.0547,052
Lowest June Rate46.346,292

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.

FAQs

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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