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Today Silver Rates In Chennai

24 Oct 2020

gold rate

₹63.17

( Per Gram )

gold rate

₹63170

1 Kg

TodayYesterdayChange(%)
1 gram63.1763.32-0.24%
10 gram6317063320-0.24%

Silver Rates In Chennai for Last 90 Days

24 Oct 2020

Date1 gramBar Silver 1KG
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
2020-09-2363.5962,589
2020-09-2264.9763,973
2020-09-2169.7068,699
2020-09-2069.6268,624
2020-09-1969.6268,624
2020-09-1869.2069,196
2020-09-1769.1869,181
2020-09-1670.8569,843
2020-09-1570.8769,865
2020-09-1469.8768,868
2020-09-1368.4568,449
2020-09-1268.4568,449
2020-09-1168.4368,426
2020-09-1069.1069,103
2020-09-0968.4668,453
2020-09-0869.6868,682
2020-09-0769.1369,127
2020-09-0669.6768,667
2020-09-0569.6768,667
2020-09-0469.6468,643
2020-09-0370.2970,296
2020-09-0272.5471,540
2020-09-0172.3472,336
2020-08-3171.3571,357
2020-08-3070.0770,071
2020-08-2970.0770,071
2020-08-2870.8669,861
2020-08-2770.2370,224
2020-08-2668.3768,366
2020-08-2569.1769,166
2020-08-2469.2469,248
2020-08-2370.8869,880
2020-08-2270.8869,880
2020-08-2171.3671,367
2020-08-2070.3870,385
2020-08-1972.9671,960
2020-08-1873.5172,507
2020-08-1768.8467,848
2020-08-1669.9468,941
2020-08-1569.9468,941
2020-08-1471.1471,137
2020-08-1367.2867,284
2020-08-1264.9363,923
2020-08-1176.8875,880
2020-08-1073.0473,041
2020-08-0974.9473,941
2020-08-0874.9473,942
2020-08-0776.9475,949
2020-08-0670.2470,233
2020-08-0568.8167,805
2020-08-0464.5463,539
2020-08-0363.4063,401
2020-08-0264.6663,662
2020-08-0164.6663,662
2020-07-3161.4861,479
2020-07-3063.0963,089
2020-07-2964.5863,574
2020-07-2868.5667,564
2020-07-2760.8259,825

Silver Rate in Chennai

Chennai is among the largest importer of silver in the world and accounts for up to 20 % of the worlds silver import. Just as gold is a popularly traded commodity in Chennai, silver also enjoys popularity as an investment option. The silver rate in Chennai is affected by the global demand and supply scenario. It is valued as a precious metal and compared to gold, it is more abundant. Silver has numerous uses, in the electronics as well as electronics industry.

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 Rate63.1763,170
October 24th Rate60.9159,907
Highest October Rate64.2264,217
Lowest October Rate60.9159,907

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 1st Rate47.9946,984
June 30th Rate48.5347,532
Highest June Rate48.9747,965
Lowest June Rate46.8245,815

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

Silver Rates1 gram1 Kg
May 1st Rate47.9946,982
May 31th Rate39.4139,408
Highest May Rate47.9946,982
Lowest May Rate39.3139,313

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

Silver Rates1 gram1 Kg
April 27th Rate40.0840,081
April 30th Rate41.5940,589
Highest April Rate41.5940,589
Lowest April Rate40.9839,979

How to invest in Silver

The major advantage of investing in silver is its affordable price. Unlike gold, which is expensive and requires large amounts of money as investment, smaller silver coins can be bought for as little as a few hundred rupees. Keep in mind though that each investment option in precious metals and other commodities has its pros and cons. The most traditional channel of investing in silver is buying silver coins, jewelry and silver household items. Silver can most commonly be purchased in the form of coins, bars, and jewelry. Below are some of the ways in which you can invest in silver:

Silver jewelry and household objects

If you plan to buy silver jewelry or silver items for the house like utensils, prayer lamps, keep in mind that you have to pay for making charges as well. The more intricately designed silver jewelry costs more, making it far more expensive than buying coins. Silver jewelry attracts a melting charge of 15 per cent or more at the point of resale, which lowers effective returns, if you plan to sell your silver jewelry at a later point. Hence, you would have to forgo some of the invested amount in the form of wastage/making charges and melting charges.

Buying any form of physical silver comes with the problem of storage, as the volume of metal bought is much more than that of gold for the price paid. If you are buying for purely investment purposes, might have to also pay for storage facilities like a bank locker in order to keep your silver secure.

How to buy silver coins in Chennai

Silver and gold coins are extremely popular in Chennai as a gift on auspicious occasions. Silver coins also make for a good investment choice since they are available in different weights, which gives investors the freedom to choose according to their budget. A number of jewelers and banks sell certified and assayed silver coins. Silver coins are available online as well, although it can be risky to buy from anyone other than a certified jeweler/seller. Make sure to get a purity certificate along with your silver purchase.

You can choose to purchase silver coins from a jewelry showroom or from banks, although purchasing coins from the latter might prove to be slightly more expensive, as they include charges for damage-proof packing and a purity assay certificate. For example, , a 50 gm coin of 24 carat purity from a bank would cost more compared to buying the same coin from a jewelry showroom. Jewelers would also apply a casting charge as well as sales tax.

How to buy silver bars

The most important thing to keep in mind while buying any kind of silver is to check the live silver market rate market rates. Silver bars can be purchased from banks and big jewelers, as they are typically kept for serious investors. These bars typically range from 500 gm to 1kg.

Futures exchange

Buying silver in the futures exchange market is one of the options for a serious investor, but the contract sizes are significantly larger than some other commodities, like gold..

There are also several charges associated with trading in the futures market. These could be in the form of brokerage, stamp duty and various other charges that you would have to bear.

Silver ETF

There is no silver ETF (Exchange Traded Fund) in Chennai at the present moment with the closure of the National Spot Exchange. However, there is an option for trading in Silver ETFs listed in the US market. Investors looking to trade in the silver ETFs listed on the US market need to open an account with a stock broker who offers a platform for investing in international stock markets.

How to buy silver

There are a few things to be kept in mind before buying silver. It is very important to first watch the price movements of silver carefully over a period of time and check live silver rates before deciding to invest. There are a multitude of options available in the market and buying silver can be a viable investment option. Keep the following points in mind before making your purchase.

Research silver rates

Silver prices, while relatively stable, still require monitoring if it is for the purpose of investment. It is important to observe market trends and stay in tune with the latest price movements. This will help you make the best and most informed decision on when to buy or sell. You can use CreditMantri’s silver rate page to check live silver rates in Chennai and make data-driven decisions on your silver investments based on the most up-to-date information.

Decide what kind of silver you want to buy

Silver, like gold, comes in various forms like bars, coins, and jewelry. Each form offers its own unique advantages and disadvantages. If your intention is to sell the silver at a later date, then jewelry might not be the most optimal option and you could consider other forms of silver investment like coins or bars. Decide on what form your investment will take so you have a clear idea of the pros and cons.

Ensure certification

In Chennai, the Bureau of Indian Standards (BIS) introduced hallmarking of silver in 2005. There are several grades of silver purity with 9999 being of the maximum fineness. The silver and silver alloys are stamped with standard marks by the BIS- recognised Assaying and Hallmarking Centres. The silver will carry 5 markings including

  1. BIS mark
  2. Purity/fineness
  3. Assay centre’s identification mark
  4. Year of marking
  5. Jeweler’s/manufacturer’s identification mark

Online purchase

There are a number of online silver sellers today. While it may be convenient to buy online, you need to be very careful about buying only from trusted certified sellers as there is vast scope for adulteration of silver and cheating.

How to sell silver

In Chennai, silver is always in demand, making it a highly liquid asset. Selling silver is not difficult, as most jewelers and pawn shops are willing to buy silver at current prices. But keep in mind that intricately designed silver jewelry might fetch lower prices than expected, as jewelers do not pay for the design but only for the weight of the precious metal. Some jewelers might pay lower than the market price, so be sure to get at least a couple of quotes by visiting different jewelry showrooms before making a decision. You need to make sure that you are aware of current market prices and trends so that you get the best possible price. Make sure to weigh the silver with a reputed jeweler before selling, in order to avoid getting duped. It is always a good idea to sell silver coins or bars rather than silver jewelry as they tend to attract better rates from jewelers as compared to jewelry.

How much is silver worth

Silver is one of those precious metals which will always be in demand, because of its industrial as well as ornamental use. However, it is impossible to predict the price of silver and whether it will continue to appreciate as an asset or not. As with all other commodities, silver prices are also subject to fluctuation and it is important in order to watch market trends before making any kind of investment.

Factors affecting silver price in Chennai

Like gold, the price of silver fluctuates based on the relation between supply and demand as well as other larger economic factors. The price of silver reached a peak some years ago between around 2008-2012 but has stabilised since then. Following are a few factors that contribute to the price of silver in Chennai:

Industrial demand

Unlike its yellow counterpart, industrial demands make up most of the worldwide demand for silver. Silver is used in every day gadgets like cell phones, touch screens, televisions as well as solar panels, RIFD chips for tracking global shipments and parcels, and nuclear reactors where its use cannot be replaced by any other metal. The medical industry also accounts for silver demand. These factors continue to drive demand for the metal and impact the price of silver.

Investment demand

The price of gold is determined largely by its investment demand. Although the same cannot be said for silver, many investors see it as a long term investment, due to increasing demand and depleting resources. This has made it an attractive metal to invest in and has led investors to stock this precious metal.

Import costs:

Chennai does not have substantial natural deposits of silver and meets a huge proportion of its silver needs through imports. This means that import rates affect the price of silver within the country. Since trading takes place in US dollars, a stronger dollar makes buying silver more expensive in Chennai.

Disclaimer: The information on the prices of silver rate is merely indicative and is susceptible to change with market value and is provided on an as-is basis. The information contained here is not intended as investment advice. CreditMantri is in no way responsible for any loss arising from the use of data contained in this website.

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