Precious metals gold and silver in India has shown an overall decline in the prices since February end. The metals’ price fluctuated due to several factors playing a role, most importantly, the role of novel coronavirus on the global economy.
As on 24th April 2020 - Today's silver rate in India
As on 24th April 2020 - Gold rate today in India
Silver is among one of the most traded commodities worldwide. India is no exception, and gold and silver together form about 10% of all the commodities imported to the country. Gold and silver rate in India are directly affected by the global demand and supply scenario. For the past four decades, the demand for silver has beaten its supply. With industrial demand accounting for more than 50% of the total consumption, more than 80% of total silver production in the world is a by-product of other commodities. Exclusive silver mining is about 20% of global production.
The trend of silver rate in India for March 2020
| Parameters | Silver price per Kg |
|---|---|
| Rate as on March 1st | Rs. 47,400 |
| Rate as on March 31st | Rs. 40,500 |
| The highest rate in March | Rs. 50,700 (as on March 6th) |
| Lowest rate in March | Rs. 37,800 (As on March 19th) |
| Overall performance | Decline |
The trend of silver rate in India for April 2020
| Parameters | Silver price per Kg |
|---|---|
| Rate as on April 1st | Rs. 40,500 |
| Rate as on April 31st | Rs. 42,710 |
| The highest rate in April | Rs. 42,710 (as on April 24th) |
| Lowest rate in April | Rs. 40,360 (As on April 6th) |
| Overall performance as compared to March 1st | Decline |
Mumbai, like any other city in India, offers several investment options for gold in terms of bullions, bars, ingots, and the all-time popular gold ornaments. The gold rate in Mumbai fluctuates as everywhere else; however, that does not stop people from considering this precious metal as an investment avenue. Gold is regarded as the safest investment option, which also offers excellent liquidity as standing against inflation and economic contingencies. The gold rate in Mumbai is standard throughout the city, which is an advantage when buying or trading it as a commodity in national as well as international markets.
The city consists of the maximum number of sellers and buyers, as it is considered as the commercial capital of the country. The gold rate today in Mumbai represents the purchasing power of buyers, and it only seems to increase with the increasing demand the city faces. However, due to the ongoing pandemic, the gold rate is falling as there is a sudden decrease in demand.
Gold rate in Mumbai – March 2020
| Gold rates | 22 Carat | 24 Carat |
|---|---|---|
| March 1st | 22 Carat | Rs. 4239.00 per gram |
| March 31st | Rs. 4207.00 per gram | Rs. 4385.00 per gram |
| Highest March Rate | Rs. 4207.00 per gram | Rs. 4385.00 per gram |
| Lowest March Rate | Rs. 4051.00 per gram | Rs. 4239.00 per gram |
| Overall performance | Decline | Decline |
| Percentage change | -3.85 | -3.44 |
Participants of the gold market remained concerned about a supply squeeze following a sharp difference as the coronavirus closed precious metal refineries in many parts of the world.
Increased concern about the economic impact due to COVID-19 after world health officials declared a pandemic and countries around the globe, taking preventive measures such restricting public gatherings and lockdown to combat the spread of novel coronavirus resulted in the decline of gold and silver prices in India from March 2020.
Read More About: How is Gold and Silver Rate Calculated in MCX?
