Chennai is one of the highest consumers of silver in the country. Most of the consumption is in the form of jewelry or silverware. This is a national trend where most of the imported silver is used more for individual consumption rather than industrial usage.

Todays Silver price in Chennai:

  • 1 gram silver price is 68.40 Indian Rupee
  • 1 kg silver price is 68,400 Indian Rupee

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*Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

Last 7 days Silver Rate in Chennai.

Date Silver Rate (1 gram) Price Change
Aug 31st 2021 68.40 0
Aug 30th 2021 68.40 -0.30
Aug 29th 2021 68.70 0
Aug 28th 2021 68.70 +0.80
Aug 27th 2021 67.90 -0.10
Aug 26th 2021 68.00 +0.10
Aug 25th 2021 67.90 +0.20

Silver Price in Chennai

Silver is among the most popular commodities in India. Silver rate in Chennai, or for that matter other cosmopolitan cities like Mumbai or Delhi, are a reflection of the international silver price as decided by various market dynamics. Silver as a commodity is traded mainly on the MCX or Multi-Commodity Exchange in India, which is also among the top 3 destinations worldwide for silver trading.

Across the world, more than half the total silver consumption is mainly for industrial purposes, as silver is a highly useful metal with a range of properties that make it attractive for large industries such as manufacturing, medicine etc.

Silver production in India is minimal and most of the internal demand has to be met through imports. For consumers in Chennai, silver has emerged not only as a metal for jewelry and ornamentation, but also as a safe bet for savings in the long and short run.

Gold Rate in Chennai

Historical Trend of Silver Price in Chennai

Months Lowest Silver Price Per Kg Highest Silver Price Per Kg
July 2021 71,400 75,000
June 2021 72,900 77,500
May 2021 73,400 78,600
April 2021 66,900 74,600
March 2021 67,400 73,600
February 2021 72,000 78,000
January 2021 68,100 75,110
December 2020 64,600 72,300
November 2020 60,100 70,000
October 2020 60,210 63,500
September 2020 58,500 76,500
August 2020 65,010 76,520
July 2020 48,510 66,060

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

Parameters Silver Price (per kg)
July 1 Rate Rs.74,100 per kg
July 31 Rate Rs.73,000 per kg
Highest Rate in July Rs.75,000 per kg on 5 July
Lowest Rate in July Rs.71,400 per kg on 28 July
Overall Monthly Performance Decline
Percentage Change -1.48%
  • Silver price is Chennai opened at the rate of Rs.74,100 per kg for the month of July 2021.
  • The highest rate of the precious metal was recorded on 5th July 2021 wherein it stood at the rate of Rs.75,000 per kg. The lowest rate of silver during the month was recorded on 28th July 2021 when a kilogram of the precious white metal was being traded at the rate of Rs.71,400 per kg.
  • During the month, the price of silver witnessed an overall decline in its performance the percentage change standing at –1.48% in Chennai.

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

Parameters Silver Price (per kg)
June 1 Rate Rs.77,300 per kg
June 30 Rate Rs.72,900 per kg
Highest Rate in June Rs.77,500 per kg on 3 June
Lowest Rate in June Rs.72,900 per kg on 30 June
Overall Monthly Performance Decline
Percentage Change -5.69%
  • In Chennai, silver opened the month of June at Rs.77,300 per kg. When compared to previous month’s closing price, the rate was up by Rs.500 for every kilogram.
  • Over the month, the white metal witnessed a declining trend in the rates. The highest and lowest price for the month was recorded on 3rd and 30th June when a kilo cost Rs.77,500 and Rs.72,900 respectively.
  • Silver price in Chennai closed at Rs.72,900 per kg with the percentage change recorded in the rates standing at -5.69%.

Also Check Silver Price in Metro Cities

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

Parameters Silver Price (per kg)
May 1 Rate Rs.74,000 per kg
May 31 Rate Rs.76,800 per kg
Highest Rate in May Rs.78,600 per kg on 18 May
Lowest Rate in May Rs.73,400 per kg on 3 May
Overall Monthly Performance Incline
Percentage Change 3.78%
  • Silver rate in Chennai opened the month of May at Rs.74,000 per kg and during the first week, the price of the white metal declined to its lowest on 3 May at Rs.73,400 per kg due to a stronger dollar value in the international market.
  • However, during the second and third week of the month, silver prices in Chennai increased as the U.S. dollar value decreased in the market. Silver prices hit its monthly high on 18 May at Rs.78,600 per kg.
  • In the last week of May, silver prices declined and closed the week at Rs.76,800 per kg on 31 May and recorded an overall incline of 3.78%.

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

Parameters Silver Price (per kg)
April 1 Rate Rs.68,500 per kg
April 30 Rate Rs.72,800 per kg
Highest Rate in April Rs.74,600 per kg on 23 April
Lowest Rate in April Rs.63,600 per kg on 1 April
Overall Monthly Performance Incline
Percentage Change 6.27%

Details of Silver Price in Chennai for April 2021

  • Opening at Rs.68,500 per kg on 1 April, the silver rate in Chennai showed an inclining trend for the month due to a weaker dollar along with lower U.S. Treasury bond yields.
  • The price of the white metal fluctuated heavily throughout the month and hit its highest on 23 April at Rs.74,600 per kg.
  • At the end of April, silver rates declined marginally from its monthly high and closed at Rs.72,800 per kg on 30 April, recording an overall incline of 6.27%.

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

Parameters Silver Price (per kg)
March 1 Rate Rs.72,510 per kg
March 31 Rate Rs.68,700 per kg
Highest Rate in March Rs.73,600 per kg on 2 March
Lowest Rate in March Rs.67,400 per kg on 11 March
Overall Monthly Performance Decline
Percentage Change -5.25%

Details of Silver Price in Chennai for March 2021

  • Silver rate in Chennai opened the first week of March at Rs.72,510 per kg and was at its highest on the following day at RS.73,600 per kg on 2 March due to a weak dollar value in the market.
  • The price of the white metal fluctuated and declined to its lowest level on 11 March at Rs.67,400 per kg as the dollar value recovered and a positive trend was seen in the U.S. Treasury bond yield.
  • At the end of the month, gold prices increased marginally and closed at Rs.68,700 per kg on 31 March and recorded an overall decline of 5.25% for the month.

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

Parameters Silver Price (per kg)
February 1 Rate Rs.78,100 per kg
February 28 Rate Rs.67,500 per kg
Highest Rate in February Rs.78,100 per kg on 1 February
Lowest Rate in February Rs.67,300 per kg on 5 February
Overall Monthly Performance Decline
Percentage Change -13.57%

Details of Silver Price in Chennai for February 2021

  • A kg of silver was priced at Rs.78,100 per kg on 1 February and was at its highest on the same day. During the first week of February, the white metal’s price dipped to its lowest at Rs.67,300 per kg on 5 February.
  • Due to fluctuations seen in the international market, the silver rate in Chennai showed constant changes throughout the month.
  • On 28 February, the precious metal closed at Rs.67,500 per kg and recorded an overall decline of 13.57.

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

Parameters Silver Price (per kg)
January 1 Rate Rs.72,000 per kg
January 31 Rate Rs.69,800 per kg
Highest Rate in January Rs.72,000 per kg on 1 January – 3 January
Lowest Rate in January Rs.63,900 per kg on 9 January – 11 January
Overall Monthly Performance Decline
Percentage Change 3.05%

Details of Silver Price in Chennai for January 2021

  • In Chennai, the value of silver was Rs.72,000 per kg on 1 January 2021 and was at the highest between 1 January to 3 January 2021 as the demand for the metal rose. Silver rates fluctuated through the rest of the month due to international market trends.
  • However, with a recovering U.S. dollar in the market, silver prices hit its lowest level in the month on 9 January at Rs.63,900 per kg and held steady until 11 January. The price of the white metal fluctuated through the rest of the month.
  • On 31 January, silver prices closed the month at Rs.69,800 per kg recovering marginally. The precious metal recorded an overall monthly decline of 3.05%.

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

Parameters Silver Price (per kg)
December 1 Rate Rs.64,600 per kg
December 31 Rate Rs.72,300 per kg
Highest Rate in December Rs.74,100 per kg on 21 December
Lowest Rate in December Rs.63,400 per kg on 10 December
Overall Monthly Performance Incline
Percentage Change 11.9%

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

Parameters Silver Price (per kg)
November 1 Rate Rs.60,100 per kg
November 30 Rate Rs.63,300 per kg
Highest Rate in November Rs.70,000 per kg on 7 November
Lowest Rate in November Rs.60,100 per kg on 1 November
Overall Monthly Performance Incline
Percentage Change 5.32%

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

Parameters Silver Price (per kg)
October 1 Rate Rs.60,700 per kg
October 31 Rate Rs.61,000 per kg
Highest Rate in October Rs.63,500 per kg on 21 October
Lowest Rate in October Rs.60,210 per kg on 8 October
Overall Monthly Performance Incline
Percentage Change 0.49%

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

Parameters Silver Price (per kg)
September 1 Rate Rs.76,500 per kg
September 30 Rate Rs.62,500 per kg
Highest Rate in September Rs.76,500 per kg on 1 September
Lowest Rate in September Rs.58,500 per kg on 24 September
Overall Monthly Performance Decline
Percentage Change -18.30%

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

Parameters Silver Price (per kg)
August 1 Rate Rs.65,010 per kg
August 31 Rate Rs.66,370 per kg
Highest Rate in August Rs.76,520 per kg on 8 August
Lowest Rate in August Rs.65,010 per kg on 1 and 13 August
Overall Monthly Performance Incline
Percentage Change 2.09%

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

Parameters Silver Price (per kg)
July 1 Rate Rs.48,560 per kg
July 31 Rate Rs.63,010 per kg
Highest Rate in July Rs.66,060 per kg on 30 July
Lowest Rate in July Rs.48,510 per kg on 5 July
Overall Monthly Performance Incline
Percentage Change 29.75%

Also Check Silver Price in NearBy Cities of Chennai

Trend of Silver Rate in Chennai

Silver, apart from gold, is one of the most precious metals in Chennai and the people of the city invest in it in the physical form as currency, as well as, an asset. Silver is considered to be a safe-haven asset and has been of great value since a very long time. The white metal is an integral part of the bullion market and is usually dependent on the price of gold apart from other factors. Silver price in Chennai is determined by the price of the metal in the international market along with the trend of the metal in the country.

Silver market rates in Chennai

Silver is generally available at 999 purity, which means that out of 1000 parts of the final alloy, 999 parts are pure silver. Silver purity is also calculated in terms of percentage of silver in the material, for instance 99% purity or 990 purity.

Silver rates in Chennai are decided as per the weight of silver in grams and troy weights. Popular units of measurement include grams, tolas, kilograms, ounces, million ounces, tonnes, short tonnes, metric tonnes etc.

  • Silver prices in Chennai in the past 5 years (price/kg, prices approximated to nearest thousand)
  • Silver prices in Chennai saw a rally in mid-2010 from around Rs.27,000 to a peak of Rs.68,905 in the first quarter of 2011. Prices gradually started to fall after the peak achieved in 2011, and reached sub-Rs.50,000 level in mid-2012. Prices remained more or less the same for the next year, with 2013 witnessing a downward spiral from a high of Rs.56,000 to Rs.40,000 by the end of the year. The downward trend continued for 2014, and the highest silver rate in Chennai during the year was around Rs.46,000, with the year ending at Rs.37,000.

  • Silver rates in Chennai for 2015 (price/kg, prices approximated)
  • Silver prices in Chennai at the start of 2015 were around Rs.36,200. Prices peaked on 21st January at Rs.40,565. February started with Rs.38,360 per kg of silver in Chennai, and ended at Rs.37,210. March month saw the rates mostly remain the same, with the month ending at Rs.37,390. Silver prices rallied at the end of April to cross the Rs.41,000 mark and peaked on 18th May at Rs.43,500. Current price of silver per kg has hovered around Rs.37,000.

Factors that influence Silver Price in Chennai

There are many factors that determine the silver price in Chennai, some of which are given below:

The US dollar: This has one of the biggest influences on the silver rate in Chennai. There is an inverse relationship between the US dollar and silver prices as people stop investing in precious metals and prices dip when the US dollar rises during a recession and vice versa. So it is a good idea to keep a track on the trends in the US dollar and buy silver accordingly when prices are low. Silver can be used as a long-term investment that will be a good protection against inflation.

Industrial demand: Silver is used in a variety of industries ranging from superconductors to batteries. So an industrial demand for silver can result in higher prices. A demand for Exchange-Traded Funds (ETFs) can result in a stronger demand for silver bullions.

Global factors: Global factors play a strong role in silver prices in Chennai. US Federal Reserve policies, for example, determine silver rates in Chennai to a great extent. The price of silver in Chennai usually dips when the rate of interest in the US increases.

Silver products as investments

Chennai residents have also been using silver as means of investment that gives decent returns. Also, as a precious metal, silver is a safe avenue for investments as it will be steadily valued up over time.

Jewelry and wares: Silver jewelry and wares are available easily in Chennai. One can simply go to the nearest jewelry shop and buy intricately designed silver jewelry pieces and wares such as utensils etc. This physical silver acts as a reserve for people which can be easily liquidated at times of need. The demand for silver also picks up during festivals.

Coins: Silver coins are issued by various agencies such as banks and private companies in India. Coins are available in different varieties such as 10 grams, 100 grams etc. Silver rates in Chennai are reflected in the coin prices in the city. Pure silver is rarely used in coinage, with alloys being the preferred choice. Silver coins in Chennai are mainly available with 999 purity.

Bars: Silver bars are also quite popular with consumers in Chennai. The bars can be purchased at various bullion providers in the city. Silver ingots have been traditionally the preferred choice of Chennai residents to invest in bullion. These ingots or bars are quite easily available and can be purchased at reasonable prices throughout the city.

Silver dealers in Chennai

Major silver sellers in Chennai include SLN Bullion, Vummidi Silverware, Tanishq, N. Gopaldas, GRT, Khazana Jewellers and many more. These dealers offer various products of silver such as bars, jewelry, ornaments, silverware, coins, gift articles etc. The dealers mostly sell silver at latest prices, with variations in price according to the product type. For instance, silver jewelry will cost you more for the same quantity of pure silver than a silver bar.

Silver demand and supply

Silver is mainly produced as a by-product of other metal production processes. By-product silver accounts for more than 80% of total silver in the world, with the remaining quantities mined in countries predominantly in the Americas. Many countries, including India, have bought large reserves of silver to meet their internal requirements as well as global demands.

Silver rates in Chennai are a direct product of the global demand and supply chain. The demand for silver has steadily exceeded its supply in the recent past, and this has led to silver prices in Chennai going to peak levels in the last few years.

FAQs on Silver Rate in Chennai

  1. Where can I buy the best quality silver in Chennai?
  2. You can purchase the best quality silver from leading silver retailers in the city, as well as, from the leading jewellers in Chennai.

  3. What are the factors that determine the silver price in Chennai?
  4. There are many factors which 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.

  5. Will the silver price in Chennai change today?
  6. 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 with the trend of the equities market.

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