Silver Rate Prediction or Forecast for Today, Tomorrow, Next Week, Months and Year

Date	Silver Rate(10 Gram)	Change	Change%	Highest	Lowest
01-03-2024	₹ 750	₹ 5	0.67%	₹ 745	₹ 791
02-03-2024	₹ 767	₹ 17	2.27%	₹ 742	₹ 788
03-03-2024	₹ 751	-₹ 16	-2.09%	₹ 749	₹ 799
04-03-2024	₹ 745	-₹ 6	-0.80%	₹ 723	₹ 792
05-03-2024	₹ 754	₹ 9	1.21%	₹ 736	₹ 789
06-03-2024	₹ 750	-₹ 4	-0.53%	₹ 733	₹ 772
07-03-2024	₹ 756	₹ 6	0.80%	₹ 731	₹ 779
08-03-2024	₹ 755	-₹ 1	-0.13%	₹ 738	₹ 789
09-03-2024	₹ 741	-₹ 14	-1.85%	₹ 729	₹ 796
10-03-2024	₹ 740	-₹ 1	-0.13%	₹ 726	₹ 794
11-03-2024	₹ 738	-₹ 2	-0.27%	₹ 719	₹ 781
12-03-2024	₹ 745	₹ 7	0.95%	₹ 720	₹ 789
13-03-2024	₹ 750	₹ 5	0.67%	₹ 737	₹ 789
14-03-2024	₹ 746	-₹ 4	-0.53%	₹ 726	₹ 781
15-03-2024	₹ 740	-₹ 6	-0.80%	₹ 742	₹ 780
16-03-2024	₹ 758	₹ 18	2.43%	₹ 721	₹ 775
17-03-2024	₹ 741	-₹ 17	-2.24%	₹ 728	₹ 780
18-03-2024	₹ 749	₹ 8	1.08%	₹ 730	₹ 779
19-03-2024	₹ 751	₹ 2	0.27%	₹ 744	₹ 775
20-03-2024	₹ 747	-₹ 4	-0.53%	₹ 731	₹ 772
21-03-2024	₹ 734	-₹ 13	-1.74%	₹ 719	₹ 771
22-03-2024	₹ 741	₹ 7	0.95%	₹ 738	₹ 783
23-03-2024	₹ 754	₹ 13	1.75%	₹ 735	₹ 773
24-03-2024	₹ 751	-₹ 3	-0.40%	₹ 736	₹ 796
25-03-2024	₹ 747	-₹ 4	-0.53%	₹ 729	₹ 798
26-03-2024	₹ 743	-₹ 4	-0.54%	₹ 720	₹ 799
27-03-2024	₹ 753	₹ 10	1.35%	₹ 729	₹ 783
28-03-2024	₹ 766	₹ 13	1.73%	₹ 730	₹ 778
29-03-2024	₹ 741	-₹ 25	-3.26%	₹ 728	₹ 786
30-03-2024	₹ 752	₹ 11	1.48%	₹ 7321	₹ 771
31-03-2024	₹ 758	₹ 6	0.80%	₹ 536	₹ 776

What makes Silver cheap in India?

In the commodity market, silver is less expensive than gold. Moreover, its demand is more in the industrial sector than among people investing in gold and diamonds. Silver was utilized to provide conductivity to older electronic devices. The scarcity of the metal itself is one of the most critical factors contributing to silver’s lower price than gold. Most of the price differential between silver and gold can be attributed to the mismatch between supply and demand. 

It’s critical to understand that, like other metals, the nation’s supply and demand balance affects the price of silver. The cost of the precious metal would rise in response to increased demand and vice versa.

Factors that Affect Silver Rate Forecast

If you see the silver rate prediction, you will find that it keeps changing regularly, just like gold. Even though the price of silver has steadily increased over the past 20 years, historical trends shouldn’t be used as a guide for silver rate forecasts. In India, the trend of investing in silver as a commodity has grown significantly. Before purchasing silver, investors consider several aspects to maximize their returns. Some of the factors are-

• Oil Prices: The process of mining silver requires a lot of energy. Since oil is the world’s primary energy source, the price of oil impacts the silver rate today. The steady oil supply provides the stable logistics infrastructure required for the imported silver. Changes in the price of oil also cause the dynamic price of gold and silver.
• Industrial Demand: Silver’s demand has increased recently, particularly as an industrial product, as our nation moves closer to becoming more industrialized. Consequently, silver prices rise as a result.
• Import Duties: Since silver is imported into India, the imposition of import duties directly impacts the price of silver. Higher import taxes translate into higher silver prices.
• Gold Rate: Silver price prediction is primarily affected by gold’s upward and downward trend. Silver will rise in tandem with gold if an increase in demand for the metal causes its rate to rise. Similarly, a drop in the price of gold will also cause the price of silver to drop.
• Trade Deficit: A nation’s trade deficit increases with the quantity of imported goods. Given the widening trade deficit, the government may decide to limit the import of certain goods. In the past few years, the government has addressed the imports of gold in a similar manner.

The Demand and Supply Factor of Silver

Like gold and other commodities, investors trade on silver through bullion, coins, exchange-traded funds (ETFs), and mining stocks. Several variables, including supply and demand, market mood, geopolitical developments, and more, affect the price of silver. The rate computation, based on the weight of silver in troy ounces, is the primary factor. The weight of one troy ounce is 31.103 grams.

When it comes to the demand for silver, it is equal to gold due to its unique qualities and wide range of uses. Silver is used in jewellery, window coatings, mirrors, photography, stained glass, and speciality confections, among other things.

Three primary sources of silver supply are mine production, scrap supply, and net hedging. Similarly, the demand for silver consists of net physical demand, coin and bar investment, jewellery and silverware, and industrial fabrication.

How has the Silver Rate Forecast been for the last three years?

The market rate of silver for the last 3 years has been quite bumpy. During 2020, the COVID-19 pandemic caused the silver rate to drop from Rs. 42,500 per kg to Rs. 37,825 per kg in March. But in the second part of the year, it bounced back, reaching Rs. 63,435 per kilogram in December.

In 2021, the price of silver kept rising, and in August, it hit a record high of Rs. 76,900 per kilogram. This resulted from both a weaker Indian rupee compared to the US currency and high demand from investors and industrial customers.

In 2022, the price of silver stayed high, averaging about Rs. 62,500 per kg. However, because of US interest rate increases and the strengthening of the Indian rupee versus the US dollar, it began to cool off in the second part of the year.

In 2023, the marker rate of silver was Rs 75,500, which is relatively high compared to the two years. In 2024, the future silver rate will be Rs 74,500 for 10 grams.

How can Silver Rate Fluctuation Affect the Stock Market?

Just like Gold, silver rate fluctuation can affect the overall stock market. US Dollar value compared to other currencies, Indian wedding and festival seasons, and industrial demand are some of the variables that can influence silver prices.

The price of silver is impacted by the performance of businesses that use silver in their production processes or products, such as electronics, coins, jewellery, photography, and so on. The cost of operating for these businesses may rise in response to an increase in the price of silver, which could hurt their earnings and stock price.

Which are the Best Options to Invest in Silver?

Silver can be bought from jewellers or banks. Purchasing silver coins from a bank might be somewhat costly. A person must pay the packing and assay certificate fees when purchasing silver coins from banks.

Investors can also invest in silver through the commodity futures exchange. It is recommended that coins be utilised instead of silver jewellery or artefacts because the former is less expensive.

When acquiring jewellery or decorations, an investor must also pay the making charges, which can amount to 10% or more. Additionally, fifteen per cent of melting fees will be paid, lowering the silver’s selling value.

Reasons to Invest in Silver in India

One of the reasons you must consider silver rate prediction is because you can invest in silver for the long term. There are different reasons to invest in silver in India-

High Demand

In India, there is always a significant demand for silver in stock trading and for purchases in tangible form. The industrial and jewellery industries are the ones driving demand. The relationship between supply and demand is rising in China and India. However, when the demand for silver declines, so does its availability. Silver will become more difficult to find in the future, and its restricted supply may drive up the price, providing long-term investors with excellent financial opportunities.

Type of Gold for Common People

One term for silver is “common man’s gold.” Compared to gold, silver is significantly easier to obtain. Investors will have more possibilities to invest in silver as prices climb as opposed to bonds, real estate, etc.

Market Timing

Investors can predict the silver market in a way. A few of the simplest strategies for timing the market would be to bide your time until a festival or wedding season arrives. There is a growing market for both gold and silver.

No Bank Accounts

A sizable section of the populace in India is ignorant of taxes and banking. They, therefore, need help to invest in the many products that are offered. One investment option that appeals to them is silver.
 

Silver Rate Prediction for Next 4 Months

This section covers the silver rate prediction for next 4 months (March-June 2024)

Month	Silver Rate	Change	Change %	High	Low
March 2024	782	7	0.839%	804	759
April 2024	786	4	0.532%	812	759
May 2024	791	5	0.668%	821	761
Jun 2024	796	5	0.647%	830	762

 

Future Silver Rate Prediction

Below is the list of silver rate predictions for 1 year (Jul-Dec 2024)

Month	Silver Rate	Change	Change %	High	Low
Jul 2024	799	3	0.341%	836	762
Aug 2024	807	8	0.985%	847	766
Sept 2024	811	4	0.470%	854	767
Oct 2024	814	4	0.454%	861	768
Nov 2024	821	7	0.865%	871	772
Dec 2024	825	4	0.440%	878	773

 The future silver rate forecast is based on several variables, including supply and demand dynamics, currency fluctuations, and developments in the world market. Depending on the real market circumstances and occurrences, the silver price prediction may vary.

Conclusion

When it comes to silver rate forecast, it is important to understand the dynamic market nature of silver and similar commodities. It helps in making crucial silver trade investment decisions. The silver rate forecasts provided in this article offer valuable insights into expected silver price movements for today, tomorrow, and the coming months.

FAQs

1) Will the silver rate increase in the coming days?

Ans: According to the prediction, the silver rate in the coming days and months will slightly increase. It will go as high as 878 and will be a good commodity investment option.

2) Which Silver coins or bars are good for investment purposes?

Ans: Considering the current financial policies, investing in silver yields positive results. Silver coins sold by the government can be easily validated or liquidated. Furthermore, silver bars are the least expensive and most convenient to carry or move. Because of all of this, if you want to fast expand your investing portfolio, it’s a smart option.

3) Is it good to buy silver coins from Banks?

Ans: When you decide to buy silver coins from the bank, you can be assured of purity. Every purchase of silver from a bank is accompanied by a quality assurance certificate. Banks reduce the possibility that you will overpay for your silver purchase by selling it at the going rate.

4) When is the right time to invest in silver?

Ans: In general, most investors buy silver when the financial market is quite volatile. When the market is stable and you can get silver at a discount, that’s the best time to buy.