silver price today, silver price in india
 
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Silver also known as precious white metal is been used in various industries and sectors. However, Silver is more familiar as a precious metal and used as jewellery - either as coins or ornaments. The prices of Silver tend to fluctuate owing to demand & supply mis-match in actual world and also by positions created by big traders in commodity exchanges across the world.

First we look at the usage of Silver in different industries

All over the world – around 53 per cent of Silver is used by the industries for manufacturing and production purpose. Another 24 per cent of Silver is used by the Jewellery segment - of which India has one of the major consumer markets. For Indians, have religious and sentimental attachments with precious metals like Gold and Silver. Gifting Gold or Silver jewellery within close family members and relatives is a ritual custom in India during special occasions like marriages, birthdays and anniversaries.

Around 7 per cent of Silver is used for manufacturing coins, which are sold by banks, jewellers and select broking firms in India. Silver coins are also given by corporate houses as a token of appreciation to their staff or employees. Another 13 per cent is used in photo processing, and balance 3 per cent is used by others.

Among industries, a significant chunk - 50 per cent is used for manufacturing of electrical and electronic appliances – like followed by (12 per cent) used by brazing and soldering units and the rest 37 per cent is used by different industries - for manufacturing of mirror, switch gear, chemical industry and filtering equipment's etc.  For more elementary details of Silver visit Wikipedia.

Now from the markets and trading point of view – Silver Prices in India in a span of 28-months - from January 2009 to April 2011, jumped nearly 4-fold. The Silver MCX futures which were trading around Rs 18,000-odd levels at the end of 2008 calendar year zoomed to Rs 71,000-odd levels by end of April 2011. This sharp price movement had a cascading impact on other commodities and services wherein Silver is been used as a raw material. Hence, we noticed rising prices of cars, electronics etc.

Following the stupendous rally inSilver prices trader's (a person who trades in commodity derivatives) interest in the Silver as a commodity - mcx commodity grew multi-fold - resulting into higher commission / brokerage income for broking firms and commodity exchanges.

However, Silver price in India have cooled-off in the last 34 months, and are now hovering around Rs 45,000 a kg on the MCX futures. The same as resulted into traders losing interest in the white metal. However, Silver is likely to be back in limelight as new government policies and demand from industries rise.