One of the most popular commodities in the country, silver is used extensively by traders of commodity market. It is significant to note that silver rate in Chennai are highly dynamic and keeps on fluctuating. There are many factors that are responsible for the same. The silver rates in Chennai are basically reflective of global prices of this metal which in turn is decided on the basis of myriad market dynamics. As a commodity, this metal is traded on the Multi-commodity exchange in India, also referred to as MCX. It is among the top three places in the world where silver trading is carried out.
Silver Rate in Chennai
Another aspect that needs to be kept in mind is the highest silver consumption witnessed by Chennai in the country. It is majorly used in making expensive silverware and jewelry. For individual consumption, imported silver is preferred rather than using it for industrial purposes. All over the world, 50 percent of the silver is used in a variety of industrial purposes. This is because, this metal is highly useful and have unique properties that makes it perfectly suitable for many industries like medicine, manufacturing, etc. The demand of the metal also has a lot of impact on the silver rate in Chennai. Since the production of this metal is not too much in the country, it is usually imported. Silver is not only used for ornamentation and jewellery but also as a way of savings and making investments for future. Usually available in 999 purity, the metal is quite sought after in Chennai.