Yearly Silver Price Chart In India Last 50 Years History
India is one of the largest consumers of silver in the world. The demand for silver in India is mainly driven by the jewelry and silverware industries. The price of silver in India is affected by various factors such as global demand and supply, inflation, currency exchange rates, and government policies. In this article, we will look at the yearly silver price chart in India for the last 50 years.
1970-1980
The price of silver in India during the 1970s was relatively stable. However, the price started to rise in the late 1970s due to the global economic recession and high inflation. In 1980, the price of silver reached an all-time high of Rs. 3,050 per kg due to the Hunt brothers' attempt to corner the silver market.
1981-1990
The price of silver in India during the 1980s was volatile. The price started to decline in the early 1980s due to the Hunt brothers' failed attempt to corner the silver market. The price continued to decline due to the global economic slowdown and the strengthening of the US dollar. In 1986, the price of silver reached a low of Rs. 2,125 per kg.
1991-2000
The price of silver in India during the 1990s was relatively stable. The price started to rise in the late 1990s due to the increasing demand for silver in the electronics industry. In 1998, the price of silver reached a high of Rs. 6,410 per kg due to the economic crisis in Russia.
2001-2010
The price of silver in India during the 2000s was volatile. The price started to rise in the early 2000s due to the increasing demand for silver in the electronics industry and the weakening of the US dollar. In 2008, the price of silver reached a high of Rs. 21,000 per kg due to the global financial crisis. The price continued to rise in 2010 due to the increasing demand for silver as an investment.
2011-2020
The price of silver in India during the 2010s was volatile. The price started to rise in the early 2010s due to the increasing demand for silver as an investment and the weakening of the US dollar. In 2011, the price of silver reached an all-time high of Rs. 75,000 per kg due to the global economic uncertainty. The price started to decline in the late 2010s due to the strengthening of the US dollar and the global economic slowdown.
2021-Present
The price of silver in India in 2021 has been volatile. The price started to rise in the early 2021 due to the increasing demand for silver as an investment and the weakening of the US dollar. In February 2021, the price of silver reached a high of Rs. 74,500 per kg due to the Reddit-fueled buying frenzy. However, the price started to decline in the late 2021 due to the strengthening of the US dollar and the global economic uncertainty.
Conclusion
The yearly silver price chart in India for the last 50 years shows that the price of silver has been volatile. The price of silver is affected by various factors such as global demand and supply, inflation, currency exchange rates, and government policies. The demand for silver in India is mainly driven by the jewelry and silverware industries. Investors can use the yearly silver price chart in India to make informed investment decisions.