Silver Rate in Ahmadabad
The former capital of the state of Gujarat, Ahmadabad sees precious metals like gold and silver as lucrative trad able investments. Silver price today in Ahmadabad bounces in the conventional pattern due to external factors. Silver market rate today is the outcome of the global market of metals, its movement, demand and supply and inflationary factors.
Previously, silver in Ahmadabad used to be treated as luxury and princely gifts to exchange. Silver is considered as a feasible option for investment; it is the second most chosen metal to lock money in.
Investment in silver in Ahmadabad is made in the below mentioned common forms: –
Silver coins and bars of the metal
Silver in Ahmadabad is bought and sold in coins and bars mainly for investing purposes. Coins are available in the weights of 10 grams to 500 grams usually.
Those who opt to invest in silver in bigger values, they can choose to invest in silver bullion. It is available in the weights of 500 grams to 5 kilos. Silver bullion rate in Ahmadabad runs in such a way that the purchased silver can be traded off instantly for more than a third of its purchase value.
Other than bullion and bars, the metal is widely used in the forms of jewelry and utensils as well.
Silver Price in Ahmedabad
In India, people consider silver as more of a princely gift than an investment option. However, this mindset is changing among the people in cities like Ahmadabad after silver prices picked up the pace recently. Moreover, due to its limited supply and unprecedented demand in industries across the globe, this metal has started a trend among the investors. Thanks to a fraction of people with financial acumen, the capital of Gujarat finds silver to be a lucrative investment option.
With around a population of 6 million, Ahmedabad is one of the fast-growing urban cities and has a huge potential to bring out the best in silver as a commodity. Due to external factors, Silver price today in Ahmedabad fluctuates within a conservative pattern. As we already know, the global market of metals has a great impact on the rate of silver. Hence, its supply and demand are regularized accordingly. Earlier, silver was considered to be a lavish and princely gift; however, due to a change in the mindset, it is now seen as a feasible investment option to put the money in.
Silver Price Movements in Ahmedabad
Silver price movement in Ahmedabad displayed an up movement at the beginning of this year in the silver industry. In the previous month, the silver price movement in Ahmedabad saw an increase in consumption.
For the previous week, the silver rate in Ahmedabad is seeing going steady with an upward trend in the market
In the current week, Ahmedabad silver prices in saw an upward but marginal rise in the silver consumption.
GST Impact on Silver Rate in Ahmedabad
Goods and Service Tax (GST) is no doubt one of the most controversial, yet the biggest tax overhaul made by Modi government. Implemented under the idea of `one nation, one tax, most of the items have witnessed a slight rise in the actual price. The metal and jewellery sector in India is no exception. GST pushed the industry to put 3% tax on the final price of silver. Earlier, consumers used to pay 2% tax on gold and silver and this 1% increase will be on them as well. Lets take an example to understand this-
Mr Verma is a software engineer based in Ahmedabad. He wished to buy 100 gm. silver, and so, he sat down to calculate the overall estimate. With 10% customs duty, 1% excise duty, 3% GST accompanied with 5% making charges, you can realize the changes in rate applicable on the silver jewellery bought by Mr Verma post GST.
Silver as an Investment in Ahmedabad
Silver offers few investment options like silver bar, coins and bullions. In Ahmedabad, silver coins and bars are mostly considered from an investment point of view. You can avail silver coins ranging from 10 gm. to 500 gm. Apart from bars and bullion, this precious metal has been widely used as ornament, jewellery and utensils for ages.
Various vendors deal in silver, and it can be availed in various weights. Make sure you buy only certified and pure form of this metal. If you wish to invest in a lesser quantity, investing in coins is easier and less risky. On the other hand, those who desire to invest in a larger quantity should opt for silver bullion. By weight, it can be availed from 500 grams to 5 kilos. It can prove to be a cheaper investment option and its possession may appreciate or depreciate depending on the risks and rewards associated with it. These forms of silver are mostly embossed with serial numbers to make it difficult to counterfeit them. They can be collected and preserved as a safety net for future. Usually, collectors select this option for investment as silvers value grows passively.
Above all, silver jewellery is the most sought-after form of silver but incurs 10% making charges and 15% melting charges. In India, jewellery is the most popular and tempting form of silver and has been so since the ancient times. Gifting silver during marriages or festivals is a trend and is considered auspicious in many cultures.
Indian banks sell silver and this is the safest way of obtaining a pure form of this metal. Indian banks like HDFC, Kotak, ICICI will offer this precious metal with proper certification. Mind that, you would have to bear a comparatively higher rate than the current market value of silver if you buy from the banks.
Tips for Buying Silver in Ahmedabad
Ahmedabad is a hub for buying silver. You will get numerous options for buying silver bullion, coins and bar from many shops. To name a few- Silver Emporium, Malabar Gold and Diamonds, Kantilal Shivali Zaveri, Chandi Khazana, Raj Jewellers, Al-Haq Jewellers, and a number of other jewellers around the city.
It is advised that while buying silver in Ahmedabad, choose from recognised and certified silver dealers. Always look for silver with a purity mark, whether stamped, engraved, or certified with something that proves it authenticity/ purity. Dont forget to collect the certificate of genuineness, including the weight of silver, purity, amount purchased and the details about the current silver price.
How to Buy Silver in Ahmedabad?
Silver can be easily bought for investment in Ahmedabad. Individuals buy silver in kilograms for consumption and investing or its storage. Another way to invest is to buy silver bullion which is available at a jewelry store. Silver jewelry is preferred by most investors as an attractive investment. Another benefit of purchasing silver is that it is traded under national indexes and is possible for further liquidity.
Factors that Influence Gold Prices in Ahmedabad
There are many factors that may influence the price of Silver in Ahmedabad like demand, supply, inflation, bounce in stock market etc. However, today silver rate in Ahmedabad remains constant most of the time, going by the last few months, and ranges between Rs.39 and Rs.41 (per gram). If we it compare with gold prices, it is more stable. As an investor, one can look online for detailed fluctuation in silver rate and its influence on his/her own investment.