Price of Silver in Different Cities
Silver Rate in India
The Indian market offers to invest in commodities like Silver and gold beyond the ordinary shares, real estate, and bonds. The commodity markets are stable than the equity and mutual funds. This is a viable option regarding an investment that is safe.
Silver is an industrious as well as a precious metal. Silver in India is mainly imported rather than produced. The metal is malleable, ductile, lustrous, and also a good conductor of electricity.
The demand for Silver is rising every day in India and China. The ever-increasing gold price has shifted the investor’s attention to Silver which is also a haven. The versatile metal is mostly utilized in industrial applications.
The demand for the metal has increased at a rate greater than its production which means that the commodity only appreciates.
India’s Silver demand is mostly for jewelry and Silverware. The increasing industrial growth would result in a higher amount of application for the metal.
The Silver prices are fixed based on various factors. The buying, selling, production, and demand are the factors that affect the Silver pricing in India on a daily basis.
Multi Commodity Exchange of India is the full form of MCX. It is an autonomous body for commodity exchange in India. It offers to trade in bullion, energy and agricultural commodities apart from non-ferrous metals.
This is an exchange for commodities like the BSE is for stocks and shares. The MCX sells the products in bulk.
The price for the asset depends upon various factors and is not determined at MCX. The MCX Silver rates are set by trading activity and a bunch of different other factors.
Today Silver Price Chart
Silver Rate in India for Last 10 Days
|17 April 2018||Rs. 41.94||Rs. 419.4||Rs. 41942.00||Rs. 419420|
|16 April 2018||Rs. 41.84||Rs. 418.4||Rs. 41839.00||Rs. 418390|
|15 April 2018||Rs. 41.84||Rs. 418.4||Rs. 41839.00||Rs. 418390|
|14 April 2018||Rs. 41.76||Rs. 417.6||Rs. 41758.00||Rs. 417580|
|13 April 2018||Rs. 41.76||Rs. 417.6||Rs. 41755.00||Rs. 417550|
|12 April 2018||Rs. 41.74||Rs. 417.4||Rs. 41742.00||Rs. 417420|
|11 April 2018||Rs. 41.16||Rs. 411.6||Rs. 41159.00||Rs. 411590|
|10 April 2018||Rs. 41.13||Rs. 411.3||Rs. 41129.00||Rs. 411290|
|09 April 2018||Rs. 41.14||Rs. 411.4||Rs. 41142.00||Rs. 411420|
Comparison for 1 Gram Silver Rates for India (In Rupees/Gram)
Historical Price of Silver Rate
The Factors Affecting the Silver Prices
Therere various factors that affect silver price in India. Although the rate of silver has witnessed a steady hike over the period of last 2 decades, the historical trends should not be taken as a benchmark when considering the future price volatility. Making an investment in silver as a commodity has witnessed tremendous growth in India. Investors consider various factors before investing in silver so that they can make good profits from their investments. Here are the factors that affect silver price today.
The Factors Affecting the Silver Price per 1 Gram in India Today
There are plenty of factors that affect silver rate today. These factors include the international rate of silver. In India, silver rates take cues from the latest happenings in the international markets. As you know, gold and silver rates are in tune. When the gold rate increases, the silver rate also rallies. When the silver price hikes, gold price acts in accordance. Apart from that, there are various other factors that affect the per gram silver price in India. It includes interest rate movement and inflationary trends in India.
Why is Silver in India Cheaper?
Throughout the modern history, silver has been considered cheaper as compared to gold. A majority of silver is used for industrial purposes. Its not worth it when silver is recycled. Silver is used for the purpose of conductivity in electronic devices. The rarity of silver itself makes it a crucial element and in comparison to gold making, its cheaper.
The imbalance in demand and supply of silver and gold creates most price difference between the two metals. One of the primary reasons that make silver cheaper is its lesser demand across the globe. Its important to know that silver (just like all other metals) works a function of demand and supply. The higher demand means the higher silver and vice-versa.
Where From We Can Purchase Silver in India
In India, we can purchase silver specifically from a bank or a jeweler. Generally, silver coins offered by banks are little expensive. Its because when we purchase a silver coin from a bank, weve to pay the additional charges that include tamper-proof packaging along with an assay certificate.
Purchasing silver from jeweler is costlier than purchasing coins as it includes the making charges of 10 percent (or more). It will include melting charges of 15 percent at the time of resale and it lowers down the returns. You can purchase silver on the commodity futures exchange. Exact MCX silver price can be determined when you make a purchase.
At the commodity future exchange, the length of contract size is comparatively larger. When it comes to silver trading, the smallest contract is traded in the units of 1 kilogram and it is delivered in a minimum quantity of 30 kilograms. Silver is a precious metal that is traded freely, so you can purchase that in the electronic form and the physical form too. If you want, you can place your bet on silver in the futures market.
Should you make an Investment in Silver in India?
You should make an investment in silver in India for the following reasons:
How to do Silver Trading?
National Spot Exchange has e-series products, such as e-gold and e-silver, and people can make investment or trade in silver like people trade in equities. The trading hours of National Spot Exchange is from 10 am-11:30 pm. Investors can purchase 1 unit to 100 gms of silver at real-time Indian prices in demat form. The price tracks the international silver and gold rates.
In order to trade in NSEL, the investors need to open a demat account with any of the depositories. The depositories names are available on the NSELs website. Once you open a demat account, you can purchase silver online in dematerialized form. The E-series unit of silver is 100 gms. You can convert your e-silver into physical silver form or money by trading it in NSEL.
What Is The Best Option To Make Investment In Silver?
You can purchase silver from a bank or a jeweler. Buying silver in the form of coins from a bank is a little expensive. When a person buys silver coins from banks, he/she has to pay the packing and assay certificate charges.
The investors can purchase silver from the commodity futures exchange too. Its better to opt for coins because when you buy silver jewelry or artifacts, it becomes more expensive as compared to purchasing coins.
At the time of purchasing jewelry or ornaments, an investor has to make payment for the making charges as well, which can be 10 percent or more. Also, therell be incurred melting charges at 15 percent; it will decrease the resale value of silver.
At present, there isnt silver ETF in our country. People can purchase silver ETFs exclusively from the American market. In order to purchase silver ETF from the American market, investors need to hold a global trading account.
Reasons to Purchase Silver in India
There are myriad of reasons why you should purchase silver in India. The investors can purchase silver in the form of coins or ornament as an investment. When an investor purchases silver as an investment for the future use, its recommended to buy coins instead of buying ornaments. When you sell the silver jewelry, you would not get any making charge. Silver does not react when it comes in contact with air, but the base metals like lead, copper etc. oxidize after coming in the contact with air and it gets and separated.
The ancient people refined silver with the help of a process known as cupellation. Cupellation is a process of refining silver by heating up the silver ore, and then blowing air over it. The largest silver mine is located in Mexico.
What are the Uses of Silver?
Unique features loaded in silver makes it a king in the industrial as well in electrical domains. Here are some uses of silver:
Some Mind-blowing Facts about Silver
Some facts about silver are mentioned below.
Silver is a metal that isnt toxic to human beings and that is why it is used for the purpose of food decoration.
Silver Price History
Silver is a non-ferrous metal that is malleable, ductile, and lustrous. Moreover, it is also a good conductor of electricity. These properties are the reason the increase of the metal has increased in the industrial applications.
India imports the majority of the silver and utilizes it for jewelry and silverware. The silver price history shows that the commodity has always been a stable commodity to invest in rather than equity, shares, and bonds.
The investors closely follow the silver price news that helps them decide whether to sell, hold or buy the commodity. The news gives an insight into the supply-demand patterns which can be used to evaluate the exact profits.
The price fixing is done by organizations that include in the buying and selling of the metal. The international trading impacts the price of the metal the most.
Sterling Silver is a commodity that is 95% silver and rest other 5% are metals mostly copper. This kind of silver is used primarily in jewelry.
Sterling silver is used in electronics, Solar panels and traditional film photography.
Silver is traded by the MCX. Its pricing depends mainly on two important factors:
Though shocking, its prices are dependent on the price of Gold in the international market as well. Various analysis show that the prices of Gold and Silver are related with each other.
MCX is an independent association that buys and sells commodities like the BSE buys and sells stocks and shares. The MCX does not decide the price of the commodity it just acts as an exchange medium.
Latest Silver News
Silver Trade Expected to Surge by Mid-Year
Owing to an increase in the demand for electronic vehicles and solar panels, the price of silver is expected to hit Rs. 40,000-Rs. 41,000 per kilogram by July-August this year. According to the records, this precious metal was being traded at Rs. 39, 237 per kg during the final days of the year 2017. As per some reports, a 23% surge in the demand for silver in the field of solar photovoltaic process was noticed last year.
Silver will Overtake Gold in Terms of Performance: Survey
A top Canadian precious metals retailer conducted a survey which predicted that silver will soon overtake gold in terms of market performance.
The survey was undertaken by 386 people, out of which, 151 (around 39%) believed that silver will outperform gold in terms of generated business. Gold appeared to be the second preference as it got only 27% of the votes during the survey, followed by Copper with 25% votes. Palladium and Platinum couldnt manage to receive more than 5% and 4% votes respectively.
However, seeing the performance of silver in the previous year, many have quoted that silver has attained very little in terms of returns.