Silver Rate in Ranchi
Silver is highly valued in Ranchi for several purposes. Many Ranchi people regard the white precious metal as a sound investment. Silver is purchased for special events and is widely used in the form of fashionable presents and jewellery. Ranchi is a city where people of all ages purchase silver. As opposed to gold, silver is a more economical and available precious metal for most Ranchi people. Silver is also used as a safe way to defend against overall inflation. As a result, non-traditional investors see silver as a haven.
Silver is commonly used in several sectors, which boosts its profile and demand over time. Silver is sold in Ranchi in elaborate silverware and other articles used in many of the city’s traditional ritualistic rituals. The price of silver in Ranchi is dictated by several national and international geopolitical and economic variables, including inflation and gold price corrections.
Compare The Silver Rate In Ranchi (Today & Yesterday)
| Today | Yesterday | Rate Change | |
| Silver (1 gram) | ₹ 71.7 | ₹ 71.4 | ₹ 0.3 ↑ |
|
Bar Silver (1 Kg)
|
₹ 71,700 | ₹ 71,400 | ₹ 300 ↑ |
Silver Rate In Ranchi for Last 10 Days
| Date | Silver (1 gram) |
Bar Silver (1 Kg)
|
| 11 Mar 2021 | ₹ 71.7 | ₹ 71,700 |
| 10 Mar 2021 | ₹ 71.4 | ₹ 71,400 |
| 09 Mar 2021 | ₹ 70.2 | ₹ 70,200 |
| 08 Mar 2021 | ₹ 71 | ₹ 71,000 |
| 07 Mar 2021 | ₹ 70.1 | ₹ 70,100 |
| 06 Mar 2021 | ₹ 70.1 | ₹ 70,100 |
| 05 Mar 2021 | ₹ 69.8 | ₹ 69,800 |
| 04 Mar 2021 | ₹ 71.6 | ₹ 71,600 |
| 03 Mar 2021 | ₹ 73 | ₹ 73,000 |
| 02 Mar 2021 | ₹ 72 | ₹ 72,000 |
Historical Price of Silver Rate in Ranchi
The trend of Silver Rate in Ranchi for February 2021 (rates per kg)
| Highest Feb Rate |
Rs. 73300.00/- per Kg
|
| Lowest Feb Rate |
Rs. 67300.00/- per Kg
|
| Overall Performance | Decline |
| Percentage Change | 7.91 % |
The trend of Silver Rate in Ranchi for January 2021 (rates per kg)
| Highest Feb Rate |
Rs. 73300.00/- per Kg
|
| Lowest Feb Rate |
Rs. 67300.00/- per Kg
|
| Overall Performance | Decline |
| Percentage Change | -2.50 % |
The trend of Silver Rate in Ranchi for December 2020 (rates per kg)
| Highest Feb Rate |
Rs. 73300.00/- per Kg
|
| Lowest Feb Rate |
Rs. 67300.00/- per Kg
|
| Overall Performance | Decline |
| Percentage Change | -13.62 % |
The trend of Silver Rate in Ranchi for November 2020 (rates per kg)
| Highest Feb Rate |
Rs. 73300.00/- per Kg
|
| Lowest Feb Rate |
Rs. 67300.00/- per Kg
|
| Overall Performance | Decline |
| Percentage Change | 3.00 % |
The trend of Silver Rate in Ranchi for October 2020 (rates per kg)
| Highest Feb Rate |
Rs. 73300.00/- per Kg
|
| Lowest Feb Rate |
Rs. 67300.00/- per Kg
|
| Overall Performance | Decline |
| Percentage Change | -0.49 % |
The trend of Silver Rate in Ranchi for September 2020 (rates per kg)
| Highest Feb Rate |
Rs. 73300.00/- per Kg
|
| Lowest Feb Rate |
Rs. 67300.00/- per Kg
|
| Overall Performance | Decline |
| Percentage Change | 9.23 % |
What Impacts The Silver Rate In Ranchi?
Aside from developments in silver in India, the price of silver in Ranchi is affected by a range of foreign factors. In January 2015, 1 kg of silver was priced at Rs.40148. The precious white metal’s price dropped by 4.4 per cent to Rs. 38358. Throughout March and April, the price of silver remained around Rs.37471. In the middle of May, the precious metal price increased by 6% to Rs.40011. In June, silver prices in Ranchi dropped by -6.9% to Rs.37237. Except for a short recovery in the middle of August, the price of silver tended to decline in 2015.
In November, the price of 1 kg of silver, which was pegged at Rs. 36301 in September, dropped by -2.2 per cent to Rs. 35497. In December, the price of silver fell another 3.2 per cent to Rs. 34360.
Silver As An Investment
Silver is a valuable store of money. Silver, also known as “poor man’s gold,” is in high demand as an investment in Ranchi. Silver coins of small denominations may be obtained for a few hundred rupees, opposed to the yellow metal, which could be out of reach for several parts due to the thousands of rupees needed for purchase.
Physical Silver: Buying physical silver is the most transparent and straightforward form of investing in Ranchi. Ranchi residents purchase silver bars of various weights (100g, 500g, or 1kg) and coins of various denominations. Necklaces, pins, bajubandh, and bracelets, among other jewellery styles, are available for purchase. Also, handcrafted jewellery is in high demand.
Silver contracts: The Multi Commodity Exchange (MCX), the National Commodity & Derivatives Exchange (NCDEX), and the National Multi Commodity Exchange (NMCE) both trade silver (NMCE). SILVERM and SILVER 1000 are traded in 5 kg units, while silver micro is traded in 1 kg.
Why Is Silver A Good Option To Invest?
The following are some of the reasons why you should invest in silver in India:
Demand: Silver has a decent amount of demand in India. The jewellery industry, as well as the manufacturing sector, drives this market.
Supply and Demand: Silver’s supply and demand are increasing in our world. Silver supply declines as demand increases. Silver would be difficult to obtain in the future, and silver prices will increase due to the reduced supply. Long-term holders will be in a better financial position as a result.
Common Man’s Gold – Silver is often referred to as “common man’s gold.” Purchasing silver is less difficult than purchasing gold. The price of silver is growing, and buyers will have more options than ever before to invest in silver rather than real estate, shares, and other traditional investments.
Timing the Markets – The silver market can be easily forecast at times. You could wait for the wedding season to begin, or you could wait for festivals to come about. At that moment, there is an increase in demand for silver and gold.
No Bank Accounts – A sizable portion of our country’s population is unfamiliar with the banking/taxation mechanism. People find it difficult to invest in a wide range of options. For them, silver is one of the better investment opportunities.
Easy Storage – In contrast to gold, silver is much easier to store. The NSEL sells a range of e-silver items that can be sold. It helps people to trade in silver without having to think about saving it.
Liquidity – Investors may benefit from silver in emergency cases. Silver metal can be turned into money in the case of a personal financial emergency. Silver will not lose value if the currency does.
Things to Remember Before Buying Silver Jewelry In Ranchi
Here are five points to keep in mind if you’re thinking about buying silver anytime soon:
Purity Of Silver: Silver, like gold, can be bought hallmarked. Silver papers are also hallmarked by the Bureau of Indian Standards (BIS). The hallmarking of silver and gold jewellery, on the other hand, is a strictly voluntary method. If the jeweller is selling you an un-hallmarked item, you can ask him to get it hallmarked for you. Silver articles are hallmarked to have verifiable evidence of their purity.
Making Charges: When purchasing silver jewellery, we typically accept the jeweller’s price on face value. However, you should inquire about the current selling price of silver and what the jeweller’s making costs are for the item you want to purchase.
Check For The Buy-Back Policy: Many people sell their old silver or gold jewellery to acquire new items. Inquire about the buy-back guarantee for purchasing new silver jewellery or utensils. How much money will you get if you wish to return to the same jeweller and sell the item you bought at a later date? As a result, you should be aware of the different fees that will be factored into your jewellery’s selling price.
Gemstones On Silver Jewelry: Gemstones are often embedded in silver jewellery. You must ensure that these gemstones’ weight has not been factored into the price of silver by your jeweller.
German Silver: There is a distinction between sterling and German silver—the BIS hallmarks sterling silver, which is made up of pure silver and other alloys. On the other hand, German silver is any metal with silver polish, such as copper or brass. This is not a BIS-certified item.
FAQs On Silver Rate In Ranchi
✅How do I Invest in Silver?
There are a variety of ways to invest in silver; choose one that best suits your needs –
- Silver bars or coins (bullions)
- Silver jewellery and ornaments
- Silver stocks
- E-silver
✅ What is Silver Purity?
Silver is used in a variety of grades and purities. They are usually divided into the following categories.
- Fine silver is 99.9% pure silver and is mostly used in commercial applications. It is not used in the manufacture of jewellery.
- Any silver ornament collector is familiar with sterling silver, which bears the 925 hallmarks. This is the purest and most malleable metal for jewellery.
✅What is the market price of Silver in Ranchi today?
The current Silver price per gram in Ranchi is 73.20, the current Silver rate per kilogram is 73,200.00, the current Silver cost per ounce in Ranchi is 2,276.77, and the current Silver price per tola in Ranchi is 853.79.
✅What is the expected future Silver rate in Ranchi?
The retail Silver price forecast in Ranchi per gram in a month is predicted to be about 72.75. For the next seven days, the silver value in Ranchi per gram is expected to be about 71.50. The cost of silver in Ranchi is estimated to be about 72.95 per gram in the next 90 days.
✅In the last three months, what was the highest and lowest Silver price in Ranchi?
The lowest Silver rate in the Ranchi retail sector per gram in the last three months was 66.70 on 14-Dec-2020, while the highest market Silver price in Ranchi per gram was 79.20 on 01-Feb-2021. The current market silver rate in Ranchi is 73.20 per gram.