Silver Rate in India Oct 14 2024
|
Live Silver Price
|
Silver 999 – ₹ Per Kg
|
| Silver Rate Today | 67,000 |
| Silver Rate Mar 2021 | |
| Average Rate | 68,674 |
| Highest Rate | 73,600 |
| Lowest Rate | 65,400 |
Silver rates in India
The factors which affect the silver price in India are listed below includes-
- Industrial demand – Silver features a very large industrial demand because it is used in numerous ways for creating cell phones, touch screens, solar panels, and RFID chips. It is also utilized in the medical industry which also accounts for more demand for silver. These factors largely affect the demand for silver in the industry which successively affects the worth of silver making it an upscale commodity.
- Import duties – Silver is essentially imported in India and therefore the price of silver is directly suffering from the duty levied thereon. A better duty on silver tends to extend its price in the market.
- Gold prices – Usually, prices of gold and silver are closely linked. When there’s an increase in the price of gold, the speed of silver increases and reduces with the autumn in the price of gold.
- Oil prices – Mining may be a capital-intensive process that depends on the worth of oil. Hence, when oil prices increase, the value of mining silver also increases causing a rise in the current price of silver.
- Trade deficits – Deficit depends upon the number of imports, the greater the imported commodities, the more is going to be the country’s deficit. As the deficit increases, the government introduces additional taxes like silver imports which cause a rise in the rate of silver in India.
- Silver standards – In India, silver is out there in various purities and grades, but the purest sort of silver is 99.9% silver which is understood as ‘fine silver. Fine silver is extensively used as a catalyst in the electrical industry as high purity silver is extremely soft which can’t be used for creating silver ornaments or jewelry. one among the foremost commonly used silver standards is that the alloy, which features a purity of 92.5% and is taken into account to be the perfect purity for creating silver jewelry and coins.
Silver Measurements
Silver is measured in grams and ounces. Thus, if you attend the market to shop for silver, it is often measured either in grams, kilograms, million ounces, troy ounces, short tonne, metric tonne, etc.
The fineness or purity of silver is measured in terms of the share of silver in the alloy. Thus, 925 fineness means 92.5% silver in the final product. Copper is that the main sub-ingredient, which is added in silver coins to extend their durability.
Why is Silver Cheaper in India?
One of the most reasons behind the rising popularity of the silver medal in India is that the incontrovertible fact that silver is a reasonable investment option. Chandi’s price in India is cheap because it is often purchased with just 1/70th of the worth of the gold. The rationale behind this reasonable silver price in the country is that the incontrovertible fact that there’s a gradual rise in silver imports, as compared to gold.
Aside from that, silver consumption within the market has been continuous because the acquisition of silver isn’t limited to the worth factor. Indeed, it’s a frequently bought metal within the Indian markets, thanks to a spread of usage. Thus, silver may be a regular element within the Indian market and is purchased more familiarly as compared to gold. The familiarity of silver within the Indian household brings us cheaper silver rates as compared to gold.
Silver Demand in India
Silver may be valuable and is additionally used heavily as an industrial metal. within the world, silver is demanded more for its industrial uses, whereas in India, the demand for silver is more for jewelry and silverware.
Since India isn’t a high producer of silver, most of its silver demands are met through imports. India ranks 5th in terms of silver consumption throughout the country, and its major consumption comes from the agricultural population who view it as a value to take a position in. However, the demand for silver in growing economies has been on the increase, and India is not any exception. This growing demand is for industrial use insight of which it’s expected that in the next few years, the import of silver will rise in India.
History of Silver?
Silver has recognition in history together of the primary five metals discovered by human civilization. As per the records, the primary records of silver mining dates back to 3000 B.c. From the time when it’s been discovered, silver has been considered a ‘non-toxic’ element and has been used to craft jewelry and silverware. aside from that, silver holds great importance within the photography industry.
This is often because it’s due to silver or nitrate to be more precise, that the initial clunky camera could capture photographs. When it involves investment, silver has been considered a sort of money and stored for value for about quite 4000 years now.
Silver Rate in Other Cities
| India Silver Rate | 67,000 ▲ 0.45% |
| Delhi | 67,000 ▲ 0.45% |
| Gurgaon | 67,000 ▲ 0.45% |
| Ahmedabad | 67,000 ▲ 0.45% |
| Bangalore | 67,000 ▲ 0.45% |
| Chandigarh | 67,000 ▲ 0.45% |
| Chennai | 71,400 ▲ 0.42% |
| Hyderabad | 71,400 ▲ 0.42% |
| Kolkata | 67,000 ▲ 0.45% |
| Mumbai | 67,000 ▲ 0.45% |
| Pune | 67,000 ▲ 0.45% |
| Guwahati | 71,400 ▲ 0.42% |
| Lucknow | 67,000 ▲ 0.45% |
| Surat | 67,000 ▲ 0.45% |
| Nagpur | 67,000 ▲ 0.45% |
| Vadodara | 67,000 ▲ 0.45% |
| Coimbatore | 71,400 ▲ 0.42% |
| Jaipur | 67,000 ▲ 0.45% |
| Bhubaneswar Cuttack |
67,000 ▼ -5.77 %
|
| Vijaywada | 71,400 ▲ 0.42% |
| Indore | 70,470 ▲ 0.43% |
| Bhopal | 70,470 ▲ 0.43% |
| Patna | 67,000 ▲ 0.45% |
| Madurai | 71,400 ▲ 0.42% |
| Pondicherry | 71,400 ▲ 0.42% |
| Salem | 71,400 ▲ 0.42% |
| Nashik | 67,000 ▲ 0.45% |
| Rajahmundry | 71,400 ▲ 0.42% |
| Nellore | 71,400 ▲ 0.42% |
| Guntur | 71,400 ▲ 0.42% |
| Mysore | 67,000 ▲ 0.45% |
| Mangalore | 67,000 ▲ 0.45% |
| Tirunelveli | 71,400 ▲ 0.42% |
| Visakhapatnam | 71,400 ▲ 0.42% |
| Thane | 67,000 ▲ 0.45% |
FAQs
✅ What is the rate of 1 kg silver in India?
1 gram silver price is 66.50 Indian Rupee. 1 kg silver price is 66,500 Indian Rupee.
✅ What is the prediction for silver prices?
As to the important factors driving precious metals prices in 2021, the report noted that 25% of analysts said that low to negative interest rates would be positive tailwinds for gold, silver, and PGMs.