The rate at which silver is sold also depends on the currency movement of the Indian Rupee against the U.S. Dollar. If the Rupee falls against the Dollar, and the international prices are stable, then silver will be more expensive in India.

Historical Silver Rate Trend in India 2024

The below chart represents the historical movement of silver prices in India

This chart contains the average annual price for silver from 1981 – present.

Also check Today’s Silver Rate in the most popular cities in IndianToday’s Silver Rate in DelhiToday’s Silver Rate in MumbaiToday’s Silver Rate in ChennaiToday’s Silver Rate in KeralaToday’s Silver Rate in KolkataToday’s Silver Rate in BangaloreToday’s Silver Rate in HyderabadToday’s Silver Rate in MaharashtraToday’s Silver Rate in PuneToday’s Silver Rate in CoimbatoreToday’s Silver Rate in Ahmedabad

Also, Check – Gold Price Trend in IndiaCheck FREE Credit Score

How can I invest in silver in India?

There are multiple ways to invest in silver in India. They are as follows:

Silver articles, cutlery or jewellery – It is a quite common practice in India to invest in silver dinner set, jewellery or show pieces. Doing this allows individuals to make an investment and at the same time use things on a daily basis.

Silver Coins – A lot of banks and financial institutions sell silver coins of varying weight. The weight of these coins varies from 1 gram to 10 grams and upwards. These coins can be easily exchanged for liquidity as and when required.

Silver Bars – A lot of individuals who are looking for bulk investment opt for silver bars and coins . These bars can be easily exchanged for cash as and when required.

Commodity Futures Exchange – The investors can also opt for silver investment in the Commodity Futures Exchange. These investments are usually made by professional investors who are keeping an eye on the silver trends and can predict market.Check FREE Credit Score

What should i consider while making an investment in silver?

There are various points which need to be taken into account when making a silver investment.

These factors are as follows:

• Silver rates on a daily basis – The price of silver changes every day based on the international market price of silver. That is why it is important to keep track of silver prices if you wish to get the best rates. An easy way to do so is by checking silver metal prices every day.
• Amount of silver you wish to invest in – The amount of silver you wish to buy should also be considered when purchasing the metal.
• Making charges – If you are looking forward to making an investment in silver jewellery or cutlery, do ask the jewellery about the making charges applied.
• Mode of transaction – Here, the transaction mode indicates the way silver investment is made i.e. through authorized dealers and registers and banks or online e-commerce websites. Investors need to ensure that they buy genuine products with verified purity. This would help them to get the best resale value of silver.
• Certification – It is important to get proper certification while buying silver. Doing so assures the buyer of silver purity and helps them get a good resale value.

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Factors that affect silver prices in India:

The silver prices in India are affected by multiple factors.

Some of them are listed below:

• The demand for silver plays a crucial role in determining prices of the metal. Precious metal like gold and silver are purchased on auspicious occasions in India. That is why there is a surge in demand for these metals during festivals and wedding season.
• The global market movement also affects the price of silver. Investors consider the precious metal a safe haven for investment and less volatile. This means that oil and the dollar considered being riskier assets and certainly more volatile experience a drop in their price, then the value of silver grows simultaneously.
• Political factors, and government policy also affect the domestic price of silver in India. Similarly, any political event, or major economic change which may have global impact also plays a role in the price of silver increasing or even decreasing.

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Who Should Invest in Silver?

If one has been keeping tabs on silver market, one can easily detect that the price of silver has been improving. With an improving and increasing price, many are looking forward to invest in silver. Keep on reading to know more on who should invest in silver and who should not.

Even though silver is doing good at the market, experts warn that this price level may not be suitable for cautious buyers due to the precious metal’s extreme volatility, which is twice as great as gold’s. If we look at the standard deviation, which represents the danger of price fluctuation, for silver is between 27 and 28, but it is 12 for gold. Hence, people who are really cautious when they invest, silver is not a good place to do.

Any other investors who are interested can invest in silver, as it is a slow yet safe market to invest in. Investing in silver will also help diverse an investor’s portfolio.Check Your Credit Score for FREE

FAQs on Silver Price Trend in India

1. What are the factors that affect the prices of Silver in India?Some of the factors which affect the prices of silver in India are the rate of Indian rupee in comparison with the US dollar, technology, supply and demand for the silver, global economic trend, etc. Sometimes, certain political factors, either domestic or international, also affect the cost of silver.
2. Where do I buy silver at the best price in India?In order to buy silver at the best price in India, you should compare the rates of various jewelers and silver sellers. This will give you an idea of where you can get the best quality silver and the best price.
3. Will the price of silver remain the same in India?No, the price of silver is revised on a daily basis. Hence, the price will not be the same throughout.
4. How is the silver price today in India calculated?The rate of silver in India is determined by a lot of factors like geo-political and economic events, crude oil prices, price of the Dollar, commodity prices, industrial demand, government policies on import and export.
5. When I buy silver, how do I make sure that the quality is good?To check the quality of silver, you can run a magnet over the silver coin or jewelry. If the silver sticks to the magnet, then the quality is not good. Keep in mind that Sterling silver alloy is the best silver and is 7.5% copper or other metals and 92.5% silver.
6. Will the price of silver in India keep changing?Yes, the silver price in India will keep changing and this depends on lot of factors.
7. Why is silver cheap as compared to gold?One of the reasons why silver is cheap as compared to gold is due to the huge supply and demand for the white metal. It is estimated that there is more silver than gold on earth and hence it is easy for mining companies to mine for silver. There are various other reasons which make silver cheap such as it being used for technology, inflation, etc.
8. What is the minimum amount of silver that I can purchase on MCX?The minimum amount of silver that you can purchase on MCX is 100 grams. It should be 99% pure.
9. What are the options through which I can invest in Silver?You can invest in silver through Silver ETFs of the US Market, Silver Futures Trading, by purchasing silver jewelry, antiques, silver coins, etc.
10. What are the vital factors that affect silver prices in the city?Some of the vital factors that impact the silver prices in the city are industrial demand, investment demand, import duty, US dollar fluctuations, inflation, and also depends upon the gold rates.
11. Is silver price the same across the country?No, silver prices across the country aren’t the same due to variation in the local taxes, import duty and other rates that are imposed on silver rates.
12. What are the various purity levels of silver?There are basically four types of purity levels of silver such as fine or pure silver, Brittania, Sterling silver, and jewelry silver which has purity percentages of 99.9%, 95.8%, 92.5%, and 80%.
13. What are the differences between pure silver and sterling silver?The main difference between pure silver and sterling silver is the purity level of both. Pure silver is 99.9% pure, as a result it is too soft, and it requires other metal to be added to increase its strength. While sterling silver is 92.5% pure and 7.5% of other metal such as copper is added to enhance durability.
14. Why is it essential to purchase hallmarked silver ornaments?Yes, it is a must to purchase hallmarked silver ornaments to ensure the purity of the silver, as hallmark is used as a seal.

News about Silver Price Trend in India

Price of Silver in Chennai, Mumbai, Delhi and Kolkata

The price of silver in major cities across India on 8 October 2024 is at Rs. 96,000 for one kilogram of silver, with a fall in the rate of silver by Rs. 900 as compared to 7 October 2024. The cost of the precious white metal in Chennai is Rs. 1,02,000 for one kilogram of silver. Similarly, in the cities of Delhi, Mumbai, and Kolkata, the price of the precious white metal is the same, Rs. 96,000, for one kilogram of silver. The rate of the precious white metal showed a decline in the trend in the domestic market on 8 October 2024 as compared to 7 October 2024. This could be a result of various factors like global market trends, political situations, economic elements, etc.    9 October 2024

Silver prices in major cities in India

On 1 September 2024, the price of one kg of silver was Rs.85,100 in Delhi. The same price was observed in Mumbai and Kolkata. In Chennai, however, the price for one kg of silver was Rs.85,270. This represents a minor variation in prices across these cities. 4 September 2024

In India, silver prices increased by Rs.600 today on 2 August

The price of white metal rose by Rs.600 across the country today, 2 August 2024. The current price of silver is recorded at Rs.87,200 per kg. 3 August 2024

Rate of silver on 2 July 2024

On Tuesday, 2 July 2024, the price of silver was Rs.87,890 per kilogram. A rise in gold prices was also noted, with the cost reaching Rs.7,302.4 per gram.4 July 2024

Cost of Silver in major cities in India on 6 June 2024

The cost of silver in India saw a rise in its value for one kilogram on 6 June 2024 as compared to 5 June 2024 by Rs. 1,800 and is at Rs. 93,500 for one kilogram of silver. The price of the precious white metal in the southern city of Bangalore on 6 June 2024 is Rs. 91,000 for one kilogram of silver. Similarly, the price of silver in the city of Hyderabad and in the state of Kerala is also the same for one kilogram of silver at Rs. 98,000. At the time of publication, the gold August 2024 MCX futures were trading at Rs. 72,910.0 per 10 grams, up by 0.541%. Meanwhile, the silver September 2024 MCX futures were trading at Rs. 93,482.0 per kg, showing an increase of 1.252%. 7 June 2024

Price of Silver in Chennai, Mumbai, Delhi and Kolkata

The price of silver in major cities across India on 7 May 2024 is at Rs. 85,000 for one kilogram of silver, with a hike in the rate of silver by Rs. 1,000 as compared to 6 May 2024. The cost of the precious white metal in Chennai is Rs. 88,500 for one kilogram of silver. Similarly, in the cities of Delhi, Mumbai, and Kolkata, the price of the precious white metal is the same, Rs. 85,000, for one kilogram of silver. The rate of the precious white metal showed an incline in the trend in the domestic market on 7 May 2024. This could be a result of various factors like global market trends, political situations, economic elements, etc.   8 May 2024

Silver futures price hiked by 0.21% today

On 2 May 2024, the price of silver futures on the Multi Commodity Exchange (MCX) experienced a slight increase of 0.21 per cent or Rs.173, bringing the price to Rs.81,400 per kilogram. The increase in silver prices was influenced by investors’ response to indications from the Federal Reserve, the central bank of the United States, regarding potential measures to lower borrowing costs. This news led investors to adjust their strategies in the silver market, contributing to the rise in prices.  3 May 2024

Check silver rates on 3 April

On 3 April 2024, the price of silver is Rs.81,000 per kg in Delhi, Kolkata, Pune, Ahmedabad, and Mumbai. In Chennai and Hyderabad, silver is trading at Rs.84,000 per kg. Silver rates in Bengaluru are at Rs.78,250 per kg.  4 April 2024

Price of Silver in Chennai, Mumbai, Delhi and Kolkata

The price of silver in major cities across India on 2 April March 2024 is at Rs. 79,000 for one kilogram of silver, with a rise in the rate of silver by Rs. 400 as compared to 1 April 2024. The cost of the precious white metal in Chennai is Rs. 82,000 for one kilogram of silver. Similarly, in the cities of Delhi, Mumbai and Kolkata, the price of the precious white metal is the same at Rs. 79,000 for one kilogram of silver. The rate of the precious white metal showed an incline in the trend in the domestic market on 2 April 2024. This could be a result of various factors like global market trends, political situations, economic elements, etc.  3 April 2024

Silver price today in India

The current price of silver stands at Rs.77,900.0 per kg, marking an increase of Rs.100 per kg. In Delhi, the price of silver today is Rs.77,900.0/Kg, compared to yesterday’s rate of Rs.77,800.0/Kg and last week’s rate of Rs.77,900.0/Kg on 26 March.  

In Chennai, the silver price today is Rs.80,900.0/Kg, with yesterday’s rate at Rs.80,800.0/Kg and last week’s rate at Rs.80,900.0/Kg.  

Mumbai reflects the same price as Delhi, with today’s rate at Rs.77,900.0/Kg, yesterday’s rate at Rs.77,800.0/Kg, and last week’s rate at Rs.77,900.0/Kg.  

Similarly, in Kolkata, the silver price today is Rs.77,900.0/Kg, yesterday’s rate was Rs.77,800.0/Kg, and last week’s rate was Rs.77,900.0/Kg on 26 March. 

Additionally, silver September 2024 MCX futures are currently trading at Rs.78,352 per kg, reflecting an increase of 0.748%. 

Courtesy To: Bankbazaar

About Post Author

Lynn Jackson

aware@srvibes.com

http://www.srvibes.com

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