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Silver Price in India (23rd February 2017)

Silver price in India is determined by international prices, which move in either direction. Other then that it also depends on currency movement of the rupee against the dollar. If the rupee falls against the dollar and international prices remain stable, silver will become more expensive.

Today Silver Price Per Gram/Kg in India (INR)

Gram Silver Rate
Today
Silver Rate
Yesterday
Daily Price Change
1 gram ₹ 43.39 ₹ 43.39 ₹ 0
8 gram ₹ 347.13 ₹ 347.10 ₹ 0.02
10 gram ₹ 433.91 ₹ 433.88 ₹ 0.03
100 gram ₹ 4,339.10 ₹ 4,338.80 ₹ 0.30
1 Kg ₹ 43,391 ₹ 43,388 ₹ 3

Indian Major Cities Silver Rates Today

City 10 gram 100 gram 1 Kg
Chennai ₹ 433.91 ₹ 4,339.10 ₹ 43391.00
Mumbai ₹ 433.91 ₹ 4,339.10 ₹ 43391.00
Delhi ₹ 433.91 ₹ 4,339.10 ₹ 43391.00
Kolkata ₹ 433.91 ₹ 4,339.10 ₹ 43391.00
Bangalore ₹ 433.91 ₹ 4,339.10 ₹ 43391.00
Hyderabad ₹ 433.91 ₹ 4,339.10 ₹ 43391.00
Kerala ₹ 433.91 ₹ 4,339.10 ₹ 43391.00
Pune ₹ 461.39 ₹ 4,613.90 ₹ 46139.00
Vadodara ₹ 461.25 ₹ 4,612.50 ₹ 46125.00
Ahmedabad ₹ 461.38 ₹ 4,613.80 ₹ 46138.00
Jaipur ₹ 461.38 ₹ 4,613.80 ₹ 46138.00
Lucknow ₹ 461.39 ₹ 4,613.90 ₹ 46139.00
Coimbatore ₹ 461.47 ₹ 4,614.70 ₹ 46147.00
Madurai ₹ 461.38 ₹ 4,613.80 ₹ 46138.00
Vijayawada ₹ 461.39 ₹ 4,613.90 ₹ 46139.00
Patna ₹ 461.65 ₹ 4,616.50 ₹ 46165.00
Nagpur ₹ 433.91 ₹ 4,339.10 ₹ 43391.00
Chandigarh ₹ 461.38 ₹ 4,613.80 ₹ 46138.00
Surat ₹ 461.25 ₹ 4,612.50 ₹ 46125.00
Bhubaneswar ₹ 461.65 ₹ 4,616.50 ₹ 46165.00
Mangalore ₹ 461.38 ₹ 4,613.80 ₹ 46138.00
Visakhapatnam ₹ 461.39 ₹ 4,613.90 ₹ 46139.00
Nashik ₹ 433.91 ₹ 4,339.10 ₹ 43391.00
Mysore ₹ 461.47 ₹ 4,614.70 ₹ 46147.00

Silver Rate in India for Last 10 Days

Date 10 gram 100 gram 1 Kg
Feb 22, 2017 ₹ 433.91 ₹ 4,339.10 ₹ 43391.00
Feb 21, 2017 ₹ 433.88 ₹ 4,338.80 ₹ 43388.00
Feb 20, 2017 ₹ 433.80 ₹ 4,338.00 ₹ 43380.00
Feb 19, 2017 ₹ 433.86 ₹ 4,338.60 ₹ 43386.00
Feb 18, 2017 ₹ 438.86 ₹ 4,388.60 ₹ 43886.00
Feb 17, 2017 ₹ 433.87 ₹ 4,338.70 ₹ 43387.00
Feb 16, 2017 ₹ 431.18 ₹ 4,311.80 ₹ 43118.00
Feb 15, 2017 ₹ 432.83 ₹ 4,328.30 ₹ 43283.00
Feb 14, 2017 ₹ 432.83 ₹ 4,328.30 ₹ 43283.00
Feb 13, 2017 ₹ 454.90 ₹ 4,549.00 ₹ 45490.00

Weekly & Monthly Graph of Silver Price in India

Historical Price of Silver Rate

  • Silver Price Movement in February 2017
  • Silver Rates 1 Kg
    1 st February rate Rs.44,749
    28th February rate Rs.4,533
    Highest rate in February Rs.46,469 on February 20
    Lowest rate in February Rs.0 on February 2
    Over all performance Falling
    % Change -89.87%
  • Silver Price Movement in January 2017
  • Silver Price Movement in December 2016
  • Silver Price Movement in November 2016
  • Silver Price Movement in October 2016
  • Silver Price Movement in September 2016

Why Silver in India is cheaper?

Silver has been considered cheaper than gold throughout modern history. The majority of silver is used industrially. It is not worth to recycle Silver. Silver used for conductivity purposes in dated electronic devices.

One of the most crucial elements that go into making silver cheaper than gold is the rarity of the metal itself. The imbalance in supply and demand between gold and silver makes up most of the difference in their prices.

Where From We Can Buy Silver In India?

We can buy silver only from a bank or a jeweller in India. Usually, silver coins from banks are expensive. Because when we buy the silver coin from banks we have to pay charges including for the tamper-proof packing and an assay certificate.

Buying silver as jewellery is also more expensive than buying coins. These include the making charge of 10 per cent or more. It will also include a melting charge of 15 per cent upwards at the time of resale, which lowers effective returns.

You can buy silver in the commodity futures exchange also. In commodity future exchange, the contract sizes are large. The smallest contract in silver is traded in units of 1 kg and delivered in minimum lots of 30 kg.

How to trade in silver?

National Spot Exchange (NSEL) has E-series products like E-Gold and E-Silver, wherein people can trade or invest in silver just like they do in equities. The trading hours of NSEL is from 10 AM to 11:30 PM.Investors can buy a minimum of 1 unit of silver equivalent to 100 grams of silver in demat form at real-time Indian prices, which tracks the international gold/silver prices.

To trade in NSEL, investors have to open a separate demat account with any of the depositories. The name of the depositories is can be found on the NSEL website. After opening a Demat account, the investor can buy silver in dematerialised form online.

The unit of e-series is 100 gm for silver. Investors can convert their e-Silver into physical silver or into cash by trading in NSEL.

Silver ETF

There is no silver ETF in India. Buying silver in the electronic spot market is also ruled out with the National Spot Exchange shut.

The only other option for investing in silver is to buy silver ETFs listed in the US market. For this, you need to first open an account with a stock broker. While selecting the broker you have to check whether he would offer a platform to invest in global stock markets.

Factors That Can Influence Silver Prices

US dollar stability will affect the price of silver. If the dollar is strong the silver market price will be low. If the dollar is weak; silver prices rise.

Industrial demand for silver affects prices. The metal in smart phones, computers, and digital TVs is increasing. Silver is highly conductive and is used extensively in the electricity markets. Industrial demand for silver can drive up prices as well.

Worldwide production numbers will affect prices. As a precious metal, the price depends on its availability on the market.

Supply and demand are market indicators of the price of silver. If inflation is high people will generally hedge their investments in gold and silver. As demand increases, prices will rise along with demand.

The price of silver tends to be correlated with the price of gold. Trends show that as gold rises and falls, silver does too.

Why should you invest in Silver in India?

Demand

Silver always has a good demand in India. The demand is being generated by both the jewellery sector and industrial sectors. Supply and demand: In India and China silver have a growing demand. But the availability of silver is dropping with the drop in demands rise. In the future, it will become tough to come by silver and the price may be driven up the limited supply thus putting long term investors in a very good financial position.

Common man's gold

Silver is considered to be common man's gold. The acquisition of silver is much easy when compared to gold. As silver prices continue to rise, investor’s will get options to invest in silver, rather than bonds, real estate etc.

Timing the markets

There is a way in which the silver markets can be predicted. Some of the most basic ways to time the market would be to wait for the wedding season or a festival to come around. The demand for both silver and gold goes up.

No Bank accounts

In India, a large portion of the population is not familiar with banking and taxation. So it is difficult for them to invest in a lot of instruments available. For them, silver is one of the places to invest in.

Easy to store

Silver is easy to store when compared to gold. There are many e-silver products that can be traded on the NSEL. They allow people to invest in silver without having to worry about storing the metal.

Liquidity

Silver metal can help investors in the situations of emergencies. During the case of personal emergency, silver can be easily converted into money. Even if the currency loses value, silver won't.

Some Interesting facts about silver

Like gold silver is also a precious metal.It is rare, valuable and it is a noble metal too. That is silver resists corrosion and oxidation, though not as well as gold. Here are some interesting facts about silver,

  • Pure silver has the highest electrical and thermal conductivity of all metals.
  • Silver can be deposited into various body tissues.
  • Silver is used in the production of mirrors and deposited on glass or metals.
  • Silver paste is used to make solar panels. Silver paste contacts printed onto photovoltaic cells capture and carry electrical current.
  • It is believed that for a brief period, in Egypt, silver was actually considered more valuable than gold.
  • Silver prices in the markets are also affected by the demand for copper. This is because one of the forms of silver is sterling silver which is 95.5% silver and the remaining is other elements including copper.
  • The Olympic gold medal is actually silver coated in gold.
  • For the longest time silver was referred to as the poor man’s gold because it was the precious metal most could afford.

Demand for Silver in India

Silver prices in the international markets depend on a whole lot of factors, including inflation prospects, movement of the dollar and liquidity conditions in the globe. Also, if investors are risk averse they tend to move money from equities and other risky assets to gold and silver.

Factors Influencing Silver Rates in India:

Like Gold, Silver is also one of the most precious metals, valued both as a form of currency and store of value. There are various factors that can influence the silver rates in India. When predicting the future price of silver in India, historical data should not be taken into an account, though there is a steady increase in silver rates in past two decades. At the same time, for past few years investment in India as a commodity has obtained a steady growth in India. So, in order to see decent profits from silver in short/long run, investors need to factor in various variables which are described below:

Rise/Fall in USD:

Like its cousin, gold silver is also influenced to a great extent by the movement of the rupee against the US dollar. When the dollar falls against many other currencies, the prices of silver tends to gain and when the dollar gains, silver prices tends to fall. The extent of volatility in silver to an extent is much less in the case of silver, as compared to gold.

Large and Private Institutional Investors:

As we all know very well that the market value and the price of silver are much smaller & lower than the gold. And it's not a difficult task for large investors or some private organizations to influence the silver price. For example, Warren Buffett purchased 130 million troy ounces of silver in 1997, and the silver rate was approximate $4.50 per troy ounce and the total value was worth $585 million. So these incidents clearly show that still the large traders or investors have the tendency to influence the market prices of silver.

Increase in Oil Prices:

Mining of silver is an energy-intensive process, and it has been argued that Oil has a greater corelation with Silver. Hence as the oil prices rise or fall, the prices of silver would also rise or fall. There is also an argument that silver and oil should have greater correlation than silver and gold as they are industrial elements and the factors affecting their demands would be common.

Strong Industrialization:

In India, there has been a tremendous growth in industrial sectors and the need for the silver as an industrial commodity has seen a spike in recent days. This clearly resembles that there is a definite change in silver prices in near future and beyond.

Import Duties:

In India, Silver is imported in large numbers and so the silver rates are affected directly by the import duty applicable on imports. And if there is a higher import duty, then more chances of increase in silver prices in India.

 

 

Disclaimer: The silver rates are sourced from local jewellers in the city. There maybe variance in rates and prices. GoodReturns.in has made every effort to ensure accuracy of information provided; however, Greynium Information Technologies Pvt Ltd, its subsidiaries and associates do not guarantee such accuracy. The rates are for informational purposes only. It is not a solicitation to buy, sell in precious silver. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates do not accept culpability for losses and/or damages arising based on silver information provided.