Silver Price India, Aug 29, 2022: Big Fall In Silver Prices, Check Rates In Major Cities

There are a number of factors that impact silver prices in India today. Among these include the global prices of the precious metal. In India silver prices largely take cues from the happenings in the international markets.

It is worth noting that gold and silver prices move almost in tune with each other. What we mean is that when gold prices go higher, silver prices too rally. On the other hand, when silver prices go higher, gold prices too act in tune. All in all, there are many other factors that tend to influence the per gram silver rate in India. These also include interest rate movement as also inflationary trends in the country.

Today there is decline in silver prices. If you buy 1 kg of silver, you need to pay Rs 54,000 after a dip of Rs 800.

Check the prices of silver in various cities all across India:

Chennai: The price of 1 kg of silver in Chennai is recorded at Rs 60,000.

Mumbai: If you buy 1 kg of silver in Mumbai, pay Rs 54,000.

Delhi: If you happen to be in Delhi, you need to pay Rs 54,000 for 1 kg of silver.

Kolkata: You need to pay Rs 54,000 to purchase 1 kg of silver.

Bangalore: You have to pay Rs 60,000 for 1 kg of silver.

Hyderabad: Pay Rs 60,000 to buy 1 kg of silver in Hyderabad.

Kerala: You are required to pay Rs 60,000 for 1 kg of silver.

The price of silver declined by Rs 600 on August 27, 2022.

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. One of the prime reasons for silver to be cheaper is because of the lessser demand worldwide.

It is important to know that like all other metals, silver is a function of demand and supply in the country. Higher the demand, higher would be the price of the precious metal and vice versa.