The price of silver in India has witnessed a decline of Rs 3000 in the past 6 days beginning from September 23, 2022. Silver registered sharpest decline on September 23, 2022 when it fell by Rs 1200 to close at Rs 56,800 per kg in India. The following day (September 24, 2022) silver price saw a decline of Rs 500 at Rs 56,300 per kg.
The prices of silver remain unchanged on September 25 and September 26, 2022. Silver prices fell again on September 27, 2022 by Rs 900 to settle at Rs 55,400 per kg. Today the prices of silver crashed again by Rs 400 at Rs 55,000 per kg.
The consistent decline in the price of white metal has presented an opportunity to purchase silver at lesser prices ahead of festival season in India.
Prices of the precious white metal in India is determined by international prices, which move in either direction. Silver price 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.
You can buy into silver futures in India, which are slightly more risky than buying physical silver. They are risky because you get more exposure and a slight variation in the silver prices in India, could result in a grave loss for investors. If you are looking to buy into silver the better option would be to buy the physical quantity and just hold onto the same.
Buying and selling silver is important because than you can make a profit on the metal. However, you can keep holding the precious metal for a longer time, just in case you wish to. The longer you hold the better are the chances if making money on the same. Silver futures can be bought and sold in the same manner, you buy and sell gold. You need to open an account with a broking firm and thereafter you can buy and sell the metal.
In case you wish you can approach a broker and then buy through the MCX, which is the commodity exchange in the country. However, there are a few formalities that you need to undergo and then finish the application. We suggest that you buy and sell the same through the registered brokers in the country. You would be good to make some profits on the same. Silver maybe a little less liquid and hence sometimes investors prefer buying into gold in that case.
Check silver prices in major Indian cities: