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Today’s silver rate across all major cities in India
24 Jul 2021
( Per Gram )
Silver Rates In Andaman and nicobar for Last 90 Days
Trend of Silver Rate in Andaman and nicobar for February 2021 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Andaman and nicobar for March 2021 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Andaman and nicobar for April 2021 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Andaman and nicobar for May 2021 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Andaman and nicobar for June 2021 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Andaman and nicobar for July 2021 (Rates per gram for 1Gram / 1Kg Silver)
Andaman and Nicobar are one of the prime tourist spots in our country. Although being away from the mainland, these islands have a very rich culture and also a thriving demand for silver and gold. This demand includes the local demand for silver and the demand on account of tourism. Silver and gold has been used as part of the traditional ceremonies as well as seen as an accessory of royalty in the islands
The details of the rates of silver in the Andaman and Nicobar islands and the related aspects of silver are mentioned below
Silver rates in the islands like any other part of the country are ever changing and customers have to keep a track of the same to ensure that they purchase silver at the best possible price.
Silver can be purchased through multiple sources available on the islands. It is essential that these sources are certified and authentic in order to ensure that the silver purchased is genuine. This way, customers can ensure that they do not lose money on their purchases. The various sources of purchasing silver in the Andaman and Nicobar islands are,
Customers have to ensure that the silver purchased has the following markings for it to be pure and authentic and have a good resale value.
There are many factors that affect the rates of silver and force it to change on a daily basis. These factors can be external or intrinsic factors that have a direct influence on the rates of silver. These factors are multifaceted and have to be studied thoroughly to make a correct judgment of the prices of silver.
Some of such factors are detailed below.
The demand for silver is the driving force that influences the prices of silver. Such demand for silver includes the personal demand or the demand for industrial or commercial purposes. Demand for this precious metal is always measured in cumulative form. Cumulative form includes silver in all its available forms mentioned below.
Ancillary or Associated Costs
There are many costs associated in procuring and processing of silver. These costs are directly proportional to the prices of this metal. With the increase in such costs and other costs like marking costs, import costs, warehousing costs, etc., the rates of silver also increases.
Gold prices are also another factor influencing the silver rates. The prices of these two metals are always in sync and silver prices follow the trend of the gold prices. Both these metals are traded on the commodity market.
The inflation of any country is another major factor affecting the prices of silver. Inflation rate is in proportion to the prices of silver in any market.
External factors are the factors that are not directly related to the procuring or processing of this metal but still affect its prices. These factors are mentioned below
In the current scenarios, the prices of silver are further affected by the pandemic as gold and silver are considered as steady investment options. These prices were on an increasing trend but with the introduction of the first vaccine in the market, silver prices have now reduced from its previously high levels.
There are several considerations while purchasing silver that need to be factored in so as to get the best rate for silver as well as the metal in its desired form or purity. These considerations are mentioned below.
1. What is the current rate of 1 kg silver in Andaman and Nicobar?
The current rate of silver of 1 kg in Andaman and Nicobar is Rs. 67,700 as on 18th November, 2020.
2. What are the purity levels that are allotted to silver?
Silver is graded on the basis of its purity. The rate of silver is also determined on the basis of its purity. The highest purity level of silver is 99.9%. The various grades or purity allotted to silver are tabled below.
3. What is the best time to purchase silver in Andaman and Nicobar?
Silver is considered as a steady investment at any time and hence can be purchased by tracking the prices to make the purchase at the correct time.
4. Can silver be purchased for purposes other than personal reasons?
Yes. Silver can be purchased for personal as well as industrial and commercial purposes. Silver has also found a place in ceremonies and rituals across the country and is considered to be an auspicious offering or gift at such occasions.
5. What are the various tests that can be performed on silver to ensure that it is authentic or pure?
Buyer or jewelers perform various tests on silver before it is purchased to test the purity of the metal and determine its price accordingly. Some of such tests that can be easily performed to determine the purity of silver are mentioned below. Magnet test Under this test, the buyer can run a magnet over the metal to be tested. On doing so if the metal gets attracted to the magnet, such metal is not pure and has some other metal or alloy in combination. Ice test Ice test requires the buyer to place a cube on the silver to be tested. If the metal makes the ice cube to melt at a higher or a faster pace, then such metal is pure. Stink test Silver has no odor so if the metal to be tested has some odor then such metal is not considered to be pure
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