Silver Rate In Andaman and nicobar

Introduction

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

Prices of Silver in Andaman and Nicobar

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.

Where to purchase Silver in Andaman and Nicobar?

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,

• Authorized sellers
• Jewelers
• Banks
• E-commerce portals

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.

• BIS (Bureau of Indian Standards) Mark
• Jeweler’s / Manufacturer’s Identification Symbol
• Assay Centre’s identification mark
• Purity Grade Indicator
• Marking Year

Factors Influencing the Prices of Silver

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.

Silver Demand

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.

• Coins
• Bars
• Household items
• Jewellery  

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

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.

Inflation

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

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

• Geo-political scenario
• Import and Export Policies
• Government Policies
• Dollar Fluctuations
• Crude Oil Prices
• Foreign Policies

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.

Points to be Considered while Purchasing Silver

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.

• The form in which silver is to be purchased
• Purpose of purchasing silver whether for personal use or for investment purposes.
• Purchasing silver from a trusted and verified source
• Tracking the daily rates of silver to know the latest prices and get the best rate for the metal.
• Making sure that the metal to be purchased has all the essential markings to ensure that it is authentic and pure.

FAQs - Silver Rate in Andaman and Nicobar