CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, 2nd Floor, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
Today’s silver rate across all major cities in India
17 Jan 2021
( Per Gram )
Silver Rates In Bangalore for Last 90 Days
Trend of Silver Rate in Bangalore for October 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Bangalore for November 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Bangalore for December 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Bangalore for January 2021 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Bangalore for September 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Bangalore for August 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Bangalore for July 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Bangalore for June 2020 (Rates per gram for 1Gram / 1Kg Silver)
Bangalore is a metro city in India which has always seen a thriving silver market. In Southern India, the city is second only to Chennai as far as consumption of this precious metal is concerned. People of Bangalore prefer to invest in silver because of its resale value and financial stability that comes along. Bangalore is known to be the second-largest market for Silver in Southern India. Due to this significant demand in the city, the current silver rates are witnessing an increase.
Bangalore has a large population comprising middle-class families. The ongoing silver rate in Bangalore may not reflect it, but the primary demand for this precious metal comes from the IT sector as it boasts of considerable buying power. Silver rates in Bangalore constantly reflect the utility of this metal in the form of investment more than jewellery form.
You may be surprised to know that silver is a preferred metal across the city as compared to gold. Since gold is expensive for many segments of society, silver gets the edge when it comes to popularity. It is a preferred mode of investment, specifically among the middle-class population. There are numerous jewellery stores, sellers of silverware, artefacts shops, and more suppliers in Bangalore who ensure that the metal is easily available to all. For those looking to trade in silver, the commodity exchanges ensure easy availability.
Bangalore is the second-largest market for precious metals in Southern India, closely behind Chennai. This metropolitan city has a vast middle-class population mainly driven by the famous IT sector in the city. Silver has become popular with the residents of Bangalore mainly as a form of investment. Silver generally offers good resale value and returns, which beats inflation and provides a secure and stable commodity to customers to bank on. Silver rate in Bangalore is driven by international prices of the commodity.
Lower-income groups across the city opt for silver investment as gold prices remain unaffordable for them. In Bangalore, silver is considered as an ideal substitute for gold. It is used in jewellery-making and also forms a key industrial input for the manufacturing of various products.
Silver is majorly unaffected by market fluctuations since it carries value in physical form. Silver prices sometimes get influenced by gold price movements in the country. It is also dependent on the international pricing of the metal.
Silver rates in Bangalore are heavily influenced by international commodity prices. The silver rates in the city saw a sharp spike back in January and February this year, with approximately 4.79% and 5.78% of the increase. However, the rates have since declined as March saw a slide of 4.10% and April witnessed a sharp decrease of 5.62%.
Industrial demand has a heavy influence on the prices of silver in Bangalore. It also affects the demand for physical silver. International trends in silver and gold also play a key role in the price volatility and the resulting demand for precious metals.
There are multiple other factors which play an important role in determining silver prices in Bangalore. Some of these include the geopolitical environment, crude oil price trends in the market, U.S. dollar value, rupee movements, etc. Sometimes with sharp movements in import taxes or rate cuts announced by central banks, silver prices tend to fluctuate rapidly.
Silver demand has been on a rise in Bangalore since the past few years. This is primarily because the gold prices have risen sharply in the last few years. This has resulted in fresh demand for silver. Since silver is far more affordable as compared to gold, it is a preferred metal. Silver demand across India is known to have surged last year, as individual preferences shifted from imitation jewellery to silver variants. Previously, silver demand used to be a concern, as investors were worried about the resale value of this metal. However, such speculations have now been left behind and silver has regained its resale value over the past few years.
Silver is also a preferred form of investment in the futures market since it offers plenty of opportunities to generate higher returns. In commodity exchanges, silver investments are always looked at from a long-term perspective.
Silver is always measured in troy weight as kilos and grams. In Bangalore, Silver can be bought in metric tonnes, tolas, kilograms, grams, troy ounces, million ounces, tonnes, short tonne, etc. Silver is sometimes also measured in carats just like gold. Here are some of the measurement conversions for reference:
1 tola = 12 Masha or 11.67 gram
1 Troy ounce = 31.1035 gram
1 tonne = 1000 kilogram
Silver purity can be measured in Percentage (%) terms. Normally, copper is added to silver for producing highly durable coins. The standard Silver Purity in Bangalore is 94.79%. This means that the alloy comprises 94.79% pure silver and 5.21 % copper or alternate metals. The sterling silver alloy contains 92.5% pure silver and 7.5 % copper or alternate metals.
There are many ways for determining the silver purity. You can run a magnet over silver jewellery and if the jewellery sticks, it indicates purity. Another method is to go for the stink test. Sterling silver never stinks and this indicates purity.
Silver bars can be bought from trusted sources like banks and established jewellers in Bangalore. Silver bars typically come in 500 gm to 1kg weights.
Many silver merchants tend to offer a separate price for payments made via bank transfers or cheque. They charge a slightly higher rate for credit or debit card payments. The reason behind this higher rate is that the dealer has to pay a processing fee to the card provider. Thus, while purchasing Silver in Bangalore, opt for bank transfers or cheque payments to get the best rates available.
While buying any form of silver in Bangalore, always make sure to check the live market rates, i.e., live daily silver prices.
Here are some of the reasons why you must invest in silver as an affordable form of investment over gold.
1. Why is there a constant rise in silver rates?
The heightened market volatility and the dwindling of currency markets, especially the impact on Dollar rates, can be attributed to the rise in silver rates across markets.
2. Why are silver coins/bars good investment options?
Monetary policies across the globe are pushing down the currency values in international markets. Silver coins and bars can be verified and offer quick liquidity when a financial need arises. Silver bars are easy to carry and offer diversity as far as a portfolio investment is concerned.
3. How can I check the ongoing silver prices in Bangalore?
You can check the current silver prices in Bangalore by searching for it online on verified sites. You can also reach out to a local jeweller for checking the latest prices.
4. How is silver used in Bangalore?
Silver is primarily used in the form of long-term investment. People prefer to buy silverware, artefacts, and also jewellery for investment purposes.
5. How does GST impact silver prices in Bangalore
Purchasing silver can be expensive in Bangalore as 3% GST is applicable on every purchase.
Get loans starting from 11.25% interest rate
Know how to improve credit score
FREE credit analysis for 1 year
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.