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Today Silver Rates In Bangalore

29 May 2024

silver rate today india

₹71.24

( Per Gram )

silver price today

₹71238

1 Kg

Silver Price TodaySilver Rate YesterdayChange(%)
1 gram71.2471.37-0.18%
10 gram7123871367-0.18%

Silver Rates In Bangalore for Last 90 Days

29 May 2024

Date1 gramBar Silver 1KG
2023-11-27₹ 71.24₹ 71,238
2023-11-26₹ 71.37₹ 71,367
2023-11-25₹ 71.37₹ 71,367
2023-11-24₹ 70.51₹ 69,507
2023-11-23₹ 69.47₹ 69,466
2023-11-22₹ 70.77₹ 69,766
2023-11-21₹ 70.71₹ 69,712
2023-11-20₹ 69.41₹ 69,408
2023-11-19₹ 70.58₹ 69,583
2023-11-18₹ 70.58₹ 69,583
2023-11-17₹ 70.81₹ 69,807
2023-11-16₹ 68.33₹ 68,329
2023-11-15₹ 67.44₹ 67,441
2023-11-14₹ 66.52₹ 65,523
2023-11-13₹ 65.00₹ 64,995
2023-11-12₹ 65.30₹ 65,301
2023-11-11₹ 65.30₹ 65,301
2023-11-10₹ 67.53₹ 66,529
2023-11-09₹ 66.32₹ 66,317
2023-11-08₹ 66.17₹ 66,168
2023-11-07₹ 67.20₹ 67,204
2023-11-06₹ 68.86₹ 67,855
2023-11-05₹ 68.97₹ 67,969
2023-11-04₹ 68.97₹ 67,969
2023-11-03₹ 66.39₹ 66,391
2023-11-02₹ 67.33₹ 67,330
2023-11-01₹ 67.60₹ 66,597
2023-10-31₹ 68.16₹ 68,163
2023-10-30₹ 68.74₹ 67,742
2023-10-29₹ 68.89₹ 67,891
2023-10-28₹ 68.89₹ 67,891
2023-10-27₹ 67.88₹ 66,880
2023-10-26₹ 67.15₹ 67,153
2023-10-25₹ 67.16₹ 67,158
2023-10-24₹ 68.50₹ 67,499
2023-10-23₹ 68.77₹ 67,771
2023-10-22₹ 68.49₹ 68,490
2023-10-21₹ 68.49₹ 68,490
2023-10-20₹ 68.60₹ 67,596
2023-10-19₹ 67.94₹ 66,937
2023-10-18₹ 67.32₹ 67,317
2023-10-17₹ 66.81₹ 65,812
2023-10-16₹ 66.29₹ 66,291
2023-10-15₹ 67.60₹ 66,599
2023-10-14₹ 67.60₹ 66,599
2023-10-13₹ 64.15₹ 64,153
2023-10-12₹ 65.79₹ 64,791
2023-10-11₹ 64.05₹ 64,050
2023-10-10₹ 64.06₹ 64,064
2023-10-08₹ 63.34₹ 63,335
2023-10-07₹ 63.34₹ 63,335
2023-10-06₹ 62.59₹ 61,588
2023-10-05₹ 62.09₹ 62,091
2023-10-04₹ 62.61₹ 61,609
2023-10-03₹ 61.09₹ 61,091
2023-10-02₹ 64.29₹ 64,286
2023-10-01₹ 65.90₹ 64,903
2023-09-30₹ 65.01₹ 65,014
2023-09-29₹ 66.41₹ 66,410
2023-09-28₹ 66.99₹ 65,994
2023-09-27₹ 67.98₹ 66,977
2023-09-26₹ 68.56₹ 67,564
2023-09-25₹ 69.84₹ 68,838
2023-09-24₹ 69.90₹ 68,904
2023-09-23₹ 69.90₹ 68,904
2023-09-22₹ 68.47₹ 68,467
2023-09-21₹ 68.68₹ 67,685
2023-09-20₹ 68.80₹ 67,798
2023-09-19₹ 68.11₹ 68,106
2023-09-18₹ 68.68₹ 67,675
2023-09-17₹ 67.35₹ 67,346
2023-09-16₹ 67.35₹ 67,346
2023-09-15₹ 67.96₹ 66,959
2023-09-14₹ 67.95₹ 66,946
2023-09-13₹ 67.07₹ 67,068
2023-09-12₹ 67.40₹ 67,400
2023-09-11₹ 67.25₹ 67,252
2023-09-10₹ 67.11₹ 67,114
2023-09-09₹ 67.11₹ 67,114
2023-09-08₹ 68.62₹ 67,620
2023-09-07₹ 68.81₹ 67,811
2023-09-06₹ 69.73₹ 68,725
2023-09-05₹ 70.73₹ 69,729
2023-09-04₹ 70.41₹ 70,408
2023-09-03₹ 70.42₹ 70,419
2023-09-02₹ 70.42₹ 70,419
2023-09-01₹ 71.36₹ 71,365
2023-08-31₹ 72.70₹ 71,696
2023-08-30₹ 72.74₹ 71,743
2023-08-29₹ 70.45₹ 70,454
IDFC MILLENIA MALE

Historical Price of Silver Rate In Bangalore

Introduction

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’s Fascination for Silver

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.

Silver Prices in Bangalore

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%.

Factors Affecting Silver Prices

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.

Why is silver demand rising?

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.

How is silver rate calculated in Bangalore?

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.

Buying Silver in Bangalore

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.

Which investment is better – silver or gold?

Here are some of the reasons why you must invest in silver as an affordable form of investment over gold.

  • It offers financial protection in the long run and especially in case of a financial emergency
  • Since it is tangible, it can be easily bought and sold. There are various variants of silver available, such as silverware, bars, coins, jewellery, artefacts, etc
  • Silver also experiences lesser price volatility as compared to gold. It is also safe to keep silver articles in the home as compared to gold.
  • Silver offers higher returns in the long run.

Also Read: Gold Rate In Bangalore

People Also Ask Silver Rate Bangalore

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.
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