Silver Rate In Chandigarh

Introduction

Silver and gold are the most popular among all precious metals. Silver along with gold has multiple uses besides being used for ornamental purposes. These purposes include industrial uses, commercial uses as well as medical purposes in certain cases.

Silver rates are ever changing and fluctuating based upon a variety of factors and the best way to make a timely purchase of silver is to track the rates and observe the trend of the silver prices. This ensures that buyers and sellers get the best price for the metal.

Silver rates in Chandigarh like all other places are also very dynamic and the details regarding the same are highlighted below.

Factors affecting Silver Prices in Chandigarh

The factors affecting silver prices are multiple. These factors affect the silver rates directly or indirectly. They are also known as internal or external factors and traders are therefore required to keep a track of all such factors in order to trade in silver effectively and maximize their profits. Some of such factors are mentioned below.

Individual or Personal  Demand

Demand for any product is the essential factor in determining its prices. In case of silver too, its demand is the crucial factor along with its supply in the union territory of Chandigarh. The individual or personal demand for silver is considered in all its forms like coins, bars, household items and jewellery.

Industrial or Commercial Demand

The industrial or commercial demand for silver is referred in the bulk quantities. Silver as mentioned above, can be used for personal as well as industrial or commercial or medical purposes.

Supply of Silver in market

Supply of silver along with the demand for the product is the basic dynamics of determining the prices of this product. If the supply is too much in comparison to the demand, prices reduce and vice versa.

Gold Prices

Silver and Gold are heavily traded in the commodity market. Gold prices influence the prices for silver and usually pull them in a similar trend.

Inflation

Inflation of a country influences the silver prices and is directly proportional to the same. Customers have to track the inflation of the country on a regular basis in order to get the best rates to invest or purchase for personal reasons.

Mining Cost

The mining cost of silver is the intrinsic cost that affects the silver rates across the country. It is directly proportional to the silver rates.

Ancillary Costs

Imports costs and storage or warehousing costs are considered as the ancillary costs affecting the final pricing of this precious metal. Although ancillary, such costs are also directly proportional to the silver prices and dependent on the demand for silver. This demand will be considered in both the forms i.e., individual market demand as well as the industrial or commercial or medicinal demand for silver.

External or unrelated factors

Such factors are not directly related to the metal in any way but are nevertheless crucial in determining the prices for silver. Some of these factors are mentioned below.

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

Silver as Investment

Silver is an excellent mode of investment. Silver can be traded on the Exchange Traded Funds (ETF). These platforms are not available in our country and hence customers can trade on such platforms available in the US. They will first have to register with a recognized stock broker.

Another mode of trading silver is through the futures market and the commodity market. Silver is traded here in lot sizes of 1 kg each.

Silver that is purchased in the form of coins or bars or bullions from authorized dealers or even from banks is the best form of investment as customers can get maximum returns upon resale. Value of silver in such form is not reduced on account of marking charges or on account of any other metals or stones embedded in it.

Factors to be Considered while Purchasing Silver

There are several factors to be considered while purchasing silver. Such factors are relevant as they ensure that the customers get the best price for the silver purchased as well as the purity desired by them. Some of these factors are mentioned below.

• Form in which silver is purchased
• Purpose of purchasing silver whether for personal use or investment purposes
• Quantity of silver to be purchased
• Source of purchasing silver
• Certification of silver
• Daily prices of silver
• Purity of silver

FAQs – Silver Rate in Chandigarh