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Today’s silver rate across all major cities in India
28 Jan 2021
( Per Gram )
Silver Rates In Haryana for Last 90 Days
Trend of Silver Rate in Haryana for November 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Haryana for December 2019 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Haryana for January 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Haryana for April 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Haryana for March 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Haryana for February 2020 (Rates per gram for 1Gram / 1Kg Silver)
Haryana is known to be one of the most wealthy and flourishing states in India as per capita income statistics. The state houses numerous rural crorepatis who have high income and investment capability. Silver sees heavy demand in the state in the form of utensils and also jewellery. Silver rates in Haryana are often influenced by international price fluctuations, government import duty changes, and sometimes even government policies. Let’s learn more about silver rates in Haryana along with the various factors surrounding the silver rate.
Haryana boasts of a large trader population which mostly deals in various products made from silver. These include coins, utensils, etc. It is important for the people dealing in silver to know about the trending Silver Rate in Haryana.
Different cities in Haryana have silver trading that happens in bulk. Thus, various traders and investors keep a close watch on the ongoing Silver rates in Haryana. Multiple traders in Haryana trade with silver in kilograms since the metal is bought and sold in large quantities. Trading is mostly done in weight multiples of 1 kg along with multiples of 10 grams and 100 grams in the state. Customers in Haryana also use the measurements of 10 grams and 100 grams while buying silver products such as coins.
If an investor in Haryana wants to buy silver in huge quantities, he/she should consider historical rates and not just rates from the past few days. It makes sense to look at rates from a 6-month perspective to get a clear picture of the trend. The price of silver can fluctuate heavily and an investor can benefit by learning about the historical price fluctuations in the state.
Traders of silver in Haryana generally consider the opening rates and closing rates for the past few months and also the highest and lowest prices. They also look at the percentage changes in the price of silver and also silver rates change as compared to other metals.
Investors who want to perform technical analysis on the prices of silver can look at the historical Silver Rate in Haryana. This will give them a holistic picture and a broader price range to measure fluctuations.
Silver demand has seen a constant rise in Haryana for a few years now. This is mainly because the gold prices have been on a rise in the last few years. Since silver is affordable as compared to gold, it is a preferred metal among many investors in the state. Silver demand across India has seen a rise in the past few months since individual preferences have shifted from artificial jewellery to silver options. Previously, silver was not in demand across the nation, as investors would not get a good resale value of this metal. However, investors have mostly left such speculations behind and silver has once again gained its resale value over the past few years.
Silver is also a good investment option in the futures market since it has multiple opportunities for generating higher returns. In commodity exchanges, silver investments are considered beneficial in the long-term.
For silver investments in Haryana, investors must consider the prices in the first three months of the current year. It can be observed that there was a trend of depreciation as far as silver metal is concerned. The following two months reflect a drastic change and this has helped most investors stay positive through their silver investments in 2020.
There are multiple factors which have affected the silver rate trend in Haryana. The onset of Covid-19 pandemic has been one major influence on silver prices. However, today Silver Rate in Haryana is seeing an upward trend as there is evident stock market recovery and optimisation of the market.
Several reasons are responsible for the constant fluctuations in Silver rates in Haryana. First off, the prices are steadily increasing since global economic inflation is on an upward trend. Secondly, if the INR valuation sees a dip vis-a-vis the USD, it is sure to have an impact on silver rates.
Taxes and import duties also have a heavy influence on Silver rates in Haryana. The higher the taxes and import duties, the higher is the price of this precious metal. Another factor is the demand in the local market of this state, that changes the silver rates every day.
Silver can be bought in Haryana in different measuring units. Buying and selling of silver are mostly done the same way as with gold. Silver is weighed using appropriate measuring tools and the latest rates are applied before finalising the deal. Investing in silver is a wise decision in 2020 as the stock market and equities have been hit since the onset of the Covid-19 pandemic. Most investors have shifted away from the traditional equities market and are now focussing on the trading of bullion.
Silver prices have started recovering from all-time lows in the past few years and since the dependency on bullion has been increasing, the value of this precious metal has seen an upward trend in the market. The white metal has started hitting high prices in the market as the value of the dollar keeps fluctuating and COVID-19 has been declared as a pandemic across the globe.
Silver prices are affected by many factors in the bullion market. As the economy continues to struggle towards recovery, constant stimulus packages are being announced by the government and central banks of various countries. This, in turn, has boosted the silver rates in the market. Despite the price fluctuations being dependent on various international trends, the value of silver continues to be strong since it offers investors a good investment opportunity and diversification of investments portfolios.
1. What is the tax rate levied on silver in Haryana?
GST applies to silver prices in Haryana. Before GST, there were multiple state and central government taxes charged on silver. Today, a 3% tax on silver rate in Haryana is levied which is collected on the total value of the precious metal. Customers are also charged a small amount of GST applicable on the making charges of the silver commodity they are buying from any store.
2. Is there a way to check Silver purity in Haryana?
Silver products comprise an alloy of silver. The purity of silver is generally calculated in percentage form. This alloy contains 94.7% of pure silver and the remainder of 5.21% is constituted of other metals which impart the total strength of the product. Jewellers often charge the Pure Silver Rate in Haryana while selling the precious metal to customers. Buyers can use a piece of a magnet to detect the purity of the metal while purchasing it. They must bring a magnet close to the silver product and if it is heavily attracted to silver, then the product is mostly impure.
3. Why is there a spike in silver rates in Haryana?
Due to the rising market volatility and the slack in currency markets, especially the impact on the US Dollar, there has been a spike in international silver rates. This, in turn, has impacted prices of silver in Haryana.
4. Why are silver coins/bars a preferred form of investment?
As the current monetary policies are pushing the value of currencies down across the globe, investing in silver is expected to generate strong returns. Silver coins can be verified and can also be liquidated easily if a financial need arises. Silver bars come with the lowest premium over the spot price. These are very easy to carry around and transport, making it a good idea to invest in and diversify a portfolio.
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