Silver Rate In Kolkatta

Introduction

Kolkata is the third-largest metro city in India with more than 14 million people residing in it. The city carries a deep-rooted tradition and has a glorious history that is unparalleled with the rest of the country. Silver is preferred by millions of Indians and is used in many ways. It is considered as one of the most versatile and timeless precious metals. In the early ages, silver was primarily used as a mode of payment. This helped to enhance the trade ties between India and the world. Kolkata was at the very centre of all trading activities due to the presence of the East India Company.

Silver is a very popular metal among the people of Kolkata. This is because it is a precious metal and also because it is considerably investment-friendly. However, while investing in precious metals, it is very important to stay updated with changing Silver prices. The silver price in Kolkata is affected by various factors including, overseas relations, demand and supply, gold prices, etc. Silver prices in Kolkata are generally quoted per kilogram.

Current silver prices in Kolkata are affected by ongoing market conditions and are expected to change the basis of the demand and supply trajectory. People of Kolkata are highly influential when it comes to the demand for silver. Rising silver prices have not affected the demand for this precious metal in Kolkata.

Factors Affecting Silver Prices

Here are some of the main factors which have a heavy influence on silver price movements in Kolkata:

Supply and Demand

Silver demand has increased in India in recent decades. This precious metal is considered to be auspicious and the demand is not expected to go down in the country because of the traditional value people see in it. On the other hand, due to its limited supply, silver may continue to be expensive. Events like a mining field strike or the production company, new usage discovery for silver can also heighten the prices.

Technological trends

Latest electronic goods and technological inventions need heavy use of silver, which in turn impacts its cost. Since Kolkata is an upcoming IT hub, this trend is expected to continue.

Inflation

Investors consider silver as an investment which can be used to hedge against inflation. So, in case a currency value drops, silver helps to protect against purchasing power loss caused by inflation.

Gold Prices

Gold prices often affect the rate of silver. Silver tends to follow gold, especially in the Indian market context.

Interest Rates

Interest rates indicate general market conditions. Since silver investments are mostly long-term in nature, appreciation is valued more than current returns. Thus, market prices are inversely proportional to changing rates.

Government and RBI Guidelines

Silver prices are heavily influenced by changing policies and government actions. For instance, gold is generally used as a reserve but central banks across the globe mostly transact in silver bullion.

Crude prices

Silver mining requires high levels of energy input. Hence, the silver price is also dependent on oil price movements. Volatility in the oil prices can certainly pull silver rates down.

Best Places to Buy Silver in Kolkata

It is easy to buy silver in Kolkata as there are several well-established jewellers across the city. Some of the well-known jewellers which offer good silver prices are Nisso’s, Saraf Jewellers, Senco Jewellery Palace, Jalan Debi Dutt Jewellers, and Balaji's. There are also many banks which sell silver across specified branches. Many smaller jewellers also offer silver in Kolkata and mainly cater to the middle-class and lower-income segments.

Silver Purity

You can buy silver in various grades and purities. Here are two of the common categories of silver available in Kolkata:

• Fine Silver - 99.9% silver which is mostly used in industrial applications. It is not ideal for jewellery-making.
• Sterling Silver – Sterling silver comes with 925 hallmarks and is used in every silver ornament. This is the purest and malleable form of silver available.

About Silver Bullions

Silver has been an essential component used in industries across the world. Today, silver is considered as one of the smart investment options. It offers decent returns in the long run to investors. Owning silver is not hard, but with the varied options offered in the market, it can be confusing for new buyers. One preferred investment option for millions of investors is silver bullions since it is the easiest mode of investing in silver.

Bullions are precious metals sold in bulk and are a standard form available for metals like gold, silver, platinum, etc. Bullion is a large quantity of a precious metal usually quantified by weight and comes in a fixed size. Metals such as silver are cast into bars in the purest form available. These are called bullions. Silver bullions are silver with at least 99.5% purity and are set as bars or ingots. Bullions without any impurities are termed as parted bullions and those containing other metals are termed as unparted bullions.

Silver bullions are traded frequently on the commodity markets. These are ideal for individual investments especially for those who wish to own large quantities of this precious metal. Silver bullion can be also bought in the form of coins, although these are generally more expensive as compared to bullion bars. Some of the well-recognised bullion coins include the Canadian Maple Leaf, American Golden Eagle and the British Sovereign. Some bullion coins are also treated as legal tender around the world.

Buying Silver Bullions

Silver bullions can be easily bought anywhere in India. There are many stores across the country which offer silver bullions for various budgetary requirements. Silver bullions can also be bought from banks, jewellers and online sellers in India. Banks may charge comparatively higher rates on account of various purity checks performed and assurance offered by them. Most jewellers sell different bullion varieties which are classified by weight and are frequently bought by many investors across the country.

Silver bullions can also be easily bought online. Numerous companies offer silver bullions for online purchase. For purchasing these online, an individual must register himself/herself first and then complete the purchasing formalities. It is important to note that buyers may have to pay some amount as brokerage or commission for these purchases. Many well-established jewellery brands sell silver online on their official websites. This eliminates the need for a buyer to make the purchase physically by visiting a jewellery store.

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