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Today’s silver rate across all major cities in India
27 Jan 2021
( Per Gram )
Silver Rates In Lakshadweep for Last 90 Days
Trend of Silver Rate in Lakshadweep for October 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Lakshadweep for November 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Lakshadweep for December 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Lakshadweep for January 2021 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Lakshadweep for September 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Lakshadweep for August 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Lakshadweep for July 2020 (Rates per gram for 1Gram / 1Kg Silver)
Lakshadweep is a group of 36 islands in the southern part of India. It is known for its exotic beaches and lush green outdoors. The name Lakshadweep in Malayalam and Sanskrit means ‘a hundred thousand islands’. It is India’s smallest union territory and is spread over an area of 32 sq km. This uni-district union territory is made up of 12 atolls, five submerged banks, ten inhabited islands and three reefs in all. The capital city is Kavaratti and is also the principal town. Lakshadweep attracts thousands of tourists because of its natural landscapes, sandy beaches, flourishing flora and fauna and a laid-back lifestyle that enhances the mystique of this union territory.
Lakshadweep is one of the most sought-after places for purchasing various silver artefacts, utensils and jewellery. Considering the ongoing silver rate in Lakshadweep, you are sure to purchase many silver items while travelling there. Apart from this, the place also sees daily trading of silver which influences the price movements. Here is all you need to know about the silver rate in Lakshadweep.
Lakshadweep may have a small population size, but when it comes to silver demand, this union territory is not far behind from the rest of the country. People of Lakshadweep prefer to invest in silver coins, silver utensils, etc. Since they heavily invest in silver commodities, they also constantly keep themselves updated about the ongoing silver rate in Lakshadweep.
Lakshadweep also sees heavy silver trading daily. Multiple traders in Lakshadweep trade with silver and the trading is often in kilograms especially when the metal is bought and sold in bulk. Customers in Lakshadweep use measurements of 10 grams and 100 grams while purchasing silver.
For buying silver in large quantities in Lakshadweep, investors must look at the historical rates instead of focusing on the rates of the past few days. A 6-month rate trend will give a good perspective on silver prices. The price of silver may fluctuate depending on the factors such as international prices, ongoing geopolitical issues, etc.
Traders of silver in Lakshadweep keep a check on the opening and closing rates of the metal. The highest and lowest prices are also considered while making a deal. Serious investors of silver focus on technical analysis by gathering data around the prices of silver in the state.
The union territory of Lakshadweep has seen heavy demand for silver in the past few years. This is mainly because of high gold prices and the affordability of silver as compared to gold. Silver demand in Lakshadweep is on a constant rise as individuals prefer to invest in silver instead of buying artificial jewellery. Since investors never got heavy returns on silver, the demand for this metal was always a concern. However, investors have been optimistic about fetching good resale value for this precious metal and have therefore been investing in silver over the past few years.
The futures market often sees a heavy silver demand due to multiple revenue-generating opportunities that this metal offers. In commodity exchanges, silver investments are preferred for good long-term returns.
Investors in Lakshadweep should look at the silver prices for the first quarter of the ongoing year. The first three months of this year saw a trend of depreciation in silver metal. The following two months had a drastic price change and investors started gaining back positivity around silver investments as 2020 progressed. A lot of price influence is considered to be coming from Covid-19 pandemic impact.
Various factors affect the silver rate trend in Lakshadweep. The advent of Covid-19 pandemic has had a major influence on silver rates. However, as the year progressed, the Silver rates in Lakshadweep started picking up and are seeing an upward trend. The constant fluctuations in Silver rates have many drivers. As global economic inflation is on the rise, it has had a significant impact. Also, in some cases, the currency movements have influenced silver prices.
Various taxes and import duties also constantly impact Silver rates in Lakshadweep. The more the taxes and import duties, the higher is the price of this precious metal. Another influencing factor is the demand for silver in the local market. This determines the daily price of silver in the union territory.
Silver can be bought and sold in Lakshadweep in various measuring units. Silver trading or dealing happens in the same way as gold trading. Silver is weighed with relevant measuring tools and the latest prices are applied before closing on the deal. Silver investment is a wise decision this year since the stock market and equity investments have been hit hard since the advent of the Covid-19 pandemic. A lot of investors have moved away from the traditional equities investments to trading in precious metals.
Silver prices can be seen recovering from a sudden drop in the past few years. As the dependency on bullion is on a rise, the value of silver is seeing an upward trend in the market lately. The white metal has hit many highs in the market since the value of the dollar is heavily impacted by the COVID-19 pandemic which was declared at the start of this year.
Silver prices are affected by many factors in the bullion market. Since the global economy is seen to be struggling, regular stimulus packages are being announced by various governments and central banks of countries. This has helped to pump up the silver rates in the market. While the silver price fluctuations are dependent on various international trends, silver is considered to be a strong investment by investors as they expect a higher return in the long run.
1. How is silver measured in Lakshadweep?
Lakshadweep sees buying and selling of silver in grams, tolas, sovereigns, pavans, ounces and kilograms. 1 gram of silver is equal to 1000 milligrams. 1 tola of silver is equal to 11.6638038 grams, 1 sovereign of silver is equal to 8 grams, 1 pavan of silver is equal to 8 grams, 1 ounce of silver is equal to 31.1034768 grams, 1 kg of silver is equal to 1000 grams.
2. What are the highs and lows of silver rate in Lakshadweep?
As per trends of the past year, the highest silver rate recorded was Rs. 84,900.00 per kilogram and the lowest was Rs. 37,800.00 per kilogram. Silver rates in the last one year have dropped to as low as Rs. 37.80 on 19-Mar-2020 per gram and the silver rate jumped back to Rs. 84.90 on 11-Aug-2020 per gram.
3. Why is there a rise in silver rates in Lakshadweep?
The ongoing market volatility and the impact on currency markets, especially the Dollar, international silver rates have been on a constant rise lately. This, in turn, has impacted prices of silver in Lakshadweep.
4. Why do investors prefer to buy silver coins/bars in Lakshadweep?
Since the existing monetary policies have pushed the value of various currencies down, silver investment is expected to fetch strong returns. Silver coins are easily verifiable and can be liquidated when there is a financial need. Silver bars are very easy to carry around and transport, and help investors to diversify their portfolio with good returns on it.
5. Is silver preferred over gold investment in Lakshadweep?
Yes. Silver is constantly being preferred as an investment in Lakshadweep as gold prices have remained unaffordable for most investors in the state. Silver is also considered to have higher returns in the long turn and therefore remains a favourite among investors in the union territory.
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