Silver Rate Today in Maharashtra
Silver rate in Maharashtra
Bar Silver 1KG
|20 Aug 2017||39.36||39,363.00|
|19 Aug 2017||39.36||39,363.00|
|18 Aug 2017||39.35||39,354.00|
|17 Aug 2017||39.64||39,634.00|
|16 Aug 2017||38.82||38,812.00|
|15 Aug 2017||39.24||39,245.00|
|14 Aug 2017||39.72||39,721.00|
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How much is silver worth
Silver is among the most popular precious metals in India, and much sought after in maharashtra. The shiny, white and lustrous metal is in demand due to its use for industrial purposes. In addition, silver ornaments and household items are always in demand.
Silver rates in maharashtra fluctuate due to various factors. The price is influenced by the movement of international silver prices and is decided by various market dynamics. Silver as a commodity is traded mainly on the MCX or Multi-Commodity Exchange in India.
maharashtra is one of the highest consumers of silver in India. Silver is popularly bought in the form of ornaments and jewelry during auspicious festivals. The main usage of silver in the domestic Indian market is for industrial purposes, as it has a range of properties that make it useful in the manufacturing and medical industries.
India does not account for any major production of silver and has to import most of the silver in order to meet its demands. In maharashtra, as in other parts of the country, people buy silver not only for ornaments and domestic usage, but also as a means of savings and investment in the long run.
Pure silver, often referred to as fine silver, is 99.9% pure, meaning it has 99.9% of actual silver. Pure silver is highly malleable and is often mixed with other metals to make it hard and be able to use it in jewelry and other articles. Pure Silver is also referred to as having 999 purity, meaning out of 1000 parts of the final alloy, 999 parts are pure silver.
Silver rate in maharashtra is decided based on a variety of factors including purity, demand, market conditions among others.
Silver Units of measurements
Silver is measured in a variety of units like grams, tolas,(in India) kilograms, ounces, million ounces, tonnes, short tonnes, metric tonnes etc.
Silver as investment
Residents of maharashtra and other cities in India are slowly turning to silver as an instrument for investment, even though silver prices can fluctuate. The major advantage of investing in silver is its affordability. Small silver coins can be bought for as little as a few hundred rupees. This is not true for gold, which is expensive and requires large amounts of money as investment for a small amount of the metal. Hence, silver is a popular investment in account for its affordability.
Like all other precious metals, keep in mind that each investment option has its pros and cons. The most traditional channel of investing in silver is buying silver coins, bars, jewelry and silver household items.
Top reasons to invest in Silver
Demand - Silver is one of the most conductive metals on earth, which is why it is highly valued as a metal for industrial use. Silver has a demand outside of pure investment and is an indispensable part of many modern industries.
Affordability – Silver is much more affordable when compared with investing in gold. It is possible to invest in silver without a huge outlay which makes it a relatively easy and affordable investment.
How to invest in Silver in Maharashtra
You can either invest in Silver ETF, Silver futures or simply invest in physical silver, for example: silver coins, bars, utensils and ornaments.
Silver coins, bars, utensils and ornaments
You can choose to purchase silver coins and bars from a jewelry store or from banks. Keep in mind that purchasing silver coins from a bank might prove to be slightly more expensive, as banks include charges for damage-proof packing and a purity assay certificate. For example, a 50 gm coin of 999 purity from a bank would cost more compared to buying the same coin from a jewelry showroom. Jewelers typically apply a casting charge as well as sales tax.
Buying silver in the futures exchange market is one of the options for an investor who is serious about investing in silver. The contract sizes are significantly larger than other commodities, like gold. Keep in mind that there are also several charges associated with trading in the futures market that you would have to bear. These could range from brokerage charges, stamp duty and other trading-related related charges.
There is no silver ETF (Exchange Traded Fund) at the present moment with the closure of the National Spot Exchange in India. However, there is an option for trading in Silver ETFs listed in the US market. Investors who are looking to trade in the silver ETFs listed on the US market first need to open an account with a stock broker who offers a platform for investing in international stock markets. This is an option for the serious investor, although this investing option comes with its own set of pros and cons.
Factors affecting silver price in Maharashtra
The price of silver fluctuates based on the relation between supply and demand, just like any other precious metal, like gold. It also depends on other larger economic factors. The price of silver reached a peak some years ago between 2008-2012. It has stabilized since then. Following are a few factors that contribute to silver rates in maharashtra and in the country in general:
Strong industrial demand makes up most of the worldwide demand for silver. Silver is a very conductive metal. Gold is conductive too, but its exorbitant price inhibits wider usage. Silver is used in extensively in every day gadgets like cell phones, touch screens, televisions, solar panels, RIFD chips for tracking global shipments and parcels, and nuclear reactors. The medical industry also accounts for silver demand. These factors continue to drive demand for the metal and impacts the price of silver in maharashtra, as elsewhere in the world.
The price of a precious metal like gold is determined in large part by the demand for investment purposes. Although the same cannot be said for silver, many investors see it as an attractive long term investment with relatively less volatility than gold.
India does not have substantial natural deposits of silver and meets the demand of silver through imports. This means that import rates affect the price of silver within the country. Further, the cost of silver varies from city to city within the country due to transportation costs.
Strength of the U.S Dollar:
Since trading takes place in US dollars, a stronger dollar makes buying silver more expensive in India.
Check Silver Rates in Maharashtra
You can use CreditMantri’s silver rate page to check the live silver rate in maharashtra. This constantly updated feed can help you make informed, data-driven decisions on your silver investments.
Disclaimer: The information on the prices of silver rate is merely indicative and is susceptible to change with market value and is provided on an as-is basis. The information contained here is not intended as investment advice. CreditMantri is in no way responsible for any loss arising from the use of data contained in this website.