Silver Rate In Maharashtra

Introduction

Maharashtra has been home to some of the highest sales or trades in silver in the past. Silver and gold hold a huge importance in the culture of Maharashtra and is an integral part of its heritage. Prices of silver in Maharashtra depend on many factors that change the rates of silver on a daily basis. Silver can be purchased for personal use as well as for investment purposes. Customers generally prefer silver over gold for investment purposes due to lower rate as compared to that of gold as well as easy availability of this metal. The rates of silver in the state of Maharashtra are mentioned below.

Rates of Silver in Maharashtra

Silver prices have shown an increasing trend in the current market for the month of October, 2020. The final price of silver in this month was Rs. 61,000 per kg or Rs. 61 per gram. Silver prices can be determined based on varying quantities or weights like per gram, per 10 grams, per 100 grams or per kg.

Where to purchase silver in Maharashtra?

Customers can purchase silver from many sources like

• Authorized sellers
• Jewelers
• Banks
• E-commerce portals

While purchasing silver, the most crucial point to be considered is to ensure that the metal purchased is genuine and the purity is correctly mentioned to the customer at the time of purchase. Chances of fraud or providing a lesser quality or purity product of silver are higher in case of e-commerce portals or unauthorized sellers of silver. Hence, the customers have to ensure that the silver bought has proper certification.

The various certification markers present on the silver that prove its authenticity and purity are mentioned below.

• Jeweler’s / Manufacturer’s Identification Symbol
• Purity Grade Indicator
• Marking Year
• BIS (Bureau of Indian Standards) Mark
• Assay Centre’s identification mark

Interpreting the Purity of Silver

The purity of silver is usually measured in percentage and is allotted markings like 999 purity or 9999 purity. The highest purity level allotted to silver is 9999. Silver is usually combined with copper to ensure that the silver coins are more durable and do not deteriorate over time.

There are many tests that can be performed to check the purity of the silver purchased. Some of the most common tests are,

• Ice test where a cube of ice is put on the silver coin or bar or as the case may be. If the ice cube melts faster, then the silver is genuine and of higher purity.
• Magnet test is another test to determine the purity of silver. When a magnet is run over the silver and if the metal sticks to the magnet then it is not considered to be pure.
• Stink tests can also be done to determine the purity of silver as sterling silver does not have any odor and hence does not stink.

Factors Influencing the Prices of Silver in Maharashtra

The rates of silver are determined based on many factors that affect its price on a daily basis. These factors range from associated costs to even inflation of the country as well as other countries. The details of such factors are mentioned below.

Demand

The demand for silver is the primary factor influencing its rate. Such demand for silver includes individual as well as commercial or industrial demand. Demand for silver is considered in cumulative i.e. in all its forms like coins, bars, household items and jewellery. While demand at individual level is in smaller or retail quantities, the industrial demand for silver for industrial purposes is in bulk quantity.

Gold Prices

Gold prices are also a driving force for the price of silver. Gold along with silver is part of the commodity market and its rate also changes on a daily basis. Gold prices and silver prices are usually in sync in the market trends and are on the rise like in the current market. Silver prices will most definitely increase with an increase in the gold prices.

Inflation

The rate of inflation in any country is also a factor that can influence the prices of silver. Increase in inflation of a country will directly lead to increase in the prices of silver. In India too, the increase in inflation results in the increase of silver rates across the country.

Ancillary costs

Another important factor affecting the silver prices is the ancillary or the associated costs related to the procurement as well as in later stages of refining or storage of this precious metal. Such costs are multiple and some examples of these costs are the mining cost, import costs, storage costs, warehousing costs, marking costs, etc. These costs are directly related to the demand for silver. With the increase in the demand for silver, such ancillary costs will also increase resulting in the ultimate increase in the rate of silver.

External factors

The external factors affecting silver rate are the geo-political scenario, government policies, import and export policies, crude prices, dollar fluctuations, etc.

FAQs – Silver Rate In Maharashtra