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Today’s silver rate across all major cities in India
20 Jan 2021
( Per Gram )
Silver Rates In Maharashtra for Last 90 Days
Trend of Silver Rate in Maharashtra for November 2019 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Maharashtra for December 2019 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Maharashtra for January 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Maharashtra for April 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Maharashtra for March 2020 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Maharashtra for February 2020 (Rates per gram for 1Gram / 1Kg Silver)
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.
Daily Silver Rates in Maharashtra
Silver Rate – 10 Gram (Rs.)
Silver Rate – 100 Gram (Rs.)
Silver Rate – 1 KG (Rs.)
31st Oct 2020
30th Oct 2020
29th Oct 2020
28th Oct 2020
27th Oct 2020
26th Oct 2020
25th Oct 2020
24th Oct 2020
23rd Oct 2020
22nd Oct 2020
21st Oct 2020
20th Oct 2020
19th Oct 2020
18th Oct 2020
17th Oct 2020
16th Oct 2020
15th Oct 2020
14th Oct 2020
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.
Customers can purchase silver from many sources like
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.
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,
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.
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 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.
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.
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.
The external factors affecting silver rate are the geo-political scenario, government policies, import and export policies, crude prices, dollar fluctuations, etc.
1. What is the Silver ETF?
Silver ETF is the Silver Exchange Traded Fund. Currently, India does not have a notified ETF. Customers desiring to trade on silver ETF have to get themselves duly registered to the US Silver ETF through a registered stock broker that has access to the US Silver ETF.
2. What are the various considerations to be taken into account while purchasing silver?
The various considerations to be taken into account while purchasing silver are,
3. Why is silver more preferred than gold in many markets?
Silver is a cheaper mode of investment as compared to gold and hence can also be bought in bulk. This is one of the main reasons that silver is preferred more as compared to gold in many markets.
4. What was the lowest price of silver in the month of October, 2020?
The lowest price of silver in the month of October, 2020 was Rs. 60,200 on 7th October, 2020.
5. When can the customer get the maximum return on silver purchased?
Investment in silver made in the form of silver coins and silver bars and bullions provide maximum returns to the customer at the time of liquidating the investment or selling the silver held. Hence it is advisable to invest in silver coins, bars and bullions to ensure maximum returns on the investment made.
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