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Today’s silver rate across all major cities in India
26 Jun 2022
( Per Gram )
Silver Rates In Nagaland for Last 90 Days
Trend of Silver Rate in Nagaland for June 2022 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Nagaland for May 2022 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Nagaland for April 2022 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Nagaland for March 2022 (Rates per gram for 1Gram / 1Kg Silver)
Trend of Silver Rate in Nagaland for February 2022 (Rates per gram for 1Gram / 1Kg Silver)
Silver holds a key place of importance among Indians, along with gold and other precious metals and stones. Silver and gold can be purchased or used for ornamental purposes, ritualistic purposes. It also makes for excellent gifts for friends and family. Silver also has industrial and commercial uses.
When compared with gold, silver reserves are available abundantly. The lower price point of silver when compared with gold makes it a more favourable choice. Hence, it’s rightly known as “poor man’s gold.” It is also available abundantly along with being priced lower as compared to gold. Hence silver is thus considered as a very important resource which can be used as an investment tool as well other than for personal use.
The various details associated with silver like its rate in Nagaland as well as factors associated with purchase of silver, its purity or factors affecting the prices of silver are discussed in depth hereunder.
Nagaland has a rich culture and deep rooted traditions. Therefore, there is huge local demand for the metal which is a driving force for its prices. Nagaland is a part of the seven North Eastern states that enjoy a special status in India when it comes to investment or government assistance through various schemes, etc. Silver rates in this state along with elsewhere in the country are constantly changing and have to be tracked thoroughly to get the best rates.
As mentioned above, demand for silver is the driving force for its prices like any other product. Apart from demand, there are many other products that affect the prices of silver in Nagaland. Some of such factors are highlighted below.
Demand for Silver
One of the most crucial factors affecting the process of silver is its demand. Such demand for silver has to be considered in the cumulative form i.e. for all its purposes. All
The forms of silver available in the market has to be considered to determine the demand and thereby its prices. These forms of silver are
When demand for silver is considered in its retail/personal form it is in smaller quantities. When demand for silver is considered in case of commercial and industrial reasons is always in bulk.
Inflation rate is crucial to determine the silver prices. Inflation rate is directly proportional to the prices of silver. Any increase in inflation of a country will lead to direct increase in the prices of silver.
Gold prices have a huge influence on the silver prices and usually pull it in a similar pattern or trend. If the gold rates are on an increasing trend, silver rates will follow the same pattern. Silver rates will be pulled in the increasing or decreasing trend along with Gold prices. Gold and silver are also traded in the commodity market and have been on the increasing trend for many months. It is believed that the Covid-19 pandemic is one of the main reasons for increase in silver prices in the last few months, as it is seen as a stable investment.
Ancillary or Associated Costs
Ancillary costs or associated costs are at many stages of procuring and processing silver like the costs that are involved in extracting or assembling the metal or refining it as well as storing it. Some of the costs involved are mining cost, import costs, storage costs, warehousing costs, marking costs, etc. These costs directly impact the prices of silver.
External factors that influence the rates of silver are not directly related to the metal yet impact its prices. These factors affecting silver rate are multifold or in the nature of macro economics. Some examples of such external factors are mentioned below
Silver comes in many levels of purity and grades. The prices of silver are also impacted on the basis of its purity. The measure of purity of silver is in terms of percentage and the highest level of purity that is associated or allotted to silver is 99.9% or 9999 mark.
Silver is usually combined with other metals or alloys like copper, nickel to ensure that forms of silver like coins or jewellery do not deteriorate over time. As these metals reduce the purity of silver, buyers can perform certain tests to check the purity of the metal and thereby the prices of the same. Such test can be performed on diver in any form and hence buyers can be assured that they are not cheated of their funds.
Some of these tests are very basic and can provide instant results or judgment on purity. The details of the same are mentioned below.
In this test, buyers have to place an ice cube on the metal to be tested. If the ice melts too fast, the silver is considered to be pure and vice versa.
Magnet test is where the buyer will run a magnet over the metal. If the metal to be tested gets attracted to the magnet, then the metal is not considered to be pure and has certain impurities or is combined with other metals.
Stink test requires the buyer to check the odor of the metal. Silver has no odor so if the metal to be tested has any odor in it, such metal will not be considered to be pure.
1. Where can a person trade in silver?
Silver can be traded as a commodity through the futures market or commodity market or the ETFs. India does not have any ETF markets so customers can trade in silver through ETF in the US market or MCX and NCDEX. The lot size of silver contracts on these platforms is of 1 kg bars each. These contracts are not spot contracts so are not delivered immediately.
2. What is the importance of certification or markings on silver?
Markings and authorized certification on silver ensures the buyer and the seller of the purity and genuineness of the trade and the metal to be transacted. It thus becomes easy to buy or sell silver that has all the necessary markings and certifications.
3. What is the highest purity of silver?
The highest purity of silver that is available in the market is 9999 fineness. It certifies that the silver is the purest i.e., 99.9% pure.
4. What are the various considerations to be accounted for in purchasing silver?
The various considerations to be accounted for while purchasing silver are mentioned below.
5. Are silver prices lower or higher than gold?
Silver prices are always lower than that of gold. Customers can get almost 1 kg of silver in the price for 10grams of gold.
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