Silver Rate In Odisha

Introduction

Silver is one of the most precious metals and has a great demand in our country. Silver along with gold has a long history of being part of our heritage and has a place in our culture not only as a precious metal but also as auspicious. Many traditions in India involve silver offerings to the deity and it is also used even today as a great gifting option at the time of weddings or any other important occasions or ceremonies.

Silver is also a heavily traded commodity in the commodities market and the prices of silver thus change or fluctuate on a daily basis. The details of the rate of silver in the state of Odisha are mentioned below.

Prices of Silver in Odisha

Prices of silver along with gold change on a daily basis as mentioned above. These rates are measured on the basis of the weight of the metal. Silver prices are quite lower as compared to that of gold and as such are a more attractive option for purchase whether for personal use or as an investment.

The current prices of silver are mentioned below.

Highlights of Silver Rates

The Rate of Silver at the start of the month of October 2020 was Rs. 60.70 per gram and Rs. 60700 per kg. The final rate of silver at the close of the past month i.e. on 31st October 2020 was Rs. 61 per gram and Rs. 61000 per kg. The highest price of Silver in the month of October, 2020 was at 63,800 per kg on 12th October, 2020 and the lowest price for silver in this month was Rs. 60,200 per kg as on 7th of October, 2020.

Factors Influencing Rates of Silver

There are many factors influencing the rates of silver in our country. Some of the main factors that influence the prices of silver and change on a day to day basis are discussed below.

Ancillary costs

There are many ancillary costs associated with silver pricing like import cost, mining costs and storage costs. These costs add to the final price of this metal and push it on a higher side.

Demand

Demand for silver is considered in the cumulative form namely, the individual demand and Investment demand. Such demand and supply dynamics play a crucial role in ascertaining the final price of the metal. Higher demand for silver results in higher final rate for silver.

Inflation

Silver prices are also affected by the inflation rate of any country. Higher inflation rates will pull the silver prices on higher side and vice versa.

Gold rates

Another factor influencing silver rates is the prices of gold. Increase in the gold prices will reflect on the rate of silver and is in direct proportion to the same i.e., silver rates will also follow these trends.

Forms of Silver available

Silver is available in many forms for personal use or investment purposes. These forms are

• Silver coins
• Silver bars
• Silver bullions
• Silver jewellery
• Silver household items

Customers can purchase such silver in any weights or purity grade for investment purposes. Silver coins are available in the weights starting from as low as 1 gram to as high as 1 kg or 10 kg bars. Customers can get many options to choose from in case of silver coins like 1 gram or 2 gram coins, 5 gram, 10 gram, 15 gram, 25 gram, 40 gram, 50 gram, 100 gram, 200 gram, 500 gram and 1000 gram or 1 kg.

Silver bars are also available to customers in many options of weights and purity. Weight of silver bars range from 10 ounce to 1 kg.

The purity of silver available in various grades is tabled below.

Silver Investment Options

The best option to invest in silver is in the form of silver bars and silver coins. This provides maximum return to the investor as there is no loss on account of melting of the metal or marking cost. Also there is no reduction in value of the investment on account of precious stones embedded along with silver.

Silver can be traded in the commodity market and the futures market. It can also be traded on the ETF (Exchange Traded Fund) which is currently not available in India but customers can register with a recognized stock broker that has access to such RTF and can thus gain from such trades.

Silver can be traded in MCX and NCDEX in contracts that have a base weight of 1 kg as lot sizes. These contracts are not like spot contracts and hence silver cannot be delivered on the spot upon sale of such contract.

FAQs – Silver Rate in Odisha