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Today Silver Rates In Tamil nadu

21 Jul 2024

silver rate today india

₹59.93

( Per Gram )

silver price today

₹59933

1 Kg

Silver Price TodaySilver Rate YesterdayChange(%)
1 gram59.930100.00%
10 gram599330100.00%

Silver Rates In Tamil nadu for Last 90 Days

21 Jul 2024

Date1 gramBar Silver 1KG
2024-07-10₹ 60.93₹ 59,933
AXIS NEO

Historical Price of Silver Rate In Tamil nadu

Trend of Silver Rate in Tamil nadu for July 2024 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
July 10th Rate60.9359,933
July 10th Rate60.9359,933
Highest July Rate60.9359,933
Lowest July Rate60.9359,933

Introduction

Silver and gold have a huge demand in the southern state of Tamil Nadu. These precious metals are used not only for personal use or ornamental purposes but also for ritualistic purposes. Over the years, silver and gold has also found an important place as an investment tool.

Silver among the two precious stones is considered to be an attractive option due to a variety of reasons. The main reason being that the price of silver is considerably lower as compared to that of gold and also silver is abundantly available. Silver can be bought in almost a kilo in the 10 gram rate of gold. Silver can be used for industrial as well as commercial purposes along with personal use. It is particularly used in the electronic industry. These factors make it a preferred option and thus ensure that silver has a constant market in Tamil Nadu for personal as well as investment use.

The various factors associated with the prices of silver in the state of Tamil Nadu are mentioned below.

Forms of silver

The various firms in which silver can be available to the customers is mentioned below

  • Silver coins
  • Silver jewellery
  • Silver bars 
  • Silver Bullions
  • Silver household items

Silver coins or bars can be purchased in various weights or purity for investment purposes. Coins are available in the weights starting from 1 gram to 1 kg. The numerous options that the customers can choose from are 1 gram, 2 gram, 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 in many options in weights and purity. Their weights range from 10 ounce to 1 kg. The purity levels of these bars start from 0.999 to 0.9999.

Silver has to be sourced from trusted and certified sources to ensure that the customers are not defrauded or do not get silver of lower grade or purity than what they have paid for. The various sources of silver available in the state of Tamil Nadu are mentioned below.

  • Private dealers
  • Certified jewelers
  • Banks
  • Authorized sellers

While purchasing silver, customers or investors have to ensure that the silver bought has the proper marking or certification that is required to authenticate its purity and the source of such purchase.

The various markings found on silver for the above purpose are notified hereunder.

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

Purity of silver

Silver is available in many forms as mentioned above. These forms of Silver are further available in many purity grades or levels of purity. Purity of silver is determined in the form of percentage. The highest purity level that can be given to the metal is 99.9%. When silver is mixed with other metals like copper, nickel, etc, it reduces the purity levels of silver and hence it is then graded or certified accordingly.

The various levels of purity provided to silver is tabled below.

Grade

Fineness

9999

999.9

9995

999.5

999

999.0

990

990.0

970

970.0

925

925.0

900

900.0

835

835.0

800

800.0

Based on the above levels of purity, the prices of silver are determined and customers have to ensure that they get silver as per the purity level sought by them and paid for.

Factors to consider while Purchasing Silver in Tamil Nadu

There are many factors affecting the purchase decision for silver in Tamil Nadu. Some of such important considerations that the customers have to be aware of for making the correct purchase decision are discussed below.

Changing prices of silver

The most important thing to consider while purchasing or investing in silver is to track its rates as well as the price trend. The rates of silver are dynamic and change on daily basis. Tracking them and analyzing them will enable the customers to get the best price for silver and determine the correct purchase or selling opportunity.

Form of silver and source of purchase

Another important decision is to determine the source of purchasing silver and the form of such precious metal. Customers are advised to buy this precious metal from either certified jewelers or even from banks. Silver can be bought in many forms as mentioned above. Customers can now also get the benefit of purchasing silver online through certified e-commerce sellers. It is, however, risky to purchase silver online as the chances of being cheated or duped are highly increased.

It is, therefore, advisable to purchase silver only through certified and recognized e-commerce sellers that are highlighted above.

Certification

Proper certification is of utmost importance while buying silver. Silver should have all the necessary markings on its surface that have been discussed above. Proper certification will ensure that customers are buying genuine products and will also ease the resale process.

Also Read: Gold Rate In Tamil nadu

FAQs – Today Silver Rate in Tamilnadu

1. Where can a customer purchase silver?

A customer can purchase silver through certified e-commerce sellers, jewelers, private dealers, authorized sellers or even through banks.

2. What are some of the factors affecting silver prices in Tamil Nadu?

Some of the main factors affecting prices of silver in Tamil Nadu are the industrial and personal demand for silver, ancillary costs associated with buying of silver like storage costs, mining costs, import costs, geo-political situations, dollar fluctuations, gold prices, inflation, etc.

3. What are the forms and sizes in which silver can be traded in the exchange market or futures market?

Silver can be traded in the exchange market or futures market in MCX and NCDEX in lot sizes or contract sizes of 1 kg bars. These contracts are not treated as spot contracts and hence do not get immediate delivery at the time of sale of contract.

4. What is the highest purity grade that can be provided to silver?

The highest grade of purity that can be allotted to silver is 0.9999 which indicates that it is 99.9% pure and virtually without any impurities.

5. What are the various tests that can be done by buyers and sellers of silver to determine its purity?

The various tests done by buyers and sellers to determine its purity are ice test, stink test and magnet test.

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