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Today’s silver rate across all major cities in India
17 Jun 2021
( Per Gram )
Silver Rates In West bengal for Last 90 Days
Trend of Silver Rate in West bengal for December 2020 (Rates per gram for 1Gram / 1Kg Silver)
West Bengal is one of the culturally rich and diverse states in India. The state has a long history dating back to the colonial era and even before that. Historically, West Bengal occupied a place of prominence in Asia and was seen as a trade hub. Silver in West Bengal therefore has a huge demand and is used for a variety of reasons like industrial, ornamental, commercial or medicinal purposes. Besides personal ornaments, silver is also used for household and pooja items, making it a premium gifting choice.
There are multiple ways to invest in silver. Such investment in silver can be in the form of jewellery, household items, coins, or silver bars. Customers can invest in silver by purchasing it at prevailing rates. Silver rates change on a day to day basis based on the global rates along with other factors. Given below are the details of prices of silver in West Bengal.
Silver can be procured in many forms for personal or commercial use. However, customers have to ensure that the silver is pure while purchasing it. All the forms of silver are graded based on their purity levels. Such purity of the precious metal is portrayed in the form of percentages. At such purity levels, the purest form of silver is 99.9% which is thereby considered to be without any contamination or adulteration.
Silver is usually combined or mixed with other metals or alloys. This ensures that the resultant silver in the desired form is sturdy and can avoid deterioration over the period of years. Such combining of other metals eventually 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.
Customers have to be vigilant while purchasing silver and ensure that all such purchases have proper certification and markings to make it genuine and authentic.
As discussed above, there are many authentication markings that need to be placed on the surface of this metal which assure the customers of its purity and authenticity. Such markings are beneficial to the customers especially at the time of resale of silver in any form. It will assure that the buyers and sellers get the best price for their precious metal and are not cheated of their funds.
The various markings placed on silver to validate its purity are mentioned below.
Customers should purchase silver through authentic sources for such trade to be genuine and without any unnecessary risk. Customers thus get assurance of not only the purity of the silver in any form purchased but also of the seller otherwise there could be a possibility that customers may be cheated and may end up losing their money and not getting proper value for their purchase.
Following are the certified sources of buying or selling silver.
These trusted and genuine sources provide silver in all the following forms especially for retail purchases.
Customers should consider various factors or raise many concerns at the time of purchasing silver to assure best resale value and genuine product at their disposable. These considerations are mentioned below.
Purpose and scale of purchase
The purpose of purchase is one of the primary considerations while purchasing silver. Once the purpose is determined, customers can then select the scale as well as the best form of silver to be purchased to get maximum returns or resale value.
Form of silver
Form of silver for purchase is a very relevant consideration while making the purchase decision of this metal. Such forms can be silver coins, silver bars or bullions, silver household items or even silver jewellery or in any combination as well.
Current prices of silver
Prices of silver are quite dynamic and hence customers need to observe the trend and the current prices while purchasing silver. Therefore, customers are required to track the silver prices on a regular basis. This will ensure they get the most optimum price while purchasing silver.
Source of purchasing Silver
Silver has to be bought from a genuine or trusted and reputed source as mentioned above, to ensure that the metal purchased is authentic and not a fake.
Another important consideration is the presence of certification and markings on the surface of silver. This is needed to verify and authenticate its purity in any form.
1. What are the factors influencing the rates of silver in any market?
Silver prices being dynamic are affected by many factors. The primary factors are internal or directly related to the prices fluctuations of this metal. Others are secondary or secondary or external factors which also affect the prices of silver. These factors may not have a direct impact to this metal but still affect its prices indirectly.
Following are the various factors affecting silver prices in any market.
Currently, silver prices were impacted on account of the current pandemic and the introduction of a vaccine for the same. This has made the rates of silver come drastically downwards.
2. What is the highest purity level awarded to silver available in the market?
The highest purity level awarded to silver is 99.9%.
3. What is a Silver ETF?
Silver ETF is the Silver Exchange Traded Fund. At present, our country does not have a notified ETF. However, customers that want to trade in Silver ETF can do so by duly registering on the US Silver ETF. Such registration can be done through a registered stock broker that has access to the US Silver ETF.
4. What tests can be done on silver by buyers and sellers of silver to check its purity?
The various tests done on silver by buyers and sellers to check its purity are ice test, stink test and magnet test.
5. What is the lot size of silver traded on commodity and futures markets?
The lot sizes of silver contracts are 1 kg each.
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