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Today Silver Rates In West bengal

17 Jun 2021

gold rate

₹72.13

( Per Gram )

gold rate

₹72128

1 Kg

TodayYesterdayChange(%)
1 gram72.1372.56-0.60%
10 gram7212872551-0.59%

Silver Rates In West bengal for Last 90 Days

17 Jun 2021

Date1 gramBar Silver 1KG
2021-06-1772.1372,128
2021-06-1673.5672,551
2021-06-1573.9372,930
2021-06-1473.1373,123
2021-06-1373.1373,123
2021-06-1273.2373,224
2021-06-1173.9672,955
2021-06-1073.6672,658
2021-06-0972.1772,168
2021-06-0873.7272,711
2021-06-0772.4872,480
2021-06-0672.4872,480
2021-06-0572.3772,365
2021-06-0472.7171,712
2021-06-0373.4473,443
2021-06-0273.8072,796
2021-06-0173.7172,708
2021-05-3172.2972,284
2021-05-3072.2972,284
2021-05-2972.0872,078
2021-05-2872.4272,417
2021-05-2772.9771,968
2021-05-2673.8472,836
2021-05-2572.3272,322
2021-05-2472.8671,860
2021-05-2372.8671,860
2021-05-2272.9071,897
2021-05-2172.4672,453
2021-05-2072.0372,023
2021-05-1974.7273,726
2021-05-1874.8073,809
2021-05-1772.8671,857
2021-05-1672.8671,857
2021-05-1572.7471,733
2021-05-1471.1571,151
2021-05-1371.4371,425
2021-05-1272.3772,365
2021-05-1172.7671,753
2021-05-1072.9571,946
2021-05-0972.9571,946
2021-05-0872.9271,914
2021-05-0772.9271,917
2021-05-0670.8669,865
2021-05-0570.8069,805
2021-05-0471.9670,958
2021-05-0369.6568,655
2021-05-0269.6568,655
2021-05-0169.6568,655
2021-04-3069.9368,937
2021-04-2970.8469,839
2021-04-2870.1570,147
2021-04-2770.9769,970
2021-04-2670.6169,608
2021-04-2570.6169,608
2021-04-2470.6769,666
2021-04-2370.2370,234
2021-04-2271.4571,448
2021-04-2170.6469,636
2021-04-2069.1769,175
2021-04-1969.1969,196
2021-04-1869.2169,209
2021-04-1769.4569,456
2021-04-1669.1969,196
2021-04-1568.1268,124
2021-04-1468.2168,211
2021-04-1366.3966,387
2021-04-1267.4867,474
2021-04-1167.4867,474
2021-04-1067.4167,408
2021-04-0968.9767,974
2021-04-0867.9666,959
2021-04-0766.1666,158
2021-04-0665.7164,713
2021-04-0566.5165,504
2021-04-0466.5165,504
2021-04-0366.5065,501
2021-04-0265.1465,143
2021-04-0164.8463,842
2021-03-3163.7462,743
2021-03-3064.0664,058
2021-03-2965.9364,926
2021-03-2865.9364,926
2021-03-2765.6764,670
2021-03-2665.3465,336
2021-03-2565.2265,216
2021-03-2465.0365,027
2021-03-2367.6466,637
2021-03-2268.0768,069
2021-03-2168.9767,973
2021-03-2068.9367,935

Historical Price of Silver Rate In West bengal

Trend of Silver Rate in West bengal for December 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
December 20th Rate69.3269,325
December 31th Rate68.9167,918
Highest December Rate69.3269,325
Lowest December Rate67.6466,636

Introduction

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.

How to check the purity of silver?

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.

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

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.

Authentication Markings on Silver

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.

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

Genuine and Trusted Sources of Purchasing Silver

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.

  • Private dealers
  • Authorized sellers
  • Certified e-commerce sellers
  • Banks
  • Certified jewelers

These trusted and genuine sources provide silver in all the following forms especially for retail purchases.

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

Important Considerations while Purchasing Silver

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.

Proper certification

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.

FAQs - Silver Rate in West Bengal

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.

Internal Factors

  • Demand (Personal, medicinal, Industrial or Commercial Demand)
  • Supply of Silver in market
  • Ancillary Costs like Mining cost, imports costs and storage or warehousing costs

External factors

  • Government Policies
  • Crude Price Fluctuations
  • Inflation
  • Import and Export Policies
  • Gold Prices
  • Dollar Fluctuations
  • Geo-political scenario

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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