Silver rate in Bangalore
silver rate in bangalore

1gm:
77.30
0.00(0.00%)
1kg:
77,300.00
0(0.00%)

Last updated on: 3th Feb 2023 10:00 AM

Karnataka is amongst the highest producers and consumers of silver in India. The people of Bangalore (the capital of Karnataka) have a deep love for silver. They use this metal both as an investment and as an ornament. The demand for silver in Bangalore has increased significantly in recent years.
A large chunk of the population of Bangalore is middle-class. This is why they have a preference for silver over gold. They buy items like silver coins, jewellery and silverware to add to their portfolio. Bangalore has the second largest silver market in South India, after Chennai. This covers both the investment and non-investment domains.

Silver rates as per grams in Bangalore

GramYesterdayToday
1gm
77.30
0.00 (0.00%)
77.30
0.00 (0.00%)
8gm
618.40
0.00 (0.00%)
618.40
0.00 (0.00%)
10gm
773.00
0.00 (0.00%)
773.00
0.00 (0.00%)
100gm
7,730.00
0.00 (0.00%)
7,730.00
0.00 (0.00%)
1kg
77,300.00
0.00 (0.00%)
77,300.00
0.00 (0.00%)

Facts on Silver in Bangalore

  • Silver rates in Bangalore are in tandem with the global prices of the commodity. It means that the rates of silver fluctuate as per its international demand and supply. Other determinants like import taxes, geopolitical volatilities, US dollar value and crude oil prices can also affect the silver rates in Bangalore.
     
  • Silver is considered an auspicious metal in South India. Hence, the silver demand in Bangalore surges heavily during the festive seasons, such as Dussehra and Diwali.
     
  • Silver is the preferred ornament amongst most women in Bangalore. They wear items like rings, chains, earrings and anklets. The prominence of silver outshines all metals in the city.

Gold vs Silver in Bangalore

Silver is often preferred over gold in Bangalore. This is because of numerous reasons.

  • Silver outranks gold as an investment owing to its utility factor. It can be used in silverware, jewellery, coins and bars.
     
  • Silver rates are less volatile than gold.
     
  • Silver offers better returns than gold in the long run. Silver is safer to store compared to gold.
     
  • Silver can be sold and used in times of financial crunch in the family. People might not prefer selling their gold.

Historical silver rates in Bangalore in last 10 days

1 gram
DownArrow
Day Silver
04 Feb 2023
77.30
0.00 (0.00%)
03 Feb 2023
77.30
0.00 (0.00%)
02 Feb 2023
77.30
2.50 (3.35%)
01 Feb 2023
74.80
0.30 (0.41%)
31 Jan 2023
74.50
0.30 (0.41%)
30 Jan 2023
74.20
0.00 (0.00%)
29 Jan 2023
74.20
0.00 (0.00%)
28 Jan 2023
74.20
-0.40 (-0.53%)
27 Jan 2023
74.60
-0.40 (-0.53%)
26 Jan 2023
75.00
1.00 (1.36%)

How is the Purity of Silver Evaluated in Bangalore?

  • Silver bars and coins in Bangalore are available in varied ranges of purity.
  • The purity of a silver alloy is rated on a scale of 1 to 9999, with 1 representing the lowest quality and 9999 depicting the highest silver quality.
  • Sterling silver is the purest and most expensive silver available in Bangalore. It contains 92.5% pure silver. The rest of the alloy constitutes copper and other metals.
  • Before buying silver in Bangalore, you should ensure that it has an authentic purity stamp.

How to Buy Silver in Bangalore?

You can buy silver bars from banks or established jewellers like Tanishq, Kalyan Jewellers and Joyalukkas, among others. Here are a few things to keep in mind before purchasing silver in Bangalore:

  • Analyse the silver price trends and live market rates to get the best deal possible.
  • Opt for bank transfers or cheque payments. Paying via debit or credit card might come with an extra processing fee.
  • Choose the kind of silver you wish to buy - coins, bars, jewellery or other alternatives. It depends on the reason for which you want to buy silver. For instance, if you are looking for capital appreciation, you can buy silver bars or coins. But if you wish to purchase cutlery, you can go for silverware. Similarly, you can buy silver ornaments if you intend to purchase jewellery for weddings or festivals.

Weekly & monthly silver rate in Bangalore
1 gram
DownArrow

7 Days
30 Days
3 Months
6 Months

Silver as an Investment in Bangalore

When compared to other expensive metals, silver is an economical option. Many people in Bangalore prefer it as an investment avenue. This is because of the following reasons -

  • It provides a safety hedge against inflation.
     
  • It has a decent resale value and provides stable returns over time.
     
  • It is a preferred commodity in the futures market for many people in Bangalore.
     
  • It can be traded and stored with utmost ease.
     
  • Since gold seems to be unaffordable for many working-class people in Bangalore, silver can be a cheaper alternative that can give returns similar to that of gold.

Paper Silver vs Physical Silver

In contrast to physical silver, paper silver is a futures contract of ownership where you don't own the silver but hold the right to delivery of silver, corresponding to the purchase amount.

In Bangalore, you can buy these silver contracts via the Multi Commodity Exchange (MCX) or the National Commodity and Derivatives Exchange (NCDEX). With paper silver, you can buy contracts with purity options ranging from 99.9 to 80. You can also buy electronic silver or e-silver on the National Spot Exchange Limited (NSEL).

Trend of Silver rates in Bangalore

1 gram
DownArrow
Day Silver
01 February 202374.8
07 February 20230
Highest77.3
Lowest74.8

Impact of GST on Silver Rates in Bangalore

Gold, silver and diamonds in India are taxed at 3% GST. Let's analyse the aftermath of GST on silver prices with a hypothetical example:

You wish to buy 100 grams worth of silver for ₹4000.

When silver appreciates by 4% next year, your returns of ₹160 will be reduced by 3% (₹120) after deducting the GST. Moreover, customs duties are charged on the silver you buy.

Hence, even though your silver investment had capital gains, its resale value will decrease considerably since it was mainly nullified due to high tax rates.

FAQs of Silver price in Bangalore

How to check silver purity in Bangalore?

DownArrow

How can I check silver prices in Bangalore?

DownArrow

Can I buy silver at the bank in Bangalore?

DownArrow

How is silver used in Bangalore?

DownArrow