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.
Gram | Yesterday | Today |
---|---|---|
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%) |
Silver is often preferred over gold in Bangalore. This is because of numerous reasons.
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%) |
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:
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 -
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).
Day | Silver |
---|---|
01 February 2023 | 74.8 |
07 February 2023 | 0 |
Highest | 77.3 |
Lowest | 74.8 |
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.
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