Silver Rate Today in Bankura

Bankura is a prominent district of West Bengal, located in the western part of the state. The district has many small and large industries, making the region an important industrial hub of West Bengal.

A significant number of people in Bankura prefer to invest their money into assets to fetch maximum returns. Investment in precious metals like silver has been gaining popularity over time due to its consistent appreciation against other forms of investments such as real estate. The region goes through a massive influx of silver investments, especially during festivals and the wedding season.

Factors Affecting Silver Prices in Bankura

Demand-supply ratio: The demand for silver worldwide is directly proportional to its supply. A decline in the supply of silver will lead to an increase in its value in Bankura. Similarly, a rise in the production of silver globally will result in a price drop.

The rate of the dollar: Changes in the US dollar rate directly impact the price of silver in Bankura. It has been observed that the silver price drops whenever the dollar gets stronger, whereas when the dollar weakens, the rate of silver increases.

Industrial applications: The industrial applications of silver are extensive. It is used in photography, computer chips, solar panels, and electrical appliances. This leads to a constant rise in the demand for silver.

Oil price: Silver mining and its worldwide transportation heavily rely on fossil fuels. Therefore, the fluctuation in crude oil prices significantly affects the price of silver in Bankura.

Global events: International politics and major global conflicts affect the price of silver. For example, the current ongoing war between Ukraine and Russia may result in a surge in its price.

Taxation: Since India is one of the major importers of silver, any changes in import duties levied on silver in India influence the price of silver in Bankura directly.

Impact of Goods and Services Tax (GST) on the Silver Rate in Bankura

The Goods and Services Tax was implemented on 1st July 2017, and it had a huge impact on the silver industry. The government put a 3% GST on silver imports and stock and an additional 5% GST on the jewellery making charges. This adds to the total cost of purchasing silver items in Bankura.

Investment Options for Silver in Bankura

Silver prices have seen a steady rise over the years. Thus, investing in it now will ensure higher profits in the future. If you are looking to invest in silver in Bankura, you can consider the following options -

Silver Jewellery: This is the most popular form of silver investment in Bankura. Since silver jewellery is light in weight and does not require much maintenance, it is ideal for those who are looking to invest in silver without having to spend a lot of effort managing it.

Silver Bullion: Another common avenue to invest in silver is buying bars and coins. You can either buy them online from a trusted website or visit local dealers and purchase silver bullion directly. Buying from an online dealer may help you save money since you can avail of discounts offered by these companies to attract customers.

Silver Futures: As the name suggests, silver futures involve buying and selling contracts that promise delivery of silver at a predetermined price on a specific date in the future. You need not pay the price quoted at the time of signing the agreement (you only pay a "margin"), allowing you additional time to pay the total amount.

Silver ETFs: Exchange-traded funds enjoy extreme liquidity, and you can easily cash out at the market price whenever you want.

Stocks of Silver Mining Companies: Mining companies with a good track record of producing and extracting silver at low costs and with efficient management are a good option for silver investment.