Last updated on: 3th Feb 2023 10:00 AM
Silver is integral to the vibrant city of Bareilly, which is located in the Rohilkhand region of Uttar Pradesh. It is the seventh-largest city in the state and the 50th-largest in the country. The city is also known as Bans-Bareilly due to its reputation as a hub for cane (bans) furniture.
From industrial machinery to jewellery making, Bareilly uses silver in various ways. The demand for silver witnesses a spike during festivals as it is considered auspicious.
Before you invest in silver, learn about the ongoing rates. But most importantly, understand what causes these rates to change over time. Here are some insights.
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%) |
Gold and silver can act as hedges against market volatility. Multiple reasons have contributed to their rising demand over time. So, which one should you invest in - gold or silver? Check the comparison below and make an informed choice:
Both have different appeals, purposes and factors that affect their price.
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%) |
The Bureau of Indian Standards (BIS) is a Government-backed institution that hallmarks gold and silver in India. However, unlike gold, hallmarking for silver is not mandatory yet. Hence, most silver-based products sold in Bareilly are not hallmarked.
So, how do you ascertain the purity level of silver in the final product? Consider the following factors:
Silver has six grades based on the percentage of pure silver in each grade. For instance, silver with a fineness grade of 990 contains 99% pure silver.
Ensure that you collect an authentic invoice from the jeweller.
Several factors can affect the price of silver in India, including Bareilly. Some of them are listed below:
The price of silver in India is often linked to the international price of silver. If the international price of silver increases, the price of silver in India is likely to increase as well.
The demand for silver in India can also affect its price. If the demand increases, the price may also increase. Conversely, if the demand decreases, the may decrease.
Economic conditions in India can also affect the price of silver. For example, if the Indian economy is performing well, the demand for silver may increase, causing, in turn, the price to increase.
As silver is traded in dollars, fluctuation in the INR-USD exchange rate will affect the price of Silver in India.
The availability of domestic production and import-export policies can affect the price of silver in India.
Silver is heavily used in the industrial sector. This heightened industrial demand can affect its price in India.
Day | Silver |
---|---|
01 February 2023 | 74.8 |
07 February 2023 | 0 |
Highest | 77.3 |
Lowest | 74.8 |
There are several options for investing in silver in India:
One of the most traditional ways to invest in silver is to buy physical silver in the form of coins or bars. This option allows you to own the physical metal and store it in a safe place.
Exchange Traded Funds (ETFs) are units of silver traded on the stock exchange. The underlying asset of the fund is physical silver.
Some mutual funds also invest in silver mining companies and give you the option to invest in silver indirectly.
Silver futures contracts are available with most commodity exchanges in India such as MCX, and NCDEX which allows you to trade in silver at a future date.
Silver jewellery is the most popular way to invest in silver in India. It gives the advantage of personal use as well as investment benefits.
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