Silver Rate Today in Bareilly

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.

How is the Purity of Silver Evaluated in Bareilly?

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:

• BIS mark
• The purity grade/fineness of silver
• Hallmarking identification mark 
• Jeweller's identification mark 
• Year of manufacture

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. 

Factors Affecting Silver Prices in Bareilly

Several factors can affect the price of silver in India, including Bareilly. Some of them are listed below:

International prices

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.

Demand

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

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.

Exchange rate

As silver is traded in dollars, fluctuation in the INR-USD exchange rate will affect the price of Silver in India.

Production and import/export

The availability of domestic production and import-export policies can affect the price of silver in India.

Industrial demand

Silver is heavily used in the industrial sector. This heightened industrial demand can affect its price in India.

Silver as an Investment in Bareilly

There are several options for investing in silver in India:

Physical silver

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.

Silver ETFs

Exchange Traded Funds (ETFs) are units of silver traded on the stock exchange. The underlying asset of the fund is physical silver.

Silver mutual funds

Some mutual funds also invest in silver mining companies and give you the option to invest in silver indirectly.

Commodity futures

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.

Jewellery

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.

Gold Vs Silver: A Comparison

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:

• Value: Gold is generally considered to be more valuable than silver. As a result, the price of gold is typically higher than the price of silver.
• Uses: Gold is primarily used in jewellery and the manufacturing of electronic devices, while silver is used in a wide range of industrial applications, such as in mirrors, silverware, and medical equipment.
• Volatility: The prices of gold and silver can be quite volatile, meaning that they can change rapidly in response to market conditions. However, the price of gold tends to be less volatile than the price of silver.
• Storage: The storage cost of gold tends to be more as it is more valuable than silver.
• Risk: Gold investments are generally considered less risky than silver investments, as the demand for gold is more stable and less susceptible to economic downturns.

Both have different appeals, purposes and factors that affect their price.