Silver rate in Chandigarh

Chandigarh is a union territory and the joint capital of Punjab and Haryana. Chandigarh witnesses high consumption of silver annually. People of the city often invest in silver in large amounts in the form of jewellery and coins. Due to this reason, many top jewellery brands are opting to expand their business in this city. Silver is not only used as an investment but also as collateral to get a loan. The price of silver in Chandigarh keeps changing due to market influences.

Methods of Testing the Purity of Silver

Silver comes in various forms, such as fine silver, Britannia silver, sterling silver, etc. To check the purity of your silver, you can use the following methods. 
 

Check the Hallmark

The most common method to check the purity of silver is checking the stamp or hallmark. Silver is stamped with 999, 958, 925, 900 or 800. These numbers on the silver piece represent the pure silver percentage in the object. The 999 represents 99.9% purity, 958 has 95.8% silver, and so on.

Test Magnetic Qualities

Silver shows weak magnetic force as it is considered paramagnetic. Use a strong magnet like rare earth to do this test. If the magnet and your silver firmly stick together, it is not pure silver. However, several other metals don't stick to the magnet and can be made to look just like silver. So, combine other tests with the magnetic test to ensure the purity results.

Ice Test

Silver has the highest thermal conductivity compared to other metals or alloys. When you place ice directly on silver, it will start melting as if it’s placed on something scorching. The ice test to check purity works only well with silver coins and bars, not silver jewellery.

Ring Test

Silver makes a bell-like sound when it strikes another metal. This trick works best with silver coins. To do the ring test, take a silver coin and drop it on a flat metal surface from 6 inches away. If you hear a bell-ringing-like sound, the silver coin is genuine. If the sound is dull, it may be mixed with other metals.

Chemical Analysis

You can do a chemical analysis test if you don’t find any stamping on your silver. Get a corrosive acid and put on gloves to do this test. If you are testing plated silver, make sure you use the jeweller’s file to make a small mark on the silver item. Put a drop of acid on the scratched surface and analyse the colour that appears on the surface.  

Bleach Test

Silver gets black when it comes in contact with a powerful oxidising agent like bleach. If the silver quickly turns black, the piece is silver. If there is no reaction, it is some other metal. However, plated silver will pass this test. So, make sure you use other methods to be sure about purity. 

Silver as an Investment in Chandigarh
 

Silver has been a wise investment option in Chandigarh. It is a precious metal for investment and is widely used in industries due to its unique features. It is a secure form of investment that helps and protects you against market crashes and is used to diversify your portfolio. It is highly volatile, easy to liquidate, and provides good returns. 

Physical silver

You can purchase physical silver in coins, bars, or jewellery. You can find several dealers in Rajkot who can sell you physical silver. You can also purchase physical silver online through websites such as eBay or Amazon.

Silver exchange-traded funds (ETFs)

Silver ETFs invest in physical silver and silver-related instruments. Their NAVs are directly tied to the price of silver. ETFs are investment vehicles that track the price of silver. You can purchase shares in a silver ETF through a brokerage account or online trading platform. 

Silver futures

A silver futures contract is a legally binding agreement to buy or sell silver at a specific price at a specific time. You can trade silver futures through a futures exchange, such as the National Commodity and Derivatives Exchange (NCDEX) or the Multi Commodity Exchange (MCX).

Silver mutual funds

A silver mutual fund is an investment option that allows you to invest in a diverse range of silver-related assets, such as silver mining companies or silver exchange-traded funds (ETFs). You can invest in a silver mutual fund by pooling your money with other investors and purchasing shares through a mutual fund company or a financial advisor.

Benefits of Investing in Silver

• Due to local needs and industrial sectors, silver is always in demand in India.
   
• The demand for silver is growing continuously, but the resources are limited. So, the supply could get low in the future, thus raising the market price of silver.
   
• Silver markets are predictable as it is a known fact that silver sells higher during the wedding and festive seasons.
   
• People who don’t have bank accounts can also buy some amount of silver without any hassle of taxation.
   
• It is cheaper compared to gold. So, anyone can invest a small or large amount in silver.
   
• If you don't want to keep physical silver in your home, you can trade e-silver products on the National Spot Exchange Limited (NSEL).
   
• In case of a national emergency, when the currency loses its value, silver values won't, as it is high in demand globally.