Silver Rate Today in Cuttack

Cuttack is the former state capital of Odisha. Categorised as a Tier 2 city, it is also called the silver city due to its famous silver filigree works. This art form has put Cuttack on the world map. Today, the city is home to nearly 2000 artisans specialising in the 'Tarakashi' filigree work. The Naya Sadak, Choudhary Bazaar and Bania Sahi areas constitute the city's silver heartland.

Interesting Facts On Silver

Now that you know the rates, let's understand a few interesting facts about silver:

Silver is present in nature. Trace amounts of silver are found in fish, shellfish, oysters and mushrooms.

Silver ranks among the first five elements that were discovered, alongside gold, copper, iron and lead.

In India, silver is used in the form of an edible garnish called 'Varak'.

Mexico is the largest silver-producing nation in the world. The country also conducts guided tours of various silver mines.

How Is The Purity Of Silver Evaluated In Cuttack?

To check the purity of the silver, the first thing to look for is the hallmark. The Bureau of Indian Standards (BIS) hallmarks gold and silver through its numerous assaying centres spread across the country. Introduced in 2005, hallmarking for silver has not been made mandatory yet. However, you can ask the jeweller to visit the nearest assaying centre and get the product hallmarked. In any hallmarked silver, you must note the following things:

• BIS logo
• Purity/fineness grade
• Assaying centre's identification mark
• Jeweller's identification mark

Silver As An Investment In Cuttack

Silver is more than a precious metal. It is a vital resource for the industrial sector. Naturally, the demand for silver is always on the rise. At the same time, investors have various options when it comes to investing in silver. Let's look at some of them:

Exchange Traded Funds (ETFs)

Silver ETF is a commodity-based ETF provided by fund houses. It invests up to 95% of the funds in silver or silver-based products. 

Silver Bullion

Bullion refers to purchasing silver in bulk. The silver in silver bullion is about 99.5% pure. It is traded in the commodity market and available in the form of coins or bars. However, coins are typically more expensive than bars due to the making charges involved.

Silver Coins

Silver coins are another type of tangible silver investment. Many middle-class families prefer to invest in coins due to their accessibility and ease of storage at home. You can buy coins from banks or jewellers.

Commodity Futures

Commodity futures are contracts to sell or buy silver at a pre-determined price on a specific date in the future.

Cuttack Silver Rates: Ongoing Prices & More

The demand for silver in Cuttack primarily comes from the filigree market. The grandeur of this unique silver artwork is most evident during the festival of Durga Puja. Hence, this period experiences a surge in silver prices due to the increasing demand. Dhanteras is another festival when the people of Cuttack buy silver in significant quantities, driving up the prices.

The price of silver in Cuttack changes daily due to factors like demand and supply, gold rates, the US index etc. Hence, before you invest, it is crucial to understand the current silver rates.

In this blog, we will analyse the silver market in Cuttack by highlighting the ongoing rates, understanding how to evaluate the purity of silver and more. So, continue reading!