Silver Rate Today in Daman

Daman is the capital of the union territory of Daman and Diu. The town lies on the west coast of India and is famous for its beaches and tourist attractions. The high footfall of tourists has also increased the demand for silver in the city. 

Daman is also known for small and large-scale industries, and due to the industrial factor, the need for silver is always in demand. It is also a business hub than just a tourist spot.Tourists here love to purchase souvenirs from their trips, and many of these souvenirs include silver jewellery. 

How to Purchase Authentic Silver In Daman?

While purchasing precious metals like silver, a few factors must be kept in mind:

• Hallmark Authentication: Before buying silver or any precious metal, look for the BIS (Bureau of Indian Standards) hallmark. This hallmark will tell you the purity grade of the silver and if it is authentic. 
• Magnet Test: Just like gold, silver also is non-magnetic. So before buying any silver jewellery or coins, test that metal with a magnet. If it isn't attracted towards the magnet, chances are that the silver is pure. 
• The Flake Test: The Flake test is checking the material by scratching its upper layer. This helps understand if the object is made of silver or only coated with silver.
• The Odour Test: One of silver's qualities is that it is odourless, so while buying any silver item, smell it. If you sense some odour, then chances are that some other metal has been mixed with silver. 

How To Invest in Silver In Daman?

Silver can be purchased in a physical form, or it can be purchased through commodity markets or Exchange-traded funds (ETFs).

Here's how you can invest in physical silver: 

• Silver Jewellery: Investing in silver can be done by purchasing silver jewellery. It can be in the form of silver utensils as well. Purchasing silver utensils or jewellery can be relatively expensive as you also have to pay for making charges.
• Silver Coins: The most common way of investing in silver in Daman. Silver coins can be purchased in bulk and easily stored in the house.
• Silver Bars: Silver bars are purchased when the investment is made for the bulk amount. In Daman, silver bars can be purchased from banks, jewellery stores, or any authorised agent.
• Future Exchange: Future exchange options are for people looking solely for silver investment purposes. In future exchanges, the contract size is generally more prominent than other commodities. The range can be between 500gm to 1kg.

Influencing Factors for the Price Of Silver In Daman

There is no particular factor determining the price of silver. Similarly, the fluctuation can be seen due to many factors. The change in the price of silver in Daman can be due to domestic reasons, like festival time, or it can be due to outside effects, like a change in the price of the Rupee against a Dollar.

Cost On Import: Daman is not where you will find natural silver deposits. So, silver is imported from other countries, and trading is done in US dollars.  Therefore, the fluctuations in the price of the Indian Rupee against the US dollar determine the price of silver in the local market of Daman. If the Dollar keeps rising against Indian Rupee, the price per gram of silver will increase, and vice versa.

Festive Season: Festivals play an essential part in influencing the price of silver in our country and the fluctuations in the prices can be seen in Daman as well. During Diwali or Rakshabandhan, the price of silver can be seen as surging due to the high demand for precious metals.

Demand of  Silver Industries: The price of silver in Daman is also influenced by the industrial demand for silver. Unlike gold which is primarily ornamental, silver is crucial for several industries. 

Silver is considered the best conductor of electricity and is used in almost every electronic gadget we use daily. For example, silver is used in a phone or television screen, solar panels, RFID chips, and many other devices.