Last updated on: 3th Feb 2023 10:00 AM
Dhanbad is one of Jharkhand's biggest cities. Also known as the 'coal capital of India', Dhanbad boasts rich coal reserves and mines. Leading industrial houses like Tata operate mines and industrial units in and around Dhanbad. Besides industry and mining, modern-day Dhanbad is also an education hub. The IIT-Dhanbad attracts students from all around the country every year.
The demand for silver in Dhanbad comes from various sources. Silver, like gold, is a precious metal. And the people of Dhanbad buy silver in the form of coins, ornaments, and bars. Moreover, this white metal is also used in manufacturing solar panels, electronic devices, etc.
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%) |
The Goods and Services Tax (GST) has impacted silver rates in Dhanbad. Before GST, the tax rate was 2% (1% Excise + 1% Vat). However, the introduction of GST increased this rate marginally, and at present, a GST of 3% is levied on silver. Additionally, a 5% GST on making charges is levied when the silver is made into jewellery.
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%) |
Historically, gold is more expensive than silver. Hence, many people in Dhanbad prefer silver over gold because it costs less. Here's a quick comparison between the two metals:
Industrial Use: Gold is mostly used by individuals for jewellery or investments.
Affordability: Gold is costlier than silver.
Density: Higher than silver (19.32 g/cm3)
Storage Space: You can store gold at any secure location.
Industrial Use: Silver has numerous industrial uses. It is used in glass, mobile handsets, electric conductors, solar panels, medicines etc.
Affordability: Silver costs lower than gold.
Density: Lower than gold (10.49 g/cm3)
Storage Space: Silver tarnishes more quickly than gold. It must be stored in a dry place with climate-controlled features.
The purity of silver directly affects its price. The purity is measured in terms of fineness. Fine or pure silver has the fineness of 999. However, silver in its purest form cannot be used in ornaments as it is too delicate.
To make silver ornaments, sterling silver is most commonly used, which has a fineness of 925. It contains 92.5% pure silver, with metals like copper making up the remaining 7.5%.
The hallmark is the first thing to check when buying silver. It acts as a guarantee of the metal's fineness. In India, the Bureau of Indian Standards (BIS) issues hallmarks for gold and silver items. So, check for the following things before investing:
Day | Silver |
---|---|
01 February 2023 | 74.8 |
07 February 2023 | 0 |
Highest | 77.3 |
Lowest | 74.8 |
You can buy silver in Dhanbad in the following forms:
You can purchase silver coins from reputed banks or jewellery brands. They are often engraved with intricate designs. Hence, labour charges are added to the final bill, making them slightly costlier than bars.
These are typically available in bullion form. Bullion refers to buying silver in bulk. You can purchase silver bullion in the form of bars, rounds or triangles. The storage requirement of investors differentiates the various shapes. You can find bullion bars from .995 purity and higher. From 1 to 100 ounces of kilos - the weight varies based on the buyer's needs.
These are commodity-based ETFs offered by fund houses and traded on stock exchanges like shares. In this case, a significant part of the corpus is invested in silver or silver derivative products.
Why does the rate of silver change frequently in Dhanbad?
Why is the price of silver lower than gold prices?
Do banks purchase silver coins?
What is the difference between pure silver and sterling silver?
silver rates in Popular cities of India
Silver rate in Mumbai