Silver Rate Today in Gurgaon

Gurgaon, also called Gurugram, ranks amongst India's most thriving and affluent cities. The city has the third-highest per capita income in India. It is the most important industrial and financial centre in the country. As people here have stable income levels, silver investments are often in high demand. Rich and middle-class households from the country who live in the city are investing more and more in silver tools, jewellery, bars, and coins.

Just as in any other city, the silver rates in Gurgaon rely heavily on global markets. Import duties that the government imposes furthermore add to the price of the metal. Read on to learn more about silver rates in Gurgaon and how you can invest in this precious metal.

How to Buy Silver in Gurgaon?

Checking the live silver market rate is the most important thing to remember when buying any silver. Silver bars are usually kept for serious investors, but you can buy them from banks and big jewellery stores.

Serious investors can purchase silver on the futures exchange market. However, the contract amounts are substantially larger than those for other metals, such as gold.  Additionally, there are fees involved with trading on the futures market. You may be required to pay commission, stamp duty, and various other fees.

Today, there are numerous online silver dealers. There is a substantial opportunity for silver adulteration and fraud when purchasing online, so you must be very careful to purchase from only reputable, certified suppliers.

Comparative Analysis of Gold vs Silver in Gurgaon

Silver and Gold have been used as excellent hedging tools, and even in the older times, these metals were considered practical inflationary tools. But with each asset, these two have constantly seen their boom and bust cycles. 

Regardless of when you are buying Silver or Gold in Gurugram, it is crucial to consider the following things before investing in any of these two metals. 

Volatility 

Silver is considered more volatile than gold, despite its extensive demand. Besides being used for jewellery, most of the demand for silver comes from various industries. As a result, the demand for silver fluctuates depending on how much is needed for commercial operations. On the other hand, gold has maintained stable growth in value over the years. 

Liquidity 

Gold has more liquidity options than silver; due to extensive demand in the market, both of these metals have ample liquidity. Gold has a slight edge over silver because of its high demand. 

Affordability

Silver, without a doubt, is more affordable than Gold. 10 grams of Gold comes at almost the same cost as 1 kg of Silver. The Gold to silver ratio stands at 77.382:1. 

Demand 

Besides being used in jewellery, both metals are employed in several sectors and industries. Gold is known to be an effective conductor, making it a valuable metal for electronics and thermal industries. Silver, on the other hand, is used extensively in automobiles, electronics, thermal, medicine, and other industries, to name a few. More than 60% of the silver mined is used for industrial production. 

Benefits of using Silver as an Investment in Gurugram

Given below are some of the main advantages of using silver as an investment when you are living in Gurugram: 

Silver isn’t Overvalued Yet

Investing in silver will offer you good returns on investment. Also, when you check the price of silver with other assets, you will find that it is still undervalued.

Silver is In Recovery Stage

With the recent trend of silver in the market, you will find out that it is slowly coming out from its lows that took place a couple of years ago.

Buy Silver in Physical And Electronic Form 

You can choose the form of silver depending on how you want to invest. It would be best if you made a pure investment when buying silver in electronic form. For electronic silver, you can hold the contract for as many months as you want or upgrade it to the latest when the expiration is close. This could be a great way to invest in silver when you don’t want to invest in its physical form.

Paper Silver vs Physical Silver

If you're investing in silver for the first time, you might wonder whether purchasing paper silver is better than actual silver.

• Physical silver retains its global purchase power regardless of real-world issues like inflation or currency devaluation. They also don't have anything in common with traditional investing options like stocks or real estate, both of which are notoriously risky.
• On the other hand, physical silver is both scarce and precious because it cannot be bought in infinite quantities like paper silver. However, paper silver is entirely distinct from real silver and is made up of unclaimed and maybe a little derivative silver that has not been claimed by anyone.

Impact of GST on Silver Rate in Gurugram

The government of India has decided that the GST on silver will be applied in the form of precious metal. Thus, GST is 3% on both gold and silver in Gurugram. Apart from this, if someone is buying a silver ornament, they have to pay 5% GST on making charges as well.

Some Interesting Facts on Silver

• Here are some points on silver that will help you to make choices for investment in this metal.
• Silver is widely used in the industrial sector because it conducts electricity and heats better than any other metal.
• Silver is extensively used to make electrical components like wires, switches, and fuses.
• When most people think about the demand for silver, they think about jewellery. Silver is among the finest metals for making jewellery.
• Silver is strong and shiny, doesn't need much care, and works well for sculpture.

How is the Purity of Silver Evaluated?

Silver investment is also popular because silver jewellery and ornaments come in various forward-looking styles. But when purchasing silver jewellery, it is sensible to think carefully about a few essential topics. Here are some crucial things to think about when you purchase silver jewellery:

• When purchasing silver jewellery, look for the purity mark.
• India made the BIS logo to make it easier for people to find pure metals. This picture looks like a triangle with a dot in the middle.
• One way to make sure the silver is pure is to check how fine it is. Silver with a fineness of 999 is considered to be very good quality.
• You can also check the purity by looking at the date.

Hallmarking

BIS, in 2005 came up with the hallmarking scheme for Silver. The silver dealers have then since been issued hallmark licenses to sell hallmarked silver artefacts to their customers. The BIS mark is the most crucial mark for testing the purity of Silver. It is present in the form of a triangle with a dot inside it.

Purity Grade/ Fitness

For fine silver quantity, the purity grade stands as 999.9 or 999.5 or simply 999 when alloys are used. The purity grade is present in 980, 930, 840, 800 and more for jewellery and artefacts. The higher the purity grade, the better your silver jewellery will be with no added alloys.