Silver Rate Today in Howrah

Haora is a historic city situated on the banks of the river Hooghly, near Kolkata. It is best known for the iconic Howrah Bridge that connects Kolkata to Haora. Thanks to its strategic location by Hooghly, Haora has evolved into an industrial hub. The economy of the city primarily depends upon the textile and iron, and steel industries.
The demand for silver in Haora comes largely from its industrial units. In addition, silver is also valued as a precious metal alongside gold. Hence, the people of Haora purchase silver in huge quantities during festivals and weddings. The price of silver in the city particularly goes up during Dhanteras.

Silver as an Investment in Haora
 

Physical Silver

Buying jewellery, coins, bars or utensils made of silver is one of the most popular ways to invest in this metal. While jewellery has been a traditional choice, it attracts making charges and requires specialised storage. On the other hand, coins are easy to store and include significantly lesser making charges.

E-Silver

E- silver is a new investment option by the National Spot Exchange Limited (NSEL). Under this arrangement, investors can invest in smaller chunks and hold their silver in a Demat form.

Silver Exchange Traded Funds (ETFs)

First launched in India in January 2022, silver ETFs are exchange-traded funds that invest up to 95% of their corpus in physical silver or silver instruments.

Commodity Futures

Silver Future is a contract between two parties to buy and sell silver at a speculative future price. The agreement further states that the silver will be delivered to the buyer on a predetermined date and not before.

How to Evaluate the Purity of Silver in Haora

The purity of silver is measured in parts per thousand. Here are different variations of silver based on the quantity of silver content in the final product:

• 999: 99.9% silver content
• 958: 95% silver content
• 925: 92.5% silver content
• 800: 80% silver content

To safeguard your investment, always buy hallmarked silver. This hallmark is a stamp of the metal's purity. The Bureau of Indian Standards (BIS) issues hallmarks for silver and gold items in India. Unlike gold, silver hallmarking is not mandatory yet. However, you can ask the jeweller to get the silver hallmarked at an assaying centre nearby.
When buying silver, look for the following signs:

• BIS logo
• Purity grade
• Hallmark centre's identification number
• Jeweller's identification number

Comparative Analysis of Gold and Silver

Gold and silver have been favourites among Indian households for generations. Despite their apparent similarities, many differences exist between the two. Let's look at some of them to help you determine which metal to invest in:

Gold

• Affordability: Gold is more expensive than silver.
• Storage: Gold does not require any special storage.
• Usage: Gold has limited usage beyond jewellery, artefacts etc.
• Volatility: Gold prices are more stable than silver prices.
   

Silver

• Affordability: Silver costs less than gold and is thus more affordable.
• Storage: Silver tarnishes quickly and thus requires climate-controlled storage.
• Usage: Silver is used by numerous industries. The industrial demand for silver accounts for more than half of its global demand.
• Volatility: The silver market is smaller, causing the prices to fluctuate often.