Silver Rate Today in Kharagpur

The city of Kharagpur is home to the Indian Institute of Technology, one of India's most esteemed educational institutions, as well as important train infrastructure like the nation's longest platform and a sizable rail workshop.

Kharagpur, situated in the state of West Bengal, sees its great moments of consumerism of precious metals like silver and gold during the Durga Puja period when the spirit of festivities runs high.

Typically, Kharagpur's wedding season and other festive occasions make silver gleam. The desire for silver jewellery in the form of coins tends to increase around Dhanteras and Diwali, besides other special milestones in a family. From a global perspective, a number of factors are expected to increase silver demand, including industrial use, the jewellery market, and consumer demand for cutlery, among others.

What Effect Does GST Have on Silver Prices in Kharagpur?

A 3% Goods and Services Tax (GST) is charged to everyone who purchases silver in Kharagpur in all forms. Silver imports are subject to GST as well.

Therefore, if you are buying silver in Kharagpur, be prepared for a price hike due to the Goods and Services Tax.

Difference between .999 fine silver and .925 sterling silver 

Sterling is the benchmark for jewellery quality for silver. It contains 92.5% silver as an alloy. Usually, copper makes up the remaining part. The silver most frequently found in Indian jewellery stores is sterling silver. 

The metal that comes closest to the pure element silver is fine silver. It is marked with a.999, which denotes a purity of 99.9%. Since it is so delicate, this variety of silver is easily dented, scratched, and changes shape. Since jewellery prepared using this silver does not wear well over time, it is used less frequently.

Unlike sterling, fine silver has a more vitreous sheen but is more delicate and brittle. The additional metals in the sterling silver alloy make the material harder, making it more durable. The colour and the shine that customers value are also produced through alloy additions; thus it results in high demand for jewellery making.

Silver investment options in Kharagpur 

Physical Silver: Investment in physical silver like bullion, coins, or jewellery has been the primary and the most convenient way of investing in silver in the city of Kharagpur. For investing in physical silver, you can walk into a bank or a jewellery store and buy silver as you require.  

Paper Silver: It's a relatively newer style of investment in silver, introduced by the National Spot Exchange (NSE), wherein electronic silver (or "e-silver") can be bought by you, enabling you to make smaller purchases and retain them in your Demat accounts.

Investing in silver, like other investments, has always been about speculation and demands. However, silver has proven to be a sound investment for many young investors looking to park their cash.

Silver, a precious metal in demand by the automobile industry, has been a major contributing factor in such returns. You may select the silver investment strategy most suited to your needs by making use of the information supplied above.

Factors influencing the price of silver in Kharagpur

Dollar Rupee Correlation: Changing values of the Indian rupee relative to the US dollar impacts the price of silver in Kharagpur. It is related in an inversely proportional manner, i.e. when the value of the Indian rupee declines, the price of silver rises.

Demand: Silver prices may rise due to high local demand. Apart from the wedding season and religious celebrations like Diwali, Kharagpur especially sees a rise in demand during the Durga Puja period. 

Region-Specific Consumption: With Kharagpur, being home to one of the significant railway workshops, silver is one of the most common metals used in electrical wiring in the automobile industry. There is a high demand for silver from the industrial sector in Kharagpur and it spans many more sectors.