Silver rate in Meerut

Meerut is a fast-developing city in the western parts of Uttar Pradesh. It is popular for being one of the first places to adapt to the use of solar energy. Meerut is also a prominent consumer of silver among other towns. People in Meerut often purchase silver coins, bars, and jewellery.

Silver is considered an ideal gifting option and is worn during the special festive season or purchased as an investment.

How to Buy Silver in Meerut?

Silver in Meerut is available from mainly three sources:

• Reputed banks
• Physical stores
• Online brands

Most reputed banks extend silver coins to customers at the current rate in the market. Buying silver in Meerut from online stores might cost you more, depending on the store and the product you choose. Silver is available in the form of bullion, having a purity of 99.5%.

Silver Investment Options in Meerut

People in Meerut buy silver as a form of investment, as multiple articles:

Silver coins and bars: Investing in silver by purchasing coins and bars instead of jewellery is an excellent investment choice as you can buy them in different weights per your budget. They are available in banks and stores.

Silver jewellery and other articles: This is a useful option for those who wish to both wear good jewellery and invest their money for the long run. They come in different designs and patterns. Make sure to check for their quality and purity before buying.

Bullions: It is 99.5% pure silver that is melted into coins and bars. You can trade them in the commodities market.

Paper Silver vs Physical Silver

Paper silver holds the value and price of silver, but not in the form of real silver. Paper silver is highly useful for trading. It helps you avoid the storage costs of silver in its physical form. Silver certificates, Exchange Traded Funds (ETF), Digital or E-Silver, and commodity futures are a few examples of paper silver.

Physical silver refers to silver metal in its real, physical form, such as silver coins, bars, bullions, jewellery, utensils, etc. They are tangible, convenient, real and a more permanent option for investment.

Today's Silver Rates in Meerut

In Meerut, most people purchase silver in the form of coins, bars, and jewellery. There is also a rise in the demand for silver during auspicious festivities specific to Meerut. The silver rates in Meerut are dynamic and change according to numerous factors, mainly the present-day prices of silver in the international market.

Comparative Analysis of Gold vs Silver in Meerut

Gold

• Gold is primarily used as money. Gold takes up only 12% of the demand.
• Gold is less cost-effective than silver. It costs you more in the form of premiums when bought in smaller denominations.
• Gold is more convenient to store. It has a lower chance of getting tarnished.
• Gold is less volatile than silver. Its value in the markets rises and falls less than silver.

Silver

• Silver has greater industrial use. It takes up to 56% of the total annual supply.
• Silver is more affordable than gold, making it perfect to be given as a gift.
• Silver takes up more space than gold, and can tarnish over some time.
• Silver is highly volatile, when compared to gold. It will rise and fall more than gold.

How is the Purity of Silver Evaluated in Meerut?

The first and foremost method of ensuring the quality and purity of silver is to look for a hallmark. The Bureau of Indian Standards (BIS) began the technique of hallmarking for silver in the year 2005 for the same purpose.

There are three major ways to evaluate the purity of silver:

• BIS Hallmark symbol: This official logo of the BIS organisation denotes the quality and reliability of a piece of silver jewellery and other articles. It is a triangular logo with a dot inside it.
   
• Jeweller's Identification Mark or Number: This mark or number can help you examine and evaluate how reliable a silver article's making is.
• 
  Purity Grade: The grading for fine silver is 999.9, 999.5, or 999. If it is an alloy, jewellery, or artefact, the grading would be 970, 925, 900, 835, 800.

How to Buy Silver in Meerut?

Silver in Meerut is available from mainly three sources:

• Reputed banks
• Physical stores
• Online brands

Most reputed banks extend silver coins to customers at the current rate in the market. Buying silver in Meerut from online stores might cost you more, depending on the store and the product you choose. Silver is available in the form of bullion, having a purity of 99.5%.

Impact of GST on Silver Rates in Meerut

The current GST rate for gold, silver, pearl and other unworked articles is 3%. If you have to cut or polish these kinds of jewellery and stones, the GST rate would be 1.5%. When added to the total value of the silver jewellery, the final amount would increase.

Factors Affecting the Silver Prices in Meerut

• Price of US Dollar: Silver rates in Meerut fluctuate, depending upon the current value of the US Dollar. The silver rates tend to increase when the US dollar rate falls, and vice versa.
• Oil prices: An increase or decrease in the oil prices will consequently influence the silver rates, owing to their industrial applications.
• Demand and supply: The current demand and supply situation in an economy will also determine the prices of silver in any region. Demand and production from sectors that make use of silver directly influence silver rates.
• Import costs: As silver is imported to India, import duties and other related costs will also affect the prices of silver.
• Silver is seen as an excellent investment choice owing to its affordability and convenience. You can purchase silver coins, bullions, bars, and papers to invest your money. The silver rates keep fluctuating depending on multiple economic and political factors.