Silver Rate Today in Mohali

Mohali is a city located in the Indian state of Punjab. It is a rapidly developing city and is known for its high-tech industries, including IT and software development. The city is also home to several prestigious educational institutions and is known for its vibrant student culture.

Mohali is a city with a rich cultural heritage, and the same can be said of its gold market. The city has a long-standing tradition of gold trading and investment, and this tradition is still alive and well today. Whether you're a seasoned investor or just starting out, Mohali is a great place to consider for your gold investment needs.

Interesting Facts On Mohali Silver Rates Vs. Other Cities

• The discount provided on bulk buying also leads to a variation in the rate of silver.
• India imports most of its silver from other countries as silver is not produced in adequate quantities in the country.
• It is the value of the rupee against the dollar that determines the rate of silver. Any decrease in the dollar value leads to an increase in the demand for silver and vice-versa.
• Silver, gold and other precious metals serve as an effective hedge against inflation. 
• You can hold 24 karats of pure gold worth nearly half a crore Indian rupees in your hands, but it would take an area as big as an average room to store silver worth that much.

How to Check the Purity of Silver in Mohali?

Although it is not as expensive as gold, silver is linked with various industrial uses, making it a good investment asset. Here are some ways you can know if the silver you have purchased is pure:

Cold Test

Pure silver will melt ice rapidly, even at room temperature. So if the silver article you have purchased does not melt ice quickly, it could be adulterated. 

Magnet Test

Like gold, pure silver should not strongly attract a magnet. So, if your silver article gets stuck to a magnet, it could be mixed with other metals. 

Scratch Test

This test should be done at a jeweller's shop, preferably by the seller. Ask the seller to scratch the silver piece over a black stone used for such tests. Then the seller will place a red silver solution on the scratch. The colour reaction to the scratch test will help decide the purity level of silver. The purer the silver, the brighter the red colour will be. 

Bleach Test

Silver reacts easily to environmental changes. Therefore, this test should not be done without supervision or proper knowledge. Bleach is a strong oxidising agent. If you apply some household bleach to pure silver, it will turn dark quickly.

Silver As An Investment Option In Mohali

The demand for silver was 9% higher in India in 2021 than in the previous year. It hit the highest in terms of demand since 2010. The festive season in 2022 has shown a clear spike in demand for silver in India. In addition, silver imports to India increased to 5100 tonnes in the first seven months of 2022. It would be fair to say that if you want to invest in precious metals, gold and silver are two of the most widely preferred options. Here are some investment options in silver:

Investing in Silver Bullion

Bullions are gold and silver cast into bars of the purest form. Just as you invest in gold bullion, you can buy silver bullion, as silver can yield high returns in the long term. It is a good investment option if you can store silver bullion. 

Purchasing ETFs

Your fund manager will invest in a silver exchange-traded fund (ETF) which would give you returns based on how silver rates change in the market. An advantage of investing in silver ETFs is that you can go ahead without spending on storing the silver. 

Acquiring stocks of Mining Companies

Silver, like gold, is seen as a safe haven during uncertain times. You can gain profit from owning stocks of companies involved in mining silver. If the price of silver increases, the company's profits will also go up. 

Factors Affecting the Rate of Silver in Mohali

Availability of silver scrap metals, inflation and economic policies are some factors that play an important role in determining the rate of silver in Mohali. Silver is used worldwide across industries, from the solar industry to water purification. This industrial demand affects the price of silver in all Indian cities, including Mohali. Economic trends are also responsible for the silver rate. When the economy in Mohali is growing, there is a high demand for silver, which could increase its price.