Silver Rate Today in Moradabad

Named after Shah Jahan's son Murad, Moradabad is a business centre and a district headquarter in Uttar Pradesh. Situated on the bank of river Ram Ganga, the city is famous for its brass handicrafts. Moradabad's iconic brassware is exported to Europe and North America. Hence, it is also known as the 'Peetal Nagri.' In recent times, the city has started producing aluminium artworks and steel metalware.

The presence of various industries primarily fuels the demand for silver in Moradabad as silver has numerous industrial uses. Besides this, the population of Moradabad purchases silver in bulk during festivals and wedding seasons. In Dhanteras, the silver sales increase, driving up the silver rates. In addition, silver utensils are also popular due to their anti-microbial properties.

Silver rates in Moradabad fluctuate based on several factors. These include the demand-supply ratio and international silver rates. In general, silver rates tend to move in tandem with gold rates and are more volatile than the latter. Hence, before buying silver, you must know the current silver rates in the city.

Read on to understand the ongoing prices, compares silver to gold, tell how to evaluate the purity of the silver and more. Are you curious already? Continue reading!

How is the Purity of Silver Evaluated in Moradabad?

The easiest way to evaluate the metal's purity in Moradabad is by checking the hallmark - a mark stamped on gold and silver, certifying its purity. In India, the Bureau of Indian Standards (BIS) issues hallmarks for precious metals. While hallmarking is mandatory for gold products, for silver it is not. However, jewellers can get the silver hallmarked on their own by visiting an assaying centre nearby. If the silver meets standards set by the BIS, the centre will hallmark it.

You as a customer can also request the jeweller to get the silver hallmarked. One thing that needs to be remembered is - hallmarking comes with a charge. For every piece of hallmarked silver, you will pay ₹35 + GST at 18%. Check the following things at the time of purchase:

• BIS mark
• Purity/fineness grade
• Jeweller's identification number
• Assaying the centre's identification number

Some Interesting Facts on Silver

• Silver in trace amounts is present in nature. For instance, you can find silver in oysters, mushrooms and shellfish.
• Silver features among the first five elements discovered by mankind besides gold, iron, copper etc.
• In ancient Egypt and medieval Europe, silver was valued more than gold.
• Due to its high conductivity, silver is used in solar panels, televisions etc.
• Per the Silver Institute, silver has been in use since the 7th century CE.
• Silver has germ-killing features. Hence, feeding infants with a silver spoon is known to boost their health.
• Mexico is believed to be the largest silver-producing nation in the world.
• More than half the global demand for silver comes from different industries.

Impact of GST on Silver Rate in Moradabad

From July 1, 2017, the Government of India introduced a 3% Goods and Services Tax (GST) replacing all other taxes on silver purchases. This made silver more expensive in Moradabad. Besides GST, a customs duty of 12.5% is also levied. In the pre-GST era, a 1.2% VAT and 1% excise duty were imposed instead of the GST. Hence, although marginally, silver rates have gone up due to GST.

Note that if you use silver to make jewellery, artefacts or coins, you will have to pay a 5% GST on making charges. 

Comparative Analysis Between Gold and Silver

Historically, gold and silver have acted as hedging tools in the face of market downturns. But like most assets, gold and silver have their advantages and disadvantages. Hence, you must look at the following differences before investing in them:

1. Gold is more expensive because of the low supply while Silver is cheap because of its high availability.
2. In terms of demand, 75 per cent of gold mined is used in jewellery making while silver account for roughly 50 per cent of jewellery making. Gold is mostly used for making ornaments, artefacts, coins and bars. Since silver has many industrial applications. From solar conductors to mobile handsets - various products contain silver.
3. You can easily convert gold and silver to cash. But due to its gold's high demand, it is more liquid than silver.
4. Since a significant demand for silver comes from industrial sources, even a minute tug on the demand-supply rope impacts silver prices. Silver prices are, therefore, more volatile than gold prices. Whereas, gold prices are mostly stable because it is controlled by consumer demand and supply.