Last updated on: 3th Feb 2023 10:00 AM
Known as the 'City of Dreams', Mumbai is one of the world's most densely populated cities. Flanked by natural harbours lined with promenades, the spectacular water views are blissful. Busy neighbourhoods spring to life early mornings and so do activities for people from all walks of life. Bandra's well-maintained promenades has jogging paths and lovely parks for people to relax and unwind.
As investing in property is too expensive for most people in Mumbai, the next investment opportunity that arises for early investors is in the form of Silver. Let's break down the price of Silver in Mumbai city and see how investing in Silver is beneficial.
There are different ways to invest in Silver. Each of them comes with its own set of risks and rewards. Let's explore each of them one by one.
1. Physical Silver: coins or bullion
Having a physical silver coin is psychologically and emotionally satisfying to many people who invest in Silver. You have it in your possession and can use it whenever you want. Also, investing in silver via coins is relatively easy. If the price of silver rises, you profit by selling them. This is the only way of making money from this method of silver investment.
You can purchase silver in Mumbai from your local dealers, jeweller stores and pawn shops. Some specialised dealers will allow you to purchase whole bars of multiple kilograms instead of just coins. However, it is easy to overpay for silver, so it is better to note down the spot price to be sure you're getting a fair price.
2. Paper silver: commodity futures or Digital Silver on National Spot Exchange
There is paper silver available in commodity futures and digital silver on the National Spot Exchange. It can be used to trade commodities futures on the commodities market. For this, you will need your broker to invest in exchanges like MCX and NCDEX.
The only disadvantage of this type of silver investment in Mumbai is that it is slightly higher than the price of physical silver. Additionally, as an investor, you need to pay a certain portion of the contract value in advance.
Digital silver on the National Spot Exchange is a new concept in the market for investors. This method allows you to invest in smaller chunks of e-silver and then hold their purchase in Demat form. You can buy these from the national spot exchange trading platform.
|04 Feb 2023|
|03 Feb 2023|
|02 Feb 2023|
|01 Feb 2023|
|31 Jan 2023|
|30 Jan 2023|
|29 Jan 2023|
|28 Jan 2023|
|27 Jan 2023|
|26 Jan 2023|
As silver became an investment commodity, given below are the main factors influencing silver pricing in Mumbai and other cities.
Demand & supply: Both the increase and decrease in the demand-to-supply ratio of silver lead to a change in silver prices. Some significant investments could also lead to a silver price change.
Oil prices: It is said that mining silver is an exhausting process. An imported silver supply requires a robust logistics platform that is backed by the constant flow of oil supply. As a result, its rates are directly proportional to oil prices.
Industrial demand: Silver is more of a commodity in India. This results in silver rates being directly affected by the rate of import duty. So, with higher import duty, the price of Silver also increases.
US dollar fluctuation: Silver prices in Mumbai and the rest of India are inversely dictated by the USD (US Dollar) index. With the weakening of the USD, the silver rate increases, and vice versa happens when the USD strengthens.
Silver is a precious metal that is often bought and sold on commodity markets and can be considered as an alternative investment option inMumbai. The price of silver can fluctuate based on a variety of factors, such as supply and demand, interest rates, and global economic conditions. In Mumbai, the price of silver is often quoted in Indian Rupees (INR) per kilogram.
Investors in Mumbai may choose to invest in silver through a variety of means such as buying physical silver, buying silver ETFs or investing in silver mining stocks.
Physical Silver: Investors can buy physical silver in the form of bars, coins, or jewelry and hold it as a store of value. One advantage of buying physical silver is that investors can hold it directly in their possession, giving them control over their investment. However, physical silver also involves certain costs like, storage and insurance, and also it's not easy to liquidate it quickly.
Silver ETFs: An ETF is an investment fund that is traded on stock exchanges, like shares. ETFs that track silver allow investors to invest in silver without actually owning the physical metal. These ETFs can be bought and sold just like stocks and are considered to be more liquid and easier to trade than physical silver.
Silver Mining Stocks: Investing in silver mining stocks is another way to gain exposure to the silver market. When an investor buys shares of a silver mining company, they are buying a stake in the company's assets and profits. However, this type of investment carries more risk than investing in physical silver or ETFs as the performance of the company, management and also the mining conditions can affect the stock's performance.
When it comes to investing in silver, it is important to be aware that the price of silver can be volatile and may fluctuate based on various factors such as economic conditions, supply, and demand. Before making any investment decisions, it is always wise to consult with a financial advisor and also do research to gain a better understanding of the market conditions and the potential risks and returns associated with investing in silver.
|01 February 2023||74.8|
|05 February 2023||0|
When buying silver jewelry in Mumbai, it's important to keep the following things in mind:
Quality: Make sure to only buy silver jewelry from reputable jewelers who use high-quality silver. Ask to see the purity certification for the silver, and ensure that it is hallmarked by the Bureau of Indian Standards (BIS).
Design: While buying silver jewelery also consider the design of the jewelry. Check for the intricate details and craftsmanship of the piece.
Price: Compare prices from multiple jewelers to ensure you are getting a fair price for the piece. Be aware of any additional charges, such as import duties or GST, that may affect the final price.
Hallmarking: Always check the authenticity of Hallmarking on your silver jewelry, it gives you the assurance of the purity of silver.
Returns and exchanges: Find out if the jeweler has a return or exchange policy, just in case the piece doesn't meet your expectations.
Purpose: Think about why you are buying the silver jewelry, is it for personal use or as a gift. Also, consider if it's something you can wear often, and it would look good with your existing collection of jewelry.
Aftercare: Ask about the jeweler's recommendations for cleaning and maintaining your silver jewelry, to ensure it remains in good condition.
Why is silver a good investment?
Does silver investment come with high risk?
Is silver more useful than gold?
Which silver quality is best for investment?
silver rates in Popular cities of IndiaSilver rate in Mumbai