Silver rate in Mysore
silver rate in mysore

1gm:
77.30
0.00(0.00%)
1kg:
77,300.00
0(0.00%)

Last updated on: 3th Feb 2023 10:00 AM

Mysore is a historic city with fascinating heritage structures. Located in southern Karnataka, it has a vibrant culture. In Mysore, silver is also called the poor man’s gold. People buy this precious metal in the form of jewellery or investment. According to reports, silver in Mysore has offered better returns than gold.

Silver prices fluctuate often based on various factors like the state of the economy or market conditions. So, let us now look at the current silver rates in Mysore and understand what impacts these rates.

Silver rates as per grams in Mysore

GramYesterdayToday
1gm
77.30
0.00 (0.00%)
77.30
0.00 (0.00%)
8gm
618.40
0.00 (0.00%)
618.40
0.00 (0.00%)
10gm
773.00
0.00 (0.00%)
773.00
0.00 (0.00%)
100gm
7,730.00
0.00 (0.00%)
7,730.00
0.00 (0.00%)
1kg
77,300.00
0.00 (0.00%)
77,300.00
0.00 (0.00%)

Silver As an Investment in Mysore

Silver is available in two forms: physical silver and paper silver. Physical silver refers to silver bullion, coins, bars, and jewellery. On the other hand, paper silver includes Digital silver on National Spot Exchange (NSE) and Commodity exchange. Here is how people in Mysore like to invest in silver:

Jewellery and Artefact

Buying silver in the form of jewellery and antiques is the most popular type of investment. It’s more expensive than buying silver coins and bars as the price of jewellery includes making charges and other labour costs. Moreover, the resale of jewellery or artefact gives lower returns.

Silver Coins and Bars

In India, silver coins are usually bought for gifting or during puja ceremonies. Silver bars and coins come with various purity levels. You can opt for easy resale in case of emergencies. However, some banks offer silver coins and bars with no buy-back policies.

Silver Bullion

Silver Bullion refers to buying silver in bulk. These contain 99.5% pure silver, melted to create silver coins and bars. There are two types of silver bullion. Parted bullion does not have any impurities, whereas un-parted bullion has impurities. Usually, bullions are traded in the commodity market. Silver bullion sold as coins is more expensive than regular coins and bars.

Digital Silver

In this case, investors can invest money in smaller chunks and hold the silver in Demat form. You can buy digital silver on the National Spot Exchange platform.

Commodity Futures

Commodity futures are traded on the commodity market. To start investing, you have to ask your broker to invest in exchanges like NCDCX and MCX. One downside of commodity futures is that they cost higher than physical silver. In addition, you have to pay a certain portion of the contract's value beforehand.

Historical silver rates in Mysore in last 10 days

1 gram
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Day Silver
04 Feb 2023
77.30
0.00 (0.00%)
03 Feb 2023
77.30
0.00 (0.00%)
02 Feb 2023
77.30
2.50 (3.35%)
01 Feb 2023
74.80
0.30 (0.41%)
31 Jan 2023
74.50
0.30 (0.41%)
30 Jan 2023
74.20
0.00 (0.00%)
29 Jan 2023
74.20
0.00 (0.00%)
28 Jan 2023
74.20
-0.40 (-0.53%)
27 Jan 2023
74.60
-0.40 (-0.53%)
26 Jan 2023
75.00
1.00 (1.36%)

Factors Affecting Silver Price in Mysore

Silver prices are prone to fluctuations. Many internal and external factors affect the silver rates in Mysore. Some of them are as follows:

Supply and Demand

Natural silver resources are available in limited quantities. However, the demand for this metal is rising. Moreover, Indians consider silver an auspicious metal. Therefore, when the demand for silver increases, its prices go up.

Industrial Trends

Silver is an irreplaceable material widely used in electronic goods and other products. So, the industrial demand for silver in Mysore will always affect the rates. 

Gold Prices

Gold prices primarily affect silver prices. Investors are often interested in investing in precious metals. Tracking gold prices will be useful if you want to consider an alternative investment option such as silver.

Crude Oil Prices

Getting silver through natural resources is an intense process. It requires high energy, which can be derived only from oils. If the crude oil prices fluctuate, it indirectly affects the silver prices. 

Government and RBI Guidelines

Silver prices are directly affected by government policies and RBI guidelines. A slight change in state or central taxation, import duties, and other regulations can impact the price of silver in Mysore.

Weekly & monthly silver rate in Mysore
1 gram
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7 Days
30 Days
3 Months
6 Months

Investment Options for Silver in Mysore

Silver is a precious metal that is often bought and sold on commodity markets and can be considered as an alternative investment option inMysore. The price of silver can fluctuate based on a variety of factors, such as supply and demand, interest rates, and global economic conditions. In Mysore, the price of silver is often quoted in Indian Rupees (INR) per kilogram.

Investors in Mysore 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.

Trend of Silver rates in Mysore

1 gram
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Day Silver
01 February 202374.8
05 February 20230
Highest77.3
Lowest74.8

Things to Remember Before Buying Silver Jewellery in Mysore?

When buying silver jewelry in Mysore, 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.

FAQs of Silver price in Mysore

Can silver prices in Mysore dip?

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What factors can impact the resale value of silver jewellery?

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Is silver a good investment in Mysore?

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What is the best way to invest in Silver?

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