Last updated on: 3th Feb 2023 10:00 AM
Throughout history, gold and silver have been popular as precious metals in demand for various purposes. Gold may have been a classic favourite among Indian households, but the diverse usage of silver across industries makes it a great investment option. Silver is used in the electrification of e-vehicles, green technologies, the photovoltaic industry, and the automobile segment. While the gold-to-silver comparison is inevitable, it is important to know how widely silver is used and why its demand is forecasted to increase further.
Nagpur, known as the winter capital, is one of the largest cities of Maharastra. It is an industrial hub with high demand for silver. In addition, during the wedding and festival season, the demand and price of silver tend to increase, just like gold. Let's look at the silver rate today and some factors that could influence your investment in silver.
Gram | Yesterday | Today |
---|---|---|
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%) |
Both gold and silver investments protect against inflation. However, physical gold is more expensive as it is scarce in supply and comes with an additional storage expense. Silver, on the other hand, is comparatively affordable, and smaller quantities can be easily stored at home. Since it is less expensive, it can be easily resold to verified jewellers.
A 3% GST is applicable on silver, thereby making silver purchases a little costly. Apart from that, if the jeweller charges for any service like the hallmark charge, one has to pay an additional 18% GST for that service. The GST bill also acts as a piece of evidence during the dispute.
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%) |
Paper silver is an asset that shows the price of silver without being silver itself. Silver certificates, pool accounts, futures accounts, and most exchange-traded funds (ETFs) are examples of paper silver investments.
Physical silver refers to silver coins, bars, jewellery, religious idols, decorative items, kitchenware, and different artefacts. These can usually be purchased at jewellery stores.
Day | Silver |
---|---|
01 February 2023 | 74.8 |
07 February 2023 | 0 |
Highest | 77.3 |
Lowest | 74.8 |
Hallmarking silver for purity is not yet mandatory in India. However, opt for a BIS-hallmarked purchase with a genuine bill with the jeweller's verified details. If you still bought silver that is not hallmarked, a simple magnet test can tell you if it is pure or mixed with other metals. If the silver is refined, a magnet will not stick to it. If the silver is attracted to the magnet, it could be made from alloys and coated with silver-coloured metal.
Learn how you can ensure that your hallmarked silver is authentic:
There are six grades of silver. Every grade defines its specific purity of the silver. These grades are:
What is the hallmarking charge on silver?
What causes the changes in the prices of silver?
Where can I buy silver in Nagpur?
How to calculate the cost of silver jewellery?
Is it safe to wear nickel-plated silver products?
silver rates in Popular cities of India
Silver rate in Mumbai