Silver rate in Patna

Patna is the capital city of Bihar and is located near the Ganges River. In Patna, trading silver is highly sought-after. As you know, Patna is a fast-growing city and is also a prominent commercial and industrial hub in Bihar. Some of the major industries in Patna include agriculture and trade, and agricultural exports make up the majority of the city's exports.

Some Interesting Facts on Silver and Silver Rates in Patna vs Other Cities

These are some of the facts on what impacts silver rates:

Increasing Demand: The supply of silver is limited in India. With its demand rapidly increasing in the past 25 years, there is a shortage in its supply. Consequently, the rates of silver have risen across the country, including in Patna.

Price of Oil and Gold: The price of gold affects the price of silver. Moreover, silver mining is a high-energy consumption process. So, volatility in the crude oil sector affects the rates of silver.

Gadgets and Technology: There is no alternative for silver in microchips and processors. Despite the small quantity of silver used, there are microchips and processors in every smartphone, and the demand for smartphones in India is high. As a result, there is a demand for high quantities of silver, causing an increase in prices due to its irreplaceability.

Inflation: As inflation rises, people's purchasing capacity will reduce. The expenditure will rise, lowering the number of people buying silver. Many people buy silver as it serves as a hedge against inflation.  

Silver vs Other Investment Options in Patna

In addition to investments such as mutual funds and fixed deposits, these are some of the ways that people can invest in silver in Patna:

Silver bullion: Bars and ingots are a good option if you want to buy silver in large quantities. The weight of a standard bar is 1 kg. It is also possible to melt the bars into lesser quantities or mould them into jewellery.

Jewellery: In India, silver jewellery is very popular. Sterling Silver has a hallmark rating of 925. This measurement of millesimal fineness indicates that the silver is 92.5% pure.

E-silver: Electronic silver, e-silver or paper silver is an alternative to physical silver which can be traded electronically.

Silver Exchange: Traders, jewellers and individuals can purchase silver directly from the commodity future exchange. The two exchanges facilitating silver trading include MCX and NCDEX.

Paper Silver vs Physical Silver

Paper Silver: Paper silver comprises securities and derivatives spanning synthetic, unallocated and fractionally-backed claims that do not offer ownership of any real physical silver. It provides exposure to the silver price, not to physical silver. The forms in which it is available are silver futures, exchange-traded funds (ETFs), silver mining stocks, OTC silver derivatives and more.

Physical silver: Physical silver, on the other hand, is real and tangible. It is available in the form of silver bars, silver coins and silver bullion jewellery. While paper silver does not require any storage, investment in silver coins and silver bars demands secure storage.

How is the Purity of Silver Evaluated in Patna

Before investing in silver, consider the purity of the metal you are buying. The purity of silver is usually referred to as the millesimal fineness. Since silver is a relatively soft metal, it is mixed with other metals to increase its durability. The millesimal fineness measures the overall purity of silver based on parts per thousand.

The purest form of silver measures .999. When you invest in silver, you will see options for Britannia silver and Sterling silver. These hallmarks refer to the metal's purity and can be seen stamped on the metal. Britannia silver measures 95.8, while Sterling silver measures 92.5 on the millesimal fineness scale, making them slightly less pure than fine silver. 

How to Buy Silver in Patna

Most investors in Patna prefer buying silver as it is readily available and less expensive than gold. If you are planning to buy silver in Patna, here are a few things to keep in mind:

• Do not choose silver with nickel plating, as it is less pure.
• Evaluate the overall craftsmanship, the weight of the silver jewellery items, the intricacy of silver jewellery designs, and any flaws, marks or tarnished areas.
• Inspect the authenticity and purity grade of silver. A Hallmark enables you to assess this.

Some Interesting Facts about Silver

• Silver is thinly traded compared to gold, making the silver market smaller than the gold market.
• Many analysts across the globe expect the demand for silver to rise significantly in the coming years.
• The metal is also found in nature. For example, traces of silver are present in mushrooms, oysters, shellfish, and fish.
• In many traditional Indian households, the use of silver utensils is a common tradition. Silver utensils are known to have antibacterial and antimicrobial properties.
• While gold exchange-traded funds (ETF) existed for decades, silver ETFs came into being in 2022. With several renowned fund houses introducing silver ETFs, the metal is readily available to small investors in India.