Last updated on: 3th Feb 2023 10:00 AM
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.
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%) |
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.
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%) |
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: 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.
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.
Day | Silver |
---|---|
01 February 2023 | 74.8 |
07 February 2023 | 0 |
Highest | 77.3 |
Lowest | 74.8 |
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:
What are the charges to hallmark silver in Patna?
Are there any GST charges on buying silver in Patna?
What are the benefits of buying hallmarked silver in Patna?
What is the difference between Sterling silver and pure silver?
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Silver rate in Mumbai