Last updated on: 29th Jan 2023 10:00 AM
Purulia is situated in West Bengal. The city is the westmost district of the state. Purulia is known as the tropical city of West Bengal. The city serves as a gateway in-between the developed industrial belt of West Bengal and the hinterlands in Uttar Pradesh, Madhya Pradesh, Jharkhand, and, Orissa.
As Purulia is a popular district of West Bengal. So, the town also witnesses large investments as well every day and month in precious metal. Hence, silver is also considered a good investment option. Therefore, the demand for silver always remains high in the district.
This demand remains the same, but sometimes the demand gets raised during festivals or the wedding season. Apart from this traders also like to make investments in silver metal as well along with other commodities. Traditionally people buy coins, bars and jewellery, but today they have two options to buy physical or paper gold.
The rate of silver is affected by several other factors including the dollar and they include:
i) Industrial Demand: Silver is used in the manufacturing of everyday gadgets like phones, cell, television, touch screen, solar panel and others. The use of silver cannot be replaced by any other metal. This industrial demand impacts the silver rate to great extent.
ii) Increased Investment: Due to increasing demand and less supply the investors like to take it as a long-term investment instrument.
iii) Import Cost: Purulia does not have a natural source of silver. Hence, most of the demand for precious metals is fulfilled by import. Due to this silver rate is always impacted by the import rate.
Some other factors that affect the rate of silver in India include geopolitical events, industrial growth and demand and global currency behaviour.
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It is common to compare silver and gold as an investment. However, the two precious metals are entirely different when it comes to investment. Silver is available in physical and paper form. Let us know more about both options:
If we talk about the physical form of silver, then you can get silver coins, bars, and jewellery. However, in the case of jewellery, you may also have to pay extra making charges. Physical silver always comes with storage challenges. So, if you are planning to buy it only for investment, then physical silver may not be preferable.
In Purulia there is no silver ETF at present, However, people of Purulia can opt for silver ETF in the US market. For that, the investors may have to open their accounts to trade.
So, apart from this, there are many other reasons due to why you should plan to buy or invest in silver.
Today there are plenty of investment options in the market. Some of them include insurance policies, mutual funds or fixed deposits. Apart from this lots of people also prefer to invest in precious metals like silver.
Most people in Purulia prefer to invest in silver in comparison to other investment options. Silver is an industrial as well as an investment metal. Silver is considered a suitable investment option. But whether it is suitable for you or not depends on the market outlook and your risk tolerance.
Nowadays you can buy silver bars, silver ETFs from a bank or some jewellery. If you buy ETF then again you need not be worried about Silver purity as well.
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GST impact the silver rate along with other factors. The RBI policies that keep on revising also affect silver rates. The rate of silver keeps on varying due to the following reasons:
While there has always been a high demand for silver in India. On the other side, this is also true that there will be one point when the demand will reach a point where supply will get more lThentime, and the rate of silver will be driven up to an all-time high. Hence this can be a good long-term investment option in that way.
Silver is always cheaper than anyone can not buy gold all the time due to its high rate or large quantity. However, you can always buy silver due to its affordable cost. You will have to pay a high amount to buy gold in comparison to silver for a similar quantity.
Silver is always a high-demand material in the Indian market. As this demand is not only in one fact there are multiple ways available. The highest demand and market for silver are generated by industrial sectors. This makes it one of the worthwhile investment options.
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