Silver rate in Satna

Satna is an essential city in Madhya Pradesh and is the seventh largest city in the state also the eighth most populous city in the state, it was recently in the news for being selected as one of the destinations to be developed as part of the Prime Minister’s flagship Smart Cities Mission.
Satna is well known for its beautiful temples. Venktesh Mandir, one of those temples, is close to Mukhtyarganj. The Deorajnagar royal family built it between 1876 and 1925. As a popular destination among travellers, Satna is renowned for its scenic beauty and natural landscape. Given their historical and cultural importance, silver and gold are always in demand by the residents of Satna.

Comparative Analysis of Gold vs Silver

Gold and silver are considered precious metals and are among the most popular choices for investment. To help you determine which is the best option for your needs, here is a look at Gold vs Silver from an investment perspective:

Liquidity

Both gold and silver are easy to liquidate, i.e., to buy and sell, given the high demand in the market. However, in comparison, the silver market is much less liquid compared to gold. This is because gold is much preferred for its use in jewellery, gifting, and religious events, making it easy to purchase and sell in larger quantities. 
 

Volatility

Although both metals are relatively stable when it comes to prices, the silver market is much more volatile compared to gold. This can also be a good thing since silver prices fluctuate and can increase in a shorter period, making it ideal for investment.
 

Affordability

Technically speaking, silver is less expensive than gold. Because of this, gold is a more valuable reserve asset. Although silver is occasionally stored, gold is also kept by the government and banks.
 

Demand
 

The gold industry is huge compared to silver due to the use of gold in several areas like jewellery and as an investment. On the other hand, silver is used more for practical purposes like its use in electronics, automobiles, thermal, medicine, and the manufacturing industry. Plus, government and banks also store gold and have their own reserves, which is different from silver, making its demand lower than gold. 

Paper Silver vs Physical Silver

Paper Silver:

Through the commodity market, you can buy paper silver.
They only exist on paper and lack real metal backing.
You are subject to counterparty and credit risk.
Examples include silver futures accounts, exchange-traded funds, and silver certificates.

Physical Silver:
 

It typically appears in bars and coins and has its own intrinsic value.
Physical silver requires storage because it tarnishes easily.
You are not at risk from counterparties or credit.
There are several ways to determine the purity of physical silver, including weight tests, magnet tests, hallmark identification, etc.

Impact of GST On Silver Rate In Satna

As per Goods & Services Tax (GST) regulations nationwide, the GST rate on gold and silver is 3%. This reflects a minor increase from the previous rate, which was 1% of excise duty and 1% VAT. You will also have to pay a 5% on making charges if you buy silver jewellery. This is not applicable if you buy physical silver as a coin or in other forms.

Understanding The Demand For Silver In Satna
 

The city is close to Bhopal, with its proximity to temples and historical monuments. Since buying silver and gold is considered auspicious during religious festivals, Satna experiences an all-time high during festivals and weddings. Additionally, silver is also seen as a stable investment and attracts a considerable number of investors.

Some Interesting Facts on Satna Silver Rates
 

Pure silver has the best electrical and thermal conductivity, making it ideal for usage in electronics and manufacturing
Silver paste is used in solar panels
Silver was considered more valuable than gold in ancient Egypt
The Olympic gold medal is actually a silver medal that consists of 92.5% silver.
Silver is used in mithai and local food items in the form of silver foil.