Silver rate in Siliguri

Siliguri is the second-largest city in West Bengal. It is located on the banks of the Mahananda River in the plains of Darjeeling District, at the foot of the Himalayan mountains. Most travellers heading to the Northeast make a transit stop at Siliguri.

Tea, tourism and lumber are the city's three main industries. Siliguri is also the commercial capital of the region. The demand for silver is also fueled by the industrial sector, which requires it for machinery.

Some Interesting Facts on Silver and Silver Rates in Siliguri

Silver is an industrial metal. It has always been in demand because of its unique features. The need for silver is soaring and prices are fluctuating, and these are some of the reasons behind the fluctuation in the price of silver:

Silver is in limited supply and demands are soaring over time. This fluctuates the price of silver. Also, discoveries of silver use increase the price drastically in the short term.

Silver is majorly used in industries because it is required in machinery. When the market slows down, enterprises struggle and the rate of silver decreases. 

Silver and gold are called safe-haven investments. Silver has retained its value and purchasing power over paper currency. During an economic downturn, its value rises. 

Inflation reduces the value of paper currency, while silver is an excellent hedge against inflation.

When the dollar becomes intense, the silver price becomes weak.

A decline in the interest rate increases people's purchasing power. Thus, demand soars drastically while supply remains constant, and this increases the price of silver.

Government policies strongly influence the price of silver. Any changes in customs duty, export and GST impact the price of silver.

Comparison Between Gold and Silver in Siliguri

Gold and silver are precious metals that hedge against market volatility and inflation. Investment in these metals can diversify your investment portfolio.

Here are some of the differences to consider before investing:

Gold

• More expensive than silver
• Less volatile than silver
• Extensively used in jewellery-making
• Price is inversely linked with the market
• Harder to invest, but several companies offer a variety of schemes to motivate buyers

Silver

• Cheaper because of its vast availability
• More volatile due to the low price
• High industrial and commercial applications
• Prices are linked directly with the market
• Easier to invest in and can be done with a little money.

Silver vs. Other Investment Options in Siliguri

• You can purchase silver bullion which is 99% pure silver and can be converted later to bars and coins.
• You can buy silver jewellery which is affordable and can be kept in your possession for personal use.
• You can invest in silver coins. Gifting coins during festivals and religious occasions are considered auspicious.
• You can invest in silver ETFs (exchange traded funds). All you need is a Demat account to purchase it. Unlike physical silver, it does not have any making charges and GST is included.
• You can buy a high-worth silver option with a small amount of money. It has high leverage which requires serious broker charges, making it more costly than physical silver.

Paper Silver vs. Physical Silver

Silver investment in Siliguri is available in two forms: physical silver and paper silver.

The physical form of silver includes coins, bullion, jewellery, home and kitchen products and more. It can be bought from banks and jewellers. Paper silver is an asset that has the value of silver and includes silver certificates, silver future accounts and more.

How is the Purity of Silver Evaluated in Siliguri

To verify the pure form of silver, there are certain aspects you should look for:

BIS Mark

BIS stands for Bureau of Indian Standards. It enables official hallmarking processes for validating the authenticity of gold and silver products. It is depicted in the form of a triangle symbol with a dot. 

Purity Grade/Fineness

The purity grade of silver ranges from 999 to 800, where 999 is the purest form of silver and 800 represents 80% pure silver.

Years of Marking

There is a set of letters that represent the year of marking. You can check this before making a purchase.

Jeweller's Identification Mark

This is a symbol that declares the purchase made by a specific jeweller.