Silver Rate Today in Thanjavur

Thanjavur, commonly known as Tanjore, is a prominent city in Tamil Nadu renowned for its temple architecture and rich art and cultural scene. Thanjavur and its surrounding area are known for their proximity to historical sites of significance, such as the Great Living Chola Temples. These are recognised as United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Monuments.
Silver is also in high demand in this historic city. Silver is used here mostly for ornamental purposes for cultural reasons. Metal is also used in industry, which has raised the demand for silver in Thanjavur. Read on to learn more about influencing factors for silver rates in Thanjavur and how to invest in silver and silver alternatives.

Factors influencing the price of silver in Thanjavur

Cost of Import

Since there aren't many natural silver deposits in Thanjavur, a sizable amount of the city's silver needs are imported. Therefore, import rates influence silver prices in Thanjavur. A stronger dollar increases the cost of purchasing silver in Thanjavur since trades are conducted in US dollars.
 

Demand

Demand for silver as an investment heavily influences its price. Due to rising demand and diminishing resources, many investors view silver as a long-term and affordable investment. Due to this, investors have seen to stock this precious metal because it is a precious commodity to invest in.
 

Demand from industry

The majority of the silver demand in the world comes from industrial uses. Silver is irreplaceable in certain applications like nuclear reactors, solar panels, RIFD chips for tracing international goods and deliveries, or everyday devices like cell phones, touch displays, and televisions. Silver is also extensively used in the healthcare manufacturing sector. These factors continue to fuel the demand and have an effect on silver's price.
 

National and Global Economic Trends

Silver is regarded as a safe haven investment. The value of silver and its purchasing power are both believed to be more stable in times of economic uncertainty than the value of paper money and some other assets. The price of silver and other precious metals generally rises when and if those economic concerns become full-blown crises.
In addition, a strong, vibrant economy may result in investors and other buyers purchasing less silver. Even though an active economy increases demand for silver in jewellery and industrial applications, it does not produce dividends or interest income.
 

Inflation

A commodity such as silver is a preferred hedge against inflation. As a result of inflation, silver prices tend to rise. Silver can offer protection against the erosion of the purchasing power of paper currency due to inflation.

Impact of GST on Silver Rate in Thanjavur

When compared to the pre-GST era, the implementation of GST (3%) on silver has increased the tax burden on silver's price in Thanjavur.

Points to keep in mind while buying silver in Thanjavur

Online purchase

Today, there are many online silver retailers. Online shopping may be handy, but you should only do so from reputable, certified sellers.
 

Certification

The Bureau of Indian Standards (BIS) began hallmarking silver in Thanjavur in 2005. There are many silver purity standards, with 9999 being the finest. The silver will have five markings, such as

• Manufacturer's or jeweller's identification mark
• Assaying and hallmarking centre's mark/number
• Purity
• BIS logo
   

Study silver rates

Despite being generally stable, silver prices still need to be watched if investments are the goal. It's critical to keep an eye on market trends and stay updated about recent pricing changes. This will inform your buy or sell decisions.
Making charges: There are two types of making charges: gram-based and percentage-based. Depending on the weight, making charges can range from Rs 10-15 per gram for silver jewellery.
When compared to gold jewellery, silver items are charged less in making charges.
 

Buy-Back Policy

Silver and gold jewellery are often sold to buy new ones. Ask the jeweller about the buy-back policy before buying new silver jewellery or utensils.
As an example, if you had purchased silver jewellery of 925 grade, your jeweller would only pay you for 92.5% of the silver. As a result, you should be aware of the various expenses that go into determining the sale price of your jewellery.

Silver investment options in Thanjavur

Futures exchange

Investors can purchase silver on the futures exchange market. However, the contract amounts are much more significant than some other commodities, such as gold.
An agreement to buy or sell silver at a specific price at a later time is known as a futures contract. Due to the silver price's extreme volatility, this type of investment carries a very high risk.
Nevertheless, purchasing a futures contract might be a smart move to make money if you think the price of silver will increase in the future. Trading on the futures market is also subject to some fees, such as brokerage, stamp duty and other expenses.
 

Silver ETF

The Silver ETF invests in silver and silver-related instruments as its underlying assets. ETF portfolios invest up to 95% of their assets in physical silver, which is typically stored in vaults or traded as commodities derivatives on exchanges.
 

Silver coins

The practice of giving silver coins as gifts during auspicious occasions are very common in Thanjavur. Since silver coins come in a variety of weights, investors have the option to select one that fits their budget. This makes silver coins an excellent investment decision. Numerous banks and jewellers provide certified silver coins for sale. Along with your silver purchase, be sure to get a purity certificate.
 

Digital Silver on National Spot Exchange

Digital silver, or e-silver, is one of the innovations of the National Spot Exchange, which enables investors to buy little chunks of silver and hold them in a Demat account.
Members of National spot exchange limited or franchises can purchase them on the national spot exchange trading platform. Before investing, any prospective client must open a depositary account with one of these members. You can also invest in physical silver with National Spot Exchange Limited.