Last updated on: 3th Feb 2023 10:00 AM
Gold and silver are the two most popular precious metals with different demand types. Gold jewellery, ornaments, etc. are highly popular amongst most people. However, silver also finds its uses in the automotive and electrical industries as well as for personal use. Being a cheaper alternative to gold, silver is finding its feet as a smart investment choice.
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 important points to know about silver which impacts its rates:
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%) |
Since gold is constantly in demand, here is a comparative analysis of the two precious metals in Vadodara:
You can either invest in paper silver, such as e-silver on the National Spot Exchange and commodity futures on Commodity Exchanges. Another investment method is to buy physical silver, such as bullion, bars, ingots, coins, ornaments, utensils and more. Here is a detailed comparison of paper silver and physical silver:
Digital Silver on National Spot Exchange: Open a depository account to hold digital silver in your Demat account.
Commodity Futures: Seek a broker's help to invest in silver on Multi Commodity Exchange of India Limited (MCX) or National Commodity & Derivatives Exchange Limited (NCDEX). You can invest in silver futures but only after understanding the risks involved.
Silver ETFs: Exchange-traded funds (ETFs) are a popular investment method for owning paper silver. The thing to keep in mind is that most ETFs do not allow redemption in the form of silver. It means you cannot sell your ETF and exchange it in return for silver.
Bullion: You can buy silver in bulk, such as silver bars with almost 99.5% purity.
Silver Jewellery: You can buy silver jewellery, ornaments, etc., during the festive or wedding seasons.
Silver Coins: You can buy silver coins since they are convenient to buy and store. Silver coins are available in banks and registered jewellery shops.
Day | Silver |
---|---|
01 February 2023 | 74.8 |
07 February 2023 | 0 |
Highest | 77.3 |
Lowest | 74.8 |
You must know how to check silver purity. Also, you must be aware of the purity tests to ensure that you are buying genuine metal. Pure silver or fine silver is the purest form which contains 99.9% silver. Sterling silver has 92.5% silver and 7.5% other metals added as impurities to harden the metal. You should check the markings while buying silver. A "Sterling .925" marking indicates the metal has 92.5% silver.
Here are some popular methods you must remember to verify silver's fineness:
When the Government of India introduced the Goods and Services Tax (GST), other taxes, such as Value Added Tax (VAT) was replaced by GST. Presently, a 3% GST is levied on silver purchases.
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