Silver rate in Varanasi
silver rate in varanasi

1gm:
74.20
0.00(0.00%)
1kg:
74,200.00
0(0.00%)

Last updated on: 29th Jan 2023 10:00 AM

Varanasi is a sacred site for Hindus, who travel there to take a bath in the Ganges, which flows through the city. Silver is a precious and second-most invested metal in this city. It is widely used in various applications, including jewellery, silverware, and industrial processes.

In Varanasi, silver may be used in the production of traditional jewellery and other decorative items, as well as in various industrial applications.

The demand for silver in Varanasi may be influenced by a variety of factors, including economic conditions, cultural and religious traditions, and industrial demand.

For example, if there is a strong demand for silver jewellery or other decorative items in the area, this may drive up the demand for silver.

On the other hand, if there is a decrease in industrial demand for silver or an increase in the price of other resources that can be used in its place, this may decrease the demand for silver.

It is difficult to predict exactly how the demand for silver in Varanasi will change over time, as this will depend on a variety of factors.

However, silver has been valued for its beauty and versatility for centuries, and it is likely to continue to be in demand in Varanasi and around the world.

Silver rates as per grams in Varanasi

GramYesterdayToday
1gm
74.20
0.00 (0.00%)
74.20
0.00 (0.00%)
8gm
593.60
0.00 (0.00%)
593.60
0.00 (0.00%)
10gm
742.00
0.00 (0.00%)
742.00
0.00 (0.00%)
100gm
7,420.00
0.00 (0.00%)
7,420.00
0.00 (0.00%)
1kg
74,200.00
0.00 (0.00%)
74,200.00
0.00 (0.00%)

Factors that can Influence Silver Prices In Varanasi

Various factors can contribute to the fluctuation of silver prices in Varanasi. These are the factors that influence silver prices:

Demand and supply

The economic truth about markets is that any true change in supply or demand will affect prices frequently. 

In the short term, silver prices in Varanasi may increase if mining is stopped due to a strike or other reasons. It is the same as how news of novel applications for silver will boost purchases, ultimately pushing prices higher.

Tech advancements 

Silver prices are affected by technologies 'new or old,' as seen with the development of film technology, both directly and indirectly. 

Many of these innovations make use of silver's unique physical properties. The fact that modern technology is assisting in replacing silver in commonplace applications is contrary to that.

Economic movements  

The first thing to be postponed when income stagnates or declines is frequent silver purchases. A powerful determinant of this demand in the market is the growth rate and overall economic strength in developing markets.

Inflation

Investors know the stealthy effects that inflation has on portfolio value. It covers even marginal inflation that has accumulated over some time.

On the contrary, silver has traditionally been regarded as an amazing haven against rising prices.

Silver can offer protection against such setbacks in spending power during times of inflation by reducing the value of paper money.

Rate of interest

A sign of the state of the market is the level of interest rates. Some investors choose interest payments over the long-term appreciation of their silver holdings. This is because securities in silver are not made to generate a prevailing return. Thus, like the dollar value is inversely correlated with interest rate levels, silver's market prices typically do as well. 

Historical silver rates in Varanasi in last 10 days

1 gram
DownArrow
Day Silver
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%)
25 Jan 2023
74.00
0.00 (0.00%)
24 Jan 2023
74.00
-0.70 (-0.93%)
23 Jan 2023
74.70
0.40 (0.54%)
22 Jan 2023
74.30
0.00 (0.00%)
21 Jan 2023
74.30
-0.20 (-0.26%)

Things to Consider Before Buying Silver in Varanasi

Here are certain things to consider before purchasing silver:

Run a personal inspection

Consider the asking price for the silver product you have in mind. Prices that seem absurdly low could indicate that the silver is of low quality or even a counterfeit.

Only buy something with the chance to return it for a full refund or exchange; instead, ask about your options.

Hallmark verification

Certain markings on genuine silver jewellery indicate authenticity. You will find these tiny hallmarks on your jewellery in a covert location.

It is a brilliant way to physically examine the product and determine whether you have genuine silver on your hands if you have already purchased it.

There will be a "sterling" or "925" mark on sterling silver. These two markings will signify fine silver jewellery.

Authenticity

Perform quick physical tests to ensure you have the best silver jewellery possible. These tests won't harm your silver.

Use a metal tool or item to tap your jewellery piece. You know you have genuine silver on your hands if you hear a high-pitched ring and feel a short vibration.

You can polish your silver item with a fresh, white cloth. You can be confident that your purchase was successful if black marks start to appear. These black marks result from real silver oxidising when exposed to air.

Weekly & monthly silver rate in Varanasi
1 gram
DownArrow

7 Days
30 Days
3 Months
6 Months

Investment Options for Silver in Varanasi

Silver is a precious metal that is often bought and sold on commodity markets and can be considered as an alternative investment option inVaranasi. The price of silver can fluctuate based on a variety of factors, such as supply and demand, interest rates, and global economic conditions. In Varanasi, the price of silver is often quoted in Indian Rupees (INR) per kilogram.

Investors in Varanasi may choose to invest in silver through a variety of means such as buying physical silver, buying silver ETFs or investing in silver mining stocks.

  • Physical Silver: Investors can buy physical silver in the form of bars, coins, or jewelry and hold it as a store of value. One advantage of buying physical silver is that investors can hold it directly in their possession, giving them control over their investment. However, physical silver also involves certain costs like, storage and insurance, and also it's not easy to liquidate it quickly.

  • Silver ETFs: An ETF is an investment fund that is traded on stock exchanges, like shares. ETFs that track silver allow investors to invest in silver without actually owning the physical metal. These ETFs can be bought and sold just like stocks and are considered to be more liquid and easier to trade than physical silver.

  • Silver Mining Stocks: Investing in silver mining stocks is another way to gain exposure to the silver market. When an investor buys shares of a silver mining company, they are buying a stake in the company's assets and profits. However, this type of investment carries more risk than investing in physical silver or ETFs as the performance of the company, management and also the mining conditions can affect the stock's performance.

When it comes to investing in silver, it is important to be aware that the price of silver can be volatile and may fluctuate based on various factors such as economic conditions, supply, and demand. Before making any investment decisions, it is always wise to consult with a financial advisor and also do research to gain a better understanding of the market conditions and the potential risks and returns associated with investing in silver.

Trend of Silver rates in Varanasi

1 gram
DownArrow
Day Silver
01 January 20230
30 January 202374.2
Highest75.8
Lowest73.5

Things to Remember Before Buying Silver Jewellery in Varanasi?

When buying silver jewelry in Varanasi, it's important to keep the following things in mind:

  • Quality: Make sure to only buy silver jewelry from reputable jewelers who use high-quality silver. Ask to see the purity certification for the silver, and ensure that it is hallmarked by the Bureau of Indian Standards (BIS).

  • Design: While buying silver jewelery also consider the design of the jewelry. Check for the intricate details and craftsmanship of the piece.

  • Price: Compare prices from multiple jewelers to ensure you are getting a fair price for the piece. Be aware of any additional charges, such as import duties or GST, that may affect the final price.

  • Hallmarking: Always check the authenticity of Hallmarking on your silver jewelry, it gives you the assurance of the purity of silver.

  • Returns and exchanges: Find out if the jeweler has a return or exchange policy, just in case the piece doesn't meet your expectations.

  • Purpose: Think about why you are buying the silver jewelry, is it for personal use or as a gift. Also, consider if it's something you can wear often, and it would look good with your existing collection of jewelry.

  • Aftercare: Ask about the jeweler's recommendations for cleaning and maintaining your silver jewelry, to ensure it remains in good condition.

FAQs of Silver price in Varanasi

Is silver investment a good investment?

DownArrow

What is the safest way to invest in silver?

DownArrow

What is the best silver for jewellery?

DownArrow

What is fine silver?

DownArrow