*Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.
Silver Rate in Andhra Pradesh
Silver is the second most traded precious metal in the world, finding use in multiple industries and trades. Being a natural resource, the demand for silver has never faded away, with it forming the core of our past. Andhra Pradesh is one of the few states in India which produce silver, making it an extremely important entity for silver trade. Excellent ports have ensured that imported silver can reach Indian shores through the state. With development on the cards in Andhra Pradesh, a large portion of the population has resources to invest in silver, with silver rates not being a deterrent for them. In spite of being a silver producer, silver prices in Andhra Pradesh are related to international prices, depending on multiple factors.
- Also Know: Gold Rate In Andhra Pradesh
Details of Silver Price in Andhra Pradesh (1 Kg) - Till December 2015
Silver is generally purchased in bulk quantities, with 100g, 500g and 1kg options being popular in Andhra Pradesh. Individuals who wish to purchase a 1kg bar of silver in the state would have to shell out Rs 35,534 (as of December 17, 2015). The current prices are a result of a drop over the last week, which saw prices fall by almost Rs 1,300 per kg. Silver prices over the year have been anything but steady, with the price reaching highs of Rs 43,566 per kg in May and lows of Rs 35,266 in March. December too has witnessed a huge drop in rates, primarily due to international factors. The price of 1 kg silver remained under the Rs 40,000 mark for most of the year, enabling people to purchase it without financially taxing themselves.
Silver as an investment
Silver, unlike traditional investment modes is considered a safe investment option, primarily due to its demand across the globe. The importance of silver in festivals and celebrations has made it a culturally significant metal, finding a place in our homes and banks. The low cost of silver compared to gold provides an investment opportunity to new investors and those with moderate resources, helping them build a decent investment portfolio. Two of the most popular modes of silver investment in Andhra Pradesh are silver contracts and physical silver, each having unique benefits.
Physical Silver – Physical silver accounts for most of the silver consumed in Andhra Pradesh, with silver coins, bars and jewellery being the preferred choice for millions in the state. No wedding and celebration are complete without silver, with people considering it auspicious. Sale of silver peaks during festivals like Diwali, with great prices on offer. Silver coins can be purchased from both banks and jewellers, with the ones purchased from banks generally costing more on account of purity checks and quality. Jewellers across the state cater to different budgetary requirements, offering products ranging from chains, rings, amulets, etc.
Silver contracts and futures – Indian markets have grown over the years, helping people make money through smart investment choices. Silver can be purchased through these markets, with it being traded on the Multi Commodity Exchange, National Commodity and Derivatives Exchange, etc. These options can help one make quick profits but are also riskier than traditional investment modes, and one should exercise caution while investing.
Also Check Silver Price in NearBy Cities of Andhra Pradesh
|Silver Rate in Hyderabad||Silver Rate in Vijayawada||Silver Rate in Visakhapatnam|