Silver Rate in Andhra pradesh _{Last Updated : 31 Jan 2023}

Silver Rate in Andhra Pradesh

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 prices 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.

Trend of Silver Rate in Andhra Pradesh for December 2022 (rates per kg)

Trend of Silver Rate in Andhra Pradesh for November 2022 (rates per kg)

Trend of Silver Rate in Andhra Pradesh for October 2022 (rates per kg)

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 Silver Jewelry 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.

FAQs on Silver Rate in Andhra Pradesh

1. Why do people prefer silver over gold in a lot of markets?

Silver is generally a cheaper method of investment when you compare it with gold. So, it can be bought in bulk also.

2. In what weights can I buy silver in Andhra Pradesh?

You can buy silver in the form of coins and 1 kg bars.

3. On which platforms are silver traded?

Silver is traded in Multi Commodity Exchange, National Spot Exchange and National Commodity & Derivatives Exchange.

4. Can I get 99.99% pure silver in India?

Yes, a few banks in India offer 24 Carat 99.99% pure silver bars with tamper-proof packs and an assay certification.

5. Are ETFs available in India?

No, Silver exchange traded funds (ETFs) are not currently available in the country.

Also Check Silver Price in Metro Cities