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Silver Rate in Bihar
Bihar has a long and impressive past, being the birthplace of some of the biggest kingdoms and religions in India. Over the years, the state has managed to retain some of its lost history, forming a unique cultural identity. Silver forms an integral part of the state today, with no celebrations and festival complete without it. The growth of a few cities have increased the disposable income of residents and silver is viewed as a great investment option here. Silver rates in Bihar are closely related to international silver prices, on account of India being a major importer of this white metal.
- Also Know: Gold Rate In Bihar
Details of Silve Price in Bihar (1 Kg) - Till December 2015
Compared to other precious metals, silver doesn’t burn a hole in your pocket and one can purchase sizeable quantities at comparatively lower costs. Silver prices in Bihar depend on international trends, with 1 kg of silver currently costing Rs 35,534 (as of December 17, 2015). Silver rates in the state have been on a roller coaster ride, with prices peaking in May and dropping in March and July. Current prices have been on par for this year, with a slight drop seen in the last week. The price has dipped by almost Rs 1,300 in the last week, down from Rs 36,825 on December 8 to the current value.
Silver as an investment
Gold and silver have always been popular in India, but with new import duties on gold it has become more expensive and out of reach for a major portion of the population. Silver, thereby becomes a safe and viable investment choice for millions in Bihar, enabling them to own this precious metal without having to empty their pockets. Silver is also culturally significant in Bihar, with no auspicious ceremony complete without it. Residents of Bihar who wish to invest in silver can do so through different means, with physical silver and commodity futures being the popular investment modes today.
Physical silver – There is no doubt that Indians love tangible investments and silver in its physical form is the most preferred mode of silver investments in the country. Investors and households, both continue to purchase silver either in the form of coins or jewellery. Silver coins can be a better investment choice compared to jewellery, given the fact that they are pure and there are no wastage or making charges associated with them. Silver jewellery like chains, bangles, rings, etc. serve a dual purpose, acting both as an investment and an adornment. Silver can be purchased from banks and jewellers in Bihar, with a number of shops catering to different budgetary requirements.
Commodity Futures – Commodity futures provide an exciting option to new investors, with silver being one of the popular commodities traded on the market. One can trade through the MCX and NCDEX, having freedom to choose the amount of silver they wish to purchase. The major drawback about futures trading is the purity guarantee and storage, which can confuse new players.
- Also Check: Silver Rate in Patna