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Silver Rate in Haryana
Haryana is one of the most prosperous and wealthy states in India, having the second highest per capita income of approximately Rs 1,32,000. The state is also home to the most number of rural crorepatis, meaning that people have a high appetite for income and investments. Silver, is used extensively in the state, right from utensils to jewellery, finding a special place in the hearts and homes of residents. Silver prices in Haryana are a reflection of international prices, with government import duties adding to the cost an individual ends up paying for silver.
- Also Know: Gold Rate In Haryana
Details of Silver Price in Haryana (1 Kg) - Till December 2015
Individuals who are keen to purchase silver in Haryana could save a lot of money by purchasing it this month. Buying a kg of silver would cost one Rs 35,534 (as of December 17, 2015), making it an opportune time to invest. Silver prices in 2015 have witnessed highs and lows, with global changes and fall in import quantities playing games with their rates. Prices were at their maximum in May, when 1 kg of silver cost around Rs 43,300, before falling steadily. March, July and December witnessed the lowest prices this year, as 1 kg silver cost just around Rs 35,300 during March, Rs 35,800 in August and Rs 35,400 in December.
Silver as an investment
Silver and gold have been traditionally viewed as safe investment options in India, but with the prices of gold fluctuating over recent times and demand dropping, silver has become the unlikely hero. Investing in silver is hassle-free and easy, with it being available in multiple forms. The demand for silver in different industries and its associated health benefits have meant that residents of Haryana have opened their minds to the idea of purchasing it. The affordability and versatility of silver have made in a smart investment option for millions. There are two popular modes of silver investment in Haryana, silver futures and physical silver.
Physical silver – Buying silver in the form of coins, bars or jewellery is a smart move, as it provides liquidity and acts as a secure investment. Coins can be purchased in different weights, ranging from 1 gram to 50 grams, with the option to adorn them with religious symbols. Coins purchased from banks are generally more expensive on account of them undergoing quality checks, but pure silver can be purchased at almost all jewellery stores across Haryana. The demand for silver generally peaks during festivals and ceremonies, with no celebration complete without it. While there is no questioning the popularity of silver jewellery, it ranks second compared to coins as an investment on account of wastage and making charges.
Silver futures and contracts – Silver futures and contracts are new investment modes which are slowly but surely finding acceptance in Haryana. One can trade in silver on the National Commodity and Derivatives Exchange, the National Multi Commodity Exchange and the Multi Commodity Exchange. Investors stand an opportunity to make quick profits through these investments, provided they are aware about market conditions and play their moves smartly.
- Also Check: Silver Rate in Chandigarh