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Silver Rate in Himachal Pradesh
Himachal Pradesh might evoke the image of a calm, green place surrounded by mountains, but it is one of the fastest growing economies in the country, apart from being home to some of the richest farmers in India. Like other states in the country, silver was used extensively in Himachal Pradesh during the reign of kings, forming a deep association with the people here. While Himachal might not account for a large portion of silver consumed in the country, it still has a sizeable population which uses silver. Silver rates in the state are closely related to international rates, with prices changing on a regular basis.
- Also Know: Gold Rate In Himachal Pradesh
Details of Silver Price in Himachal Pradesh (1 Kg) - Till December 2015
Individuals who wish to purchase silver in Himachal Pradesh can do so by weight. Silver can be purchased in quantities ranging from a gram to a few kilograms, depending on individual requirement. The current cost of 1 kg silver in the state is Rs 35,956 (as of December 21, 2015). The cost of silver for most of the year has been below the Rs 40,000 per kg mark, making it pocket friendly and cost effective. Prices peaked in May, going over the Rs 42,000 mark per kg, and dropped to their lowest in March and December, touching lows of Rs 35,200 and Rs 34,500 per kg respectively.
Silver as an investment
Silver has been around for centuries, and continues to be popular even today, highlighting its importance in a world starved for precious metals. Silver provides a safe and affordable option to millions who cannot purchase other, more expensive metals. The demand for silver in multiple industries has ensured that one can get good returns, without high risk. The ability to melt and mould silver into desired shapes gives it more ornamental value, while retaining its integrity. Young investors can look towards silver to add to their investment portfolio without having to empty their pockets. Physical silver and silver contracts are two of the most popular means of investing in silver in Himachal Pradesh today.
Physical silver – Silver jewellery, coins and bars have been used exhaustively in Himachal Pradesh, with an option available for every budget. Silver jewellery is integral to the culture of the state, with it being a mainstay when it comes to accessories. Intricate designs make jewellery from the state unique, with a growing demand witnessed in different parts of the globe. Silver jewellery is traditionally purchased during festivals and celebrations, passing down from generation to generation, making it an important family heirloom. Silver bars and coins are used predominantly for investments, thanks to the liquidity they provide and their purity. These coins can be purchased from both banks and jewellers, with the ones purchased from banks costing more on account of purity checks and quality assurance.
Silver contracts – Silver contracts and futures are still in their infancy in the state, primarily due to lack of awareness about the same. Individuals who wish to participate in such trade can do so through the National Commodities and Derivatives Exchange, the National Multi Commodity Exchange and the Multi Commodity Exchange. This is ideal for individuals who are well versed with how markets function and can help your investment grow, but are also subject to market risks.
- Also Check: Silver Rate in Shimla