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Today's Silver Price in Hyderabad
Silver has been a constant commodity in this historic city. Hyderabad is one of the major cities in the South, and boasts of a large and upwardly mobile middle-class population. The city has some of the best sites dating back to centuries and has been a preferred destination for a wide range of tourists and commercial interests alike. Silver Rate in Hyderabad follow the trend of international prices, albeit with the addition of a few local dynamics which also affect silver rate today in the city.
Silver is an intrinsic part of the culture of Hyderabad. The city boasts of a substantial reserve of silver, which is mainly held by private dealers. The city also has a robust precious metals market that offers a range of products and some of the best workmanship in the country.
Know - Silver trend in india
Historical Trend of Silver Price in Hyderabad
Months | Lowest Silver Price Per Kg | Highest Silver Price Per Kg |
---|---|---|
February 2023 | 69,000 | 77,300 |
January 2023 | 73,500 | 75,800 |
December 2022 | 69,800 | 74,700 |
November 2022 | 63,700 | 68,500 |
October 2022 | 60,500 | 67,000 |
September 2022 | 58,000 | 63,200 |
August 2022 | 60,000 | 64,800 |
July 2022 | 60,000 | 65,000 |
June 2022 | 65,200 | 68,500 |
May 2022 | 63,400 | 69,500 |
April 2022 | 68,800 | 75,200 |
March 2023 Silver Rate in Hyderabad(rates per kg)
Parameters | Silver price (per kg) |
---|---|
March 1 Rate | Rs.70,200 per kg |
March 27 Rate | Rs.76,000 per kg |
Highest Rate in March | Rs.76,000 per kg on 25, 26, and 27 March |
Lowest Rate in March | Rs.67,300 per kg on 10 March |
Overall Performance | Incline |
February 2023 Silver Rate in Hyderabad(rates per kg)
Parameters | Silver price (per kg) |
---|---|
February 1 Rate | Rs.74,800 per kg |
February 28 Rate | Rs.69,200 per kg |
Highest Rate in February | Rs.77,300 per kg on 2 February |
Lowest Rate in February | Rs.69,000 per kg on 27 February |
Overall Performance | Decline |
January 2023 Silver Rate in Hyderabad(rates per kg)
Parameters | Silver price (per kg) |
---|---|
January 1 Rate | Rs.74,300 per kg |
January 31 Rate | Rs.74,500 per kg |
Highest Rate in January | Rs.75,800 per kg on 16 January and 17 January |
Lowest Rate in January | Rs.73,500 per kg on 6 January |
Overall Performance | Decline |
December 2022 Silver Rate in Hyderabad(rates per kg)
Parameters | Silver price (per kg) |
---|---|
December 1 Rate | Rs.69,800 per kg |
December 31 Rate | Rs.74,300 per kg |
Highest Rate in December | Rs.74,700 per kg on 22 December |
Lowest Rate in December | Rs.69,800 per kg on 1 December |
Overall Performance | Incline |
Silver as an Investment in Hyderabad
Silver is quite popular as a form of investment in Hyderabad. A significant part of the population owns physical silver in one form or the other, and also considers it while hedging against inflation. Silver has been a mainstay in segments such as jewellery, coins, idols, artefacts etc. in the city. The following investment options are pursued by people from Hyderabad:
jewellery - This is the most popular commodity among the residents of Hyderabad, and also the country at large. jewellery forms the mainstay of the precious metal business in Hyderabad, and there are a lot of stores and outlets to cater to the needs of the people. Silverware and other gifting items are also commonly sold in the city.
Coins - Silver coins are a popular commodity owing to their easy availability and liquidity options. Coins are sold by both private dealers and banks at a premium over the market rates. These are available in different purities as well as the quantity of silver, making them a versatile and somewhat cheaper solution than buying bulk.
Bullions - Bullions are sold in larger quantities, generally over 1 kg of silver per piece of the metal. Bullions are also available in various purities, and can be purchased at market rates of silver. This makes them the cheapest option among physical silver products, as per market prices. Also, customers should ensure they only approach well-respected dealers only as these deals are done for a substantial amount of money and reliability becomes an issue.
Commodity exchange - Silver is also available as a tradable commodity in exchanges such as NCDEX and MCX. These exchanges sell silver on futures contracts and are open for 6 months in a year. The base quantity is generally set at 1 kg of silver. Commodity exchanges allow customers to trade the metal without actually holding the metal in hand.
Tax on Silver Rate in Hyderabad
Anyone who buys silver in Hyderabad has to pay a value-added tax (VAT). If you buy silver bullion for more than Rs.5 lakh in cash, you must pay a 1% tax at the time of purchase. If the net taxable wealth of your silver is more than Rs.30 lakh for the fiscal year, you must pay a wealth tax of 1%. After the Goods and Services Tax was implemented throughout India on 1 July 2017, Hyderabad will also impose a 3% tax on silver.
Factors to Consider When Buying Silver in Hyderabad
There are several elements to consider when deciding whether or not to buy silver. These factors specifics are described below:
Forms of Silver - You can buy silver in various forms such as jewellery, coins, bars, household items, etc. Silver can be acquired in any of these forms at the current or available rates. This is the most important factor to consider when acquiring silver.
Silver Certification - The city of Hyderabad gives certification for the silver that customers intend to buy. This will guarantee the authenticity and purity of silver.
Silver Rates - Another key factor to consider when acquiring silver is the current silver rate. You should always track the silver rates to get the best price. This will also ensure the profits on your silver investments are maximised.
Purchase Method - The mode of purchase is a significant factor to consider when buying silver. Silver can now be purchased offline as well as from a variety of e-commerce websites. With the option to buy silver online, you can easily obtain silver in retail or large quantities for personal use as well as investment purposes. To avoid any fraud/theft, must confirm that the website is properly certified and legitimate before buying silver.
To make a silver investment, you can buy it through the exchanges listed. Silver may also be acquired in bulk through the same notified exchanges. While India does not have a recognised silver exchange, you can trade silver via the US market’s notified silver exchanges.
FAQs on Silver Rate in Hyderabad
- Where can I get the best quality silver in Hyderabad?
- Will the silver price in Hyderabad keep changing?
- What international factors affect the silver rate in Hyderabad?
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What is the best way to invest in silver in Hyderabad?
You can do investment in silver in various forms like coins, bars, statues, or ornaments. Apart from this, you can also purchase silver in digital formats.
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Is there any way to check purity of silver?
near the metal. Silver is supposed to be non-magnetic. If it doesn’t get attracted then your metal is pure. The other method is to put ice on it. Since silver has high thermal heat, the ice should melt faster. If that happens then your silver is pure and real.
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Is there a best time when silver can be purchased?
Most investors usually purchase silver when the economy and financial markets are down. Silver rates fall during this period.
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Can silver bars be purchased at jewellery shops?
Yes, silver bars can be purchased at jewellery shops.
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What is the minimum amount of silver that I can purchase on MCX?
You can purchase a minimum of 100 grams on MCX.
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What are the options through which I can invest in Silver?
You can invest in silver through Silver ETFs of the US Market, Silver Futures Trading, by purchasing silver jewelry, antiques, silver coins, etc.
- Can I purchase silver online?
Yes, you can purchase silver through numerous e-commerce websites. However, it is important to verify the authenticity and purity of silver.
- What is the highest purity of silver in Hyderabad?
Silver has a purity grade of 0.9999, which is the highest possible.
- Is there a marking on silver jewellery that ensures its purity and authenticity in Hyderabad?
Yes, to confirm the authenticity and purity of the silver, it is marked with the jeweller's mark and the Bureau of Indian Standards (BIS).
- Is it possible to trade silver through an exchange in India?
No, you can trade silver via notified exchanges in the United States.
- Is sterling silver better than pure silver?
Due of the additional metal alloys, sterling silver is substantially more durable than fine silver. This can make your item endure longer and keep the best possible appearance.
- Does sterling silver similar as pure silver?
No, sterling silver is not similar to pure silver. Sterling silver is stronger and more durable than pure silver.
You can purchase the best quality silver in the top retail silver stores in the city. Apart from this, you can also purchase silver at almost all jewellery stores in Hyderabad.
Yes, the silver price keeps changing due to various factors which include the value of the rupee against the U.S. dollar, the price of crude oil, the trend of the equities market, etc.
There are many international factors which affect the silver rate in Hyderabad since the gold and silver market in India is dependant on the international bullion market. Crude oil prices, the value of international currencies, etc. Play a major role in the silver prices in India and Hyderabad.