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Silver Rate in Jharkhand
India has over 500 tonnes and 23,000 crore worth market for silver. Silver is considered a safe haven of investment during any banking crisis, overall financial instability and currency devaluations. It is important to note that many customers invest in silver to protect their purchasing power during high inflation.
Silver is held in high regard in Jharkhand. There are various jewellery stores across Jharkhand which offer a wide range of jewellery designs. Silver coins and bars of different denominations (50g and 100g) besides silver artefacts and gift articles are also bought. Silver articles are utilized for ritualistic purposes as well.
- Also Know: Gold Rate In Jharkhand
Details of Silver Price in Jharkhand (1 Kg) - Till December 2015
Silver rate in Jharkhand depends on various national and international factors. 1 kg of silver was pegged at Rs.33,785 as on December 21st, 2015. The price of the white precious metal has been on the decline since the start of the year barring mimi rallies and minor fluctuations. 1 kg of silver was pegged at Rs.40090 in the middle of January this year but was soon set on a downward trajectory in the following months of February and March when the price fell an average -4.9% to Rs.38091. The price of silver fell further in the month of April by -1.2% to Rs.37606. However, the price of the precious metal rose in the month of May by 7.7% to Rs.40530. The price of silver dropped by -5.2% to Rs.38400 in June. Silver rates in Jharkhand continued to slide in July and August and tumbled to Rs.35875 in September. The price of 1 kg of silver fell by -3.6% to Rs.34576 in October and further fell by -1.3% to Rs.34117 in November.
Silver as an investment
Silver is viewed as a valuable asset courtesy its intrinsic value. Silver is considered a safe haven in terms of investment during any type of financial instability and currency devaluations. According to experts, many consumers invest in silver so they can protect their purchasing power during periods of high inflation.
Physical silver: Silver is bought in the form of coins, bars and intricate jewellery in Jharkhand. Different types of gift articles and silver artefacts are also bought by customers in Jharkhand in addition to silverware.
Silver contracts: Customers trade in silver futures on NCDEX and MCX. Silver Mini (SILVERM) and SILVER 1000 are traded in units of 5 kg on MCX. However, silver Micro (SILVERMIC) is traded in 1 kg units. On NCDEX, SILVERHEDG is traded in 30 kg units.
- Also Check: Silver Rate in Ranchi