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Silver Rate in Maharashtra
Maharashtra has a long relationship with silver, with the ports and business centres seeing major exchange of this metal over the centuries. A historic past where kings and queens used silver for trade has imbibed a sense of appreciation for silver. Today, Maharashtra is a hub of commerce, with major cities witnessing great growth, meaning people have higher spending capacity. Silver has traditionally been viewed as a decent investment avenue in Maharashtra, forming an integral part of celebrations and festivals here. In spite of other investment opportunities present to residents of Maharashtra, the benefits and cost effectiveness of silver have ensured it stays close to their hearts.Silver prices in Maharashtra are a reflection of international rates, with costs changing on a regular basis, depending on multiple factors.
- Also Know: Gold Rate In Maharashtra
Details of Silver Price in Maharashtra (1 Kg) - Till December 2015
Silver rates in Maharashtra have been on a roller coaster ride since the start of this year. Prices peaked during May, with drops witnessed in March, July and December. The year started with 1 kg silver costing around Rs 36,000, with prices steadily climbing up during the month. The prices jumped to over Rs 40,000 towards the third week, before dropping in February, falling below the Rs 36,000 mark in March. 1 kg silver could be purchased for as low as Rs 35,228 in March. Prices rose towards the end of March but fell again in April. May witnessed a steep rise in prices, when 1 kg of silver cost Rs 43,300. Prices gradually fell in the next few months, dropping to as low as Rs 35,800 in August, before picking up again. October saw a brief moment when prices went over the Rs 40,000 barrier, before falling to their current rate. A kg of silver could set you back by Rs 35,384 today (December 15, 2015).
Silver as an investment
Silver is considered a safe investment option in Maharashtra, primarily on account of its affordability and cultural significance. Most households consider owning silver auspicious, with it forming an integral part of weddings and celebrations. With silver costing less than gold, it provides an investment opportunity to investors with moderate resources, helping them build a portfolio. Individuals who wish to invest in silver can do so in different ways, with physical silver and silver contracts being the two popular investment modes in Maharashtra.
Physical Silver – Buying silver in its physical form continues to be the mainstay for most investors. Silver can be purchased either in the form of coins or jewellery, with banks and jewellers across the state offering products for multiple budgets. Silver ornaments like chains, anklets, amulets and rings serve a dual purpose, acting as an investment and an accessory. Silver statues of gods and goddesses are also popular in Maharashtra, with their demand peaking during festivals and religious processions. Silver coins can be purchased from both banks and jewellers, with the ones purchased from banks costing slightly more on account of quality checks and purity certificates.
Silver contracts – One can purchase silver through the markets, with silver being traded in the National Multi Commodity Exchange, National Commodity and Derivatives Exchange and the Multi Commodity Exchange. Typically, this is suited for individuals who wish to purchase silver in bulk, with the minimum trading limit set at 1 kg in most cases. This can be a good option for investors who are well aware of the markets and wish to make quick profits.
Also Check Silver Price in NearBy Cities of Maharashtra
|Silver Rate in Mumbai||Silver Rate in Pune|
|Silver Rate in Nagpur||Silver Rate in Kolhapur|