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Silver Rate in Odisha
Odisha, the temple state of India is known for its culture and history, occupying an important place in the country. Home to the ancient Kalinga kingdom, silver has been an intrinsic component of the state, with it being used for trade, commerce and industrial purposes. Odisha has been on the road to progression, with new cities and job opportunities meaning that people have more income, income which can be used to invest in silver. Silver prices in Odisha depend on international trends, primarily owing to the fact that most of the silver consumed in the state is imported.
- Also Know: Gold Rate In Odisha
Details of Silver Price in Odisha (1 Kg) - Till December 2015
Silver prices in Odisha are closely related to rates across the country, which are in turn related to international prices. The current price of silver in the state is Rs 35,534 per kg (as of December 17, 2015). The year 2015 has been a good one for silver lovers, with prices dipping in March, July and December, providing them an opportunity to own this versatile metal. Prices of silver have been around the Rs 36,000 – Rs 40,000 mark for most of 2015, peaking in May, when prices went as high as Rs 43,000 per kg. The current prices are on the back of a price drop, which saw a Rs 1,300 fall over the last week.
Silver as an investment
Silver is a cost effective and multi utility metal, offering a host of benefits to owners. Given the risk factors associated with most investments, individuals always have the thought of losing their hard earned money at the back of their mind. Silver is generally risk free, with an insatiable global demand heralding good news for investors. Residents of Odisha view silver as auspicious, making it an integral part of all celebrations in the state. Silver in its physical form and silver contracts are the popular modes of investment in Odisha.
Silver contracts and futures – Silver futures and contracts are relatively new investment options, with people yet to open up to them wholeheartedly. Investors who are aware of markets and their functioning could choose this, with a great opportunity to make profits. Typically, purchasing silver through markets is limited to people who wish to buy silver in bulk, not for those who want minute quantities of it. One can participate in market trade through the National Commodity Exchange, the Multi Commodity Exchange and the National Commodity and Derivatives Exchange.
Physical silver – For millions across Odisha, purchasing silver in the form of coins or jewellery continues to be their only way of owning this precious metal. Jewellery and coins can be purchased in different weights, ensuring that one can find something for every budget. Silver coins can be purchased from banks and jewellers, with the ones from banks costing more on account of quality checks and assurance. Jewellery is perhaps the most preferred investment option for people, with it being purchased across the year. Silver utensils, statues, chains, amulets, rings, etc. are some of the popular products available.
- Also Check: Silver Rate in Bhubaneswar