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Silver Rate in Punjab
Silver is regarded as a store of wealth owing to its intrinsic value. There is a view that the price of the yellow metal may rise in the event of a government default. 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 rate in Punjab depends on various national and international factors. Several silver jewellery exhibitions are regularly held in Punjab offering a wide range of designs - traditional and contemporary besides custom-made items. Silver is a popular form of investment in Punjab given that it is more affordable than the yellow metal.
- Also Know: Gold Rate In Punjab
Details of Silver Price in Punjab (1 Kg) - Till December 2015
The price of 1 kg of silver is currently (as of December 17th, 2015) pegged at Rs.33,200 in Punjab. The price of the precious metal has been on the decline since the start of the year when 1 kg of silver was pegged at Rs.40151 in January. The price of silver fell by -3.4% to Rs.38748 in February. The months of March and April witnessed a similar downward trend in terms of price of the precious metal at Rs.38520 and Rs.38339 respectively. The price of the white metal rose by 5.4% to Rs.40434 in the month of May. The mini rally, however ended towards the same month when the price of silver fell by -4.9% to Rs.38425. The price of silver, plummeted in month of July at Rs.38299. 1 kg of silver fell by -5.5% to Rs.36192 in July. The slide continued in the following months of August and September at Rs.35880 and Rs.35045 respectively. The price of silver stabilized in the month of October at Rs.36544. However, silver fell by -6.7% to Rs.34072 in November.
Silver as an investment in Punjab
Silver is a sought-after form of investment in Punjab. Silver is widely sold in various forms to cater to all kinds of demands from customers. Many customers can invest in buying and selling securities which are traded in the US since silver ETFs have not been operational in India owing to debate over whether trading has to be done under the umbrella of Securities and Exchange Board of India(SEBI) or the Forward Market Commission(FMC).
Physical silver:Silver is extensively used in the form of silverware and gifts during weddings. Silver is sought by customers across various age groups. Customers can buy different forms of jewellery such as bracelets, rings necklaces and handcrafted jewellery. Silver bars of various denominations are also in demand.
Silver contracts: Silver is traded in Multi Commodity Exchange (MCX) and National Commodity & Derivatives Exchange (NCDEX). Silver micro is traded in 1 kg. Silver Mini (SILVERM) and SILVER 1000 are traded in units of 5 kg. Customers have to incur various charges such as exchange levy, brokerage, stamp duty and so forth.