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Silver Rates in Rajasthan
Rajasthan has a long and interesting history with silver, being home to some of the only silver mines in the country. The love for silver is reflected in every village, town and city of the state, with silver jewellery adorning people of all ages and genders. Given the mines in the state, locally produced silver can be purchased for a cheaper rate, but most of the demand for silver is met through imports, meaning that international prices have a say in the amount one pays. With a sizeable area and population, Rajasthan accounts for a large portion of silver consumed in India, with it being found in almost every household in the state.
- Also Know: Gold Rate In Rajasthan
Details of Silver Price in Rajasthan (1 Kg) - Till December 2015
Silver prices in Rajasthan have been on a roller coaster ride over the last year, with changes witnessed periodically. The current price for a kg of silver in Rajasthan is Rs 36,244 (as of December 18, 2015). Silver rates have been around the Rs 36,000 mark for most of the year, peaking in May and dropping to their lowest in March. May prices went over Rs 43,300 per kg while March witnessed rates of Rs 35,300. The US Federal rate hike and lack of demand had an impact on silver rates in the country, with a future drop in rates expected.
Silver as an investment
Silver is perhaps the most popular precious metal in Rajasthan, thanks to its availability and affordability. The low cost makes it perfect for a major portion of the population who cannot invest in gold or other precious metals. A number of youngsters with limited resources are moving to silver, using it as a stepping stone to upgrade to other investments. Intricate designs and craftsmanship have made silver from the region popular across the world, with high demand witnessed in other cities and towns, providing a livelihood for thousands in the state.
Physical Silver – Silver jewellery can be seen all over Rajasthan, with the people taking pride in owning and crafting such unique masterpieces. One can buy jewellery from jewellers across the state, with products for different budgets available. While immensely popular, silver jewellery might not be the best investment mode in silver, on account of the making and wastage charges involved. For those planning to buy silver only as an investment, silver coins and bars are a better option. One can purchase these in different weights, with the price varying depending on the purity. Banks and jewellers sell these coins/bars, with the ones purchased from jewellers generally cheaper than bank rates.
Silver Contracts – Silver can be traded in the markets, in the form of futures or contracts. The National Multi Commodity Exchange, the Multi Commodity Exchange and the National Commodity and Derivatives Exchange offer an option to trade in silver in the country. Investing through markets requires basic knowledge about their functioning, with an element of risk involved in them.
- Also Check: Silver Rate in Jaipur