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Silver Price in Ranchi
Silver is sought-after in Ranchi due to various factors. Many residents of Ranchi view the white precious metal as a form of robust investment. Silver is bought for special festive occasions and is extensively used in the form of trendy gifts and jewellery. People across different age groups buy silver in Ranchi. For most consumers in Ranchi, silver is more affordable and accessible precious metal compared to the yellow metal. Silver is also viewed as an effective hedge against overall inflation. Non-traditional investors, therefore, view silver as a safe haven.
Silver is widely used in several industries which increases both its profile and demand in the long term. Silver in Ranchi is sold in the form of intricate silverware and other articles used during many traditional ritualistic practices in the city. Silver rate in Ranchi depends on various national and international geopolitical and economic factors such as inflation and correction in gold prices among other factors.
Silver as an investment
Silver has a store of value. Popularly known as ‘poor man’s gold’, silver in Ranchi is in demand as a form of investment. Compared to the yellow metal which may be out of reach for many sections given that it entails investment amounting to thousands of rupees, silver coins of small denominations can be bought for a few hundred rupees.
Physical silver: Buying physical silver is the easiest and simplest mode of investment in Ranchi. People in Ranchi buy silver bars of varying weights (100g, 500g or 1kg) in addition to coins of different denominations. Also, different types of jewellery such as necklaces, rings, bajubandh and bracelets among many others are sold. Handcrafted jewellery is also in demand.
Silver contracts:Silver is traded in Multi Commodity Exchange (MCX), National Commodity & Derivatives Exchange (NCDEX) and National Multi Commodity Exchange (NMCE). Silver micro is traded in 1 kg (unit) while SILVERM and SILVER 1000 are traded in units of 5 kg.
Silver rate in Ranchi
The rate of silver in Ranchi depends on various international factors besides developments in India. 1 kg of silver was pegged at Rs.40148 in the month of January 2015. The price of the precious white metal fell by -4.4% to Rs.38358. The price of silver hovered around Rs.37471 throughout March and April. The price of the precious metal rose by 6% to Rs.40011 in the middle of May. Silver rates in Ranchi fell in June by -6.9% to Rs.37237 in June. The price of silver continued to plummet in the latter part of 2015 barring a mini rally in the middle of August. The price of 1 kg of silver pegged at Rs. 36301 in September decreased by -2.2% to Rs.35497 in November. The price of silver further decreased by -3.2% to Rs.34360 in December.
Also Check Silver Price in NearBy Cities of Ranchi
|Silver Rate in Raipur||Silver Rate in Patna||Silver Rate in Bhubaneswar|
|Silver Rate in Bhopal|
|Also Know: Gold Rate in Ranchi|
Read more on Silver
- Silver – Poor Man’s Gold
- Silver Bars and Silver Coins
- Silver Jewelry
- How to Find Certified/Authentic Silver
- Need for Silver as an Industrial Commodity
News About Ranchi Silver Rate
Gold drops again but holds above softer equities
Gold lost its sharp overnight gains but still managed to hold above $1,200 an ounce over other softer equities and hence still remains a safe haven for many investors.The Asian shares nearly dropped from a three week high after a drop in the U.S equities overnight.Spot gold also eased by 0.4% to $1226.61 an ounce after gaining 2 percent a day ago.
19th February 2016
Rebound in Global market causes gold to fall further
Gold price witnessed a downfall again and the rebound in global stock markets and oil prices is to be blamed for that. The yellow metal took a plunge below $1,200 per ounce which has diminished interest among safe haven seekers. The metal went through the biggest drop in seven months by losing about 4%. Spot gold also dropped by 1.5% to $1,191.40 an ounce.
17th February 2016