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Silver Rate in Uttar Pradesh
Uttar Pradesh, the most populous state in India is an area filled with history and culture. The birthplace of several kingdoms, it is considered one of the most powerful states in India. Today, UP is home to over 200 million people, making it a hub of industries and commercial activities. Silver was and continues to be popular in UP, having been used for multiple purposes for centuries. Silver rates in the state depend on international prices, considering the fact that most of the silver consumed is imported, with fluctuations observed on a regular basis.
- Also Know: Gold Rate In Uttar Pradesh
Details of Silver Price in Uttar Pradesh (1 Kg) - Till December 2015
Purchasing silver in UP is very simple, with jewellers across the state offering silver products. The cost of silver in the state can vary, depending on whether something is purchased from a jeweller or a bank. Buying a kg of silver in the state can set you back by Rs 35,534 (as of December 17, 2015). The last year has seen silver rates fluctuate, reaching highs of Rs 43,300 per kg and dropping to as low as Rs 35,300. In tune with international prices, March, July and December witnessed a fall in silver prices, whereas May witnessed the best prices of the year. The price remained under Rs 40,000 per kg for most of the year, providing people a decent opportunity to purchase this white metal.
Silver as an investment
Investing in silver is considered safe, primarily due to the fact that the demand for it hasn’t diminished over the years, and with limited production there is always scope for the white metal to grow. In Uttar Pradesh, silver is considered auspicious, thereby making it an investment option plus an integral part of their way of life. The fact that silver is cheaper than gold makes it affordable to the larger population, especially the middle and lower sections of society. Individuals keen on expanding their investment can choose from two options, physical silver and silver contracts/futures.
Physical silver – Physical silver, i.e. jewellery and coins/bars are the most popular mode of owning silver in UP. These can be purchased across the state, with jewellers catering to different budgetary requirements. Owning silver in this form is integral to the concept of family bonding, with items being passed from one generation to another, leaving behind a rich legacy. While most jewellery isn’t purchased with the intention of an investment, it can help one during fund crunch, offering liquidity. Silver coins and bars, however, are a smarter investment decision, thanks to their purity. Coins purchased from banks tend to be costlier on account of quality checks and purity assurance.
Silver contracts – Silver contracts are yet to gain popularity in Uttar Pradesh, with people viewing them as complicated offerings. In their nascent stage, one can indulge in silver trade through the National Multi Commodity Exchange, Multi Commodity Exchange and the National Commodity and Derivatives Exchange. Sound information about the functioning of these markets could help one gain immensely, whereas lack of awareness could put your investment at risk.
- Also Check: Silver Rate in Lucknow