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Silver Rate in Uttarakhand
The “Land of Gods”, Uttarakhand holds an important position in the hearts and minds of Indians. Nestled under the foothills of the Himalayas, this small state is the abode of temples and monasteries, with millions of people visiting it every year. Most of the devotees who come here leave behind offerings, a number of them choosing to donate silver, making silver intrinsic to the way of life here. Given that there are no major silver reserves in Uttarakhand, residents and travellers alike have to use silver which has been imported into the country. The price of silver in Uttarakhand, is therefore, dependant on international silver trends, with prices changing on a regular basis.
- Also Know: Gold Rate In Uttarakhand
Details of Silver Price in Uttarakhand (1 Kg) - Till December 2015
Silver rates in Uttarakhand over the last year have reflected global trends, with a huge variation seen over a few months. The current price of 1 kg silver in the state is Rs 35,956 (as of December 21, 2015). Prices have picked up over the last few days, but on an average have stayed around the Rs 38,000 level per kg for most of the year. The month of May witnessed the highest rates of 2015, with a kg costing around Rs 43,500, while March and December saw lean periods, with a kg costing around Rs 35,200 and Rs 35,400 respectively.
Silver as an investment
The significance of silver can be seen in its usage, with it forming the core for multiple industries across the globe. Silver has been around for centuries and looks like it will stay strong for many more centuries to come. It offers a safe and affordable investment option, especially to the millions of people who cannot afford other precious metals like gold, diamond or platinum. High demand coupled with limited availability make silver ideal for individuals looking to get moderate returns without the risk attached with investments. Individuals who wish to invest in silver in Uttarakhand can do so in two ways, either by purchasing physical silver or participating in market trade.
Physical silver – This continues to be the most popular means of buying and owning silver in the state. Ease of purchase coupled with multiple options have ensured that silver in the form of jewellery, coins and bars continues to occupy a place in the investment portfolio of thousands in Uttarakhand. While coins and bars are viewed as excellent investment modes, jewellery serves a dual purpose, acting both as an investment and as a heirloom, passed on from generation to generation. Silver coins can be purchased from both banks and jewellers across the state, while jewellers offer exquisite jewellery options for those who prefer jewellery.
Silver contracts/futures – Still in their infancy stage in Uttarakhand, silver futures and contracts provide an alternate mode of investment to those who are familiar with how the markets function. Silver can be traded through the National Multi Commodity Exchange, the National Commodity and Derivatives Exchange and the Multi Commodity Exchange. Investing in silver through these mediums involves an element of risk and one should exercise caution with their investments.
- Also Check: Silver Rate in Dehradun