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Silver Rate in West Bengal
West Bengal has for long been the centre of power and administration in India, acting as the capital of British India before independence. A rich legacy combined with abundant natural resources made West Bengal one of the most prosperous states in the country, with residents known for their acute investment sense. One of the most densely populated places in the world, the state is known to have a soft corner for silver, which is viewed as auspicious, making it an intrinsic part of life here. Being a hub of commerce and trade, certain cities in the state have witnessed huge growth, with silver being the primary mode of making payments in the past. Today, silver prices in West Bengal are dependent on international prices, given the fact that most of the silver used in the state is imported.
- Also Know: Gold Rate In West Bengal
Details of Silver Price in West Bengal (1 Kg) - Till December 2015
Individuals who are keen on buying silver in West Bengal would have to pay around Rs 35,977 to buy one kg of silver (as of December 21, 2015). The price of silver in the state has been anything but static over the last year, hovering around the Rs 39,000 mark per kg for most of the year. Silver prices shot up in May, touching Rs 43,500 per kg and breached the Rs 40,000 barrier again in October. The lowest prices were witnessed in March and December, when 1 kg of silver was trading for as low as Rs 35,250 and Rs 35,450 per kg respectively.
Silver as an investment
Investing in silver is a safe and smart move, with the metal in high demand across the globe. The versatility mixed with utility make silver ideal for multiple industries, ensuring that owners can get quick cash for their silver during emergencies, making it extremely liquid. Limited availability combined with the demand could see the price of silver going up in the coming years, offering high appreciation on investment. Two of the most popular means of investing in silver in West Bengal are through silver contracts/futures or by purchasing silver in its physical form.
Silver contracts – The growing Indian market has enabled people to trade in silver, with silver contracts and futures providing an excellent opportunity to make profits. One can participate in silver trade through the Multi Commodity Exchange, the National Multi Commodity Exchange and the National Commodity and Derivatives Exchange. Understanding how the markets function could go a long way in enhancing your investment, provided one plays it safe and stays abreast of current trends.
Physical silver – Purchasing silver in the form of coins, bars or jewellery continues to be the most preferred form of investing in this metal. The markets are generally out of bound for most people in West Bengal, which mean that jewellers and banks are their mainstay when it comes to buying it. Silver jewellery is traditionally passed on as family heirlooms and is integral to most celebrations and festivals in the state. While it doesn’t make sense to purchase jewellery if the intention is to use it only as an investment, it does serve dual roles. Coins and bars, on the other hand, are purchased purely as an investment, as these can be sold readily and there are no wastage or making charges associated with them.
- Also Check: Silver Rate in Kolkata