The rate at which silver is sold also depends on the currency movement of the Indian Rupee against the U.S. Dollar. If the Rupee falls against the Dollar, and the international prices are stable, then silver will be more expensive in India.
Historical Silver rate trend in India
The below chart represents the historical movement of silver prices in India:This chart contains the average annual price for silver from 1981 – present.
|Year||Silver Rates in Rs./Kg.|
|2021||Rs.62572||2022 (Till Today)||Rs.55100|
Check - Today's Gold rate in India
How can I invest in silver in India?
There are multiple ways to invest in silver in India. They are as follows:
- Silver articles, cutlery or jewellery – It is a quite common practice in India to invest in silver dinner set, jewellery or show pieces. Doing this allows individuals to make an investment and at the same time use things on a daily basis.
- Silver Coins – A lot of banks and financial institutions sell silver coins of varying weight. The weight of these coins varies from 1 gram to 10 grams and upwards. These coins can be easily exchanged for liquidity as and when required.
- Silver Bars – A lot of individuals who are looking for bulk investment opt for silver bars instead of coins. These bars can be easily exchanged for cash as and when required.
- Commodity Futures Exchange – The investors can also opt for silver investment in the Commodity Futures Exchange. These investments are usually made by professional investors who are keeping an eye on the silver trends and can predict market.
What should I consider while making an investment in silver?
There are various points which need to be taken into account when making a silver investment. These factors are as follows:
- Silver rates on a daily basis - The price of silver changes every day based on the international market price of silver. That is why it is important to keep track of silver prices if you wish to get the best rates. An easy way to do so is by checking silver metal prices every day.
- Amount of silver you wish to invest in - The amount of silver you wish to buy should also be considered when purchasing the metal.
- Making charges - If you are looking forward to making an investment in silver jewellery or cutlery, do ask the jewellery about the making charges applied.
- Mode of transaction - Here, the transaction mode indicates the way silver investment is made i.e. through authorized dealers and registers and banks or online e-commerce websites. Investors need to ensure that they buy genuine products with verified purity. This would help them to get the best resale value of silver.
- Certification - It is important to get proper certification while buying silver. Doing so assures the buyer of silver purity and helps them get a good resale value.
Factors that affect silver prices in India:
The silver prices in India are affected by multiple factors. Some of them are listed below:
- The demand for silver plays a crucial role in determining prices of the metal. Precious metal like gold and silver are purchased on auspicious occasions in India. That is why there is a surge in demand for these metals during festivals and wedding season.
- The global market movement also affects the price of silver. Investors consider the precious metal a safe haven for investment and less volatile. This means that oil and the dollar considered being riskier assets and certainly more volatile experience a drop in their price, then the value of silver grows simultaneously.
- Political factors, and government policy also affect the domestic price of silver in India. Similarly, any political event, or major economic change which may have global impact also plays a role in the price of silver increasing or even decreasing.
FAQs on Silver Price Trend in India
Where do I buy silver at the best price in India?
In order to buy silver at the best price in India, you should compare the rates of various jewelers and silver sellers. This will give you an idea of where you can get the best quality silver and the best price.
When I buy silver, how do I make sure that the quality is good?
To check the quality of silver, you can run a magnet over the silver coin or jewelry. If the silver sticks to the magnet, then the quality is not good. Keep in mind that Sterling silver alloy is the best silver and is 7.5% copper or other metals and 92.5% silver.
Will the price of silver in India keep changing?
Yes, the silver price in India will keep changing and this depends on lot of factors.
How is the silver price today in India calculated?
The rate of silver in India is determined by a lot of factors like geo-political and economic events, crude oil prices, price of the Dollar, commodity prices, industrial demand, government policies on import and export.
What is the price of silver in 2022?
The price of silver in 2022 is rs.55,100.
Why is silver cheap as compared to gold?
One of the reasons why silver is cheap as compared to gold is due to the huge supply and demand for the white metal. It is estimated that there is more silver than gold on earth and hence it is easy for mining companies to mine for silver. There are various other reasons which make silver cheap such as it being used for technology, inflation, etc.
What is the minimum amount of silver that I can purchase on MCX?
The minimum amount of silver that you can purchase on MCX is 100 grams. It should be 99% pure.
What are the options through which I can invest in Silver?
You can invest in silver through Silver ETFs of the US Market, Silver Futures Trading, by purchasing silver jewelry, antiques, silver coins, etc.
Will the price of silver remain the same in India?
No, the price of silver is revised on a daily basis. Hence, the price will not be the same throughout.
What are the factors that affect the prices of Silver in India?
Some of the factors which affect the prices of silver in India are the rate of Indian rupee in comparison with the US dollar, technology, supply and demand for the silver, global economic trend, etc. Sometimes, certain political factors, either domestic or international, also affect the cost of silver.