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Investing in silver has always been one of the most frequent investment options for people in Delhi. Since Delhi has a vast population, the demand for silver is always high here. Apart from buying silver as an investment, people buy it in the form of coins, accessories and vessels to use it on a daily basis. In Delhi, investing in silver is not only popular among the high society individuals, but also among the middle and lower class families. In Delhi, silver is mainly used in the production of industrial applications due to which the demand for the white metal is always high. The price of silver has not deterred people from not purchasing this metal since it is considered highly beneficial during the time of a financial distress. Delhiites can also purchase silver in electronic form as the metal is traded on the Multi Commodity Exchange and the National Commodities and Derivatives Exchange.
To know how silver prices are affected in Delhi, here are a few factors that you should know about.
Dollar rate: The dollar has a direct impact on the rate of silver in Delhi. Dollar and silver share an inverse relation. When the USD becomes strong, the rate of silver in Delhi decreases and when the USD weakens, the rate of silver increases. This happens because investors have a tendency to invest in appreciating asset. So, when the dollar weakens, investing in silver in Delhi looks like a wise option.
Import duty: Silver is an imported commodity in Delhi. If the import duty on silver increases, then the rate of silver rises too.
Prevailing taxes: If the Indian Government increases the rate of taxes to be charged on silver, then the silver rate rises. The introduction of GST in 2017 increased the silver rate in Delhi.
Inflation: Usually, silver in Delhi is purchased as a hedge against inflation. So, when the inflation trend in the national capital witnessed an upward trend, the silver rate in Delhi too rises. This happens because the spending capacity of people decreases during the time of inflation and they tend to make a wise investment during these times, and silver looks like a good investment option.
In Delhi, silver is one of the most popular commodities, the demand for which is rising every passing day. Silver investment in Delhi can not only be made in the form of jewellery, but also in the below options:
Silver coins and bars: In Delhi, exchanging silver coins and bars is quite popular during the time of festivals such as Diwali, Lohri, Akshay Tritiya and others. Silver coins and bars in Delhi are available in different purity and can be purchased online or from the nearest jewellery store. Owing to their size, silver coins and bars can be easily stored and are one of the cost-effective ways to invest your hard-earned money in.
Silver jewellery: Women in Delhi love to adorn themselves with silver jewellery. Purchasing silver jewellery is a lucrative option in Delhi and is high in demand in the form of earrings, rings, necklaces and others. Silver jewellery is offered in different purity, the price of which changes.
Silver contracts: Silver in Delhi can be purchased electronically in the form of silver contracts. They can be purchased from the Multi Commodity Exchange (MCX) and National Commodities and Derivatives Exchange (NCDEX). Silver contracts are available in various purity levels starting from 99.9 (999 silver finesse) to 80 (800 fineness).
Being affordable and durable, silver is one of the highly preferred metals in Delhi. However, while buying this precious metal, there is an array of things which one needs to consider. So, here is what you need to remember while making a silver purchase in Delhi.
Always buy silver that is BIS hallmarked
Always ask your jeweller to give you a buyback option as that allows you to exchange old silver jewellery to purchase a new one
Buying silver with 99.9% purity is pure silver and has a sparkling lustre.
If you are purchasing silver online, then ensure you do so from a reputed dealer.
What is the rate of silver today in Delhi?
You can check the rate of silver today in Delhi online from a trustworthy website or at a jewellery store near you.
From where can I buy silver in Delhi?
You can purchase silver from Delhi jewellers such as Prince Jewellers, Ram Jewellers, PC Jewellers, Rama Krishna Jewellers, Jewellery Mart, Mehrasons, Tanishq etc.
What is the MCX silver rate today in Delhi?
You can check MCX silver rate today in Delhi online or at a jewellery store near you.
Does gold rate have an impact on the silver rate in Delhi?
Yes, the rate of gold does have an impact on Delhi silver rate. Any increase or decrease in silver rate leads to a change in silver rate too.
What is the price of a silver coin in Delhi?
The price of a silver coin in Delhi depends on silver purity. If you are purchasing silver with a purity grade of 99.9%, then it will cost you more than 92.5% silver purity.
Is Delhi silver rate same as the silver rate in Mumbai?
No, silver rate in Delhi is not the same as the silver rate in Mumbai.