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Silver rate in Hyderabad

Hyderabad is one of the top cities in the Southern part of India. Hyderabad is a metropolitan city housing a population of over 7.5 million people. As per a survey, Hyderabad is the fourth most populous city in the city and is widely developed as a major centre for the technology industry. Silver is one of the popular commodities that has attracted a lot of investors. Hyderabad silver rate follows the trend of international rates of the sparkling metal. With the demand for silver being high, the price of the metal constantly keeps changing. Silver as a commodity not only holds important value as an investment for people in Hyderabad, but is also an intrinsic part of the Southern culture. Silver in Hyderabad is mainly purchased during auspicious occasions such as weddings and festivals.

Factors Affecting Silver Rate in Hyderabad

When buying silver in Hyderabad, it is important for you to know about the factors that influence the price of the metal in the city.

  • Demand and supply: We all know that silver is an imported commodity in Hyderabad. So, any change in the supply and demand ratio directly has an impact on the price of silver in Hyderabad. Silver price in Hyderabad is mainly driven by the demand and supply ratio. If the demand is higher than the supply, prices will increase and vice versa.

  • Economic trends: In good economic times in Hyderabad, the demand for luxury items is very high and people love to invest in silver. So, owing to the growth of the economic market, the demand for silver rises which eventually leads to an increase in the rate of silver in Hyderabad.

  • Inflation: Silver in Hyderabad is seen as a great hedge against inflation. If the city witnesses a gradual rise in the rate of inflation, then silver is considered to be a good source of investment as people look to spend their money in commodities that will benefit them in the long run.

  • Price of the US dollar: Dollar and silver rates share an inverse relation. A strong dollar leads to a dip in silver rate in Hyderabad, while a weakening dollar leads to an increase in the silver price. This is because people prefer investing in an appreciating commodity. So, when the rate of dollar takes a dip, the demand for silver increases, thus leading to a gradual rise in its price.

  • Gold rate: If the price of gold witnesses a high, then the silver rate too follows the same trend.

  • Interest rates offered by banks: Investment in silver is not done to get current returns. So, if the banks in Hyderabad offer low interest rates on FDs, then the demand for silver spikes, leading to a rise in its rate.

  • Industrial demand: Silver in Hyderabad is not only used for the production of jewellery items but also for making various household and medical items.

How to invest in Silver in Hyderabad?

Silver is quite a popular investment option in Hyderabad. Silver, as a metal, is investment, highly in the form of silverware, coins, jewellery and others.

Here are popular ways by which investment in silver can be made in Hyderabad:

  • Silver jewellery: Silver jewellery in Hyderabad is one of the popular commodities as women in the city are extremely fond of silver earrings, rings, bracelets, necklaces, etc. Silver jewellery in Hyderabad can be purchased online or offline from the nearest jewellery store. Silver jewellery in Hyderabad is available in different purity levels ranging from 99.9% to 80%.

  • Silver coins: Silver coins are traded in Hyderabad by banks, jewellers and online jewellery stores. People in Hyderabad mainly purchase silver coins for the purpose of gifting or during festivals such as Diwali, Onam and others.

  • Commodity Exchange: Silver as a commodity in Hyderabad is traded at NCDEX & MCX in the form of silver future contracts. With this, silver can be stored electronically and the investor can sell it at any point in time. To trade silver in Hyderabad, it is important for the investor to hold a Demat account.

  • Silver bullions: If you are looking to invest in large quantities of silver in Hyderabad, then silver bullions make for a good investment option. Silver bullions in Hyderabad can be purchased from banks, jewellers or online agents. Silver coins purchased from banks are typically more expensive than the ones purchased from jewellers as banks provide you with purity certificate and assurance.

Things to Remember Before Purchasing Silver in Hyderabad

  • Check the market price: While buying silver in Hyderabad, check on the silver price today as it gives you an idea about how much you have to spend to buy 1 gram of the white metal.

  • Online silver purchase: If you are looking to purchase silver online, then ensure that you are buying it from a trusted source. Buy from certified silver dealers or sellers to ensure that your purchase is not ridden with any discrepancies.

  • Certification: Always purchase silver that is BIS hallmarked. A certified silver jewellery or a coin has the below marks embodied:

    • Purity
    • BIS mark
    • Identification mark of Assay centre
    • Marking Year
    • Jeweller/ manufacturer’s mark of identification
  • Ask for the invoice: To avoid any discrepancies, ensure that you collect the invoice from the silver jewellery.

FAQs on Silver Rate in Hyderabad

Is there a particular time when silver price is low?

Silver rates in Hyderabad are extremely volatile in nature, owing to its constant demand. So, there is no particular time that would assure that you purchase the metal at a low price.

What is todays silver price in Hyderabad?

You can check todays silver price in Hyderabad online or at the nearest jewellery showroom.

Which are well-known silver sellers in Hyderabad?

Well-known silver sellers in Hyderabad are Akshaya Jewellers, Shree Jewellers, Siddhi Vinayak Jewellers and others.

Can I get a loan on silver in Hyderabad?

Yes, you can get a loan on silver in Hyderabad.

Is there any tax on silver in Hyderabad?

Yes, GST of 3% is levied on silver purchase in Hyderabad.