Similar to gold, individuals can choose to make investments in silver. Investing in this precious metal means putting money into the trading, production or ownership of silver. For many, this means purchasing quantities of bullion in bar or coin form and holding onto it.
The price of silver in India varies across cities on account of local market factors, like demand and supply, taxes and transportation charges. This article highlights how lucrative silver investments are in Lucknow and its rates over the recent months.
Some of the factors that have an effect on the price of silver are:
Taking into account that silver is an appreciatory commodity, it is best suited for those interested in long-term investments. There are various ways to invest in silver - here is a look at some of them:
E-silver - Through the National Spot Exchange Limited, users are able to trade in E-Silver. The NSEL enables individuals to park money in silver (in smaller denomination) and hold it in demat form.
Silver stocks - Buying shares in silver stocks can help individuals to diversify their investment portfolio. This is a popular form of investing as silver (as a long-term investment) helps protect against the volatility in other sectors.
Silver in its purest form is very soft, therefore elements such as zinc, copper or nickel are added for the purpose of giving it strength. Copper makes silver firm; however, it has a tendency to tarnish, causing the jewellery to darken when it is frequently in contact with water, air or other elements often. From 2003, jewellers have begun mixing platinum, which is harder and resistant to tarnish. This raises the ornament’s price. The best silver sold is sterling silver, which constitutes 92.5% of the precious metal. It would have an .925 or 925 stamp.
According to some jewellers, most of the fraudulent cases take place in silver ornaments and wares. One is therefore advised to only purchase these from well-known jewellers who have credible buyback policies. Silver is resold basis its weight. Considering that the metal is often melted for the purpose of its reuse, it is possible to lose out on the making charges. The only exception here is antique silver jewellery.
Trend of Silver Rate in Lucknow for July 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st July rate | Rs.40,578 |
| 31st July rate | Rs.44,965 |
| Highest rate in July | Rs.44,965 on July 31 |
| Lowest rate in July | Rs.40,560 on July 9 |
| Overall performance | Rising |
| % Change | +10.81% |
Trend of Silver Rate in Lucknow for June 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st June rate | Rs.39,600 |
| 30th June rate | Rs.40,500 |
| Highest rate in June | Rs.40,500 on June 29 |
| Lowest rate in June | Rs.39,450 on June 2 |
| Overall performance | Rising |
| % Change | +2.27% |
Trend of Silver Rate in Lucknow for May 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st May rate | Rs.40,500 |
| 31st May rate | Rs.39,500 |
| Highest rate in May | Rs.40,700 on May 3 |
| Lowest rate in May | Rs.39,360 on May 25 |
| Overall performance | Falling |
| % Change | -2.47% |
Trend of Silver Rate in Lucknow for April 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st April rate | Rs.40,647 |
| 30th April rate | Rs.40,000 |
| Highest rate in April | Rs.40,863 on April 10 |
| Lowest rate in April | Rs.40,000 on April 23 |
| Overall performance | Falling |
| % Change | -1.59% |
Trend of Silver Rate in Lucknow for March 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st March rate | Rs.43,300 |
| 31st March rate | Rs.41,500 |
| Highest rate in March | Rs.43,300 on March 1 |
| Lowest rate in March | Rs.41,100 on March 8 |
| Overall performance | Falling |
| % Change | -4.16% |
Trend of Silver Rate in Lucknow for February 2019 (rates per kg)
| Silver Rates | 1 Kg |
| 1st February rate | Rs.41,450 |
| 28th February rate | Rs.43,300 |
| Highest rate in February | Rs.43,700 on February 26 |
| Lowest rate in February | Rs.41,300 on February 4 |
| Overall performance | Rising |
| % Change | +4.46% |
The GST that is applicable on silver is 3%. This rate is applicable on i) Silver (including silver plated with gold or platinum), unwrought or semi-manufactured forms, or in powder form, ii) Base metals or silver, clad with gold, not further worked than semi-manufactured, iii) Articles of goldsmiths’ or silversmiths’ wares and parts thereof, of precious metal or of metal clad with precious metal, etc. (Source: GST Council)
Lucknow has a large population, and hence the demand for Silver has always been high. Before purchasing Silver, it is very important for an individual to check the prevailing rate. Even a tiny variation in the rate of Silver can lead to a big loss. Therefore, it is important to check the live price/rate of Silver in Lucknow. You can also visit multiple jewellers before buying.
The different ways by which one can buy silver include:
Silver jewellery, hallmarked by the Bureau of Indian Standards, shall bear the BIS logo. This serves as proof that the purity of the metal has been verified in one of the bureau’s licensed laboratories. It is important to note that BIS hallmarking is not compulsory – some jewellers do not offer hallmarked BIS jewellery. They have their own in-house hallmarking of jewellery which is not verified by the national standards body of India. Prior to buying silver jewellery, it is necessary to check with the jewellers whether they offer BIS hallmarked ornaments.
Silver - known for its versatility - has numerous uses and investment opportunities. Also, taking into account that it is more abundant than gold, silver is more affordable per ounce as compared to gold. However, it is essential to note that investment in silver carries with it some inherent risk. Investors who have the desired risk appetite are therefore only advised to opt this route.
What is per gram silver rate in Lucknow?
According to the website of Good Returns, the per gram silver rate is Rs. 49.16 (as on 27 August 2019).
What is 10 grams silver rate in Lucknow?
According to the website of Good Returns, the rate for 10 grams silver is Rs. 491.60 (as on 27 August 2019).
What is 100 grams silver rate in Lucknow?
According to the website of Good Returns, the rate for 100 grams silver is Rs. 4,916 (as on 27 August 2019).
What is 1 kg silver rate in Lucknow?
According to the website of Good Returns, the rate for 1 kg of silver is Rs. 49,160 (as on 27 August 2019).
