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Silver Rate in Lucknow

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.

Factors Affecting Silver Rate in Lucknow

Some of the factors that have an effect on the price of silver are:

  • Demand and supply: Like most commodities, the price of silver is driven by speculation as well as the demand and supply of the metal. The rate is volatile compared with gold because of the market liquidity and demand fluctuations. This, at times, can cause wide-ranging valuations in the market, resulting in volatility.
  • Oil prices: Considering that mining of silver is an energy-intensive process, it can be concluded that silver prices are correlated with price of oil. Also, for importing silver, a strong logistics platform is required that is backed by consistent oil supply. Volatility in oil rate results in dynamic prices of silver and gold.
  • Interest Rates: Base interest rate indicates general market conditions. Considering that investments in silver are not made to get a current return, some people will choose interest payments rather than long-term appreciation of silver holdings. Thus, the market rate of silver can be said to have an inverse association with the level of interest rates.
  • Gold prices: Silver prices tend to closely follow the upward/downward trend of gold. In case of a surge in demand for gold, resulting in an increase in its rates, silver will follow suit. Similarly, when the price of gold falls, chances are the silver rates will decrease too.
  • Inflation: Silver is considered a great hedge against inflation. When the currency value goes down, silver assures protection against losses in purchasing power. However, it is essential to note that when the demand increases, the silver rate will also increase.

How to Invest in Silver in Lucknow?

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:

  • Silver bars or coins (bullions) - Individuals can purchase silver coins or bars from any authorized store or even from a bank.
  • Silver ornaments - Indians prefers silver ornaments as much as gold. It is essential to look out for sterling silver with a 925 hallmark. This serves as proof that the silver is 92.5% pure.
  • 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.

Things to Remember Before Purchasing Silver in Lucknow

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.

Six month’s Silver rate in Lucknow

Trend of Silver Rate in Lucknow for July 2019 (rates per kg)

Silver Rates1 Kg
1st July rateRs.40,578
31st July rateRs.44,965
Highest rate in JulyRs.44,965 on July 31
Lowest rate in JulyRs.40,560 on July 9
Overall performanceRising
% Change+10.81%

Trend of Silver Rate in Lucknow for June 2019 (rates per kg)

Silver Rates1 Kg
1st June rateRs.39,600
30th June rateRs.40,500
Highest rate in JuneRs.40,500 on June 29
Lowest rate in JuneRs.39,450 on June 2
Overall performanceRising
% Change+2.27%

Trend of Silver Rate in Lucknow for May 2019 (rates per kg)

Silver Rates1 Kg
1st May rateRs.40,500
31st May rateRs.39,500
Highest rate in MayRs.40,700 on May 3
Lowest rate in MayRs.39,360 on May 25
Overall performanceFalling
% Change-2.47%

Trend of Silver Rate in Lucknow for April 2019 (rates per kg)

Silver Rates1 Kg
1st April rateRs.40,647
30th April rateRs.40,000
Highest rate in AprilRs.40,863 on April 10
Lowest rate in AprilRs.40,000 on April 23
Overall performanceFalling
% Change-1.59%

Trend of Silver Rate in Lucknow for March 2019 (rates per kg)

Silver Rates1 Kg
1st March rateRs.43,300
31st March rateRs.41,500
Highest rate in MarchRs.43,300 on March 1
Lowest rate in MarchRs.41,100 on March 8
Overall performanceFalling
% Change-4.16%

Trend of Silver Rate in Lucknow for February 2019 (rates per kg)

Silver Rates1 Kg
1st February rateRs.41,450
28th February rateRs.43,300
Highest rate in FebruaryRs.43,700 on February 26
Lowest rate in FebruaryRs.41,300 on February 4
Overall performanceRising
% Change+4.46%

How does GST impact the rate of Silver in Lucknow?

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)

Importance of checking Silver rate in Lucknow

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.

How to buy Silver after checking Silver price in Lucknow?

The different ways by which one can buy silver include:

  • Silver bars or coins (bullions)
  • Silver jewellery and ornaments
  • Silver stocks
  • E-silver

What is BIS Hallmarked Silver Rate in Lucknow?

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.

Conclusion

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.

FAQ's On Silver Rate in Lucknow

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).