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Silver Rate in Nagpur

Silver is an important precious metal. India is the second largest consumer of Silver in the world. Traditionally, Gold is a preferred option in terms of safe investment for the common people. However, there has been an increase in demand for Silver.

Factors affecting Silver rate in Nagpur

Silver is a reliable source of wealth and value. However, unlike Gold, the requirement may not be highly dependent on domestic demand. The rate of Silver is also affected by industrial demand as this metal is used in manufacturing components of various electronic goods. Additional factors that affect the rate of Silver in Nagpur are:

  • Fluctuating industrial demand
  • Store of value demand
  • Geo-political uncertainties
  • Rising crude oil prices
  • Depreciating dollar
  • Government policies on major export and import destinations.
  • Sales by central banks
  • Direction of gold prices and direction of other commodity prices.

How to invest in Silver in Nagpur?

There are four ways to invest in Silver in Nagpur:

Jewellery - 25% of the overall demand for Silver in India is fueled by silverware and jewellery. Silver jewellery is more expensive than buying coins. Silver jewellery also comprises of 10% manufacturing charges and 15% melting charges. Also, Silver jewellery is extremely popular during festive seasons.

Coins - Silver coins are one of the most readily available forms of Silver. This metal can be purchased from banks as well as jewellers. The coins can be bought in weights from 10 grams to 500 grams. Purchasing Silver coins from banks is expensive as banks apply packaging charges along with providing a certificate.

Bullion - For traders and jewellery makers, investing in Silver bullion is a suitable option. Bullion is in the form of bars that range from 500 grams up to 5 kilos. Silver bullion comes with many advantages. Firstly, you can hold a substantial quantity of Silver. Secondly, the Silver bullion can be sold for up to 75% of its value at a particular date.

Commodity Future Exchanges - Individuals, jewellers and traders can purchase Silver in large substantial quantities directly through the Commodity Future Exchange.

Things to remember before purchasing Silver in Nagpur

It is important to check and monitor the prevailing rate of Silver in Nagpur. Additionally, you should look into the following factors before purchasing Silver in Nagpur:

  • Avoid Silver with nickel plating as it is harmful for the human skin.
  • Check for the authenticity and purity grade of Silver. This can be assessed by a Hallmark.
  • Look into the overall craftsmanship, the intricacy of Silver Jewellery designs, the weight of the Silver Jewellery items and any marks, flaws or areas of tarnish.

Six month’s Silver rate in Nagpur

Trend of Silver Rate in Nagpur 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 Nagpur 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 Nagpur 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 Nagpur 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 Nagpur 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 Nagpur for Feb 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 Nagpur?

Precious metals such as Silver and Gold are subjected to Goods and Services Tax. A 3% GST is applicable on the final price of Silver.

Importance of checking Silver rate in Nagpur

Precious metals such as Silver and Gold are subjected to Goods and Services Tax. A 3% GST is applicable on the final price of Silver.

Importance of checking Silver rate in Nagpur

The demand for Silver has always been high in Nagpur. Before purchasing Silver, it is very important for an individual to check the prevailing rate. You can also compare the prices from different banks, jewellers or retailers.

How to buy Silver after checking Silver price in Nagpur?

Before purchasing any form of Silver in Nagpur, you should check the prevailing Silver market rate. This refers to today’s Silver price in Nagpur.

What is BIS Hallmarked Silver Rate in Nagpur?

The Bureau of Indian Standards (BIS) is the primary hallmarking agency. It is the national Standards body of India who authenticates the purity of Silver in India.
Hallmarking is the process which records and determines the metal content in Gold/Silver articles. A hallmarked Silver will contain the following information:

  • BIS Mark
  • Purity Grade (ranging from 999.9 to 999 for fine silver and for Silver alloys, jewellery and artifacts, the Silver purity grade is 970, 925, 900, 835, 800).
  • Hallmarking Centre’s Identification Number
  • Jeweller’s identification Mark
  • Year of marking - denoted by a code letter (e.g. ‘R’ for year 2013).

Conclusion

In conclusion, Silver is a good investment option if you can’t afford to purchase gold. However, you must ensure that you purchase Silver from a certified and established jeweller.

FAQ's On Silver Rate in Nagpur

What is the rate of Silver per gram in Nagpur?

The rate of Silver per gram in Nagpur is Rs. 44.52 as on 6th August 2019.

What is the rate of Silver for 10 grams in Nagpur?

The rate of Silver per 10 grams in Nagpur is Rs. 445.20 as on 6th August 2019.

What is the rate of Silver for 100 grams in Nagpur?

The rate of Silver per 100 grams in Nagpur is Rs. 4,452 as on 6th August 2019.

What is the rate of Silver for 1 kg in Nagpur?

The rate of 1 kg Silver in Nagpur is Rs. 44,520 as on 6th August 2019.