Silver Rate in Patna

Silver is often considered as ‘poor man’s gold’. Even though Silver is less expensive than gold, its demand is quite the opposite. The demand for Silver in India is at an all-time high.

Patna, the capital of Bihar, is an important hub for trading and investment in Silver. Silver is bought in the form of silverware, idols, jewellery, artefacts, articles, etc. It is also associated with festive activities in Patna. Many people gift Silver jewellery during weddings as this metal is believed to bring good luck. In addition, individuals purchase Silver as it is easily accessible and less expensive than Gold.

Factors affecting Silver rate in Patna

Here are a few factors that affect the rate of Silver in Patna:

Increasing Demand - India does not have an unlimited supply of Silver. The increasing demand for Silver over the past 25 years has created a shortage in the supply of Silver. This, in return, has increased the price of Silver in India.
Technology and Gadgets - Silver is an irreplaceable component in processors and microchips. Though the quantity of Silver is small, microchips and processors are present in every smartphone. The demand for smartphones is huge in India. Lack of an alternative metal has increased the cost of Silver.
Price of Gold and Oil - Gold prices also affect the prices of Silver. Silver mining is a tedious and high-energy consuming process. Volatility in the crude oil sector can affect the rate of Silver throughout the globe.
Inflation - Rise in inflation leads to lesser purchasing capacity of the people. Thus, the expenditure will rise and people will not be able to buy Silver. Many individuals invest in Silver as it acts as a hedge against inflation.
Depreciating Dollar Value
Sales by RBI
Geo-political uncertainties

How to invest in Silver in Patna?

There are four ways to invest in Silver in Patna:

Silver Bullion (bars and coins) - If you want to purchase Silver in large quantities, you can do so in the form of bars and ingots. A standard bar weighs around 1 Kg. In addition, the bars can be further melted to lesser denominations or molded into jewellery.
Jewellery - Silver jewellery is highly popular among Indians. Sterling Silver comes with a hallmark rating of 925. This rating indicates that the Silver is 92.5% pure.
Silver Exchange - Individuals, jewellers and traders can purchase Silver in large substantial quantities directly through the Commodity Future Exchange. MCX and NCDEX are two exchanges where Sliver can be traded.
E-Silver - E-Silver or electronic Silver, is used in place of physical Silver. You can buy/sell Silver in its electronic form.

Things to remember before purchasing Silver in Patna

Many investors in Patna purchase Silver as it is less expensive and readily available in comparison to Gold. Additionally, you should look into the following factors before purchasing Silver in Patna:

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 Patna

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

Silver Rates	1 Kg
1st July rate	Rs. 47.5
31st July rate	Rs. 47500
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 Patna 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 Patna 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 Patna 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 Patna 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 Patna 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%

How does GST impact the rate of Silver in Patna?

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.

What is the importance of checking Silver Rate in Patna?

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.

What is BIS Hallmarked Silver Rate in Patna?

The Bureau of Indian Standards (BIS) is the primary hallmarking agency. It is the National Standards body of India that authenticates the purity of Silver in India. Hallmarking is the process which records and determines the metal content in Gold/Silver articles. 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.