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Today Silver Rate in Vijayawada

Silver does not cost as much as gold; however, its demand is no less. Silver jewellery and articles are quite often bought by Indians. Considered highly auspicious, many households use silverware and even gift them to dear ones during festivities. The price of silver in India varies across cities on account of local market factors such as its demand and supply, taxes and transportation charges. This article sheds light on how lucrative investments in silver are in Vijayawada and its rates over the recent months.

Factors Affecting Silver Rate in Vijayawada

Some salient factors that impact the price of silver are:

  • Inflation - Several investors believe that silver (as an investment) is a beneficial hedge against inflation. When the currency weakens, silver ensures people are protected against losses in purchasing power. It is, however, vital to note that with increase in demand, the rate of silver will also increase.
  • Demand and supply - The demand-supply of silver is also a reasonable factor that make this metal valuable. Demand remains constant while the supply is limited. Any actual or perceived rise or decline in the supply or demand shall affect rates. For example, in case a strike disrupts the mining process at a major producer, the prices of silver may rise over the short term.
  • Interest Rates -The base interest rate is indicative of the overall conditions of the market. Considering that investments in silver are do not make current return, some individuals tend to choose interest payments instead of long-term appreciation of silver holdings. Therefore, market price of silver may have an inverse association with the level of interest rates.

How to Invest in Silver in Vijayawada?

As silver is an appreciatory commodity, it is best suited for long-term investors. There are numerous ways to invest in silver which include:

  • Silver bars or coins (bullions) - An individual can buy silver coins or bars from a bank or any authorized store.
  • Silver jewellery and ornaments - Many Indians prefer silver ornaments as much as they prefer gold. It is therefore, important to look out for sterling silver with the 925 hallmark. This helps to act as evidence that the silver is 92.5% pure.
  • Silver stocks - One's investment portfolio can be diversified by purchasing shares in silver stocks. This is a known way of investing as, being a long term investment, silver helps guard against the volatility in other sectors.
  • E-silver - With the help of National Spot Exchange Limited (NSEL), users can trade in E-Silver. The NSEL enables investors to park money into silver (in smaller denomination) and hold it in demat form.

Things to Remember Before Purchasing Silver in Vijayawada

Considering the fact that in its purest form silver is very soft, several other metals like zinc, copper or nickel are added to give it strength. Copper makes silver harder, but it has a tendency to tarnish. This darkens the jewellery as it often comes in contact with water, air or other elements. Since 2003, some jewellers have experimented by mixing platinum, which is harder and resistant to tarnish. However, this may increase the ornament’s price. The best form of silver that is sold is sterling silver, as it consists of 92.5% of the precious metal. It would be stamped as 925 or .925. As a buyer, one must refrain from purchasing jewellery that has less than this purity level.

Several jewellers have reported that many fraud cases take place in silver ware and jewellery. Individuals are hence advised to only purchase these from reputed jewellers with credible buyback policies. Silver can be resold based on its weight. As the metal is often melted for reuse, a buyer may lose out on the making charges. The only exception is if an individual has antique silver jewellery.

6 Months Silver Rate in Vijayawada

Trend of Silver Rate in Vijayawada for August 2019 (rates per kg)

Silver Rates1 Kg
1st August rateRs. 44,965
31st August rateRs. 48,500
Highest rate in AugustRs. 49,160 on August 27
Lowest rate in AugustRs. 44,522 on August 10
Overall performanceRising
% Change+7.86%

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

Silver Rates1 Kg
1st July rateRs. 40,578
30th 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 Vijayawada for June 2019 (rates per kg)

Silver Rates1 Kg
1st June rateRs. 39,600
31st June rateRs. 40,500
Highest rate in JuneRs. 40,500 on June 29
Lowest rate in JuneRs. 39,450 on June 2
Overall performanceFalling
% Change+2.27%

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

Silver Rates1 Kg
1st April rateRs. 40,500
30th April rateRs. 39,500
Highest rate in AprilRs. 40,700 on May 3
Lowest rate in AprilRs. 39,360 on May 25
Overall performanceFalling
% Change-2.47%

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

Silver Rates1 Kg
1st April rateRs. 40,647
31st 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 Vijayawada for March 2019 (rates per kg)

Silver Rates1 Kg
1st March rateRs. 43,300
28th March rateRs. 41,500
Highest rate in MarchRs. 43,300 on March 1
Lowest rate in MarchRs. 41,100 on March 8
Overall performanceRising
% Change-4.16%

What is the GST on Silver in Vijayawada?

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 Vijayawada

Vijayawada, as a city, always has high demand for Silver. Before the purchase of Silver, it is very important for a buyer to check the prevailing rate. Even a small variation in the Silver rate can lead to a huge loss. Thus, it is vital to check the current price/rate of Silver in Vijayawada. You can also visit various jewellers before making the final purchase.

How to Buy Silver after Checking its Price in Vijayawada?

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?

Silver jewellery that has been hallmarked by the Bureau of Indian Standards has the BIS logo. This acts as evidence that the purity of the silver has been verified in one of the licensed laboratories of the bureau. However, it is important to note that BIS hallmarking is not compulsory, i.e. not all jewellers provide hallmarked BIS jewellery. Many of them offer their in-house hallmarking which is not verified by the national standards body of India. Before buying silver jewellery, it is important to check with your jeweller whether or not they offer BIS hallmarked ornaments.

Conclusion

As a versatile precious metal, silver has various uses and investment opportunities. Considering that it is abundant compared to gold, it is much more affordable as compared with gold. Therefore, investing in silver can help people diversify their portfolios. It is best combined with gold investments and any stocks or bonds, and is regarded worthy of the risk involved.

FAQ's On Silver Rate in Vijayawada

What is per gram Silver rate in Vijayawada?

According to the website of Good Returns, the per gram silver rate is Rs. 52 (as on 6 September 2019).

What is 10 grams Silver rate in Vijayawada?

According to the website of Good Returns, the rate for 10 grams silver is Rs. 520 (as on 6 September 2019).

What is 100 grams Silver rate in Vijayawada?

According to the website of Good Returns, the rate for 100 grams silver is Rs. 5,200 (as on 6 September 2019).

What is 1 kg Silver rate in Vijayawada?

According to the website of Good Returns, the rate for 1 kg of silver is Rs. 52,000 (as on 6 September 2019).