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Today Silver Rates In Uttar pradesh
22 Nov 2024
₹61.63
( Per Gram )
₹61634
1 Kg
| Silver Price Today | Silver Rate Yesterday | Change(%) | |
|---|---|---|---|
| 1 gram | 61.63 | 0 | 100.00% |
| 10 gram | 61634 | 0 | 100.00% |
Silver Rates In Uttar pradesh for Last 90 Days
22 Nov 2024
| Date | 1 gram | Bar Silver 1KG |
|---|---|---|
| 2024-07-10 | ₹ 62.63 | ₹ 61,634 |
Historical Price of Silver Rate In Uttar pradesh
Trend of Silver Rate in Uttar pradesh for July 2024 (Rates per gram for 1Gram / 1Kg Silver)
| Silver Rates | 1 gram | 1 Kg |
|---|---|---|
| July 10th Rate | 62.63 | 61,634 |
| July 10th Rate | 62.63 | 61,634 |
| Highest July Rate | 62.63 | 61,634 |
| Lowest July Rate | 62.63 | 61,634 |
Introduction
Uttar Pradesh is one of the most populous states in our country with hard working residents. The state is home to a rich and vibrant culture and is also connected to ancient civilizations in India. The history and heritage of the state has led to a huge demand for silver and gold in the state since centuries. Silver and gold hold a special status for the people of Uttar Pradesh.
Silver is a versatile metal and is a preferred option from personal use as well as from the investment perspective due to many reasons. One of the main reasons for such preference is the rate of silver. Silver rates in our country and globally are considerably lower as compared to that of gold which makes it a cheaper option.Silver can be found in many forms in the market. It is often mixed with other metals like copper or nickel which makes it durable in case of coins or jewellery. However, by doing so, silver loses some of its purity level and is graded accordingly. These grades or purity levels are also a contributing factor in the final rate of silver.
Given below are all the details relating to the prices of silver, purity levels of silver associated to it, the factors involved in ascertaining the final rate of silver and more.
Rate of Silver in Uttar Pradesh
The rate of silver in any part of the country or even globally is very dynamic and is constantly changing on a day to day basis. There are many factors that decide or influence the final price of the metal.
Silver was on an increasing trend for many months especially more since the start of the year and the pandemic as it was considered to be a steadier and safer option in the current scenario. The increase in silver prices is in sync with the gold prices. However, the prices decreased with the introduction of a vaccine in the market.
Also Read: Gold Rate TodayFactors Influencing the Prices of Silver in Uttar Pradesh
There are many factors that influence the global as well as national rate of silver on a daily basis. These factors range from the internal costs like incidental costs involved in extraction, processing and selling of silver as well as external factors that directly or indirectly influence the rates of this precious metal.
Some of such factors are mentioned below.
- Increase in Crude Oil prices
- Demand fluctuations (inclusive of industrial and personal demand)
- Dollar fluctuations
- Inflation
- Ancillary costs (Import Costs, Storage costs and Mining Costs)
- Geo-political scenarios
- Government policies (including the import and export policies and sanctions)
- Gold prices
These factors above affect the prices of silver and influence it to change on a daily basis. These rate fluctuations have to be considered especially while trading in the commodity market where silver is traded.
Customers can trade in silver in the MCX and the NCDEX. The contracts entered are in the lot sizes of 1 kg. These contracts are not in the form of spot contracts and so the delivery cannot be made immediately upon sale.
Understanding the Purity of Silver
Silver often has to be mixed or combined with other metals to produce a sturdy silver coin or silver jewellery or any other form of silver as required. These combinations lead to a reduction or deterioration in the purity level of the metal. The purity of silver is one of the factors influencing its final prices. Customers can purchase silver of the desired purity and get proper certification and marking on it to get maximum resale value or return on investment made.
The various purity levels or grades of silver available in the market are tabled below.
Grade | Fineness |
9999 | 999.9 |
9995 | 999.5 |
999 | 999.0 |
990 | 990.0 |
970 | 970.0 |
925 | 925.0 |
900 | 900.0 |
835 | 835.0 |
800 | 800.0 |
Customers need to be absolutely sure that the silver purchased is in accordance to the purity and price they pay for. Another important requirement is the necessary markings to authenticate its purity. The various forms of markings that are placed on silver assure the customer that the metal purchased is authentic. Customers are also thereby not faced with unnecessary hassles at the time of resale or getting maximum return on their investment.
The types of markings that are placed on silver are mentioned below.
- BIS (Bureau of Indian Standards) Mark
- Jeweler’s / Manufacturer’s Identification Symbol
- Marking Year
- Purity Grade Indicator
- Assay Centre’s identification mark
Such markings are placed on all forms of silver mentioned below.
- Silver jewellery
- Silver bars
- Silver coins
- Silver bullions
- Silver household items
FAQs of Today's Silver Rate in Uttar pradesh
1. What are the various points to be considered at the time of purchasing silver?
The various points or factors to be considered at the time of purchasing silver are mentioned below:
- Tracking the prices of silver on a daily basis to observe and ascertain the trend being followed.
- Transacting in silver through a trusted and authentic source as mentioned above.
- Ensuring proper certification on silver at the time of purchase of silver so as to assure an ease at the time of resale at any point.
- Ascertaining the purpose of purchase of silver to get maximum resale value. Hence, if silver is being purchased for personal use, the form of silver is irrelevant and is purely as per the needs or the choice of the customer. In case of silver being used as an investment tool, the best form of such metal is silver coins, bars or bullions. Such form ensures maximum return on investment as there is no reduction in the value of the product on account of marking cost or other metals or precious stones combined or imbibed in silver.
2. What are the trusted sources of purchasing silver in Uttar Pradesh?
Silver can be purchased from any of the following trusted and authentic sources in Uttar Pradesh
- Private dealers
- Certified jewelers
- Certified E0Commerce Portals
- Banks
- Authorized sellers
3. Are silver prices constant across at any point or any place?
No. Silver prices are dynamic and ever changing. It changes on a daily basis based on various internal and external factors.
4. What are the most basic tests done on silver to ensure that it is pure?
There are many tests that can be done to check its purity. These tests are very basic and do not require any excessive measures or technical skills. Some of these tests can be as follows
- Magnet test where buyers can run a magnet over the silver to be tested. If the silver gets attracted to the magnet, such metal is not pure and has some other metal or alloy in it.
- Stink test is done to check for any odor on the silver. Pure silver does not have any odor so if the silver to be tested has some odor then such metal is not considered to be pure.
- Ice test is another test where the buyer places an ice cube on the silver to be tested. If the ice cube melts at a higher or a faster pace, then such metal is pure.
5. What is the fundamental reason for silver to be considered as a better investment option as compared to gold?
Gold prices have always been extremely high as compared to that of silver. Customers can get almost 1 kg of silver in the price that is similar to 10 grams of gold. Also silver is a versatile product that can be used for various purposes and is available abundantly. Hence it makes it an attractive option for investment.
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