Silver Rate in Chennai
9th Dec 2023
Today MCX silver price in rupees per 1 kg.
Today silver price in india is 60,700.00 rupees per Kg
Silver Rate in Chennai Per Gram (INR)
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Silver is counted among the most admired commodities in India. While gold is expensive and bought mostly by the very well-off customers, silver is considered to be a poor man’s gold. It is appreciated by all financial strata of the society due to its affordable cost. Silver, as a commodity, is traded on Multi-Commodity Exchange (MCX) in India. In India, when it comes to consumption of silver, Chennai tops the list. As India produces minimal silver, the internal demand is satisfied through silver imports. However, in Chennai, it is a trend that most of the imported silver is used for individual usages than industrial purposes.
Silver Rate In Chennai
Chennai is one of the leading consumers of silver in the country. The people in Chennai adore silver not just as jewellery or ornaments, but also as a safe investment with high liquidity. Silver rates in Chennai are a reflection of the global demand and supply chain. The price of silver in Chennai saw a significant increase at the beginning of the year, with January recording an upshot of 7.33%. The trend further moved upwards in February but only to decline in March by 4.21%.
The rate of silver saw a downward movement in April as well, with the overall fall being recorded at 5.63%. The current silver rate in Chennai is in continuation of this trend. Many factors have been attributed to the rise and fall in prices. The excise duty levied by the government in Chennai on silver is expected to alter its price in a serious way. We have given today’s silver rate in Chennai for those who wish to buy the precious metal.
Silver Rate in Chennai for Last 10 Days
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Comparison for 1 Gram Silver Rates for Chennai (In Rupees/Gram)
Historical Price of Silver Rate in Chennai
Silver is the Talk of the Day for Metropolitan Cities
It has been seen more often than not; it is the international rates of metal that seem to set the price for its buying or selling in big metropolitan cities. Silver price in Chennai is one such example that eventually gets set owing to various dynamics and factors present in the market.
What Makes Silver Popular in Chennai?
Silver’s outstanding growth in terms of buying and selling in the Indian context is largely set by the fact the country happens to have a place on the map as one of the top 3 destinations. Chennai as a metropolitan city has one of the biggest customer bases. The metal being consumed either as jewelry or silverware sets the Chennai silver rate. A religious city, the rate of silver in Chennai happens to underline that here it is more about individual consumption than industrial.
In comparison, the metal is used extensively in the world for industrial purposes. The price of silver in Chennai due to this affects greatly the ongoing price of jewelry and ornaments which also serves as a part of people’s investments. The investments are always considered to be a safe bet when projected and set in the broader perspective of the day to day living of middle or lower income groups of people. Even the upward mobile class also has an inclination for silver.
Why Should You Invest in Silver in Chennai?
Chennai is one of the top 3 destinations global for silver trading. Though formerly silver was considered as a lavish and princely gift to exchange, due to the change in the mindset, it is seen as a possible investment to bolt money in. For the people of Chennai, silver has emerged not only as a precious metal to be used in jewellery but also as a safe bet for investing for a long or short term.
However, silver rate in Chennai is the reflection of global silver prices and therefore fluctuates in a conventional pattern, Chennai has a huge potential to bring the best in silver products. Moreover, one can buy silver in Chennai as an asset which can be later exchanged for money when required. One can sell silver according to the current silver rate or whenever silver price in Chennai sees a hike. It also protects the investors against inflation, as the rate of silver tends to rise with inflation.
Silver as an Investment in Chennai
People in Chennai have started using silver as an investment instrument that offers decent returns. This precious metal is a safe haven investment as its value steadily rising over time and can always hedge the owner against financial crisis. Silver as an investment has the below options:
- Silver Coins: Silver coins are available in various financial institutions, like banks, in different quantities like 10 grams, 100 grams etc. today silver rate in Chennai influences the price of silver coins in the city. While the use of pure silver is rare in the making of coins, silver coins with 999 purity are available in Chennai.
- Jewellery and Wares: Chennai is home to a variety of silver jewellery, as wearing gold and silver is quite the trend among the people in South India. One can collect these intricately designed silver jewellery pieces from a jewellery shop. The demand for silver jewellery or coins soars during festivals or weddings. Similarly, silverware is another form of silver. People still prefer using kitchen utensils made of silver in Chennai. This physical form of silver is a good option and can be easily liquidated during a financial
- Silver Bars: Silver bars are also popular among the people in Chennai. One can buy these bars from bullion providers in the city. Residents in Chennai especially prefer silver ingots to invest in bullion. These are the traditionally-liked and easily available means of investment, which can be availed at an affordable rate in Chennai.
Tips for Buying Silver in Chennai
Sterling silver is the purest form of silver that contains 92.5% of the metal. It is stamped as .925 or just 925. Always go for the jewellery with a stamp. Avoid buying jewellery below this purity. On the other hand, a silver coin is composed of 90% of the metal. When silver is measured in grams or ounces, the making charges may vary from 10% to 100% depending on the reputation of the jeweller on the intricacy of the design.
As most of the frauds happen in silver jewellery and wares, one should be very careful at the time of buying and should only buy from a reputed jewellery shop. These jewellers carry credible buyback policies as well. Reselling of silver is done based on its weight and as this exchanged silver is normally melted to be reused, one may not be able to recover the making charges. However, it is an exception in case of antique jewellery.
Like silver jewellery, buying silver bullion is not that tough in India. Provided you’re little careful, bullions can be easily purchased. There are various stores that offer silver bullions within the budget. These bullions also can be purchased from banks, jewellery shops and from online agents as well. Banks may charge a higher rate due to purity and authenticity of the metal. As jewelers offer bullions at different rates based on weight, it is the most preferred mode of buying silver.
One can buy silver bullions online. Also, a plenty of financial organizations offer a wide platform for the same. For this, the buyer has to register himself/herself with the website to buy silver online. A brokerage charge is applicable to each purchase. Moreover, famous jewellery brands have websites where you can buy or sell silver online. This makes purchasing silver convenient for the customers, as they don’t need to visit the shop or physically process the deal. However, before buying silver bullions always check the silver rate today in Chennai, failing which, one may end up paying higher than required. Buying bullion form disrepute/untrustworthy stores can lead you to a hard place. Always go for trusted brands. Check for the credentials of the seller first and only then should you think of buying.
Silver Dealers in Chennai
A wide range of sellers deal in silver, but the major silver dealers in the city are GRT, Khazana Jewellers, SLN Bullion, Tanishq, N. Gopaldas, Vummidi Silverware, to name a few. These dealers deal in various silver items such as jewellery, bars, ornaments, gifts, coins, silverware etc. They sell silver at its current price. The prices may vary product to product; for instance, you’ll have to pay more for silver jewellery with the same quantity of pure silver than a silver bar.
Factors that influence Silver Prices in Chennai
The silver rate in Chennai depends on certain factors. These are:
Supply and Demand: The demand-supply equation of silver contributes a lot in making the metal so valuable. However, silver supply is limited, while the demand is constant. As per the rule of the market, any apparent or actual increase or decrease in demand or supply will affect the prices. For instance, if a strike stops mining at a renowned mine, silver prices hike for short term. Similarly, if a new use of silver is announced, such as in solar panels, it will increase the demand and generate more sales.
Industrial Demand: The use of silver in industries is manifold. The application of silver in batteries, microcircuits or superconductors has increased its non-investment demand. Moreover, the growth of middle classes in economies aspiring for a European lifestyle and products may contribute to a rise in its industrial usage. Apart from this, as retail investors show a strong interest in ETFs, the demand for silver bullion has incredibly picked its pace.
US Dollar: US Dollar has significant influence in both prices of gold and silver. There is an inverse relationship between USD and silver prices. When recession strikes, US Dollar is considered as a safe haven and people stop investing in other commodities. As the price of precious metals like gold, silver, palladium, titanium etc. declines during recession, silver can be used for long-term investment to hedge against inflation.
International Factors: A host of international factors decide how silver will perform in the future. The US Federal Reserve's decision is considered as a prime factor in this regard. If the rate of interest in the USA increases, silver witnesses a dip in its price. As statistics say, gold and silver price in Chennai have seen a slight increase in this year. With the rise of industrial demand, some traders offer silver at a higher rate. However, now the rate of silver is flat for most of the parts across the country. In such situations, it is extremely doubtful if this precious metal will see a considerable rally.
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