Silver Rate in Gurgaon
20th Oct 2021
Today MCX silver price in rupees per 1 kg.
Today silver price in india is 64,600.00 rupees per Kg
Silver Rate in Gurgaon Per Gram (INR)
|1 Gram||10 Gram||100 Gram||1 Kg||Change(%)|
Silver Rate in Gurgaon
“Millennium City”, Gurgaon or Gurugram consistently ranks alongside some of the most prosperous and wealthy cities in India. The city is the leading industrial and financial hub in India with the third-highest per capita income.
Owing to the large number of rural rich households in the city, there is often a decided demand for silver investment in the city. An ever-increasing number of rural rich and middle-class families in the city invest heavily in Silver utensils, jewelleries, bars and coins. Like any other city, the Silver Rates in Gurgaon are also largely dependent on the international markets, with government imposed import duties adding to the overall cost of the metal.
Silver Rate in Gurgaon for Last 10 Days
|20 October 2021||Rs. 64.60||Rs. 646||Rs. 64600.00||Rs. 646000|
|19 October 2021||Rs. 64.20||Rs. 642||Rs. 64200.00||Rs. 642000|
|13 October 2021||Rs. 62.10||Rs. 621||Rs. 62100.00||Rs. 621000|
|12 October 2021||Rs. 61.80||Rs. 618||Rs. 61800.00||Rs. 618000|
Comparison for 1 Gram Silver Rates for Gurgaon (In Rupees/Gram)
Historical Price of Silver Rate in Gurgaon
Over the year, silver prices have fallen flat at the bullion market. However, experts predict that silver prices may go up in the near future, especially during the festival season. This may prove to be good news for local jewellers in Gurgaon and those who invest in Silver Future and Contracts. However, residents in Gurgaon looking to invest in Silver must do it now as the prices for Silver are fairly lower and are likely to increase in the immediate future.
In the last one year, silver rates went as high as INR 45,000.00 per kg (as on 15-Jun-2018), and as low as INR 38,500.00 per kg (as on 01-Dec-2018). The highest silver rates on 15th June marked an increase of Rs.45 per gram, whereas the lowest silver rates on the 1st of December marked a dramatically fall of Rs. 38.50 per gram.
On December 31st 2009, silver rates were INR 829.72 per 10 grams which gradually increased to INR 1327.20 per 10 grams on December 30, 2010 On December 29th 2011, silver rates INR 1545.57 and on 16th December 2012, it was INR 1692.46. On January 2nd 2014, Silver rate was INR 1212.23. In 2015, silver rates decreased to INR 1036.70. Finally, silver rates started increasing from January 2017; the rates on Jan 5th 2017 were INR 1142.8.
Contrary to the popular belief, silver rates in Gurgaon have decreased dramatically over the past few days. Industry experts and investors believe that the dramatic fall in silver rates in Gurgaon was due to the poor offtake by coin makers and industrial units. However, traders and experts are hopeful that Silver rates in Gurgaon will increase in the near future as Silver is a strong metal and often witnesses high demand from local jewellers and people at large.
Silver Price in Gurgaon
Affordability, liquidity, and future demand of silver makes it immensely popular amongst both local jewellers and residents of Gurgaon. In fact, online sources reveal that rising demand from local jewellers and in the overseas market is boosting silver in the domestic futures market. In addition, residents of the city prefer in investing in Silver in the form of silverware, coins, bars, ornaments, utensils, etc.
Silver is Shining Brighter than Gold
Over the years, silver has performed better than Gold in the bullion market. While gold rates plummeted recently by ₹75 to ₹31,650 per ounce at bullion market, silver managed to advance by ₹460 to ₹38,750 per kg. Experts believe that Silver rates in Gurgaon will further increase in 2018 during the festivals in the December quarter.
What Makes the Demand for Silver in Gurgaon?
Given the rural rich population and high per capita income of Gurgaon, it’s no wonder the city seemingly sets the benchmark for Silver Rates across the country. Given the ever-so-fluctuating gold rates in the city, silver has long been one of the best bet for those looking to invest in precious metals without having to worry about price fluctuations.
In addition, the rapid industrialization of the city has triggered the high consumption of silver by coin makers and industrial units. In addition, the multiple health benefits, affordability and versatility of silver have made it the most preferred investment option for the residents and industrial units of Gurgaon, Haryana. There are two popular options for silver investment in Gurgaon. These are silver futures and physical silver.
Why is Silver a Good Option to invest?
- Silver is far more affordable against gold.
- Owning and selling silver is easier.
- Silver coins, bars and silverware are safe investment option and make for perfect heirlooms.
- Silver outperforms gold in the bullion market.
- Silver’s liquidity allows investors to avail instant cash by selling it to dealers.
- Silver is a tangible asset as against traditional instruments such as stocks, bonds and bank accounts.
- Investors can buy any quantity of silver for investment depending upon their requirements and budget.
Silver as an Investment in Gurgaon
For long, silver has been the preferred investment avenue for the residents of Gurgaon. There are umpteen reasons for the same. For one, it is utterly affordable and safe investment option. For another, it is consistently been performing better than gold at the bullion market. In addition to the affordability and versatility, silver investments can be made in various forms such as utensils, ornaments, bars, coins and silverware. On the contrary, gold is usually available in the form of jewellery, coins and bars.
Besides, the consumption of silver by the local jewellers and industrial sector has only added to the popularity of silver investments in Gurgaon. Investing in silver is easier as compared to gold and other precious metals. In Gurgaon, silver investments are typically made in two different forms – silver futures and physical silver.
Physical Silver - Buying physical silver is perhaps the easiest ways of investing in Silver. People in Gurgaon specifically invest in silver in the form of jewellery or silverware. Physical silver offers utmost liquidity making it one of the safest investment avenues. A lot of people in Gurgaon make silver coins and bars especially during the festive seasons. These coins are available in different weights ranging from 1 gram to 50 grams. In addition, jewellers do offer the option of silver coins featuring different religious deities. Silver coins are also available for sale at all government authorized banks across Gurgaon.
However, silver coins available at government banks are a little costlier as compared to those available at local jewellers. In terms of purity, silver bars are better investment option than silver coins. While people in Gurgaon prefer investing in physical silver all year round, the demand for the metal piques during the festivals and wedding season. Though silver remains one of the preferred investment options for people in Gurgaon, silverware, ornaments and utensils are usually a little pricy on the account of wastage and making charges.
Silver Futures and Contracts - In addition to being sold in the physical form, silver futures and contracts make for the second most sought after investment option in Gurgaon. Investors looking to invest in silver futures and contracts can trade on the National Commodity and Derivatives Exchange, the National Multi Commodity Exchange and the Multi Commodity Exchange. A little awareness about the market conditions and timing the market well may help an investor make quick profits with silver investments.
Things to Remember Before Buying Silver Jewellery in Gurgaon
Silverware, silver ornaments and jewellery remains in popular demand due to its affordability and durability. In addition, the wide range of future-looking designs available in silver jewelleries and ornaments make for the popularity of silver investment. However, it makes sense to carefully consider a few important factors when buying silver jewellery. Here’s a list of some important points you must consider when buying silver jewellery:
- Try investing in sterling silver as it is 92.5% pure.
- Look for purity stamp when buying silver jewellery.
- Carefully look to see if there are any imperfections when buying silver jewellery.
- Get clarity on the resell/return policy of the silver jewellery you intend to buy.
- Don’t forget to check silver rates when buying silver jewellery.
Where to Buy Silver in Gurgaon?
People in Gurgaon looking to invest in silver jewelleries, bars or coins must look for certified jewellers to ensure buying hallmark silver jewellery. Some of the most popular jewellers in Gurgaon are Kalyan Jewellers, Bholasons Jewellers, Tanishq Jewellery, Reliance Jewels, etc.
Factors that influence Silver prices in Gurgaon
Silver rates in Gurgaon depend on a lot of factors. Some of the key factors that influence the price of silver in Gurgaon include:
- Silver rates are dependent on the offtake of coin makers and industrial institutions. So if the offtake is poor, silver rates usually fall flat at the bullion market.
- Silver rates are dependent on the currency value. So if the cost of rupee goes down against US dollar, silver rates go down.
- Inflation and the interest rate parity also influence silver rates in Gurgaon.
- Silver market is also influenced by the different government policies. With new Goods and Service Tax, an extra 3% GST is levied on silver increasing the price of silver in Gurgaon.
- Silver rates increase if the real interest rates go down.
Movement of Silver Rate in Gurgaon
Silver rates in Gurgaon move in lieu with the international markets. With an upward trend in the international market, silver rates tend to move up and with a downward trend; silver rates tend to fall down. For the last few months, there had been steep fall in silver rates owing to the poor offtake from coin makers and industrial institutions. In case the bullion market is witnessing volatility and the prices for physical silver are higher, investors may choose to invest in silver contracts. Silver contracts can be brought from the MCX. Here it is important to know that there is no locker change when investing through MCX, which ensures that all investments will remain safe from any theft.
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