Active Stocks
Fri Apr 19 2024 15:56:00
  1. Tata Steel share price
  2. 162.10 1.31%
  1. Tata Motors share price
  2. 963.20 -0.84%
  1. NTPC share price
  2. 350.90 -0.14%
  1. ITC share price
  2. 424.80 1.40%
  1. Power Grid Corporation Of India share price
  2. 281.70 0.54%
Business News/ Market/ Market Stats/     SILVER
  1. S&P BSE SENSEX
    73,088.33 599.34 (0.83%)
  1. NIFTY 50 D
    Delayed by 15 mins

    22,147 151.15 (0.69%)
  1. NIFTY BANK D
    Delayed by 15 mins

    47,574.15 504.7 (1.07%)
  1. S&P BSE MIDCAP
    40,004.52 -155.14 (-0.39%)
  1. S&P BSE SENSEX
    73,088.33 599.34 (0.83%)
  1. NIFTY 50 D
    Delayed by 15 mins

    22,147 151.15 (0.69%)
  1. NIFTY BANK D
    Delayed by 15 mins

    47,574.15 504.7 (1.07%)
  1. S&P BSE MIDCAP
    40,004.52 -155.14 (-0.39%)
  1. S&P BSE SENSEX
    73,088.33 599.34 (0.83%)
  1. NIFTY 50 D
    Delayed by 15 mins

    22,147 151.15 (0.69%)
  1. NIFTY BANK D
    Delayed by 15 mins

    47,574.15 504.7 (1.07%)
  1. S&P BSE MIDCAP
    40,004.52 -155.14 (-0.39%)

SILVER

mcx
COMMODITY
EXPIRY DATE
View More News

ABOUT SILVER

Silver is a soft, white, lustrous metal that is valued for its beauty and unique physical properties. Silver is a good conductor of electricity and is often used in manufacturing electronic components, such as wiring and circuit boards. It is also used in the production of mirrors, jewelry, and silverware.

In addition to its use in industry, silver has a long history of use as a medium of exchange and store of value. In ancient times, silver was used as a form of currency in many cultures around the world. Today, silver is bought and sold on commodity markets and is also widely used as an investment asset. Some investors buy silver as a hedge against inflation or as a way to diversify their portfolio. Others collect silver for its aesthetic value or as a store of wealth.

Silver bullion in India

In India, silver bullion is available in the form of bars, rounds, and coins. Silver bullion bars are typically produced by government mints or private refineries and come in a range of sizes, from small bars that weigh a few grams to large bars that weigh several kilograms. Silver bullion rounds are similar to coins but are produced by private mints and are not legal tender. They are usually smaller in size and may feature a variety of designs.

Silver bullion coins are produced by government mints and are legal tender in their country of origin. In India, silver bullion coins are available in various denominations and may feature designs that are specific to India or depict historical or cultural themes.

Some investors buy silver bullion as a hedge against inflation or as a way to diversify their portfolio. Others collect silver bullion for its aesthetic value or as a store of wealth.

Silver price in India

The price of silver in India is determined by a variety of factors, including the current global price of silver, the strength of the Indian rupee, and the demand for silver in the Indian market. In general, the price of silver in India tends to be slightly higher than the global spot price of silver due to additional taxes and import duties that are applied to silver imports. The price of silver in India is typically quoted in rupees per gram or kilogram.

To get the current price of silver in India, you can check the price listed on a commodities exchange such as the Multi Commodity Exchange of India (MCX). It's important to note that the price of silver can fluctuate significantly over time, so it's always a good idea to stay up to date on the latest price movements.

Why invest in Silver?

There are several reasons why investing in silver is a profitable plan:

Silver is a hedge against inflation: Many people invest in silver as a way to protect their wealth against inflation. When the price of goods and services increases over time, the purchasing power of money decreases. This means that the same amount of money will buy fewer goods and services in the future than it does today. By investing in silver, which has historically held its value better than paper currency, investors can protect their wealth from the eroding effects of inflation.

Silver is a diversifier: Some investors buy silver as a way to diversify their investment portfolio. By holding a variety of asset classes, investors can reduce their risk of loss due to market fluctuations. Silver has a low correlation with other asset classes, such as stocks and bonds, which means that its price does not tend to move in the same direction as these other assets. As a result, adding silver to a portfolio can help to diversify the overall risk of the portfolio.

Silver has industrial uses: In addition to its use as a store of value and an investment asset, silver has a range of industrial uses, including in the production of electronic components, mirrors, and silverware. As a result, the demand for silver from these industries can impact the price of silver and make it a potentially lucrative investment.

Silver has aesthetic value: Finally, some people invest in silver for its beauty and aesthetic value. Silver is widely used in the production of jewelry, coins, and other decorative items, and many people collect these items for their aesthetic appeal.

Silver hallmarking in India

Hallmarking is the process of certifying the purity and fineness of precious metal products. In India, the Bureau of Indian Standards (BIS) is the government agency responsible for administering the hallmarking of gold, silver, and other precious metals.

To be sold in India, silver products must be hallmarked to indicate their purity. The BIS has established several categories of hallmarking for silver products, based on the purity of the silver.

The categories are:

Sterling silver: This refers to silver with a purity of 92.5%. Sterling silver is indicated by a hallmark that consists of a capital "S" inside a hexagon.

Standard silver: This refers to silver with a purity of 95.0%. Standard silver is indicated by a hallmark that consists of the capital letter "S" inside an oval.

Britannia silver: This refers to silver with a purity of 95.84%. Britannia silver is indicated by a hallmark that consists of the figure of a woman inside an oval.

Hallmarked silver products are more expensive than non-hallmarked products because of the cost of testing and hallmarking.

What determines the price of Silver in India?

The price of silver in India is determined by the demand for silver in the country, the availability of silver in the global market, and the exchange rate between the Indian rupee and other major currencies.

Factors that may lead to an increase in the price of silver include an increase in demand, a decrease in the global supply of silver, a decrease in the value of the Indian rupee, economic uncertainty, and political instability.

Factors that may lead to a decrease in the price of silver include a decrease in demand, an increase in the global supply of silver, an increase in the value of the rupee, and economic stability.

Where to buy Silver in India?

There are several places where you can buy silver in India:

Silver jewelry stores: Many jewelry stores in India sell silver jewelry and other silver products, such as coins and bars. You can browse the selection of silver products at these stores and make a purchase in person.

Online marketplaces: There are several online marketplaces in India where you can buy silver. These platforms allow you to browse and compare a wide range of silver products from different sellers and make a purchase online.

Bank: Some banks in India offer silver coins and bars for sale. You can check with your bank or a local bank to see if they offer this service.

Bullion dealers: You can also buy silver from bullion dealers, who are specialized retailers that buy and sell silver and other precious metals. You can find bullion dealers in many cities in India.

Insurance for Silver in India

In India, it is possible to insure your silver jewelry, coins, and other valuables against loss, theft, or damage. To get insurance for your silver, you can contact an insurance company and ask about their coverage options for precious metals. You will typically need to provide details about the items you want to insure and pay a premium to the insurance company.

It is important to read the policy carefully and understand what is and is not covered, and to get an appraisal for your silver items to ensure that you have an accurate estimate of their value.

Impact of inflation on the price of Silver

The impact of inflation on silver prices in India will depend on the relationship between the price of silver and the general price level of goods and services in the country. If the price of silver increases at a faster rate than the general price level, then the purchasing power of silver will increase, and it will be a good hedge against inflation.

However, if the price of silver increases at a slower rate than the general price level, then the purchasing power of silver will decrease, and it will not be as effective as a hedge against inflation. While silver has historically tended to hold its value better than paper currency over the long term, it is not a guarantee that the purchasing power of silver will increase in the face of inflation.

Tax of Silver assets in India

In India, the tax treatment of silver investments depends on the form in which the silver is held. If you hold silver in physical form, such as silver jewelry, coins, or bars, you will not be subject to any capital gains tax when you sell the silver. However, if you sell the silver for a profit, the profit may be subject to income tax depending on the amount of the profit and your income tax bracket

If you hold silver in the form of financial instruments, such as silver futures contracts or silver exchange-traded funds (ETFs), you may be subject to capital gains tax on your profits when you sell the instruments. Capital gains tax is levied at the following rates:

(1) if you hold the silver for less than 36 months (3 years), the capital gains will be taxed at the same rate as your ordinary income;

(2) if you hold the silver for more than 36 months (3 years), the capital gains will be taxed at a rate of 20% with indexation or 10% without indexation.

Indexation refers to the adjustment of the purchase price of an asset for inflation. The tax treatment of silver investments in India may change over time, and you should consult a tax professional for the most up-to-date information.

How to check the purity of silver?

There are several ways to check the purity of silver:

Use a silver testing kit: Silver testing kits are available at many jewelry stores and online. These kits use a chemical process to determine the purity of silver. To use a silver testing kit, you will need to clean the silver item and apply a small drop of the testing solution to the item. The solution will react with the silver, and the color of the solution will indicate the purity of the silver.

(Use an acid test: An acid test is a simple and widely used method for testing the purity of silver. To perform an acid test, you will need a set of acid bottles, a small drop of each acid on a separate spoon, and a silver item to be tested. Apply a small drop of the appropriate acid to the silver item, and observe the color of the reaction. The color of the reaction will indicate the purity of the silver.

Take it to a professional: If you are not comfortable testing the purity of silver yourself, you can take the silver item to a professional jeweler or a laboratory to have it tested. A professional will be able to determine the purity of the silver using more accurate and precise methods, such as spectroscopy or x-ray fluorescence.

Silver mines around the world

There are many silver mines located around the world, with the largest producing countries being Mexico, Peru, China, and Russia. Some of the other countries where silver is mined include the United States, Australia, Canada, Chile, and Poland.

Silver is often found in ore deposits along with other minerals, such as lead, zinc, and copper. It is typically extracted from the ore through a process called smelting, which involves heating the ore to a high temperature to separate the silver from the other minerals.

In addition to silver mines, silver is also produced as a byproduct of the mining of other metals, such as gold, copper, and lead. For example, when gold or copper ore is mined, the silver that is contained in the ore is also extracted as a byproduct.

Recommended For You