Silver Rate in Assam
Assam, nestled in the Himalayan foothills, is known for a number of things, including its natural beauty, tea, forests, and mountains. This rapidly developing country has a long and varied history, having been connected to a number of kingdoms where silver was the primary means of trade and commerce. For centuries, silver has been used in the state, and it has become an integral part of family culture. Gold is still mainly used at functions and celebrations, and many people consider it auspicious. This has ensured a steady market for the commodity, regardless of the state’s silver prices. The cost of silver in Assam on a particular day depends on multiple factors, with prices varying according to international trends.
Today’s Silver Rate In Assam ( 31 Mar 2021 )
| ₹ 67.3 Today’s Silver Rate per gram |
Silver Price In Assam for Last 10 Days
| Date | Silver (1 gram) | Bar Silver (1 Kg) |
| 31 Mar 2021 | ₹ 67.3 | ₹ 67,300 |
| 30 Mar 2021 | ₹ 63.9 | ₹ 63,900 |
| 29 Mar 2021 | ₹ 65.7 | ₹ 65,700 |
| 28 Mar 2021 | ₹ 64.7 | ₹ 64,700 |
| 27 Mar 2021 | ₹ 64.9 | ₹ 64,900 |
| 26 Mar 2021 | ₹ 65 | ₹ 65,000 |
| 25 Mar 2021 | ₹ 65.3 | ₹ 65,300 |
| 24 Mar 2021 | ₹ 65.3 | ₹ 65,300 |
| 23 Mar 2021 | ₹ 66 | ₹ 66,000 |
| 22 Mar 2021 | ₹ 66.6 | ₹ 66,600 |
Historical Price of Silver Rate In Assam
Trend of Silver Rate in Assam for March 2021 (Rates per gram for 1Gram / 1Kg Silver)
| Silver Rates | 1 gram | 1 Kg |
|---|---|---|
| March 1st Rate | 63.75 | 62,745 |
| March 31th Rate | 70.21 | 70,213 |
| Highest March Rate | 70.25 | 70,251 |
| Lowest March Rate | 63.75 | 62,745 |
Trend of Silver Rate in Assam for February 2021 (Rates per gram for 1Gram / 1Kg Silver)
| Silver Rates | 1 gram | 1 Kg |
|---|---|---|
| February 1st Rate | 70.21 | 70,213 |
| February 28th Rate | 65.82 | 64,819 |
| Highest February Rate | 76.54 | 75,541 |
| Lowest February Rate | 65.82 | 64,819 |
Trend of Silver Rate in Assam for January 2021 (Rates per gram for 1Gram / 1Kg Silver)
| Silver Rates | 1 gram | 1 Kg |
|---|---|---|
| January 1st Rate | 65.82 | 64,819 |
| January 31th Rate | 69.74 | 68,738 |
| Highest January Rate | 72.07 | 72,064 |
| Lowest January Rate | 65.78 | 64,783 |
Factors affecting Silver Rates in Assam
As previously mentioned, the above rates are subject to change depending on a variety of factors. Some of these factors are internal, such as the method of extracting or refining the product, while others are external, such as dollar volatility, demand and supply for the metal, logistics, and so on. Many of these important considerations are addressed further down.
Demand for Silver
The market for silver is one of the most significant factors influencing the production process. This market for silver is divided into two categories: individual and commercial or industrial demand. Silver demand is estimated in a number of ways. The most common types of silver are mentioned below.
- Coins
- Bars
- Household items
- Jewellery
The demand for silver in retail form or at individual level is in smaller quantities. The demand for silver in case of commercial and industrial reasons is always in bulk.
Inflation
Another factor that influences silver prices is the rate of inflation. The rate of inflation is directly proportional to the price of silver. An rise in a country’s inflation leads to a direct increase in silver prices. Any changes in the rate of inflation in the state of Assam would result in changes in silver prices.
Gold Prices
Prices of gold and silver have often followed the same pattern or trend. The price of gold has a tendency to influence the price of silver, pulling it along with it in an upward or downward trend. The precious metals gold and silver, which are traded on the commodity market, have been on an upward trajectory for many months.
Ancillary or Associated Costs
Ancillary costs, also known as indirect costs, are the costs associated with mining, processing, refining, and storing metal. Mining costs, import costs, storage costs, warehousing costs, and labelling costs are only a few examples. These costs are also related to the demand and supply factors for silver.
External factors
The price of silver is influenced by a variety of external factors. There are a variety of external factors that influence the silver rate, and some of them are mentioned below.
- Dollar Fluctuations
- Government Policies
- Geo-political scenario
- Import and Export Policies
- Crude Prices
The latest factor to affect the rates of silver is the introduction of vaccines in the market for the current pandemic. The announcement of a working and valid vaccine for the COVID-19 pandemic has resulted in crashing of the silver rates in the market to a great extent.
How to check Silver purity in Andhra Pradesh ?
Silver is available in a variety of purity grades, and its price is often dictated by its purity. Silver purity is measured in percentages, with 99.9% or 9999 being the maximum degree of purity correlated with or allotted to silver. To ensure that silver does not corrode over time, it is normally mixed with other metals such as copper, nickel, or some other alloy.
Buyers conduct various checks to ensure that the silver obtained in any form is pure, ensuring that they are not tricked or duped out of their funds. Any of these tests are rather simple and can provide immediate results or purity judgments. The specifics of the situation are mentioned below.
The Ice Test
The ice test necessitates the placement of an ice cube on the metal to be checked. The silver is called pure if the ice melts too quickly. The metal is not pure in any other situation.
Test with a magnet
A magnet test is another test in which the consumer runs a magnet over the metal. If the magnet attracts the metal to be examined, the metal is not pure and contains impurities or other metals.
The Smell Test
The stink test is a method of determining the purity of silver by analysing the metal’s odour. Since silver has no odour, if the metal being examined has an odour, it will not be considered pure.
FAQs
✅ What is the highest purity of silver?
The highest purity of silver that is available in the market is 9999 fineness. It certifies that the silver is the purest i.e., 99.9% pure.
✅ What are the ways for a person to trade in silver?
Silver can be traded through the futures market or commodity market. In India there are no ETF markets so customers can trade silver through an ETF in the US market or MCX and NCDEX. On the MCX and NCDEX market silver can be traded in the contract sizes or lots of 1 kg silver and such contracts are not spot contracts.
✅ What are the sources of purchasing silver?
Customers can purchase silver through many sources like certified e-commerce sellers, jewelers, private dealers, authorized sellers or even through banks.