Silver Rate in Bangalore

Silver has long been regarded as a popular metal in Bangalore, both because it is valuable and because it is a good investment. However, it is critical to keep up with the Silver rate on a regular basis before investing in metals. The silver rate in Bangalore is determined by a number of factors, including international relations and market demand and supply. As per the current scenarios, today’s silver rate in Bangalore is ₹ 67,500 for 1 kg of silver.

Compare Silver Rate In Bangalore (Today & Yesterday)

Today Yesterday Rate Change
Silver (1 gram) ₹ 71.5 ₹ 66.7 ₹ 4.8 ↑
Bar Silver (1 Kg) ₹ 71,500 ₹ 66,700 ₹ 4,800 ↑

Silver Rate in Bangalore for Last 10 Days

YEAR
SILVER (IN GM)
1 GRAM 10 GRAM
SILVER (IN KG)
1 KG 10 KG
10 March 2021 Rs. 67.00 Rs. 670 Rs. 67000.00 Rs. 670000
09 March 2021 Rs. 66.70 Rs. 667 Rs. 66700.00 Rs. 667000
08 March 2021 Rs. 66.50 Rs. 665 Rs. 66500.00 Rs. 665000
07 March 2021 Rs. 65.80 Rs. 658 Rs. 65800.00 Rs. 658000
06 March 2021 Rs. 65.40 Rs. 654 Rs. 65400.00 Rs. 654000
05 March 2021 Rs. 67.60 Rs. 676 Rs. 67600.00 Rs. 676000
04 March 2021 Rs. 67.60 Rs. 676 Rs. 67600.00 Rs. 676000
02 March 2021 Rs. 67.60 Rs. 676 Rs. 67600.00 Rs. 676000

Historical Trend of Silver rate in Bangalore

Months Lowest Silver rate Per Kg Highest Silver rate Per Kg
February 2021 67,900 75,700
January 2021 63,900 72,000
December 2020 58,600 72,300
November 2020 59,800 66,700
October 2020 60,210 63,500
September 2020 58,500 76,500
August 2020 65,010 76,520
July 2020 48,510 66,060
June 2020 47,110 50,160
May 2020 41,010 51,400
April 2020 40,360 42,710
March 2020 37,800 50,700
February 2020 47,400 52,900
January 2020 49,200 52,600

Trend of Silver Rate in Bangalore for February 2021 (rates per kg)

Parameters Silver rate (per kg)
February 1 Rate Rs.78,100 per kg
February 28 Rate Rs.67,500 per kg
Highest Rate in February Rs.78,100 per kg on 1 February
Lowest Rate in February Rs.67,300 per kg on 5 February
Overall Monthly Performance Decline
Percentage Change -13.57%
  • Bangalore’s silver rate was Rs.78,100 per kg, the highest of the day. The price of the white metal fluctuated during the month and eventually fell. On 5 February, the metal’s price fell to its lowest point of Rs.67,300 per kg.
  • Silver rates fell after constant market fluctuations caused by the increase in COVID-19 cases and changes in the value of the US dollar.
  • On the 28th of February, the silver rate in Bangalore closed at Rs.67,500 per kg, a decrease of 13.57 percent from the previous month.

Trend of Silver Rate in Bangalore for January 2021 (rates per kg)

Parameters Silver rate (per kg)
January 1 Rate Rs.72,000 per kg
January 31 Rate Rs.69,800 per kg
Highest Rate in January Rs.72,000 per kg on 1 January – 3 January
Lowest Rate in January Rs.63,900 per kg on 9 January – 11 January
Overall Monthly Performance Decline
Percentage Change 3.05%
  • On 1 January, silver opened at Rs. 72,000 kg in Bangalore, reaching its peak on the same day and remaining stable until 3 January.
  • Despite the fact that the US dollar recovered in the market, Silver rates plunged to their lowest level of Rs. 63,900 per kg on 9 January and remained at that level until 11 January as investors awaited the Biden administration’s decision on monetary policy.
  • The silver rate in Bangalore fluctuated at the end of the month, closing at Rs.69,800 per kg on 31 January, showing a monthly percentage decrease of 3.05.

Trend of Silver Rate in Bangalore for December 2020 (rates per kg)

Parameters Silver rate (per kg)
December 1 Rate Rs.64,600 per kg
December 31 Rate Rs.72,300 per kg
Highest Rate in December Rs.74,100 per kg on 21 December
Lowest Rate in December Rs.63,400 per kg on 10 December
Overall Monthly Performance Incline
Percentage Change 11.9%
  • On 1 January, silver opened at Rs. 64,600 kg in Bangalore, and was showing an overall upward trend for the month. The metal had hit its lowest price of the month on December 10th, at Rs.63,400 per kg.
  • Despite constant fluctuations, the metal’s price jumped in the last week of the month, peaking at Rs.74,100 per kg on December 21.
  • Indulge slightly to Rs.72,300 per kg at the end of December, closing the month with an incline percentage of 11.9%.

Trend of Silver Rate in Bangalore for November 2020 (rates per kg)

Parameters Silver rate (per kg)
November 1 Rate Rs.60,100 per kg
November 30 Rate Rs.63,300 per kg
Highest Rate in November Rs.70,000 per kg on 7 November
Lowest Rate in November Rs.60,100 per kg on 1 November
Overall Monthly Performance Incline
Percentage Change 5.32%
  • In Bangalore, the silver rate in Bangalore began at Rs.60,100 per kg and fell to its lowest point on November 1st, the first day of the month. The metal’s price rose during the month as investors’ risk appetite decreased.
  • The metal’s price rose, reaching a high of Rs.70,000 per kg on November 7th, and then fluctuated a lot during the week, declining slightly due to flat trends in the international market.
  • On the 30th of November, the silver rate in Bangalore closed at Rs.63,300 per kg, a percentage increase of 5.32.

Trend of Silver Rate in Bangalore for October 2020 (rates per kg)

Parameters Silver rate (per kg)
October 1 Rate Rs.60,700 per kg
October 31 Rate Rs.61,000 per kg
Highest Rate in October Rs.63,500 per kg on 21 October
Lowest Rate in October Rs.60,210 per kg on 8 October
Overall Monthly Performance Incline
Percentage Change 0.49%
  • In Bangalore, the October silver rate in Bangalore opened at Rs.60,700 per kg on October 1st, indicating an overall increase in prices for the month as risk appetite was dampened by the uncertainty surrounding the US election.
  • As the value of the US dollar fluctuated, the metal reached its lowest point on October 8 at Rs.60,210 per kg and its highest point on October 21 at Rs.63,500 per kg.
  • The silver rate in Bangalore rose marginally on the last day of the month, closing at Rs.61,000 per kg, an overall percentage increase of 0.49.

Trend of Silver Rate in Bangalore for September 2020 (rates per kg)

Parameters Silver rate (per kg)
September 1 Rate Rs.76,500 per kg
September 30 Rate Rs.62,500 per kg
Highest Rate in September Rs.76,500 per kg on 1 September
Lowest Rate in September Rs.58,500 per kg on 24 September
Overall Monthly Performance Decline
Percentage Change -18.30%
  • The metal closed the month at Rs.62,500 per kg on 30 September, recording an overall monthly percentage decline of 18.30.
  • The silver rate in Bangalore was at its highest on September 1, 2020, when it opened the month of September at Rs.76,500 per kg. Throughout the rest of the month, however, the metal showed a downward trend.
  • Silver rates fell for the rest of the month as the value of the dollar increased in the international market, with the lowest price of the month being Rs.58,500 per kg.

Silver rate in Bangalore

Since the beginning of January, the prices of most precious metals have risen significantly. This covers the Silver rate in Bangalore. Silver and gold have a tango-like relationship and tend to move in the same direction. The most important question is how they will move in the future. Silver has a high resale value and returns, which outperform inflation and provide consumers with a safe and secure commodity to invest in. The price of silver in Bangalore is determined by international pricing.

Because gold is more expensive than silver, silver has an advantage in the market for lower-income people in the city. The metal is sold by bullion dealers, jewelry stores, art facts shops, silverware sellers and a variety of other outlets in the city.

What Makes the Demand for Silver in Bangalore

Silver is a valuable metal that has been used by mankind. Silver is one of the world’s most traded commodities. Silver is essential to industrial demand in industries like electronics and medicine. In fact, industrial uses account for more than half of all silver consumption. Silver is mostly made as a by-product of other metals like zinc, lead, copper, and gold. By-products account for about 4/5th of all silver production, with exclusive mining accounting for just 20% of all global silver production.

Silver, also known as “poor man’s gold,” has seen an increase in demand in recent years. Silver demand in India is rising as the country’s industrial sector matures. In fact, demand for industrial needs has been steadily growing over the years. Silver rates in India have been undervalued when compared to gold prices. The high gold-to-Silver rate ratio in comparison to the past demonstrates this. As a result, investors are considering the long-term potential of this precious metal in comparison to its more expensive cousin gold.

Why is Silver a Good Option to invest?

There are numerous investment options available in the markets, ranging from insurance to fixed deposits and beyond, but many people prefer to invest in precious metals such as silver. The industrial sector accounts for the majority of silver demand in India, followed by investment and then jewellery. You should be investing in silver and here are 7 reasons that will show you just why it can be a good idea for an investment.

Demand is Always Around

Silver is a valuable metal that is always in demand in the jewellery market, particularly in India. The demand for silver is also produced by industrial sectors that require it for production, and this demand far outweighs any other sector’s demand. This indicates that silver is something that people need, and that what is in high demand is worthwhile to invest in.

Supply vs Demand

While there is a large and increasing demand for silver, led by countries like India and China, the availability of silver is decreasing as demand grows and the amount of silver found above ground decreases. This means that silver will become harder to come by at some point in the future, and the price will likely rise due to the limited supply, placing long-term investors in a very good financial position.

Timing the Markets

The silver markets can be forecast in a number of ways. Waiting for the wedding season or a festival to come around is one of the most straightforward ways to time the market. The demand for silver and gold is increasing.

No Bank Accounts

You would be surprised to learn that a significant part of India’s population is not enrolled in the banking or taxation systems. This makes it difficult for them to invest in many of the instruments available, and one of the places they can invest is in buying and selling silver because it is easy to buy and sell.

Cheaper than Gold

Silver is easier to obtain than gold because it is less expensive. Although not everyone can afford to buy large amounts of gold, silver can be purchased in larger quantities because it is less expensive. For instance, Rs. 36,215 (as of September 25, 2015). (Subject to change) will buy you 1 kg of silver, but just a little more than 10 grammes of gold.

Sorting the Storage Problem

When you buy silver in the conventional way, in the form of bars or jewellery, the most important question you’ll have to answer is where you’ll keep it. Let’s face it, if you’ve just purchased a few kilos of silver, you can’t keep it at home and expect to get a good night’s sleep. If you don’t like situations like this, there are also e-silver products available on the NSEL. They allow people to invest in silver without having to worry about storing the metal.

Go to Option in an Emergency

In an emergency, silver can assist in two ways. The first is a personal emergency in which you need money quickly and decide to sell some of your silver; the second is the fact that in the event of a national emergency, even if the currency loses value, silver will not.

Silver as an Investment in Bangalore

Silver’s market share in the local commodities market has risen slightly. Silver usually provides good returns, and the metal can be sold at any time because there is a high demand for it and it has a high resale value. Bangalore people buy silver in the following forms:

Physical silver :  Physical silver includes bullions, which include bars and ingots, jewellery and ornament, silverware and other utensils, and coins, among other things. Silver is a popular gifting item that sees a seasonal uptick in sales around festivals and wedding seasons.

Silver contracts : Silver contracts can be bought in the city from national commodities exchanges such as the NCDEX and the MCX. MCX is one of these, and it is well-known both within and outside the country as a global silver exchange market. Contracts are available in 1kg silver base quantities and purities of 999 and 995 parts per thousand.

Things to Remember Before Buying Silver Jewellery in Bangalore

• Purity Of Silver
Silver, like gold, can be purchased hallmarked. Silver articles are also hallmarked by the Bureau of Indian Standards (BIS). “According to BIS rules, there are four signs that one must look for when buying a hallmarked silver article,” says Yash Punamiya, owner of Kundan Jewellers. The hallmarking of silver and gold jewellery, on the other hand, is a purely voluntary process..

If the jeweller is offering you non-hallmarked article, you can request him to get it hallmarked. Hallmarking of silver articles provides valid proof of the purity of silver article.” The four signs are as follows:

• BIS logo
• Purity grade/fineness
• Hallmarking centre’s identification mark/number
• Jeweller’s identification mark/number

Making Charges
When purchasing silver jewellery, we normally accept the jeweller’s price on face value. However, you should inquire as to what the current market price of silver is and what the jeweller’s making charges are for the item you wish to purchase. “Usually, making charges for the silver article begins at Rs 3 per gramme with no maximum limit,” Punamiya says. However, making charges for silver articles are on the lower side as compared to the charges for gold jewellery.”

Check For The Buy-Back Policy
Many people sell their old silver or gold jewellery in order to purchase new pieces. Inquire about the buy-back policy when purchasing new silver jewellery or utensils. How much money will you get if you decide to return to the same jeweller and sell the item you bought at a later date? For example, if you buy 925-grade silver jewellery, your jeweller will only pay you for 92-grade silver when you sell it. Therefore, you should know the various charges that will be taken into account in calculating the sale price of your jewellery.

Gemstones On Silver Jewellery
Gemstones are often embedded in silver jewellery. You must ensure that the weight of these gemstones has not been factored into the price of silver by your jeweller.

German Silver
Apart from silver, one can now purchase German silver. However, German silver should not be confused with sterling silver or even silver. “There is a distinction between sterling silver and German silver,” Punamiya explains. The BIS hallmarks sterling silver, which is made up of pure silver and other alloys. On the other hand, German silver is any metal such as copper or brass which has silver polish. This is not BIS hallmarked.”

Also, check the Gold rate in Bangalore.

Historical Trend of Silver rate in Bangalore

Months Lowest Silver rate Per Kg Highest Silver rate Per Kg
February 2021 67,900 75,700
January 2021 63,900 72,000
December 2020 58,600 72,300
November 2020 59,800 66,700
October 2020 60,210 63,500
September 2020 58,500 76,500
August 2020 65,010 76,520
July 2020 48,510 66,060
June 2020 47,110 50,160
May 2020 41,010 51,400
April 2020 40,360 42,710
March 2020 37,800 50,700
February 2020 47,400 52,900
January 2020 49,200 52,600

FAQs

✅ What is the price of 1 kg silver in Bangalore today?

The price of 1 kg silver in Bangalore today is ₹ 67,500.

✅ How can I check the ongoing Silver rates in Bangalore?

You can check the current Silver rates in Bangalore by searching for it online on verified sites. You can also reach out to a local jeweller for checking the latest prices.

✅ How does GST impact Silver rates in Bangalore?

Purchasing silver can be expensive in Bangalore as 3% GST is applicable on every purchase.

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