Silver Rate in West Bengal

Silver Rate in West Bengal Today Apr 24 2024

Per Gram	1 Kg
₹62.74	₹62743

Silver Rate in West Bengal

It is critical to research the essential facts that underpin the changing Silver Rate in West Bengal for a variety of reasons. Silver has a number of properties that make it a valuable metal, and it is in high demand among the general public, especially among the rural population.

The people of West Bengal need silver for a variety of purposes. Whether it’s jewelry or silverware, religious or technological objects, silver never goes out of style in West Bengal. Portfolio diversification should be the foundation of one’s investment strategy. And the only way to draw conclusions is to use as much data as possible.

Silver Rate in West Bengal – 10 gm, 100 gm & 1 kg

This segment contains today’s and yesterday’s fluctuations in the Silver Price in West Bengal. To get a better view, we compared data for 10 grams, 100 grams, and 1kg.

Silver Rate	10 Gram	100 Gram	1 KG
Today Price (Rs.)	639	6,391	63910
Yesterday Price (Rs.)	639	6,390	63900
Change (Rs.)	0	0	10
Change (%)	0%	0.02%	0.02%

Silver Price in West Bengal for Last 10 Days

The variations over the last 10 days are listed below. These changes in the price of silver in West Bengal are a preview of your potential investment. Examine how silver prices fluctuate on a daily basis to determine the best course of action.

Daily Silver Rates in West Bengal	Silver Price (Rs.)
31-03-2021	₹ 6391 ( 1 )
30-03-2021	₹ 6390 ( -100 )
29-03-2021	₹ 6490 ( 0 )
28-03-2021	₹ 6490 ( 0 )
27-03-2021	₹ 6490 ( -10 )
26-03-2021	₹ 6500 ( -70 )
25-03-2021	₹ 6570 ( 40 )
24-03-2021	₹ 6530 ( -70 )
23-03-2021	₹ 6600 ( -60 )
22-03-2021	₹ 6660 ( -90 )

Historical Price of Silver Rate In West Bengal 

Silver Rate in West Bengal for January 2021 (Rates per gram for 1 Gram / 1 Kg Silver)

Silver Rates	1 gram	1 Kg
January 1st Rate	65.82	68,100
January 31th Rate	69.73	69,800
Highest January Rate	72.07	71,400
Lowest January Rate	65.78	63,900

 

The month of January marks the start of a new year, which has an effect on metal prices, whether gold or silver. Here is a brief look into the silver rate in West Bengal.

• This month, the metal’s price is Rs.68,100 per kg on January 1st, and Rs.69,800 per kg on January 31st, 2021.
• The highest price per kilogram in January was Rs.71,400, and the lowest price per kilogram was Rs.63,900 in January 2021.
• For the silver price in West Bengal, the output level was estimated at 2.50 percent.

Silver Rate in West Bengal for February 2021 (Rates per gram for 1 Gram / 1 Kg Silver)

Silver Rates	1 gram	1 Kg
February 1st Rate	70.21	73,000
February 28th Rate	65.82	67,500
Highest February Rate	76.54	73,000
Lowest February Rate	65.82	67,300

 

For the month of February, the price of silver fluctuated.

• The starting price for the month of February is Rs.73,000 per kilogram.
• The closing price for the same month is Rs.67,500 per kg.
• The highest price level for the month was Rs.73,000 per kg in February 2021, and the lowest price level for the month was Rs.67,300 per kg in February 2021.
• Throughout the month, the silver rate per gram in West Bengal fluctuated dramatically. Overall, the score is estimated to be -7.53 percent.

Silver Rate in West Bengal for March 2021 (Rates per gram for 1 Gram / 1 Kg Silver)

Silver Rates	1 gram	1 Kg
March 1st Rate	63.74	62,743
March 31th Rate	70.21	70,210
Highest March Rate	70.25	70,249
Lowest March Rate	63.74	62,743

Here’s a quick rundown of the silver rate in West Bengal in March 2021.

• On March 1st, the metal’s price was Rs. 62,743 per kg, and on January 31st, 2021, it was Rs. 70,210 per kg.
• In March 2021, the highest price per kilogram was Rs. 70,249, and the lowest price per kilogram was Rs. 62,743.
• The silver rate in West Bengal at the beginning of the month per gram was seen at Rs. 63.74 whereas by the end of the month, the price rose to Rs. 70.21 per gram
• The highest price per gram in the month of March had risen up to Rs. 63.74 and the lowest had dipped down Rs. 63.74 for the silver rate in West Bengal.

Silver Rate in West Bengal – Trend in 2020

The demand for silver in West Bengal is cyclical since silver is widely used in the state. It has a wide variety of applications, including battery production, jewelry, ornaments, chemical generation, and more. Because of the state’s constant demand for silver, the silver rate in West Bengal is showing positive trends and continues to rise.

Due to the pandemic and tensions between India and China, silver prices in West Bengal and across the country initially saw significant volatility in 2020. However, following adjustments in economic policies, the silver rate started to rise steadily again. Today, the silver rate in West Bengal is at an all-time high, as investors continue to flock to metals, believing it to be a safe haven against potential inflation.

What makes the Silver Rate in West Bengal increase or decrease?

West Bengal is thought to be the world’s largest silver importer. West Bengal accounts for 20% of global silver production. West Bengal has a multitude of artisans with creative abilities who produce silver bangles and coins.

More explanations for the current shift in the silver rate in West Bengal are discussed below.

• The price of silver moves in lockstep with the price of gold. As gold prices rise, so does the price of silver in West Bengal today per gram, and when gold prices fall, so does the price of silver.
• Since West Bengal is the world’s largest silver importer. Popular artisans and jewelers use silver to produce ornaments and jewelry.
• Volatility in the silver sector can also be caused by international factors.
• As economic uncertainty grows, so does the demand for silver to store in times of crisis, resulting in a rise in silver prices.

What are the various measuring units of Silver in West Bengal?

Metals have different measuring units. Silver has a common measurement unit and is internationally accepted. When it comes to the buying or selling of metal, the need for a measuring unit is important. In West Bengal, silver is measured in troy ounces. A troy ounce of silver weighs 31.1035 grams. As a result, the first unit of measurement was developed in the French town of Troy, and it is still used today.

How much is the Tax Levied on Silver Rate in West Bengal?

With the implementation of GST in 2017, all luxuries were required to be taxed. Silver is subject to a 3% GST levied by the federal government, which is valid in all 50 states. Additional fees and taxes levied on silver vary from state to state. The government of West Bengal uses the silver rate tax to improve the state’s infrastructure, transportation, and heritage security. Making charges, import taxes, and broking charges are among the additional charges levied on silver in West Bengal.

How to check Silver purity in West Bengal?

Silver is available in a variety of ways for personal or commercial use. Customers must, however, ensure that the silver they purchase is genuine. The purity levels of all types of silver are classified. Percentages are used to reflect the purity of the precious metal. The purest type of silver at such purity levels is 99.9%, which is known to be free of corrosion or adulteration.

Other metals or alloys are sometimes paired with silver. This ensures that the final silver in the desired shape is strong and resistant to oxidation over time. As a consequence of the combination of other metals, the purity of silver is diminished, and it is graded or accredited accordingly.

Different techniques may be used to determine the purity of the silver. The most precise method is to test it with chemicals to distinguish between pure silver and silver coating. The final products made of pure silver have an effect on the pure silver rate in West Bengal. Another local method for determining pure silver is to use a magnet.

If a magnet sticks to the silver product, it’s pure silver; if it doesn’t, there’s a problem with the product. However, for the best outcomes, it’s still a good idea to stick to chemical testing.

Where to purchase silver in West Bengal?

Customers can buy silver from reputable suppliers to ensure that the transaction is legitimate and free of unnecessary risk. Customers are therefore assured of not only the purity of the silver in any form bought but also of the seller; otherwise, customers risk being duped and losing their money when receiving inadequate value for their purchase.

The following are reliable sources for purchasing or selling silver.

• Private dealers
• Sellers who are approved
• E-commerce merchants who have been certified
• Banks are financial institutions.
• Jewelers who are certified

Silver is available in any of the following types, exclusively for retail sales, from these reputable and genuine sources.

• Silver coins
• Silver jewelry
• Silver bars
• Silver Bullions
• Silver household items

Factors Influencing the Prices of Silver in West Bengal

Silver prices are volatile and are influenced by a variety of factors. The key factors are either internal or directly linked to the metal’s price fluctuations. Other factors that influence silver prices are secondary, secondary, or external factors. These factors do not have a direct influence on the price of this metal, but they do have an indirect effect.

The numerous factors that influence silver prices in any market are mentioned below.

Internal Conditions

• Current Demand  (Personal, medicinal, Industrial or Commercial Demand)
• Ancillary costs such as mining, imports, and storage or warehousing costs
• Supply of silver on the market.

External Conditions

• Policies of the Government
• Fluctuations in Crude Oil Prices
• Import and Export Policies and Inflation
• Prices of gold
• Fluctuations in the value of the dollar
• Geo-political scenario

Silver rates have been affected by the latest pandemic and the launch of a vaccine to combat it. Silver prices have dropped dramatically as a result of this.

FAQs on the Silver Rate in West Bengal

✅ What is the highest purity level awarded to silver available in the market?

99.9% purity is the maximum degree of purity awarded to silver.

✅ What is a Silver ETF?

The Silver Exchange Traded Fund (Silver ETF) is a form of exchange-traded fund that invests in silver. Currently, our country lacks a registered ETF. Customers who want to trade in Silver ETF must first register on the US Silver ETF website. A licensed stockbroker with access to the US Silver ETF may complete the registration process.

✅ What tests can be done on silver by buyers and sellers of silver to check its purity?

The ice test, stink test, and magnet test are among the different measures used by buyers and sellers to determine the purity of the silver.

✅ What is the lot size of silver traded on commodity and futures markets?

Silver contracts come in one-kilogram quantities.

✅ What are the various points to be considered at the time of purchasing silver?

The following are some of the different points or considerations to consider when buying silver:

• Following the price of silver on a regular basis in order to track and determine the trend.
• As previously stated, transacting in silver through a reliable and authentic source.
• Obtaining proper certification on silver at the time of purchase in order to facilitate resale at any time.
• Identifying the aim of purchasing silver in order to maximize resale value. As a consequence, if silver is purchased for personal use, the type of silver is meaningless and is solely determined by the customer’s desires or preferences.
• Silver coins, bars, and bullions are the safest types of silver to invest in as an investment tool. Since there is no decrease in the value of the commodity due to labeling costs or other metals or precious stones mixed or imbibed in silver, this type ensures full return on investment.