Silver Rate Today in Baripada

Baripada is a famous city in Odisha, majorly known for its vast heritage, art and culture. Silver is in major demand in Baripada, due to which there are variations in the silver rates in the city. Particularly during major festivals and the wedding season, silver purchases increase in Baripada. Many people consider silver a profitable long-term investment option considering the importance of the metal for both personal and industrial uses

How to Purchase Silver in Baripada

Since silver is a popular investment option in Baripada, there are various options through which a buyer can make this purchase or investment:

Jeweller or Other Seller: Going to a reputed jeweller or another seller to purchase silver is the most common option since people can check the quality of the silver before purchasing it. This method is much more trustworthy and convenient as people can select the silver items they prefer and speak directly to the seller about the purity and other details of the silver item.

Banks: Banks also sell silver in different forms such as silver bars, coins or bullion as an investment option. The benefit of buying pure silver in this form is that when the silver rates are high, you can sell the silver at a later date. It should be noted that while banks sell silver, they cannot buy them, even if the silver was purchased at that particular bank.

Online: People also have the option to purchase silver online through various sellers. However, buyers need to be careful and attentive while purchasing silver online due to the possibility of fraud.

Some Interesting Facts on Silver and Silver Rates in Baripada vs Other Cities

There are numerous factors that decide the price of silver in Baripada. Along with the popularity of gold, silver has also managed to increase in popularity amongst investors. This is because silver is great for long-term investments, considering the pace at which various industries require silver. The major factors which affect the silver prices in Baripada are provided below:

Industrial Expansion: The increase in manufacturing in India has led to an increase in silver demand. Multiple industries are known to use silver to manufacture their products. Silver is also known to have useful chemical properties and is affordable.

Affordability: Since silver is more affordable compared to gold, it is a popular choice when purchasing jewellery or ornaments for household use or to give as gifts during festivals and weddings.  

Other factors including inflation, geopolitical situations and the US Dollar rate also impact the silver rates in Baripada.

Things to Keep in Mind While Investing in Silver in Baripada

When purchasing silver, you must keep in mind a few crucial things that will help you purchase or invest better. This includes:

Proper Research: Researching thoroughly before making a big investment is extremely important for any buyer. The buyer should know the current prices of silver in Baripada and make sure they purchase from a trusted seller. Investing in silver is a major investment so proper research should always be conducted before purchasing or investing.

Authorised and Reputed Sellers: Before making any silver purchases, make sure you are buying from a trustworthy and reliable seller, which will usually be a jeweller or a bank. This is important because it ensures you are protected from any fraudulent activities regarding the sale or purchase of precious metals. Furthermore, purchasing from an authorised seller ensures that you are provided with an official bill which should have information regarding the purity of the silver and other details.

Silver's Purity: The Bureau of Indian Standards (BIS) introduced this hallmark to indicate the purity of the silver. The marks you should check for include the BIS mark, year of marking, purity grade, manufacturer’s identification mark and the jeweller's identification mark. You should ensure that the seller provides a purity assay certificate for the silver purchased. This certificate guarantees that the silver purchased is authentic and as pure as it is mentioned.

Impact of GST / Central Bank Policies on Silver Rate in Baripada

There is a 3% Goods and Services Tax (GST) on all silver purchases. When you are calculating how much you will be spending to purchase or invest in silver, you must take into consideration the amount you will pay including GST.

Paper Silver vs Physical Silver

There are two ways you can buy or invest in silver: physical silver and paper silver. Physical silver includes silver items you can physically hold and store such as silver bars, coins, bullion, jewellery and ornaments. Paper silver includes silver investments in the form of silver certificates, exchange-traded funds (ETFs) and other investments that have the value of silver.