Silver Rate Today in Bihar

Bihar played an important role in India's early history. Over the centuries, it has served as the main seat of Indian imperial power and provided the focal point for Indian culture and civilization. It is one of the most religiously and spiritually significant states in India. Mahabodhi Temple, Bodhgaya and Vishnupad Mandir are some of the holy places in Bihar. Silver holds religious significance in Bihar. So, it is in high demand during festivals and wedding seasons.

Bihar also has major industries like IT, food processing and textiles. A lot of the machines used in these industries also require silver, boosting demand in the state.

How to Check the Purity of Silver in Bihar?

Even though buying silver is a common activity in India, there are still a lot of risks associated with it. To check that the silver you're buying is pure you need to keep these factors in mind:

• BIS Mark: The Bureau of Indian Standards (BIS) is the only Indian authority to mark the purity of any metal, including silver. It's a triangular symbol with a dot inside it which is marked on any real silver item.
• Jeweller's Identification Number: The silver should also have a jeweller's identification number. This helps the consumers verify the jeweller's credibility. In case of any further dispute, this can be used as evidence against the maker.
• Hallmarking: Another way of checking the authenticity and purity of silver is to look for hallmark stamps or marks on the silver. Hallmarking stands for imprinting any jewellery or metal item with official stamps. It will prevent the illegal movement of silver on the market and verify its purity. 

How to Invest in Silver in Bihar 

Since gold prices are breaking records every day, silver is gaining popularity as an investment. Silver is also becoming more popular among the younger generation, as opposed to gold. In recent times, silver has been in high demand for gifting and for auspicious purposes in Bihar. So, let's look at the different ways in which you can invest in silver.

Physical purchase of silver from stores: Silver is exchanged during the wedding and the festive season in the form of jewellery and coins. As silver is widely in demand for jewellery there's a variety of silver ornaments readily available. In order to purchase, silver jewellery additional making charges need to be paid on the base silver price. So, most people who want to buy silver for investment purposes choose silver bars or coins.

Purchasing paper silver: Some investors prefer investing in physical silver. So, they choose commodities like silver ETFs. Silver ETFs (exchange-traded funds) are offered by mutual fund houses. Some investors also buy silver futures contracts and stocks of silver mining companies. However, these are relatively risky investments.

Factors Affecting the Price of Silver in Bihar 

• Demand and Supply Dynamics: The demand for silver is rising due to the need for silver in the industrial sector. Silver is increasingly being used in sectors like renewable energy. Although the demand for silver is high, supply is volatile, which adversely impacts silver prices at different points in time.
• Geopolitical Issues: Geopolitical events like pandemics and wars also play a major role in determining silver prices. These events directly impact supply chains. An outright war may even shut down several industries that use silver, plunging its demand and its prices.
• Production and Mining: Since the prices of silver are highly dependent on its production, its mining activities should be carefully tracked. This would help predict its prices.
• Economic Trends: Economic trends like inflation and recession also impact the demand for silver. If analysts predict that inflation is going to rise, more people buy silver as it is a hedge against inflation. However, if analysts predict a recession, then demand declines. 
• Interest Rates: When interest rates rise, investors choose to invest in other investments. This leads to a decrease in demand for silver and therefore a drop in its price. This can also lead to a decrease in the amount of silver available in the market, further driving prices down.When interest rates decrease, investors may be more inclined to invest in silver as it presents an opportunity for higher returns. This increased demand can drive prices up. This makes silver a more attractive commodity for foreign investors.
• Fluctuations in Currency: Since silver is priced in dollars, any appreciation of the dollar or the rupee impacts its price. If the dollar appreciates, the price of silver goes up. If the rupee appreciates, the price of silver goes down.