Silver Rate Today in Gangtok

Gangtok, the capital city of the state of Sikkim, is located in the eastern Himalayas. The city is a tourist paradise and offers a breathtaking view of Mount Kanchenjunga. Being a mountainous region, the state is populated with distinct ethnic communities. Each of these communities is unique and has distinct clothes and jewellery.

With ethnic jewellery using a lot of gold and silver, there is always a good demand for precious metals in Gangtok. Silver is used extensively in making many of these ornaments. Did you know that some of the communities even use silver coins in their jewellery?

Jewellery apart, many major industries use silver for various applications. Silver is used extensively by automobile and electric battery makers. It also has a variety of medical applications. Hence, there is a lot of demand for silver in the local markets in Gangtok.

Silver prices in Gangtok vary based on many factors such as global economy, industrial demand and market supply. When you invest in silver, watch out for these factors.

Factors that Affect Silver Rates in Gangtok

You may see silver prices in Gangtok showing a daily change owing to many factors.

• Industrial demand:  Silver prices go up when there is a high demand from industries.
• Global economy: Any war or global economic crisis impacts silver prices.
• Supply: You see a rise in silver prices in Gangtok when the metal is in short supply.
• Market sentiments: Trading sentiments of commodity investors, banks and market managers impact silver rates. 

Silver Investment Options in Gangtok

Of late, you see a lot of interest among investors in silver. Though silver jewellery, coins, and utensils have been in use for many centuries, this precious metal is now also becoming a popular investment option.

You can invest in silver in many ways. You can also choose to buy silver in bulk from the bullion market. This option is mostly used by commodities market traders. If you are a retail investor, you can buy silver in the form of jewellery, bars or coins from stores.

In addition, you can invest in silver futures contracts or purchase certificates that represent the ownership of physical silver bullion. This is a good option if you want to only invest in silver and avoid the hassle of storing it physically.

Another option is to invest in exchange-traded funds (ETFs). ETFs are funds that hold units of assets like stocks or bonds. You can buy shares in an ETF and receive dividends from them. You need to go through a broker to do the buying and selling on your behalf.

How to Check the Purity of Silver in Gangtok?

When you plan to invest in silver, you must know the purity of the silver that you are trading. You can buy silver as sterling silver or as pure silver.

For example, when you opt for 925 sterling silver, it contains 92.5% silver and 7.5% copper or other metals. A fun fact for you: The 925 indicates the percentage of silver content in it!  Pure silver, on the other hand, contains 99% silver with 1% other copper or alloy mixed with it.

Impact of GST on Silver Rates in Gangtok

GST (Goods and Services Tax) is the tax charged on the sale of goods and services in India. If you want to invest in silver, then knowing the GST rates on your purchases is important. Though for now, silver jewellery and articles attract a GST of 3%, watch out for revisions by the government.

Silver Rates in Gangtok vs Silver Rates in Other Cities

Silver rates in Gangtok vary based on the demand for silver. When you see the currency exchange rates of countries mining and trading silver fluctuate, it will also affect local market prices.

Gold Rates vs. Silver Rates in Gangtok

For the same amount of money, you can buy more quantity of silver compared to gold. This is because silver prices are always lower than gold. This is also one of the reasons for the increase in the usage of silver in industries.