Silver Rate Today in Maharashtra

Maharashtra is the economic capital of India. It is also one of the largest states in the nation and home to many business magnates and High Net-worth Individuals (HNIs). The rich Marathi culture is woven into the fabric of the state, and so is the love of its residents for precious metals like gold and silver.Silver, in particular, is one of the most popular investment options in the state of Maharashtra. The demand for silver remains high throughout the year and sees a consistent increase during wedding seasons and other festivities.

Factors that Majorly Affect Silver Prices in Maharashtra

Most of the silver is imported into India, and the demand for the metal precedes its production. This is why the price variation depends on overall demand, investment, oil prices, monetary inflation, the Dollar, and shifting currency markets.

The price of silver is subject to fluctuation. The relationship between supply and demand and multiple other factors determine the everyday price of the metal. Although the price has largely stabilised after volcanic fluctuations in 2010, 2011, and 2012, the global and Indian rate continues to swing in either direction.

Check out a few factors that contribute to the price of silver in Maharashtra:

Industrial Usage

Unlike gold, the industrial demand for silver is higher than its public purchase. Silver is used by major tech and hardware companies. It is used in gadgets like television, cell phones, smart screens, solar panels, RIFD chips, etc. Hence, the price of silver depends on its worldwide industrial demands. The fluctuation is mostly seen during the final quarter when most industries stock up the silver for the coming year.

Investment demand

Their investment demand determines the price of precious metals like gold and silver. Many households across the state view silver as a long-term investment and an affordable substitute for gold. Due to depleting resources that cannot make up for the yearly increase in demand, silver prices shoot up during an unusual rise in the investment drive. This can be seen when most middle-class and lower-middle-class households receive bonuses and incremental business profits.

Import costs

The state of Maharashtra does not have enough natural silver deposits. Hence, the city meets most of its demand for silver through imports. This directly impacts the price of the metal. Import regulations that pertain to theups and downs of the stock market, social customs, and fluctuating Indian currency exchange rates, impact silver rates across the country. For instance, the rate declines when the import policies favour the metals and vice versa.

Investment Options for Silver in Maharashtra

When it comes to silver, the shiny metal goes farther than your usual anklets or chains. While most Indian families buy and store silver in the form of jewellery, utensils, and idols, they can also be a great way to invest your money for long periods.

Yes, there are numerous ways in which you can invest in silver. The most common ways are in-store purchases, silver mutual funds, sovereign silver bonds (SGBs), and silver exchange-traded funds (ETFs).

The most popular silver investment options are:

• In-store Physical Purchases: Like most Maharashtrians, you can go ahead and buy silver from your local jeweller or seller and store it in your locker for years to come. Although the return on this investment will not yield a sizable return, it's a good way to lock in money for future use in the comfort of your home locker. You can buy silver in the form of jewellery, utensils, bars, and coins.
• Silver ETFs: A Silver ETF (Exchange Traded Fund) is a low-cost investment tool that consolidates funds to invest in asset classes such as equities, commodities, and bonds. You can buy an ETF on the stock market.
• Sovereign Silver Bonds: Sovereign Silver Bonds (SSBs) are state securities denominated in grams of silver. The Reserve Bank issues them on behalf of the Government of India. SSBs are distributed as holdings for physical silver. Investors have to pay the pre-decided issue price in cash, and the bonds are redeemed in cash on maturity.