Silver Rate Today in Odisha

Odisha is a state with a population of more than 6 crores. It is known for its tribal beauty and Hindu temples. The state was the home of the Kalinga kingdom where silver coins were used as currency.

The state welcomes tourists every year for events like Char Dham Yatra. The footfall of tourists in the state has created new demands. Moreover, various festivals such as Durga Puja, Kalinga Mahotsav, and Chandan Yatra are jubilantly celebrated within the region. The demand for silver in Odisha is especially high during festivities.

Silver is also known as 'Poor man's gold.' In the state, silver is used not only for coins and jewellery but also for industrial purposes. It is used extensively in electrical contacts and printed circuit boards. With the development of newer technologies, silver demands are increasing.

Silver Investment Option in Odisha

Investment in precious metals safeguards your capital against market fluctuations, inflation and interest rate volatility. Here are some ways people in Odisha invest in silver.

Silver Coin

Silver coins come in various sizes and weights, making them a good investment choice for people with varied budgets. Silver coins can also be purchased online as well as from a jewellery store or a bank. It is considered to be a very auspicious gift during the festive and wedding seasons.

Silver Jewellery

It is the most considered silver investment in Odisha. People, especially the younger population, invest in silver jewellery because they can wear it. Being a cheap alternative to gold, it is widely used as a fashion accessory.

Silver ETFs

Silver ETFs provide a convenient alternative to the burden of owning real silver. As per the rules of the Reserve Bank of India, it is mandatory to invest 95 % of the fund size in physical silver. You can enjoy the price appreciation of silver by keeping the silver in hand.

How to Check the Purity of Silver?

There are two types of silver products available in the market. They are hallmarked and un-hallmarked silver.

It is hard to check the purity of un-hallmarked silver. You can get an idea of silver purity by magnet test. Given that silver is ferromagnetic, it will repel the magnet. Place a strong magnet near the silver product; the more it attracts the silver, the less silver content is in that product.

It is very easy to check the purity of silver of hallmarked silver. The Bureau of Indian Standards (BIS) issues hallmarking on silver products in Odisha. The purity grade defines the silver content in a specific product. The purest silver available is 999, which contains 99.9% pure silver. The purity grade permitted by BIS ranges from 999 to 800. Silver materials are stamped with standard markings by Assaying and Hallmarking Centres certified by the BIS. There will be mainly three different symbols or marks on the silver:

• BIS symbol with S mark
• Purity/ fineness grade
• Jeweller/ manufacturer mark

Factors Affecting Silver Prices in Odisha

Several factors can affect the price of silver in Odisha. Some of the most significant factors include:

• Economic conditions: Silver is often seen as a haven asset, which is why its prices can be influenced by economic conditions and market sentiment.
• Industrial demand: Silver has many industrial uses, including in electronics, solar panels, and medicine. Therefore, changes in industrial demand can affect its price.
• Currency exchange rates: Silver is traded in dollars in international markets. Hence, changes in dollar-rupee exchange rates can affect its price.
• Supply and demand: Like most commodities, the price of silver is influenced by the balance between supply and demand.
• Political and geopolitical events: Changes in political or geopolitical conditions, such as wars or trade tensions, can also affect the price of silver.
• Investment demand: Silver is often bought as an investment. Accordingly, changes in investment demand can affect its price.
• Interest rates: Higher interest rates can make it more expensive to hold silver because it does not pay any interest.