Silver Rate Today in Roorkee

Roorkee is a vibrant city located in the Indian state of Uttarakhand, known for its rich cultural heritage, thriving economy, and natural beauty. With so many investment options available, it can be challenging to determine the best course of action. One option that has proven to be a safe and profitable choice for many investors is gold.

Gold has been a symbol of wealth and prosperity for centuries, and it continues to play a crucial role in the global economy. Whether you're looking to protect your wealth, diversify your portfolio, or take advantage of a profitable opportunity, investing in gold can offer many benefits.

Modes of Silver Investment in Roorkee

There are two primary options for silver investment in Roorkee:

• Physical purchase from shops: People prefer to purchase silver locally from trusted jewellery stores. These stores offer different varieties of silver in the form of jewellery, bars, coins or bullion. The purchase of silver jewellery includes making charges of converting raw silver into ornaments.
• Purchase from online markets: In today’s world, geographical barriers are almost eliminated when it comes to investment since you can invest from any part of the world in any other country. There’s hardly any paperwork to be done in today’s investing, be it stock or commodity investing.

What are some of the most important factors affecting the silver price?

Demand and supply are the reasons for any silver price change, as in any other commodity/ object. Let’s understand what affects the demand and supply of silver:

• In electronics, circuit paths and passive components called multilayer ceramic capacitors (MLCCs) rely on silver paste. Nanosilver, silver with a tiny particle size (1-100 nanometers, that is 1-100 billionths of a meter), provides a new frontier for technological innovation, requiring much smaller amounts of silver to get the job done. The silver demand has been touching the sky with the growing worldwide population and advancements.
• Silver protects against inflation and is used as a hedging tool. Inflation will erode the value of the paper currency, and silver can protect against such losses in purchasing power.
• The Union government has hiked import duty on gold from 7.5% to 12.5%, which caused the gold demand curve to shift downwards. Thus, silver has started to grab the chair in many areas where gold had been used erstwhile.

How to Check the Purity of Silver in Roorkee?

Metals are considered pure when they don’t contain any other metal such that the weight of the original metal falls below 99% of the total weight. However, in the case of silver, 92.5% silver is considered a benchmark for solid or sterling silver, which is also called the “925 hallmarks”.

Here’re some secrets to test if the silver is pure or mixed: 

• The Magnetic Test: Some hybrid objects are made of iron steel and are silver-plated, which might fool you into believing that the object is made of silver. Fortunately, silver is a non-magnetic metal; hence if some other metal is used to construct the metallic object and silver is foiled around the object, it would be a cakewalk to identify if the object is made of silver or otherwise, should it be brought close to a magnet.
• Polish Test: Polishing silver is a clever test of its purity. Silver needs to be polished regularly to keep it clean and shiny. Silver also oxidizes and tarnishes. Rub the tarnished piece as if polishing. If no black residue appears on your cloth, it's made of any other object, not silver.
• Odour Test: There’s another trick to test the authenticity of silver: smell the object. Silver is an odourless metal, so if the piece has a noticeable smell, it is likely not authentic. Sure, it could be silver-plated, but any scent, especially if the item is new, indicates that the metal is not entirely sterling silver.
• Flake Test: The underneath material could be made of something else. Now, to check the object's authenticity, one might like to scratch by the side of the object to identify if it's made of any other object. Also, the object could be tested with acids in the lab; ironically, silver doesn’t change its mood when it comes in touch with acid. It’s all neutral.
• Ice Test: Silver has the highest thermal conductivity of any common metal or alloy. If the object is made of pure silver, it will melt the ice cube rapidly, even at room temperature.
• Hallmark stamp: The most important of all, always check the hallmark stamp on the object for its purity. As mentioned above, it would be mostly 925 Hallmark for commercial use.

Why Invest in Silver ?

There are three primary reasons why the Silver price can be expected to gain huge potential:

Interest hike by US-Fed and fall of equity/ stock market worldwide

(As a result of interest hikes, people start disposing of their holdings in equity and start investing in safe modes such as Bonds and commodities. The commodities are chosen for their inherent characteristic- they are comparatively less volatile.)

China relaxing Zero Covid Policy

China is the largest manufacturing country in the world. Hence, China demands metal more than all other countries on the globe. As a result of withdrawing from the Zero Covid Policy, the worldwide demand for all metals is highly expected to face a surge.

The expectation of a worldwide recession

Gold and Silver are known for their worldwide use as a hedging tool, hence when there’s a global phenomenon like the Covid pandemic or worldwide recession, financial institutions resort to gold/silver investment as the hedging tool to protect their portfolio from colouring red.