Silver Rate Today in Rourkela

Rourkela is essentially known as the Ispat Nagar and the Steel City of Odisha. The steel plant, known as Rourkela Steel Plant, is known as one of the premier steel plants across the country. Rourkela is also famed for its prestigious educational institutions, such as the National Institutes of Technology.
Rourkela is a place where you can see the one-of-a-kind handicraft of silver, popularly known as filigree. The city experiences high demand for silver throughout the year as many women are observed to traditionally wear silver anklets and toe-rings. However, there is a surge in demand during weddings and festive seasons.
Silver is a precious metal with a wide range of industrial, jewellery, and decorative applications. It is often used in producing coins, jewellery, and other decorative objects, as well as in electrical and electronic equipment, mirrors, and other products.
The demand for and usage of silver in Rourkela may depend on the local economy, cultural traditions, and other factors.

Comparative Analysis of Gold vs Silver in Rourkela

From the investment perspective, gold and silver can be classified into the following categories.

Affordability

Having priced at a lower range than gold, silver can be afforded by most people. However, you need to keep in mind that the resale value of silver will be lower than gold too.

Liquidity

When it comes to liquidity, the gold market occupies a larger share. However, silver has been emerging mainly due to its diversities.

Storage

Silver is bulkier than gold. Hence, pure silver requires more space than pure gold.

Durability

Any gold or silver metal will become tarnished over time from daily wear and tear on ornaments. Silver is difficult to contaminate, but gold is softer than silver. Gold ornaments are more susceptible to warping and buckling.

Industrial application
 

Silver has a wider application range than gold. Where gold is mainly used for jewellery, silver is used for its reflectivity and thermal and electronic conductivity in industries too.

Factors influencing pricing at Rourkela

Mainly, silver has to be imported, and many factors affect its pricing:

Gold rates

There is generally a positive correlation between the price of gold and the price of silver. When the price of gold is high, the price of silver tends to increase, and when the price of gold is low, the price of silver tends to decrease. 
This is because gold and silver are often seen as substitutes for each other in the market, and when the price of one metal increases, the demand for the other metal may also increase.

Currency

The silver rate depends on the valuation of the rupee against the dollar. A decrease in the dollar value causes silver prices to increase. In contrast, an increase in the dollar value against the Indian rupee will cause silver prices to decrease.

Inflation

There is generally a positive correlation between inflation and the price of silver. When the inflation rate is high, the demand for silver as a store of value and a hedge against inflation tends to increase, which can lead to an increase in the price of silver. 
Conversely, when the inflation rate is low, the demand for silver may decrease, which can lead to a decrease in the price of silver.

Demand

There is generally a positive correlation between the demand for silver and the price of silver. When demand for silver is high, the price of silver tends to increase. Conversely, when demand for silver is low, the price of silver tends to decrease.

Other Charges

Other charges include import costs, storage costs, and mining costs. These costs cause the final price of silver to increase.

Government policies

Government policies can impact the price of silver through monetary policies, trade policies, investment policies, and industrial policies. For example, if a central bank raises interest rates on investments such as fixed deposits, it can decrease the demand and price of silver. If a government imposes tariffs on imported silver, it could increase the price of silver.

How do I buy silver in Rourkela?

There are several options for buying silver in Rourkela, India. Here are a few options you may want to consider:

Physical silver: You can purchase physical silver in the form of coins, bars, or jewellery. You can find several dealers in Rourkela who can sell you physical silver. You can also purchase physical silver online from Amazon.

Silver exchange-traded funds (ETFs): Silver ETFs are investment vehicles that track the price of silver. You can purchase shares in a silver ETF through a brokerage account or online trading platform.

Silver futures: A silver futures contract is a legally binding agreement to buy or sell silver at a specific price at a particular time in the future. You can trade silver futures through a futures exchange, such as the National Commodity and Derivatives Exchange (NCDEX) or the Multi Commodity Exchange (MCX).

Silver mutual funds: A silver mutual fund is a type of investment vehicle that pools money from multiple investors and invests in a diversified portfolio of silver-related assets, such as silver mining companies or silver ETFs. You can invest in silver mutual funds through a mutual funds company or a financial advisor.
It's important to note that investing in silver carries some risks, such as market risk, liquidity risk, and storage risk. You should carefully consider these risks before investing in silver. It's always a good idea to do your research and consult with a financial advisor before making any investment decisions.

Understanding the demand for silver in Rourkela

Several factors can impact the demand for silver in Rourkela, India. Here are a few potential drivers of demand for silver in the city:

Industrial demand

Silver has several industrial uses, including electronics, batteries, mirrors, and solar panels. Changes in industrial demand for silver can impact its demand in Rourkela.

Investment demand

Silver is often considered a store of value and is used as a hedge against inflation. Changes in investment demand for silver can impact its demand in Rourkela.

Cultural and traditional demand

In Rourkela, as in other parts of India, silver is often used in traditional jewellery and decorative items, such as bangles, necklaces, and earrings. Silver is also used in various religious ceremonies and rituals in the city, such as weddings and festivals.

Economic conditions

Economic conditions, such as interest rates, inflation, and economic growth, can impact the demand for silver in Rourkela.

Political and geopolitical events

Political and geopolitical events, such as wars, natural disasters, and trade disputes, can also impact the demand for silver in Rourkela.
It's important to note that the demand for silver can fluctuate over time and is subject to several factors. It's always a good idea to do your research and consult with a financial advisor before making any investment decisions.