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Purchasing precious metals like silver can play an essential role in an investment strategy. The reason is that these metals help safeguard your wealth during economic uncertainty. Given the economic turmoil of the past few years, more people than ever have invested in silver and continue to do so.

 

As such, the silver price today in Ahmedabad and other parts of the world has seen a rise and is expected to rise further. However, investing in precious metals requires being aware of the current rates and a basic knowledge of the factors that influence their price.

 

Having an understanding of the factors that affect the silver price in Ahmedabad and other cities enables you to enter the market at the right time. This also helps you make the most of your investment and your hard-earned money.

 

To know today’s silver rate in Ahmedabad and the factors that influence these rates, read on.

Silver Price Per Gram in Ahmedabad

Given below is an overview of today’s silver price in Ahmedabad for different quantities.

Quantity of silver (in grams)

Silver Price in Ahmedabad

01

₹90.50

10

₹905.00

100

₹9,050.00

1000 (1 kg)

₹90,500.00

Disclaimer: The above silver price in Ahmedabad is as of june 14, 2024, and is subject to change.

Silver Rate in Ahmedabad for the Last 10 Days

Given below is an overview of the silver rate in Ahmedabad for the last ten days.

Date

1 Gram

10 Grams 

100 Grams 

1000 Grams (1 kg) 

June 14, 2024

₹90.50

₹905.00

₹9,050.00

₹90,500.00

June 13, 2024

₹90.70

₹907.00

₹9,070.00

₹90,700.00

June 12, 2024

₹91.30

₹913.00

₹9,130.00

₹91,300.00

June 11, 2024

₹90.50

₹905.00

₹9,050.00

₹90,500.00

June 10, 2024

₹91.70

₹917.00

₹9,170.00

₹91,700.00

June 09, 2024

₹91.50

₹915.00

₹9,150.00

₹91,500.00

June 08, 2024

₹91.50

₹915.00

₹9,150.00

₹91,500.00

June 07, 2024

₹96.00

₹960.00

₹9,600.00

₹96,000.00

June 06, 2024

₹93.50

₹935.00

₹9,350.00

₹93,500.00

June 05, 2024

₹91.70

₹917.00

₹9,170.00

₹91,700.00

Disclaimer: The above prices of silver in Ahmedabad are as of June 14, 2024.  

Factors Impacting Silver Rates in Ahmedabad

  • Demand in Different Sectors

While investment is one of the sectors that affect the silver price today in India, Ahmedabad, and other cities, the demand from other sectors also plays a role. Other common sectors include industrial and commercial. 

Silver is a widely used metal for automobiles, electronics, water purification, and other products. As such, the demand for it is high, if not constant, whereas the supply is finite. This results in an imbalance in the supply-demand ratio causing the prices to rise.

Simply put, if the demand outweighs the supply, the price rises. Whereas a surplus in supply and a lack in demand will cause it to dip. 

  • Political Climate

The political climate has a major influence on the price of precious metals. This is because uncertainty or issues can cause economic fluctuations. As such, it pushes investors towards precious metals like silver. People rely on metals during this time because volatility in the economy puts their wealth at risk. 

This increased reliance results in a hike in the silver price in Ahmedabad and other places. By investing in metal, you can mitigate this risk and keep your wealth secure. A reason why precious metals like silver help mitigate risk is the fact they are long-term appreciating commodities. 

This means that while there may be a daily fluctuation, in the long term, silver has the potential to generate good returns. As such, investing in silver gives investors the assurance of returns and security of investment.

  • Inflation

During inflation, the value of a currency decreases, i.e., it gets devalued. This means that the purchasing power of money is lower than what it was prior to inflation. Purchasing power indicates the value you can get from your money. 

For example, what you can get for ₹100 now is much lower than what was available a few decades ago. This, however, does not happen with precious metals like silver. This is because the value of silver increases with the increase in the commodity’s price. 

For example, the price of 1 kg silver a few decades ago is comparatively lower than the 1 kg silver price in Ahmedabad today. However, what you can buy with it has not lowered as much. Given this, people use silver as a hedge against inflation, despite the shifts in price during the period.

  • Taxes 

Silver gets imported into India, and there are a number of taxes levied on it before it is available for you to purchase. In addition to the central taxes and tariffs, there are local taxes that get levied on the white metal.

These ultimately increase the cost at which silver is made available in India, and therefore the selling price increases too. Local taxes are also one of the reasons why today’s silver price in Ahmedabad may be higher or lower compared to other cities in India.

  • Interest Rates

Interest rates determine the returns you can get from other investment forms, such as fixed deposits. When these rates go down, the returns go down and vice-versa. To manage the loss, people start investing in precious metals like gold and silver, increasing the demand and, thereby, the prices.

Investors lean towards silver and gold because these metals are appreciating commodities. As such, despite the daily fluctuations, the value of these metals increases in the long term. The appreciation reduces, if not negates, the loss that you stand to face. 

  • Gold Prices

Gold and silver ideally serve the same purpose due to their similar properties. However, gold is a more popular and the preferred metal, and it dominates the precious metals sector. Moreover, gold is more scarce than other metals and therefore has more value. 

While silver is one of the options, it comes in a close second in comparison to gold. Given this, the fluctuation you see in the silver price today in Ahmedabad generally is the same as the fluctuation in gold prices. Meaning if gold goes up, silver will too, and vice-versa.

  • Value of USD

The base currency used to trade silver is USD. As such, any fluctuation in the value of the US dollar will inadvertently result in a change in the price of silver. If the dollar is weak, purchasing silver becomes cheaper. This then results in a higher demand causing a rise in the price.

 

On the contrary, a stronger US Dollar will make purchasing silver expensive, causing people to refrain from buying the white metal. This would lower demand, affecting the rate of silver in Ahmedabad and other parts.

 

Armed with this knowledge about the rate of silver in Ahmedabad and other cities, be sure to invest smartly after considering your finances. Today, you can invest online and offline in many different forms of silver. 

 

Choose an investment form that is most suitable and convenient for you. In addition, remember to keep your investment portfolio diversified to keep the risk mitigated and your wealth protected. Invest in fixed deposits, equity, debt, and other avenues to leverage the growth and stability of different sectors and maximise your returns.

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FAQs on the Silver Rate in Ahmedabad

What to keep in mind while purchasing silver in Ahmedabad?

The first and foremost point to remember is to compare the silver price in Ahmedabad for different dealers. This is because dealers also have different prices, some higher than others. Comparing helps ensure that you purchase silver at the lowest price and make the most of your investment.

What is the standard silver purity in Ahmedabad?

Standard silver purity in Ahmedabad and other cities is 92.5% or 925 for jewellery. In the case of coins and bars, you should get the highest purity, i.e., 99.9%. Remember that the silver rate in Ahmedabad will vary depending on the purity you buy.

What is the difference between 925 silver and sterling silver in Ahmedabad?

925 or 92.5 silver is also known as sterling silver, and therefore there is no difference between 925 silver and sterling silver. Sterling silver is commonly used in jewellery; the remaining 7.5% contains other metals like copper.

How does purity affect the rate of silver in Ahmedabad?

The purity determines the amount of silver present. As such, if there is a higher quantity of pure silver, i.e. 99.9%, the cost will be higher. On the contrary, if the purity is lower, as in the case of 925 silver, the price will be lower.

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