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Silver is a precious metal and is used to make various products, such as LED chips, mirrors, glass coatings, nuclear reactors, semiconductors, etc. In Coimbatore, its escalating demand can be attributed not only to its functional utility but also to its cultural significance. Besides its aesthetic charm, silver serves as an investment avenue in the city. Knowing the silver rate in Coimbatore is essential if you plan to purchase silver.

Silver Price in Coimbatore

Here is a quick overview of the current silver price in Coimbatore:

Weight

Silver Rate Today 

Silver Rate Yesterday

Price Difference

1 g

₹74.50

₹74.70

-₹0.20

10 g

₹745

₹747

-₹2

100 g

₹7,450

₹7,470

-₹20

1 kg

₹74,500

₹74,700

-₹200

*Disclaimer: The rates mentioned above are subject to change as per market conditions.

Silver Rate in Coimbatore in the Last 10 Days

Check out the rate of silver in Coimbatore in the last 10 days:

Date

1 g

10 g

100 g

1 kg

Mar 06, 2024

₹ 74.50

₹ 745.00

₹ 7,450.00

₹ 74,500.00

Mar 05, 2024

₹ 74.70

₹ 747.00

₹ 7,470.00

₹ 74,700.00

Mar 04, 2024

₹ 73.60

₹ 736.00

₹ 7,360.00

₹ 73,600.00

Mar 03, 2024

₹ 73.60

₹ 736.00

₹ 7,360.00

₹ 73,600.00

Mar 02, 2024

₹ 75.00

₹ 750.00

₹ 7,500.00

₹ 75,000.00

Mar 01, 2024

₹ 74.50

₹ 745.00

₹ 7,450.00

₹ 74,500.00

Feb 29, 2024

₹ 74.20

₹ 742.00

₹ 7,420.00

₹ 74,200.00

Feb 28, 2024

₹ 73.90

₹ 739.00

₹ 7,390.00

₹ 73,900.00

Feb 27, 2024

₹ 74.00

₹ 740.00

₹ 7,400.00

₹ 74,000.00

Feb 26, 2024

₹ 74.50

₹ 745.00

₹ 7,450.00

₹ 74,500.00

*Disclaimer: The aforementioned rates are subject to change as per market conditions.

Factors that Affect Silver Rates in Coimbatore

Here are some key factors that influence the silver price in Coimbatore:

  • Fluctuations in the US Dollar affect the silver prices; a higher dollar value increases the silver price and vice versa

  • The depletion of silver deposits also influences the silver rate, and recycling helps meet the demand

  • The purchasing power of silver does not change during inflation, making it a more attractive investment option than currency

  • High demand for silver also increases the prices, while oversupply lowers the silver prices

  • The current price of gold also influences the rate of silver since they have relatively similar properties and purposes

  • Changes in government policies and taxation rules also directly influence silver rates, like customs duties, local taxes, etc.

  • Fluctuations in the prices of crude oil also lead to movement in silver prices since changes in crude oil prices influence the silver mining costs

  • Geopolitical events or disturbances like wars, elections or disruptions in the supply of silver also influence the silver price

FAQs on Silver Rates in Coimbatore

How can I check the purity of silver while purchasing it?

When purchasing a silver item, look for stamps or hallmarks that indicate purity, such as ‘925’ for sterling silver. You can also use a magnet test since silver is not magnetic.

 

Apart from these tests, you can also do a nitric acid test. For this, you need to put a drop of nitric acid on silver and check the reaction. If the silver is pure, it will not react with this acid. Also, you can reach out to a trustworthy jeweller to purchase silver and ask for certificates of authenticity and invoices.

Do I need to pay GST while purchasing silver in Coimbatore?

Yes, you need to pay a Goods and Services Tax (GST) of 3% on silver purchases. You also need to pay a GST of 5% on the making charges of the silver item.

How can I invest in silver?

To invest in silver, you can purchase silver coins, bullions, silver mining stocks, silver ETFs, etc.

How often does the silver price in Coimbatore fluctuate?

Silver prices all over the world, including Coimbatore, fluctuate on a regular basis due to various factors. Some of them include demand and supply, gold price, US dollar fluctuations, etc.

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