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Erode, renowned for its cultural heritage and bustling markets, caters to diverse silver needs, offering options for investment, ornamental use, and religious purposes. Local jewellers and banks offer various silver items, from coins and bars to intricate jewellery. Staying updated with the latest rates of silver in Erode helps you make well-timed purchases and enjoy its maximum benefits.

Silver Price in Erode

Here is the price of silver in Erode today:

Weight

Silver Rate Today

Silver Rate Yesterday

Price Difference

1 g

₹78.20

₹77

 ₹1.20

10 g

₹782

₹770

 ₹12

100 g

₹7,820

₹7,700

 ₹120

1 kg

₹78,200

₹77,000

 ₹1,200

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

Silver Rate in Erode in the Last 10 Days

Here is a quick overview of the changes in the city’s silver rates over the last few days:

Date

1 g

10 g

100 g

1 kg

Mar 5, 2024

₹ 78.20

₹ 782

₹ 7,820

₹ 78,200

Mar 4, 2024

₹ 77.00

₹ 770

₹ 7,700

₹ 77,000

Mar 3, 2024

₹ 77.00

₹ 770

₹ 7,700

₹ 77,000

Mar 2, 2024

₹ 77.00

₹ 770

₹ 7,700

₹ 77,000

Mar 1, 2024

₹ 76.20

₹ 762

₹ 7,620

₹ 76,200

Feb 29, 2024

₹ 75.70

₹ 757

₹ 7,570

₹ 75,700

Feb 28, 2024

₹ 75.40

₹ 754

₹ 7,540

₹ 75,400

Feb 27, 2024

₹ 75.50

₹ 755

₹ 7,550

₹ 75,500

Feb 26, 2024

₹ 76.40

₹ 764

₹ 7,640

₹ 76,400

Feb 25, 2024

₹ 76.40

₹ 764

₹ 7,640

₹ 76,400

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

Factors that Affect Silver Rates in Erode

Some factors that may majorly influence the silver rates in Erode are as follows:

  • Purity: The Bureau of Indian Standards (BIS) categorises silver based on purity, impacting its price

  • Market Fluctuations: Global and local factors, like supply and demand, influence silver prices in Erode

  • Economic Influences: Inflation can increase demand for silver resulting in a rise in its rates. Meanwhile, the strengthening of the dollar can lead to a reduction in prices.

  • Government Regulations: Revisions in the RBI policies on silver and other monetary policies can affect silver rates in the city

  • Global Events: Political and economic stability, both domestically and internationally, can impact silver demand and prices.

  • Investment Environment: Lower interest rates can make silver a more attractive investment, driving up its prices

  • Taxation: Changes in GST and other taxation policies can influence the final price of silver in Erode

FAQs

Are there any additional charges when buying silver in Erode?

Yes, whenever you purchase silver in Erode or any other city in India, you have to pay GST and making charges. Check these charges prior to making a purchase or investment.

What are the best ways to invest in silver in Erode?

You can invest in silver ETFs, or purchase silver in the form of coins, bars and ingots. Another option is to purchase silver jewellery or antiques.

What are the taxes and charges associated with buying silver in Erode?

You have to pay a mandatory GST of 3% whenever you buy silver in Erode.

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