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Though investing in gold is a traditional practice in India, the demand for silver is no less. Like gold, even silver is considered auspicious in Indian households. Be it festivities or other joyous occasions, gifting silverware to your loved ones, or investing, silver is an option.

 

The extensive use of silver in this city is evident from the fluctuating silver rates in Kanpur. However, silver’s price today in Kanpur varies from the rate a few days ago, and this fluctuation matters to investors.  

 

Continue reading to understand what causes the silver price in Kanpur to fluctuate and learn about today’s silver rate in Kanpur, along with the last 10 days’ rates.

Silver Price Per Gram in Kanpur

Given below is an overview of today’s silver rate in Kanpur for various quantities.

Quantity of Silver (in grams)

Silver Price in Kanpur

1

₹ 94.00

10

₹ 940

100

₹ 9,400

1000 (1 kg)

₹ 94,000

Disclaimer: The above silver price in Kanpur today is as of June 21, 2023 and is subject to change.

Silver Rate in Kanpur for the Last 10 Days

Here is a tabulated comparison of today’s silver rate in Kanpur, along with those of the last 10 days.

Date

1 Gram Silver Price in Kanpur

10 Grams Silver Price in Kanpur

100 Grams Silver Price in Kanpur

1 KG Silver Price in Kanpur

21-06-2024

₹94.00

₹940.00

₹9,400.00

₹94,000.00

20-06-2024

₹92.50

₹925.00

₹9,250.00

₹92,500.00

19-06-2024

₹91.00

₹910.00

₹9,100.00

₹91,000.00

18-06-2024

₹91.00

₹910.00

₹9,100.00

₹91,000.00

17-06-2024

₹91.00

₹910.00

₹9,100.00

₹91,000.00

16-06-2024

₹90.30

₹903.00

₹9,030.00

₹90,300.00

15-06-2024

₹90.50

₹905.00

₹9,050.00

₹90,500.00

14-06-2024

₹90.50

₹905.00

₹9,050.00

₹90,500.00

13-06-2024

₹91.30

₹913.00

₹9,130.00

₹91,300.00

12-06-2024

₹91.30

₹913.00

₹9,130.00

₹91,300.00

Disclaimer: The price of silver today in Kanpur and that of the last 10 days are as of June 21, 2023.  

 

The table above indicates that today’s silver rate in Kanpur differed from yesterday. Know that there are many contributing factors that cause silver rates to increase or decrease.

 

Hence, you must assess the market rates properly before investing in precious metals like gold and silver so that you can earn potential benefits.

 

While demand and supply chain form a discerning factor causing fluctuations in silver rates, conditions of the economy and gold rates also play crucial roles in the appreciation of silver prices in Kanpur and throughout India.

 

Read on to understand what they are and how they impact the silver rate in Kanpur today and in the following days.

Factors Impacting Silver Rates in Kanpur

With silver jewellery ruling the Indian market similar to gold, Kanpur is no different. Known for its leather and textile industries, silverware has found its way into the Kanpur market since time immemorial. As such, the silver price today in Kanpur is affected by a multitude of factors. 

Assessing these factors can help you gauge the fluctuating silver rates and make informed decisions. Here are some of the most essential factors impacting the silver price in Kanpur:

  • Changes in the US Dollar Rates

The relation between the US dollar and the rate of silver in Kanpur is inverse. This means that when the dollar rate depreciates, the silver price increases. Conversely, if the value of the dollar increases, the rate of silver depreciates.

 

That said, investors keep a close tab on these fluctuations to assess the increase or decrease of silver rates. Monitoring the rates closely helps you exit and enter the market at the right time so that you can make the most of your finances.

  • Demand and Supply Chain

One of the essential factors affecting today’s silver rate in Kanpur is the vicious cycle of demand and supply. When both these components do not maintain equilibrium, the silver rates fluctuate.

 

If there is a higher demand for silver, but the supply is inadequate, the silver rates increase drastically. Conversely, if there is a higher supply of silver, but the demand is less, you may see a decrease in silver rates.

 

This is precisely the main reason why there is an appreciation of silver prices during festivals. During festivities, the demand goes up as people prefer buying silver for auspicious reasons.

  • Gold Rates

The price of gold has a direct relationship with that of the silver rate. Simply put, if there is an increase in the rate of gold, silver follows the trend. Given that investment in gold is considered a safe haven for investors, there could be a higher demand for gold.

 

Higher demand can appreciate gold rates, and silver rates, too, increase depending on the scenario.

  • Oil Prices

Another significant factor affecting today’s silver rate in Kanpur and throughout India is the increase in oil rates. This is mainly because you require a huge quantity of oil to mine silver. 

 

Hence, the volatility of oil prices results in fluctuating silver rates across the country. In simple words, as oil prices shoot up, the silver rates also increase and vice versa.

  • Inflation

While gold is a popular option offering a suitable hedge against inflation, silver is equally popular. A reason for this popularity is that both gold and silver are more likely to retain purchasing power and minimise loss from a dip in currency value. 

 

Given this, during inflation, you are more likely to see a hike in the silver rate in Kanpur and throughout India.

  • Government Policy and Guidelines

While the general public demand influences today’s silver rate in Kanpur and across India, the government also plays an essential role in it. This is because while central banks utilise gold as a reserve, silver is used for transactions. 

 

As such, any changes in the policy or guidelines by the Reserve Bank of India affect the price of silver. For example, any changes in the import duty also influence the price of silver because silver gets imported into India.

  • Interest Rates

The interest rate depicts the overall market scenario. The relation of the silver rate in Kanpur is inversely proportional to the interest rate, similar to the dollar-silver price relation.

 

Hence, when interest rates decrease, there is an increase in the silver price in Kanpur and across India. Since investing in silver is seen as a long-term investment, the interest rate has an inverse relationship with the price of silver.

  • Economic Conditions

When the market economy is excellent, there is a higher investment in precious metals such as gold and silver. However, when it stagnates, these metals are the first ones to get affected.

 

Economic health plays a critical factor in affecting silver prices. Hence, keeping a close tab on the overall economic trends can help you assess the rates of precious metals such as gold and silver.

Read More

FAQs on Silver Rate in Kanpur

Which silver is the best one in Kanpur?

Ideally, 999 Silver is considered to be the best form of metal. This is so because it contains 99.9% of pure silver in it.

How much silver can you typically find in silver contracts in Kanpur?

The main silver contract has a lot size of approximately 30 kilograms.

Is it a good time to invest in silver in Kanpur?

Yes. Since investment in silver is considered a safe haven for investors, you can buy silver in Kanpur. However, it is important to check the prevailing silver rate in Kanpur before investing.

Is silver investment a better option in Kanpur than investing in stocks?

While both have their own pros and cons, investing in silver is ideal for risk-averse investors as the value may remain fixed or even increase in the future. This can help you generate potential returns on your investment.

Why is silver purchased in bulk compared to gold in Kanpur?

When you compare silver with gold investment, the former is cheaper and hence you can purchase in large quantities at affordable costs.

What are the different grades of silver based on purity in Kanpur?

There are different types of silver, such as Fine Silver (99.9%) and Sterling Silver (925 Hallmark). While the former is primarily used for industrial applications, you cannot use this form of silver for making jewellery. The latter, Sterling Silver, is ideal for making jewellery.

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