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Investing in precious metals like gold and silver  is an investment strategy that can get you through an inflation or economic turmoil without causing a lot of financial strain. 

 

Few reasons why many prefer silver is that it is cheaper than gold and the rising silver rate in Lucknow and other states indicate a higher potential for returns. But before investing, knowing the silver price today in Lucknow and other parts is crucial. 

 

In addition, you also need to know the factors affecting the silver rate today in Lucknow and other cities across India. Read on to know the silver rate today in Lucknow and the factors that affect these prices.

Silver Price Per Gram in Lucknow

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

Quantity of silver (in grams)

Silver Price in Lucknow

01

₹91.30

10

₹913.00

100

₹9,130.00

1000 (1 kg)

₹91,300.00

Disclaimer: The above silver rate in Lucknow is as of June 12, 2024 and is subject to change

Silver Rate in Lucknow for Last 10 Days

Given below is an overview of the silver price in Lucknow for the last ten days.

Date

1 Gram

10 Grams 

100 Grams 

1000 Grams(1 kg) 

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

June 04, 2024

₹94.00

₹940.00

₹9,400.00

₹94,000.00

June 03, 2024

₹92.80

₹928.00

₹9,280.00

₹92,800.00

Disclaimer: The above prices are as of June 12, 2024.

Factors Impacting Silver Rates in Lucknow

While inflation and taxes impact the rates of most commodities, the price of silver in Lucknow does get impacted by other factors as well. Read on to know more.

1. Supply and Demand

Supply and demand are basic economic concepts that affect the price of various commodities. As such, the silver rate in Lucknow and other parts is influenced by its demand and supply. 

 

The price fluctuates when there is an imbalance in the supply-demand ratio. If the demand is high without enough supply, prices will increase proportionally. On the other hand, if the supply is more but there is no demand in the market, the prices will dip.

 

In the case of silver, since the metal is finite and has become scarcer, it has resulted in a high demand but low supply. As such, the silver rate in Lucknow today is comparatively higher than the price a few decades ago.

2. US Dollar

Precious metals, in general, are closely linked with the movements in international currency. Moreover, the base currency for silver trade is the US dollar. Therefore, any change in the standing of the US Dollar will affect the silver price in Lucknow and other parts. 

 

For example, if the USD weakens, buying silver will become cheaper and attract more investors. This will drive up the demand and ultimately lead to an increase in the price. 

 

On the other hand, when the USD is strong, buying precious metals is not something people would prefer. As such, the demand will decrease but the supply may not, creating an imbalance. This may then result in a dip in the price of silver.

3. Inflation

Inflation is one of the major factors affecting the silver rate in Lucknow and other parts of the country. The reason is because the currency loses the purchasing power during inflation. This means that what you could buy for ₹100 would cost more during the inflation. 

 

However, silver is a currency denominated commodity and as such the value changes with the currency’s value. For example, what you could buy with 1 gram of silver is still available with the same quantity, unlike the money. 

 

This is because the value of silver increased as inflation increased, allowing the metal to retain its purchasing power. Given this property, the price of silver will see fluctuations during an inflation.

4. Gold Price

The silver rate in Lucknow today is closely linked with that of the price of gold. This is because both are precious metals and serve the same purpose. However, since gold is rarer and costs more than silver, rate changes are more noticeable and quicker. 

 

Silver then follows the trend, upwards or downwards. This means that when you see an increase in the price of gold, silver price is likely to follow and vice-versa. It is important to remember that despite this, there may be instances where the relation where the prices may diverge.

 

So, be sure to take a holistic overview while forecasting the price trend of silver. This will help you make the best decision for your investments and maximise your returns.

5. Oil Price

Silver is a metal that is made available for trading through mining. Given that mining requires crude oil, it has an impact on the silver rate in Lucknow. This impact is direct, which means that as the oil prices go up, the price of silver will also go up.

 

This is because when oil price goes up, it costs more to mine for silver. This additional cost is then reflected in the cost of acquiring silver for trading.  

6. Taxes

Silver gets imported into India. Therefore, it is subject to several taxes levied by both Central and State Governments. These taxes get added to the cost of silver before it is made available for trading, just like the oil price. 

 

As such, whenever there is a change in the taxes, the silver rate in Lucknow and other parts will change. Moreover, since taxes (local taxes) vary for each state, the silver price in Lucknow is different from that of other states/cities in India.

7. Interest Rates

Interest rates determine the returns you will get from your investments in avenues such as fixed deposit and other interest-linked investments. As such, any change in the interest rate will result in a change in the returns you earn. 

 

If the interest rate goes down, people are more likely to refrain from investing in such interest-linked options. This will drive the demand towards other avenues, including silver. As such when the demand increases, the silver price in Lucknow and other places will also increase.

 

Remember that the above factors are just a few from the list of factors that affect the price of silver. It is also important to remember that one factor alone can affect the prices, but the effect of several combined is responsible for major price movements. 

 

Therefore, you cannot rely on one factor only and need to have a holistic approach towards looking at the silver price in Lucknow and other parts.

 

Now that you know the Lucknow silver price for today and the factors that affect it, be sure to invest as per your finances and risk tolerance. This will help you keep your investment secure while leading towards better growth.

 

You also need to remember to diversify your investment portfolio to mitigate the risk. You can try investing in equity, debt, or fixed income investments. By doing this, you can leverage the gains from one against the loss from another and keep your corpus secure.

Read More

FAQs on Silver Rate in Lucknow

Where can I buy the best quality silver in Lucknow?

To purchase the best quality silver in Lucknow, visit the top jewellers and retailers. Be sure to check and compare the current silver rate in Lucknow for these jewellers and retailers to get the best deal on your investment.

What silver investment options are available in Lucknow?

In Lucknow, you can invest in silver in the form of coins, jewellery, ornaments, and more. Remember to compare the silver rate in Lucknow for different jewellers, retailers, and bullions. This will help you get the best price for your investment.

Does the silver price in Lucknow change daily?

Yes, depending on several factors, the rate of silver can change daily in Lucknow and other parts. Sometimes, the change can be negligible and sometimes you may see a steep but gradual increase.

Is silver a smart investment in Lucknow?

Depending on your risk appetite and your investment goals, silver can be a smart investment. Similar to gold, in many ways, silver can serve as a hedge against inflation and help you retain your wealth’s purchasing power in difficult economic conditions. 

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