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Silver holds significant importance in Madhya Pradesh. Before investing in silver, it is crucial to determine the purpose of buying this precious metal and its latest rates. This ensures that your decision is aligned with your requirements and capabilities. Stay abreast with the price of silver in the state to make wise investments and purchases.

Silver Price in Madhya Pradesh

The price of silver in Madhya Pradesh is as follows:

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 Madhya Pradesh in the Last 10 Days

The following table provides an overview of the changes in silver rates in Madhya Pradesh 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

₹ 75.50

₹ 755

₹ 7,550

₹ 75,500

Feb 27, 2024

₹ 75.50

₹ 755

₹ 7,550

₹ 75,500

Feb 26, 2024

₹ 76.00

₹ 760

₹ 7,600

₹ 76,000

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 Madhya Pradesh

Here are some important factors that can have a significant impact on silver rates in Madhya Pradesh:

  • The Bureau of Indian Standards (BIS) has categorised silver grades on the basis of their purity, which affects their prices

  • Various market forces, including both local and global factors, supply and demand dynamics, and inflation, have an impact on the rates

  • The strength of the U.S. Dollar can lead to higher silver prices, while its depreciation may cause a decline

  • RBI policies, monetary adjustments, and geopolitical events play a significant role in shaping the rates of silver

  • Economic stability leading to reduced demand and low inflation rates may also cause a decrease in silver prices 

  • Declining interest rates resulting in an increase in demand can affect silver prices

  • Changes in taxation, including GST, can contribute to the volatility of silver prices

FAQs

Are there any taxes or additional charges applicable to silver purchases in Madhya Pradesh?

3% GST and additional making charges apply on silver purchases in Madhya Pradesh.

How do I check the purity of silver I bought in Madhya Pradesh?

Check whether the silver you purchased has a Bureau of Indian Standards (BIS) hallmark which denotes the purchased silver’s purity. Alternatively, you can test it using a magnet as silver is a non-ferrous metal and therefore is not magnetic.

What are some things to consider before purchasing silver in Madhya Pradesh?

Before buying silver in Madhya Pradesh, consider checking for BIS certification, hallmarks, and purity stamps. Verify the reputation of the seller, assess the current market rates, and ask for a detailed invoice. Additionally, be aware of the current taxation policies.

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