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Investing in precious metals has been a preferred way to beat inflation and generate returns. Along with that, gold and silver hold cultural importance in many parts of India. This may be a reason for the constant demand and the rising silver rate in Maharashtra and other areas.

 

A rising trend in prices indicates the potential to generate higher profits, which is why it is important that you understand the silver rate today in Maharashtra. Along with knowing the current price, understanding the factors that affect it is also important. 

 

Read on for today’s silver rate in Maharashtra and the factors affecting it.

Silver Price Per Gram in Maharashtra

Check the silver rate in Maharashtra today:

Quantity of silver (in grams)

Silver Price Maharashtra

1 gram

₹ 94.00

10 grams

₹ 940.00

100 grams

₹ 9,400.00

1 Kg

₹ 94,000.00

Disclaimer: The above Maharashtra silver rate is as of Jun 04,2024, and is subject to change.

Silver Rate in Maharashtra for the Last 10 Days

Given below is an overview of the rate of silver in Maharashtra for the last ten days.

Date

1 Gram

10 Grams 

100 Grams

1000 Grams

Jun 04, 2024

₹ 94.00

₹ 940.00

₹ 9,400.00

₹ 94,000.00

Jun 03, 2024

₹ 92.80

₹ 928.00

₹ 9,280.00

₹ 92,800.00

Jun 02, 2024

₹ 93.50

₹ 935.00

₹ 9,350.00

₹ 93,500.00

Jun 01, 2024

₹ 93.50

₹ 935.00

₹ 9,350.00

₹ 93,500.00

May 31, 2024

₹ 95.50

₹ 955.00

₹ 9,550.00

₹ 95,500.00

May 30, 2024

₹ 96.50

₹ 965.00

₹ 9,650.00

₹ 96,500.00

May 29, 2024

₹ 97.70

₹ 977.00

₹ 9,770.00

₹ 97,700.00

May 28, 2024

₹ 96.50

₹ 965.00

₹ 9,650.00

₹ 96,500.00

May 27, 2024

₹ 93.00

₹ 930.00

₹ 9,300.00

₹ 93,000.00

May 26, 2024

₹ 91.50

₹ 915.00

₹ 9,150.00

₹ 91,500.00

Disclaimer: The above prices are as of Jun 04 , 2024.  

Factors Impacting Silver Rates in Maharashtra

Many factors influence today’s silver price in Maharashtra and other places. These may occur due to changes in import charges and other taxes levied. While you need to pay a Goods and Services Tax of 3% across all states in India, other charges may vary in different Indian states.

Moreover, the demand and supply of silver may be different in different cities, as well as on different days. That is why when you compare the silver price today in Maharashtra with the rest of India on different days, you may find slight variations.

 

Read on to get acquainted with these factors.

1. Demand and Supply

Demand and supply are fundamental factors affecting the price of different commodities, including silver. When the balance between supply and demand fluctuates, the price also fluctuates. 

 

A demand and supply movement is generally witnessed during auspicious events, festivities, and economic factors. Also, the white metal’s availability also plays an important role in deciding its price. Being a precious metal, there is only a finite supply of silver. 

 

Sometimes, the demand for this metal is unmet due to the decreased supply. As such, the silver price in Maharashtra and other states rises. The opposite effect is also true, and when there is excess supply, you will notice silver prices dip. 

2. Inflation

Silver is a currency-denominated metal and therefore fluctuates with the movement in the value of the currency. It holds its purchasing power during currency devaluation (inflation) due to this property. This is contrary to money, which loses its purchasing power during inflation. 

 

Purchasing power is determined by the value you can get from it. It is a common phenomenon that during inflation, the price of commodities increases, and you cannot get the same value from your money. Nevertheless, since the price of silver increases, you can get the same value. 

3. Rate of Interest

The returns for market-linked investments are based on applicable interest rates offered by various financial institutions. Numerous factors affect these interest rates, including our country’s monetary policies. Simply put, a low interest rate would result in lower returns and vice versa.

 

Conversely, silver is a long-term appreciating asset, and that is why it has an inverse relation with market-linked instruments. This is due to the fact that when the rates go down, it will incline investors to purchase silver to get the required returns and vice versa. 

 

This finally impacts the demand and the silver price in Maharashtra and other Indian states. 

4. Taxes and Additional Charges

Like every other commodity available across the country, silver is subject to taxes and other necessary charges. It is critical to note that silver gets imported, and that is why it is subject to additional costs like import duty. Such costs and taxes get added, thereby affecting the silver rate.

 

Additionally, every state imposes different local taxes. Also, the transportation costs differ from one area to another and add to the cost of silver. This causes a difference in the silver rate.

 

Due to these factors, the silver price today in Maharashtra may not be the same as that of other Indian cities. 

5. Price of Gold

Gold is also a popular precious metal; it is more valuable as compared to white metal. As gold is considered more valuable due to its scarcity, the reliance on gold is more when compared to silver. 

 

Hence, the price of gold gets affected earlier than silver. Silver also follows the trend of gold prices. Investors track the gold prices to estimate changes in the price of silver.

 

However, relying only on the gold price to know the movement of silver rate in Maharashtra or other areas is not an ideal decision, as there may be some instances where the gold and silver prices may not follow the same rate movement.

6. US Dollar (USD)

The US dollar (USD) is the base currency for precious metals like silver and gold, so it influences their prices.

 

When the US dollar is strong, purchasing silver would be expensive, resulting in a decline in investing. Ultimately, this would reduce the demand, making the prices lower. On the other hand, if the US dollar is weak, purchasing silver may not be as expensive, attracting more investments towards this commodity.

 

When more people are seeking to purchase silver, the demand and, ultimately, the rates increase. The strength of the USD has gone down due to numerous reasons in the past few years. Hence, the rate of silver in Maharashtra and other areas has increased.

7. Prices of Crude Oil

Precious metals like silver and gold are mined. This mining process of silver requires the use of crude oil. If the cost of crude oil increases, mining will become expensive, directly resulting in an increase in the silver rate. 

 

Crude oil prices and silver prices are directly related. This means that when the oil prices go up, the silver rate in Maharashtra and other areas increases and vice versa. However, since other factors are in play, you cannot rely only on oil prices to get an estimate of the silver price.

8. Political and Economic Factors

The economic and political climate of the country is a significant factor in affecting the silver price. This is due to the fact that the economic and political situation ultimately affects the value of the currency of any country. 

 

If the people of a country lose their confidence and faith in the monetary system of a country, they will ultimately stop using the currency. Then, they will be more inclined to invest in precious metals like gold and silver.

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FAQs on Silver Rate in Maharashtra

How can you compare the silver rate in Maharashtra with other states in India?

The silver rate in Maharashtra and other states may vary based on demand and supply, gold rate as well as umpteen other factors. For instance, a 1-gram silver rate today in Maharashtra is ₹74.05, while in Rourkela, it is ₹77.50.

Are there any taxes applicable on the purchase of silver in Maharashtra?

Yes, whenever you purchase silver in Maharashtra or any other city in India, you have to pay GST, wastage and making charges. Remember that the GST gets added to today’s silver rate in Maharashtra and will increase your final cost.

How does the purity of the silver affect the silver rate in Maharashtra?

Yes, the purity of silver indeed has an effect on the silver rate in Maharashtra. It is measured using percentage (%). Generally, the purity of silver in Maharashtra is 94.79%. Metals like gold and silver are quite malleable. 

 

So, to harden them and to increase their durability, cheaper metals like copper are mixed, resulting in a change in purity.

Are there any restrictions on selling silver in Maharashtra?

No, there are no restrictions on selling silver in Maharashtra. Check the silver rate today in Maharashtra to compare and get the silver at the best value.

 

Are there any specific events or festivals in Maharashtra that influence the silver rate?

Yes, Ganesh Chaturthi, Diwali and Dussehra are some festivals where the demand for precious metals like silver and gold increases. Since jewellery has been a significant part of Indian culture, festivals affect the rates and demand of silver.

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