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Investing in precious metals like gold and silver is a long-standing strategy for many reasons. As long-term appreciating assets, they hold their purchasing power and allow investors to keep their wealth secure. 

 

One proof of these benefits is the comparison of the silver rate today in Patna and other areas with the silver rate of a few decades ago. The comparison will show a stable increase in the price, which in turn, has helped investors grow their wealth without much stress.

 

Read on to know today’s silver rate in Patna and the factors that affect the price of the white metal to make informed investment decisions.

Silver Price Per Gram in Patna

Although investing in silver and other metals can be pretty straightforward, its price is a crucial aspect that you need to understand as it determines your investment value. Moreover, the price varies for different areas and fluctuates based on some factors.

 

This means that the silver price today in Patna will be different from that of Mumbai, Chennai, or other areas. As such, knowing the silver rate today in Patna becomes more pertinent if you plan on investing from Patna.

 

Given below is an overview of today’s silver rate in Patna for different quantities.

Quantity of silver (in grams)

Silver Price in Patna

1

₹ 91.30

10

₹ 913

100

₹ 9,130

1000 (1 kg)

₹ 91,300

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

Silver Rate in Patna for the Last 10 Days

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

Date

1 Gram 

10 Gram 

100 Gram 

1000 Grams (1kg) 

12-06-2024

₹ 91.30

₹ 913.00

9,130.00

₹ 91,300.00

11-06-2024

₹ 91.70

₹ 917.00

9,170.00

₹ 91,700.00

10-06-2024

₹ 91.70

₹ 917.00

9,170.00

₹ 91,700.00

09-06-2024

₹ 96.00

₹ 960.00

9,600.00

₹ 96,000.00

08-06-2024

₹ 96.00

₹ 960.00

9,600.00

₹ 96,000.00

07-06-2024

₹ 96.00

₹ 960.00

9,600.00

₹ 96,000.00

06-06-2024

₹ 93.50

₹ 935.00

9,350.00

₹ 93,500.00

05-06-2024

₹ 94.00

₹ 940.00

9,400.00

₹ 94,000.00

04-06-2024

₹ 94.00

₹ 940.00

9,400.00

₹ 94,000.00

03-06-2024

₹ 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 Patna

Like with any other commodity, the price of silver varies based on macro and microeconomic factors. In fact, these shifts can be quite frequent, changing the rate drastically, depending on the circumstance. Here are a few factors responsible for such price shifts. 

  • Supply and Demand

As basic economic concepts, these are the factors that affect the price of every commodity, including precious metals. The general impact of these concepts is that when there is an imbalance, the price will fluctuate.

 

This means that when the supply is not met by the demand, the price will increase and vice-versa. Moreover, being a scarce metal, white metal has a finite supply, whereas the demand has been increasing.

 

As such, the rate of silver in Patna and other areas has been rising. In addition, festive seasons and auspicious occasions see a rise in demand, further increasing the price of silver.

  • Inflation

Inflation is one of the constant factors along with supply and demand that affect the price of commodities. One reason for this is that inflation directly affects the value of the currency. As a rule, when inflation is too high, devaluation is higher.

 

Devaluation reduces the purchasing power of your money, which in turn, increases the price of commodities. However, the devaluation does not have the same effect on precious metals as it does on the currency. In fact, the effect is inverse because metals are currency denominated.

 

This means they move in tandem with the value of the currency and, therefore, retain their purchasing power. As such, people often rely on silver and other precious metals to get through inflation, thereby affecting the silver rate in Patna and other areas.

  • US Dollar

The USD is the base currency for precious metals, including silver. As such, the price understandably gets impacted by the movements of the US Dollar. The impact, however, is inverse because it is the base currency.

 

Meaning when the USD is weak, buying silver is cheaper, and therefore, more and more people would invest in it. On the other hand, when the US Dollar is strong, buying silver can be expensive, pushing investors towards other avenues.

 

This inadvertently affects the demand for the white metal and therefore price fluctuation in other areas, including Patna. Silver price, however, also gets influenced by factors, and you cannot rely solely on USD to determine the trend.

  • Gold Prices

Gold is a precious metal, just like silver. However, it is preferred over white metal for a few reasons. The main being that the value of gold is higher than that of silver. The difference in value is because gold is scarcer and more in demand than silver.

 

However, at the end of the day, both metals serve the same purpose. As such, the movement in silver rate in Patna today is often in tandem with the price of gold. This means that when gold goes up, silver goes too and vice-versa.

 

In fact, some well-versed investors track the trend of gold prices to get an idea of the movement of the silver price. However, for a novice investor, relying solely on this may not be a good idea because sometimes the prices diverge. The divergence is due to certain factors, and not considering it can lead to inaccurate estimates.

  • Taxes

Silver gets imported into the country and is, therefore, subject to numerous taxes and charges. These ultimately get added to the cost of silver, affecting the final price of the metal. As such, any changes in these taxes would result in a change in the price.

 

Moreover, local taxes are also added and since these differ for every state, today’s silver price in Patna may be different than that of other cities like Mumbai, Chennai, Surat, etc. In addition, the transportation costs also differ, leading to different prices for different areas.

  • Crude Oil Prices

Silver is not only an imported precious metal but also a mined metal. Since mining requires a host of other resources, such as crude oil, the cost of using these resources gets added. As such, any fluctuations in crude oil prices will cause a change in the price of silver.

 

Since the cost gets added to the price, the impact is direct. This means that if the crude oil price goes up, the silver price in Patna and other areas will also go up. However, there are numerous factors in play, and you cannot base the trend assumption solely on the oil price.

  • Interest Rates

Interest linked-investments and silver often move in an inverse direction. This means that when interest goes down, the silver rate rises and vice-versa. This is because the returns in former avenues depend on the interest rate.

 

A lower rate will result in low returns, pushing people towards precious metals due to their stable returns and vice-versa. As such, any change in the interest rate policy will, in turn, impact the rate of silver in Patna and other areas.

 

Now that you know the silver price today in Patna and the factors that affect it, invest as per your finances to avoid any financial stress. Keep the factors affecting the price in mind to gauge when would be the right time to increase or decrease your investment in the white metal.

 

This way, you can make the most of your money and secure better financial growth. You should also ensure that you have a diversified portfolio to mitigate the risk of different investment avenues. This will help you leverage the returns of one investment against the loss of another and keep your wealth secure.

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FAQs on Silver Rate in Patna

Is GST applicable while silver in Patna?

Yes, GST is applicable when you buy silver. The tax gets added to the current silver price in Patna, thereby increasing your cost. So, be sure to factor this in while choosing what to buy and from where to buy.

Why are the silver rates in Patna increasing?

There are many reasons for the increase in the silver rate in Patna and other areas. This includes inflation, change in monetary policy, USD fluctuation, global economic and political climate, and more.

What are the various forms of silver one can purchase or invest in Patna?

You can invest in silver in the form of jewellery, ornaments, coins, bars, and more. However, keep in mind that some of these forms would require making charges and other costs. Therefore, the final cost may vary from the current rate of silver in Patna or your area of purchase.

What is the best time to purchase silver in Patna?

The price of silver determines your investment value, and therefore looking at the trend of silver price in Patna is crucial in determining the best time to invest.

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