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When thinking about investing your money, it is advisable to diversify your investments and avoid concentration. Silver has been an attractive investment instrument for centuries. Moreover, its affordability ensures that those who do not have the required funds to invest in gold can purchase silver.

 

However, you must be aware of the silver rate in Pune today, if you plan to invest in this hard asset. You can decide on the right amount and the right time for investing in silver after assessing the silver price in Pune. 

 

So, read on to find out more about silver prices today in Pune and the factors that impact them.

Silver Price Per Gram in Pune

If you have decided to invest in this hard asset, you can engage your money by purchasing silver in different forms. These include:

  • Physical silver like jewellery, coins, and bars

  • Digital silver

  • Silver Exchange-Traded Funds (ETFs)

  • Investment in silver in the futures market of India

 

However, before you invest in any of these instruments, it is advisable to check the current rate of silver in Pune. The following table presents today's silver rate in Pune to help you finalise your investment in this precious metal.

Weight

Silver Rate in Pune

1

₹ 94.00

10

₹ 940

100

₹ 9,400

1000 (1 kg)

₹ 94,000

Silver Rate in Pune for the Last 10 Days

Silver has been part of Indian households during auspicious events and festivities in India. Silver coins and jewellery bought during festivities act as an investment for these households. 

 

Moreover, private institutional investors also invest in hard assets like silver and gold to diversify their portfolios. As such, it is undeniable that silver is a great investment asset. 

 

However, you must bear in mind that the silver price in Pune fluctuates every day on account of changing geopolitical situations and other factors. Here is a trend of fluctuations in the silver rate in Pune in the last 10 days.

Date

10-Gram Silver Price in Pune

100 Gram Silver Price

1 Kg Silver Price in Pune

Change in Silver Rate in Pune Per Kg

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: Rates mentioned are as of June 21, 2024.

Factors Impacting Silver Rates in Pune

Like any commodity, the silver price in Pune is influenced by many factors. The following are some of the factors impacting the prices of this precious metal in Pune:

  • Silver’s Purity

One of the major factors that affect the price of silver in Pune is the purity of the metal. The finest grade of silver will cost you more compared to the one mixed with other metals like zinc and copper.

 

As per the Bureau of Indian Standards (BIS), Grade 9999 is the purest form of silver available in the market. The price of this grade of silver will be higher. However, if you purchase silver of 9250 Grade, it will only have 92.50% of pure silver and hence, it will be cheaper as compared to Grade 9999. 

  • Demand and Supply Metrics

The demand and supply forces determine the price of almost every commodity. This is the case with silver too. For instance, if the demand for the metal goes up, the silver price in Pune will also rise, and vice versa.

 

On the other hand, if there are bottlenecks in the global or local supply of silver, the prices of this hard asset will hike. Alternatively, the prices will witness a fall if the supply of silver remains stagnant or lowers.

  • Inflation

Investment in silver is considered as a hedge against inflation and hence, it is advisable to invest in hard assets to secure your savings. When the inflation rates rise, the silver prices in Pune tanks. Alternatively, when inflationary forces ease, the rate of silver also goes up. 

  • Strength of the US Dollar

The valuation of the US Dollar is directly related to the silver prices. For instance, if the value of the US Dollar appreciates, the silver rate in Pune today will rise. However, if the US Dollar devalues in comparison to other currencies, the price of silver dips.

  • Political and Economic Trends

The geopolitical events also have a significant impact on silver prices. When there is political and economic instability, people tend to invest in hard assets. This pushes the silver prices upwards. However, in a stable economic climate, the silver prices remain stagnant or even fall.

  • Central Bank Policies

Central Banks maintain the credit and monetary policy of a country. For instance, the Reserve Bank of India periodically reviews and revises monetary policy. Such revisions also have an impact on silver price in Pune.  

 

Just like gold, the Central Banks also maintain silver reserves with them. If the Central Bank decides to purchase silver bullion, the silver prices rise, and vice versa.

  • Large Private Institutional Investors

Investments made by large institutional investors also impact the silver rate in Pune. For instance, if an investor decides to sell silver in large quantities, it may cause a sudden decrease in silver prices, due to the increased availability or supply. 

 

On the other hand, the silver rate in Pune may rise if a large investor decides to purchase this metal. 

  • Gold Prices

Historically, the silver prices have always followed the path set by the gold prices. So, if the gold prices rise, the silver prices in Pune will also rally behind. On the other hand, if gold prices fall, the silver rates will also decrease subsequently. 

  • Industrial Demand 

Silver has become an important component used in modern industries because of its superconductor qualities. It has been increasingly used in sectors related to automobiles, batteries, computers, etc.

 

Increasing industrial demand has been one of the reasons why silver prices have been increasing constantly in recent years.

  • Interest Rates

Interest rates are directly linked with the repo rate that Central Banks notify periodically. The Central Bank fixes these rates based on the prevailing economic situation.

 

So, if the interest rate is high, people tend to invest in investment options other than hard assets. This causes a decline in the silver price in Pune too. On the other hand, if interest rates are low, people find hard assets a more attractive investment option. This inflates the demand for the metal and increases its price. 

 

In conclusion, silver is a great option for investment if you are planning to invest in hard assets in Pune. However, you must check today’s silver rate in Pune before investing in this precious metal.

Read More

FAQs on the Silver Rate in Pune

How do I know the quality of silver in Pune?

You can refer to the BIS hallmarking to determine the quality of silver. For example, Grade 9999 of the BIS standard is the purest form of silver.

Does the silver rate in Pune vary from day to day?

Yes, due to a number of local and geopolitical factors, the silver rate in Pune fluctuates from day to day.

Is investing in silver a good option for long-term investment in Pune?

Yes, investment in silver can be a good option for long-term investment in Pune because the rate of this metal has always increased in the long run.

What is the GST rate on the purchase of silver in Pune?

The GST on the purchase of silver is 3%.

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