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Investments in precious metals act as a safety net during economic turmoil, inflation, and other crises resulting in currency devaluation. Among the many precious metals is silver, and the rising silver price in Surat makes the white metal an attractive option.

 

Another reason for its popularity is that the white metal is cheaper than its widely popular counterpart - gold. However, before you begin investing, knowing silver’s price today in Surat is key to making an investment decision that aligns with your finances and goals.

 

Read on to know today’s silver price in Surat and the factors that affect it.

Silver Price Per Gram in Surat

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

Quantity of silver (in grams)

Silver Price in surat

1

₹92.50

10

₹925.00

100

₹9,250.00

1000 (1 kg)

₹92,500.00

Disclaimer: The above silver rate in Surat is as of June 20, 2024 and is subject to change.

Silver Rate in Surat for the Last 10 Days

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

Date

1 Gram Silver Price in surat

10 Grams Silver Price in surat

100 Grams Silver Price in surat

1 Kg Silver Price in surat

June 20, 2024

₹92.50

₹925.00

₹9,250.00

₹92,500.00

June 19, 2024

₹91.00

₹910.00

₹9,100.00

₹91,000.00

June 18, 2024

₹91.50

₹915.00

₹9,150.00

₹91,500.00

June 17, 2024

₹91.00

₹910.00

₹9,100.00

₹91,000.00

June 16, 2024

₹91.00

₹910.00

₹9,100.00

₹91,000.00

June 15, 2024

₹91.00

₹910.00

₹9,100.00

₹91,000.00

June 14, 2024

₹90.50

₹905.00

₹9,050.00

₹90,500.00

June 13, 2024

₹90.70

₹907.00

₹9,070.00

₹90,700.00

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

Disclaimer: The above prices are as of June 20, 2024.

Factors Impacting Silver Rates in Surat

Understanding the factors that influence the silver rate in Surat is important. This knowledge can help you gauge the trend of the metal and strategise your investment accordingly. It can also help you know when to enter or exit the market and maximise your returns.

  • Supply and Demand

Supply and demand are basic economic concepts that affect the price of any commodities, including the white metal. The general rule and effect of the concept is that when the demand is more than the supply, the price will increase and vice-versa. 

 

As such, when the demand for the white metal increases, the silver price in Surat and other cities will increase too. The reason for the rise in demand can be many – inflation, seasonal demands, festivities, and more.

 

Moreover, silver is a scarce metal and, as such, has a finite supply. Therefore, as time goes on, the price will gradually increase further. To put this in perspective, consider today’s silver price in Surat, which is comparatively higher than that of a few decades due to limited supply.

  • Gold Prices

The fluctuation you see in the silver price in Surat today is a result of the white metal’s correlation with that of the yellow metal. A reason for the correlation is that both are precious metals and offer the same safety and liquidity during financial or economic crises.

 

However, gold is scarcer than silver and, therefore, costs more. Because of this, gold is the first metal that gets affected by the factors and, as such, the first to have a change in price. Since silver is a close second, it follows the trend of the gold price.

 

In simple terms, when the gold price goes up, the silver rate in Surat and other parts will go up too and vice-versa. In fact, many investors even track the gold price to forecast the trend of the silver price. 

 

However, remember that these prices may diverge from the normal trajectory, so you need to take a holistic consideration of other factors affecting the price.

  • Inflation

Inflation is a constant economic factor that affects the price of commodities. However, when inflation goes higher than expected, the volatility of the currency is higher. This is because inflation results in currency devaluation, which causes money to lose its purchasing power.

 

As such, when the devaluation is more than expected, the prices of commodities will be higher than expected. This would result in a cash crunch on a personal level as well as on a larger scale. 

 

However, precious metals are commodities that remain unaffected by this devaluation and allow you to have the same purchasing power as before. To put this into perspective, here is an example – Today, what you can buy from ₹100 is far less than what you could a few decades ago. 

 

Conversely, what you can buy with 10 grams of silver today is more or less the same as that of a few decades ago. This is because as the price of commodities increased, the silver price in Surat and other areas increased too, allowing you to get more value from your investment.

 

Given this property of silver, more people have now started investing in silver as inflation is increasing. This results in increased demand and, thereby, increased prices.

  • US Dollar 

The base currency for precious metals is USD, i.e., the US Dollar. Therefore, any changes in the power of the dollar results in a change in the price of silver. When the dollar is strong, buying silver would be expensive and, as such, push investors towards other avenues.

 

On the other hand, when the dollar is weak, buying silver would not be as expensive and, therefore, would attract more investors. This would inadvertently affect the demand for the metal and therefore cause a fluctuation in the silver price in Surat and other areas.

  • Crude Oil Prices

Silver gets mined – a practice that would require other commodities such as crude oil. The cost of these commodities gets added to the cost of mining silver. As such, the price of silver will change with the price of crude oil.

 

If the crude oil prices go up, mining will become expensive, and therefore the silver price will increase. On the other hand, the silver price may see a dip as the crude oil prices go down. However, since silver prices get affected by numerous factors, you cannot base the trend on this factor alone.

  • Taxes 

Silver gets imported into India and is, and is subject to numerous taxes that ultimately get added to the final price of silver. These taxes include import duty and other local taxes. Therefore, the price of silver is affected by any changes in these policies.

 

Moreover, the local taxes will differ for every state, further resulting in a price difference on a state level. As such, the silver price per kg today in Surat may not be the same as that of other cities like Lucknow, Chennai, or Mumbai.

  • Interest Rates

Interest rates are another factor that affect the price of precious metals. This is because the price of these metals is inversely linked to those of interest-linked investments. This means that when the interest rates go up, investors are likely to keep investing in interest-linked instruments. As such, the supply of silver rises and demand drops. 

 

However, when the interest rates go down, the returns would go down too. This would result in investors being hesitant to invest in interest-linked options and turn to precious metals. 

 

This results in an increase in demand and, therefore, an increase in the silver rate in Surat and other parts of India. 

 

Now that you know the silver price today in Surat and the factors that affect it, be sure to invest with your finances and goals in mind. In addition, you need to ensure portfolio diversification to mitigate losses.

 

Portfolio diversification helps you leverage the gains of one investment class against the loss of another, thereby reducing, if not nullifying, your losses. Try to invest in debt, equity, fixed-income investments, and more. This way, you secure financial growth while minimising the risk.

Read More

FAQs on the Silver Rate in Surat

Can we consider silver as an investment option in Surat?

Yes, the white metal is a worthy investment in Surat and in other parts of the country. The rising silver price in Surat points towards a better potential for returns, making it a great investment option.

Is the silver rate in Surat the same as the silver rate in other parts of India?

No, the silver price across the country is different. This is because silver is subject to state taxes in addition to the central taxes. Since stated taxes would be different from state to state, the price would be different too. In addition to taxes, the transportation cost would also be different, resulting in a change in price.

Are there any taxes or fees associated with buying or selling silver in Surat?

Yes, you are liable to pay taxes when buying or selling silver in Surat and other parts. The taxes would depend on the nature of the transaction and generally get added to the silver rate in Surat or the place you buy/sell the metal.

How to invest in silver in Surat?

You can choose to invest in silver in coins, jewellery, silverware, and other forms. You can visit the top jewellers and retailers to get the best silver price in Surat.

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