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Investments in silver are considered liquid and can come in handy during a financial crunch, making it a great strategy. In fact, buying precious metal is a deep-rooted practice across India, and it has generated adequate returns so far. 

 

Moreover, the rising trend in silver prices indicates the potential to generate higher profits through a silver investment. However, before investing, you must know about the silver rate today in Tamil Nadu. In addition, understanding the factors that affect it is equally important. 

 

A detailed knowledge of what affects the silver price today in Tamil Nadu and other places helps you make smart investment decisions. This includes knowing when to purchase and when to sell, allowing you to make the best use of your hard-earned money.

 

Read on to know the current silver rate in Tamil Nadu and the factors that influence it.

Silver Price Per Gram in Tamil Nadu

Check today’s silver rate in Tamil Nadu below:

Quantity of silver (in grams)

Silver Price Tamil Nadu

01

₹ 98.50

10

₹ 985.00

100

₹ 9,850.00

1000 (1 kg)

₹ 98,500.00

Disclaimer: The above details mentioned are as of Jun 04, 2024, and are subject to change.

Silver Rate in Tamil Nadu for the Last 10 Days

Here is an overview of the silver price in Tamil Nadu for the last ten days.

Date

1 Gram

10 Gram 

100 Gram 

1000 Grams (1kg) 

Jun 04, 2024

₹ 98.50

₹ 985.00

₹ 9,850.00

₹ 98,500.00

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

₹ 100.00

₹ 1,000.00

₹ 10,000.00

₹ 1,00,000.00

May 30, 2024

₹ 101.00

₹ 1,010.00

₹ 10,100.00

₹ 1,01,000.00

May 29, 2024

₹ 102.20

₹ 1,022.00

₹ 10,220.00

₹ 1,02,200.00

May 28, 2024

₹ 101.00

₹ 1,010.00

₹ 10,100.00

₹ 1,01,000.00

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 details are as of Jun 04, 2024.  

Factors Impacting Silver Rates in Tamil Nadu

A few factors impacting silver rates are macroeconomic, while other factors are closely linked to the local market. Here’s a look into these factors:

1. Supply and Demand Cycle

The cycle of demand and supply is one of the basic economic concepts that influence the fluctuations in prices of precious metals such as silver and gold. Simply put, the rates of silver go up when there is a rise in demand, but the supply is inadequate. 

 

On the other hand, the rates go down when the supply is high, but the demand is not. In previous years, the demand for silver has increased for numerous reasons. However, given that silver is finite in nature, the price of silver has increased continually.

 

Given that the Tamil Nadu silver rate and silver prices in other places are expected to increase further, now would be a good time to invest in it. This way, you can enjoy better returns and grow your wealth without worries.

2. Inflation

Inflation is another discerning factor affecting today’s silver rate in Tamil Nadu and the rest of India. Inflation, in simple terms, means that ₹100 today has a lower value than what it used to be in the past. As such, you can’t get the same value for that amount as you would when inflation was lower.  

 

However, the same does not happen with the value of precious metals. In fact, they retain their purchasing power. For example, consider the 1-gram silver rate Today in Tamil Nadu with that of a few decades ago. 

 

If you compare what you could buy with it, the answer would likely be the same. Because of its ability to offer the same value, silver is often chosen as a hedge against inflation. This affects its demand during the period and, thereby, its price.

3. US Dollar Rates

The price of silver shares an inverse relationship with that of the US dollar. Therefore, a lower trend in the US Dollar can result in higher silver rate in Tamil Nadu and the rest of the country.

 

Also, similarly, the strengthening of the US dollar may reduce silver prices across India. When the US Dollar is strong, purchasing silver would be expensive, resulting in a decline in investing. 

 

Ultimately, this would reduce the demand, which could lower the price nominally. On the other hand, if the US Dollar is weak, purchasing silver would not be as expensive and attract more investors.

 

With this significant demand, silver rates tend to go up. The strength of the USD has gone down due to numerous reasons in the past few years. Therefore, the silver rate in Tamil Nadu and other areas has gone up. 

4. Deficits in Trade

The deficit in trade is another critical factor that has an impact on the Tamil Nadu silver rate today and the rest of India. The trade deficit is always assessed by the number of products a nation imports from other countries. 

 

This means that when there are higher imports, the trade deficit also gets higher. To manage this deficit, the government may impose certain restrictions on imports. Given that silver is an imported commodity, the price gets affected. 

5. Use of Silver in Industries

With the nation heading towards industrialisation, the general demand for silver has increased in Tamil Nadu and the rest of India. As the demand increases, you can clearly witness a spike in the silver price today in Tamil Nadu and other parts of the country.

 

As such, it helps to keep tabs on the latest advancements that may require a substantial amount of silver. Such advances will generally require organisations and governments to buy up a lot of the silver, and so the price will quickly shoot up. 

 

Getting in before these purchases occur is a good way to generate quick profits, as you can sell once the demand increases and the prices go up. 

6. Rates of Gold

Whenever the demand for gold increases, the gold rate appreciates as well. Similarly, when the value of gold increases, even the silver price also appreciates. The opposite of this situation also holds true in the case of silver prices. 

 

This is because both are precious metals and serve the same purpose. Hence, keeping an eye on the rates of gold can help you understand the silver rate trend in your state and across the country.

 

However, it is essential to remember that relying only on the gold price to know the movement of the silver rate in Tamil Nadu or other areas is not an ideal decision. This is because there may be instances where the gold and silver prices would not follow the same trend.

7. Crude Oil Prices

The whole process of mining precious metals, including silver, is an exhaustive one. Since the mining process requires the use of crude oil, the change in crude oil rates affects the silver price as well. 

 

The impact is direct because higher crude oil prices would increase the mining costs and thereby result in a higher silver rate. On the other hand, when the oil price decreases, so do the mining costs, and therefore, the silver price also depreciates.

 

While it helps to understand these factors, note that you cannot rely on just one or two to determine a trend, as this is a volatile market. The best way to move ahead is by considering the holistic impact of a shift and seeing if it translates to a positive difference.

Read More

FAQs on Silver Rate in Tamil Nadu

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

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

What are the popular forms of silver available in Tamil Nadu?

You can find silver in Tamil Nadu in the form of jewellery items, solid bars, coins, bullions and household items like utensils. Remember that the silver rate in Tamil Nadu will vary depending on the form you choose.

What are the various tests that buyers and sellers of silver can conduct to determine its purity in Tamil Nadu?

To check the quality and purity of the silver, it goes through some tests, including the stink test, magnet test and ice test.

What is the historical significance of silver in Tamil Nadu's culture, and how does it impact the silver rate?

Traditionally, precious metals are considered auspicious, signifying wealth and more. As such, you can find various antique jewellery, decorative pieces, and utensils made of silver used on special occasions and festivals. This is also one of the reasons why the demand for silver increases during festivities.

What are the main uses of silver in Tamil Nadu?

Silver in Tamil Nadu is widely popular for personal and commercial use. This includes jewellery, coins, medals, and more.

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