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The demand for silver remains high in Visakhapatnam, primarily driven by its cultural and industrial significance. The metal is often used in religious ceremonies, crafting jewellery, and various industrial applications. You can also widen your portfolio and mitigate the risk of certain economic uncertainties by investing in silver. Thus, it is essential to track the changes in silver rates in Visakhapatnam to make wise financial decisions.
Here is a quick overview of silver rates in Visakhapatnam today:
| Weight | Silver Rate Today | Silver Rate Yesterday | Price Difference |
|---|---|---|---|
1 g |
₹109 |
₹111 |
- ₹2 |
10 g |
₹1,090 |
₹1,110 |
- ₹20 |
100 g |
₹10,900 |
₹11,100 |
- ₹200 |
1 kg |
₹1,09,000 |
₹1,11,000 |
- ₹2,000 |
Let us look at the change in the price of silver in Visakhapatnam over the last 03 days:
| Date | 1 g | 10 g | 100 g | 1 kg |
|---|---|---|---|---|
May 12, 2025 |
₹ 109 |
₹ 1,090 |
₹ 10,900 |
₹ 1,09,000 |
May 11, 2025 |
₹ 111 |
₹ 1,110 |
₹ 11,100 |
₹ 1,11,000 |
May 10, 2025 |
₹ 111 |
₹ 1,110 |
₹ 11,100 |
₹ 1,11,000 |
*Disclaimer: The aforementioned rates are subject to change as per market conditions.
Factors that Affect Silver Rates in Visakhapatnam
Here are some key factors that influence the price of silver in the city:
The Bureau of Indian Standards (BIS) categorises silver grades (as per purity), which impacts prices
Market dynamics, influenced by both global and local factors, determine silver prices
Supply and demand dynamics
Inflation has an impact on the price of silver
Strengthening of the U.S. dollar leads to higher silver prices, while depreciation may cause a dip
RBI policies, including those for buying and selling of silver bullion, impact prices
Revisions in monetary policy influence silver rates in Visakhapatnam
Political aggression or wars can raise inflation, increasing demand for silver and its price
Economic stability may lead to a decrease in demand, affecting silver prices in the city
Low inflation rates may lead to lower silver prices, as people prefer alternative investments
Declining interest rates elsewhere can drive demand for silver, leading to an increase in prices
Changes in taxation, including GST, affect silver prices in Visakhapatnam
Yes, investing in silver is an ideal option as it provides a hedge against inflation. You can opt for options like Silver ETFs, mutual funds and so on.
You can easily test the silver purity using a magnet. Silver is not attracted to a magnet if it is pure. Although not mandatory, there is a set hallmarking system in place for silver which provides information about the metal’s purity. Check for this mark on the article of silver you purchase to verify its purity.
Yes, you are compulsorily required to pay GST on the purchase of silver in Vizag. The applicable GST is 3%.
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