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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.

Silver Price in Visakhapatnam

Here is a quick overview of silver rates in Visakhapatnam today:

Weight

Silver Rate Today 

Silver Rate Yesterday

Price Difference

1 g

₹78.20

₹77

₹1.20

10 g

₹782

₹770

₹12

100 g

₹7,820

₹7,700

₹120

1 kg

₹78,200

₹77,000

₹1,200

*Disclaimer: The rates mentioned above are subject to change as per market conditions

Silver Rate in Visakhapatnam in the Last 10 Days

Let us look at the change in the price of silver in Visakhapatnam over the last 10 days:

Date

1 g

10 g

100 g

1 kg

Mar 05, 2024

₹ 78.20

₹ 782.00

₹ 7,820.00

₹ 78,200.00

Mar 04, 2024

₹ 77.00

₹ 770.00

₹ 7,700.00

₹ 77,000.00

Mar 03, 2024

₹ 77.00

₹ 770.00

₹ 7,700.00

₹ 77,000.00

Mar 02, 2024

₹ 77.00

₹ 770.00

₹ 7,700.00

₹ 77,000.00

Mar 01, 2024

₹ 79.80

₹ 798.00

₹ 7,980.00

₹ 79,800.00

Feb 29, 2024

₹ 75.70

₹ 757.00

₹ 7,570.00

₹ 75,700.00

Feb 28, 2024

₹ 75.40

₹ 754.00

₹ 7,540.00

₹ 75,400.00

Feb 27, 2024

₹ 75.50

₹ 755.00

₹ 7,550.00

₹ 75,500.00

Feb 26, 2024

₹ 76.40

₹ 764.00

₹ 7,640.00

₹ 76,400.00

Feb 25, 2024

₹ 76.40

₹ 764.00

₹ 7,640.00

₹ 76,400.00

*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

FAQs

Can we consider silver as an investment option 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.

How is the purity of silver evaluated in Visakhapatnam?

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.

Should I pay any GST for buying silver in Vizag?

Yes, you are compulsorily required to pay GST on the purchase of silver in Vizag. The applicable GST is 3%.

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