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Like many other precious metals, silver is used extensively by the young and the old alike. This precious white metal is used in one of the most revered classical dance forms of Orissa, referred to as Odissi. 

 

With silver finding a special place in every household, the popularity of silver continues to increase, just like gold. Moreover, investing in silver is considered a reliable way to beat inflation and combat economic turmoil.

 

While there is an increase in industrial demand for silver, the commercial and individual demand is no less. This is evident from silver prices today in Bhubaneswar and the rest of India. 

 

Read on to understand various factors affecting the silver rates and silver prices of the last 10 days.

Silver Price Per Gram in Bhubaneswar

Here is a brief overview of the silver rate today in Bhubaneswar for different quantities.

Quantity of silver (in grams)

Silver Price in Bhubaneswar

01

₹ 78.60

10

₹ 786

100

₹ 7,860

1000 (1 kg)

₹ 78,600

Disclaimer: The above silver rate in Bhubaneswar is as of May 26 2023, and is subject to change.

Silver Rate in Bhubaneswar for the Last 10 Days

Like gold, even silver prices vary across the country. In fact, today’s silver rate in Bhubaneswar falls in tandem with that of the existing gold rates

 

While this is one of the few factors affecting silver rates across the country, note that you need to keep a tab on these rates when planning to invest in silver. This helps you make the most of your investment.

 

Here is a comparative analysis of today’s silver rate in Bhubaneswar, along with the last 10 days. 

Date

1 Gram Silver Price in Bhubaneswar

10 Grams Silver Price in Bhubaneswar

100 Grams Silver Price in Bhubaneswar

1 KG Silver Price in Bhubaneswar

23-05-2023

₹ 78.6

₹ 786

₹ 7,860

₹ 78,600

22-05-2023

₹ 78.6

₹ 786

₹ 7,860

₹ 78,600

21-05-2023

₹ 79.0

₹ 790

₹ 7,900

₹ 79,000

20-05-2023

₹ 79.0

₹ 790

₹ 7,900

₹ 79,000

19-05-2023

₹ 78.0

₹ 780

₹ 7,800

₹ 78,000

18-05-2023

₹ 78.1

₹ 781

₹ 7,810

₹ 78,100

17-05-2023

₹ 78.2

₹ 782

₹ 7,820

₹ 78,200

16-05-2023

₹ 78.8

₹ 788

₹ 7,880

₹ 78,800

15-05-2023

₹ 78.5

₹ 785

₹ 7,850

₹ 78,500

14-05-2023

₹ 78.5

₹ 785

₹ 7,850

₹ 78,500

Disclaimer: The silver rate today in Bhubaneswar and that of the last 10 days are as of May 2023.  

 

The table provides a clear gist of silver rates across the last 10 days. While the silver price today in Bhubaneswar for one gram is ₹78.60, the same 1g of silver cost ₹78.50 on May 14. Hence, you need to monitor silver rates when buying or selling silver to help you earn potential returns.

Factors Impacting Silver Rates in Bhubaneswar

There are various factors affecting today’s silver prices in Bhubaneswar and throughout India. Here are a few of them.

  • US Dollar Fluctuations

The US Dollar pricing has a great impact on the silver rate. As this is one of the leading global currencies, the silver price maintains an inverse relationship with that of the US Dollar. 

 

Simply put, when the dollar rate is high, the price of silver reduces, and when the US dollar weakens, the silver rate appreciates. Hence, most investors track US dollar fluctuations to gauge the increase or decrease in silver rates.

 

This helps you invest in silver at the right time by getting the best deal on the silver price. So, keep close tabs on the US dollar rates to understand today’s silver rate in Bhubaneswar or any other Indian city, for that matter.

  • Interest Rates

The interest rate depicts the overall market scenario. The relation of the silver rate is inversely proportional to the interest rate, similar to the dollar-silver price relation.

 

Hence, when interest rates decrease, there is an increase in the silver rate in Bhubaneswar and across India. This is because investors flock to purchase precious metals when the interest rates dip. As such, the demand for silver skyrockets, as does the price.  

 

This is why the price of silver generally dips when markets stabilise and the interest rates are up. In such cases, investors choose market-linked avenues, decreasing the demand for silver and increasing the supply in the market. 

  • Government Policies

Another discerning factor affecting today’s silver price in Bhubaneswar and other states throughout India is various policies and actions laid out by the Government. While the yellow precious metal is used as a reserve, silver is used primarily for transactions.

 

For instance, central banks across the world sell and buy silver bullion. Any change in guidelines or policies by the Reserve Bank of India has an impact on the price of silver. In case there is a rate change in import duty, the price of silver gets affected. This is because silver is imported to India.

  • Price of Oil

This is yet another significant factor affecting the silver rate in Bhubaneswar. As mining requires a large quantity of crude oil, the variation in the prices of oil tends to have an impact on silver rates. 

 

Simply put, if the price of oil increases, the rate of silver also appreciates. When the oil cost decreases, the silver price also depreciates.

  • Demand and Supply

These are one of the most dynamic factors affecting the rate of silver in Bhubaneswar and the rest of India. In fact, the demand for silver is so high that the industrial application of silver accounts for approximately 65% of the global supply of silver. 

 

For instance, using silver in solar panels can create a stir among investors and increase the buying trend. Hence, as the demand goes up, so does the price of silver across the nation.

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FAQs on Silver Rate Bhubaneswar

No, the silver price in Bhubaneswar keeps fluctuating based on various factors such as oil prices, US dollar exchange rates, economic market conditions, gold rates, government policies, etc. You need to keep track of these rates if you are planning to invest in silver.

The taxes and charges may vary across states based on the amount of silver imported. However, you may have to pay a GST of 3% when purchasing silver in Bhubaneswar or any other city in India.

While you can purchase silver in the form of jewellery, bars and coins, you may also purchase silver ETFs (Exchange Traded Funds). You can buy silver antiques as an investment option as well.

Though you can purchase silver via online mode, getting silver in person is a preferred method. However, you need to browse today’s silver price in Bhubaneswar and compare various dealers before investing in this precious metal.

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