Silver Rates in Bihar

Investing in silver is highly favoured due to its reputation as a secure investment option. Another reason for the high demand for silver is that it holds significant cultural and sentimental value in many Indian households.

 

This encourages many Indians to invest in it confidently after assessing the silver rate in Bihar and the rest of India. The increasing popularity of silver is also driven by its upward trend in value over time. 

 

Checking the 10-gram silver price in Bihar and other quantities can help you get an idea of this asset’s value. Read on to know the silver price in Bihar today and the factors influencing it.

Silver Price Per Gram in Bihar

For today’s silver rate in Bihar, look at the table.

Disclaimer: The above details mentioned are as of June 2023, and are subject to change.

Silver Rate in Bihar for the Last 10 Days

Here is the 1 kg silver price in Bihar and other quantities for the last ten days.

Disclaimer: The above details mentioned are as of June 2023, and are subject to change.

Factors Impacting Silver Rates in Bihar

Today’s silver rate in Bihar is based on various factors. These may occur due to changes in import charges and other taxes levied. 

 

A percentage of Goods and Services Tax (GST) is levied on your precious metal, which is currently 3% across all states in India. However, other charges may vary in different places. Read on to get insights about these factors.

• Demand and Supply of Silver

In a situation where the balance between supply and demand fluctuates, the price also fluctuates. This demand and supply movement is generally witnessed during cultural events and festivities, as well as due to some economic factors. 

 

Another factor for the upward and downward movement is the availability of silver, as you get a finite supply of silver based on mining and other reasons. 

 

When the demand for this precious metal is unmet due to a low supply, the price of silver in Bihar and other states may witness a rise in the rate of silver.

• Inflation

Another critical factor affecting the silver price today in Bihar and the rest of India is inflation. This economic condition means that money today has a lower value than it used to be in the past. 

 

These metals are capable of retaining their purchasing power. Despite seeing a decline in the current value of the currency, silver rates may witness a price hike during the time of inflation. This means you can still get the same value of silver today as you did earlier.  

• Rate of Interest

The interest rates offered are linked with market conditions, and various factors affect these interest rates. With a low interest rate, you get lower returns and vice versa.

 

Note that silver is a long-term appreciating asset, and that is why it has an inverse relation with market-linked instruments. This is because when rates decrease, it will incline investors towards purchasing more silver to get the required returns and vice versa. This impacts the silver price in Bihar and places. 

• Taxes and Charges

Silver is subject to taxes and other necessary charges, like other goods and services. Such costs and taxes get added to the final price, which is why you get fluctuations in silver rates in Bihar and other places.

 

Also, every state imposes different local taxes. A transportation cost is also levied that differs from one area to another that gets added to the cost of silver. This results in the silver price today in Bihar and other places fluctuating.

• Price of Gold

When the value of gold increases, the silver price also appreciates. The opposite of this situation also holds true. Hence, keeping an eye on the rates of gold can help you understand the silver price in Bihar and across the country.

 

Remember that relying only on the gold price to know the movement of silver price in Bihar or other areas is not ideal, as there may be some instances where the gold and silver prices would not follow the same rate movement.

• US Dollar

The base currency for precious metals like silver and gold is US dollars; therefore, USD influences their prices.

 

When the US Dollar is strong, purchasing silver would be expensive, resulting in a decline in investing. This would reduce the demand for silver, making the silver prices lower. Conversely, if the US Dollar is weak, purchasing silver would become cheaper and attract more investments.

• Prices of Crude Oil

Since the mining process requires the use of crude oil, the change in crude oil rates affects the silver price as well. With an increase in crude oil prices, you get silver at higher rates too. On the other hand, when the crude oil cost decreases, the silver price also depreciates.

 

Understanding these factors helps forecast the silver rates, but you cannot totally rely on this factor as this is a volatile market. 

• Political and Economic factors

The economic and political situation affects the value of the currency of a country. If the people of a country lose their confidence and faith in the monetary system of a country, they will ultimately stop using the currency, that is, notes and coins. 

 

In such a situation, people will be more inclined towards precious metals like gold and silver, pumping the demand for silver.

• Deficit in Trade

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

 

Simply put, it means that when there are higher imports from another country to your country, the trade deficit also gets higher, resulting in fluctuations in silver prices.

• Use of Silver in Industries

Increasing industrialisation has increased the demand for silver in Bihar and the rest of India. Industrial demand and silver prices have a direct relation. As the demand increases, you can see a pump in today’s silver rate in Bihar and other states.

 

Silver’s high liquidity factor allows for easy conversion into cash, making it beneficial during unforeseen financial emergencies or a financial crunch. This is another reason why it is smart to invest in silver. Pledging your silver for a loan or selling it conveniently enables you to manage these situations with ease. 

 

However, you must understand the pricing trends before you invest. This is crucial to extracting maximum value from your investment.