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Silver is an excellent investment avenue to diversify your portfolio and mitigate risks. The benefits of investing in silver are many, especially if you're looking for a long-term investment. Besides benefits like high liquidity and wealth generation, silver serves as a hedge against inflation as well. 

 

But how can you start investing in silver? Investment in silver begins with research, and you should know the silver rate today in Coimbatore or your city before you transact in it. 

 

Comparing the latest rates with the past few days will give you an estimate of the right time to invest.  Read on to know today’s silver rate in Coimbatore and the factors influencing silver prices across different areas. 

Silver Price Per Gram in Coimbatore

Given below is the Coimbatore silver rate for today for various quantities. 

Quantity of Silver (in grams)

Silver Price in Coimbatore

1

₹76.50

10

₹765

100

₹7,650

1000 (1 kg)

₹76,500

Disclaimer: The above rates mentioned are as of May 2023, and are subject to change..

Silver Rate in Coimbatore for Last 10 Days

You should compare the silver prices in Coimbatore today with that of previous days to understand the price trend and invest accordingly. Here is an overview of 1,000 grams, 100 grams, 10 grams, and 1-gram silver rate today in Coimbatore for the last ten days. 

Date

1-Gram Silver Price in Coimbatore

10 Grams Silver Price in Coimbatore

100 Grams Silver Price in Coimbatore

1 KG Silver Price in Coimbatore

30-05-2023

₹76.50

₹765

₹7,650

₹76,500

29-05-2023

₹77.00

₹770

₹7,700

₹77,000

28-05-2023

₹77.00

₹770

₹7,700

₹77,000

27-05-2023

₹77.00

₹770

₹7,700

₹77,000

26-05-2023

₹76.20

₹762

₹7,620

₹76,200

25-05-2023

₹76.50

₹765

₹7,650

₹76,500

24-05-2023

₹77.50

₹775

₹7,750

₹77,500

23-05-2023

₹78.00

₹780

₹7,800

₹78,000

22-05-2023

₹78.60

₹786

₹7,860

₹78,600

21-05-2023

₹79.00

₹790

₹7,900

₹79,000

Disclaimer: The above silver gram rate in Coimbatore for different quantities is as of May 2023. 

Factors Impacting Silver Rates in Coimbatore

The silver price in Coimbatore or any other area fluctuates daily, ultimately impacting your investment value. Knowing the factors that result in these fluctuations will allow you to maximise your returns and protect your finances. Several national and international factors can influence the Coimbatore silver rate. 

Here’s a look into some of these factors. 

  • Strength of Dollar 

Given that USD is the transaction (base) currency for silver, its position in the global economy plays a significant role in the price fluctuation of silver. Any change in the position of the US dollar inversely affects the price of silver. 

 

This means that if the USD gets stronger, buying silver would become expensive, and hence, the silver price in Coimbatore today may dip. On the other hand, if USD gets weaker, buying silver would be cheaper, making it an attractive option and increasing its price.

  • Rate of Inflation

In turbulent economic conditions, prices of all commodities get affected, causing financial strain. In such difficult times, investors move to a more sustainable investment option, like precious metals. The reason for this is that silver holds its purchasing, unlike money. 

 

For example, the silver rate today in Coimbatore per gram is comparatively higher than a few decades ago. However, what you can buy with it has not seen a drastic change. This retention of purchasing power becomes especially beneficial when the value of a currency drops during inflation. 

  • Silver Deposits 

Silver scraps and deposits are non-market factors that influence the rate of silver. Since silver is a non-renewable resource, the recycling of silver is important to satisfy the increasing demand. Therefore, when these deposits run dry, you can expect the rate of silver in Coimbatore and other areas to increase. 

  • Demand-Supply Cycle 

Demand and supply are vital factors affecting the rate of silver. When the demand is high, the rate of silver is also high. Inversely, when the supply is higher than the demand, the price of silver drops.

 

Keeping this in mind, you can calculate the right time to invest. During the festive season, the demand is high, while supply is low. Therefore, buying silver during peak festival seasons may not be as profitable as when the prices are low. 

  • Gold

Gold is a precious metal, just like silver but has higher value and is hence more preferred than white metal. Given that the properties and purpose of both these metals are the same, the factors influencing the prices overlap, and they follow the same trend.

 

However, since gold is more popular, its price is first affected, and the silver price in Coimbatore and other areas follows the trend. As such, many even track the gold price to estimate the trend of silver. However, you should rely solely on it since there are multiple factors in play. 

  • Prices of Crude Oil

To mine gold, crude oil is used in machines. So, as the rate of crude oil increases in the international market, the cost of silver mining also increases. This results in a rise in the silver rate today in Coimbatore and other areas. The opposite effect is also true, wherein the price of crude drops and causes the price of silver to dip too. 

 

Keep an eye on such shifts, as it could help you identify a good time to invest in silver. However, you must get in early, as other investors will look to capitalise on the opportunity. As such, the demand for silver, at the low price, will go up, and the profits you stand to gain will quickly diminish. 

  • Tax and Other Costs

Government policies and tax laws have a significant impact on the rate of silver. With a new government policy for trade or an upsurge in tax on commodities, you will see a direct change in the rate. 

 

For example, as per the 2023 budget, the custom duty on silver will be 10% instead of 7.5%. This led to an increase in the cost of silver across India. In addition, local taxes and transportation costs result in the silver price for today in Coimbatore being different from other areas.

  • Geopolitical events

Many geopolitical events, like elections in other countries, wars, international relations, and more, can directly impact today's silver prices in Coimbatore. In addition, any factor that obstructs the supply of silver raw materials directly impacts the silver rate in all cities. 

 

For example, during the Covid-19 pandemic, economic uncertainty resulted in an increase in silver pieces. The Russia-Ukraine war also impacted the price of silver as it affected the supply of white metal.

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FAQs on Silver Rate in Coimbatore

How often does the silver rate in Coimbatore change?

The rate of silver in Coimbatore changes daily depending on numerous factors. This includes inflation, demand and supply, the position of the USD, gold prices, and oil prices.

Are there any taxes or additional charges applicable to silver purchases in Coimbatore?

Yes, you will have to pay 3% GST on the current silver price in Coimbatore for all silver purchases. In addition, the jeweller or retailer may levy other charges, such as making charges. The making charges are also subject to 5% GST.

Are there any restrictions on purchasing or selling silver in Coimbatore?

The sale of silver investment is subject to capital gain taxation. In addition, you have to submit a few forms depending on the value of your silver investment. If it is under ₹5 Lakhs, you will have to submit Form O-8A. If it exceeds ₹5 Lakhs, you will have to submit Form O-8. 

Are there any local festivals or events in Coimbatore that impact the silver rate?

Silver has traditional values in rituals and festivities in Coimbatore. Therefore, the demand for silver increases during these periods. As such, the one-gram silver price in Coimbatore and other areas will see a rise.

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