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Silver Rate in Erode

Investing in silver or gold has been one of the more preferred investment options to beat inflation and generate potential returns. The silver demand in India soared to a value of 1.242 billion ounces in 2022, according to a report.

 

The increasing demand for silver is evident from the silver rate today in Erode and throughout India. For instance, the Erode silver rate currently is ₹78, while it was ₹78.6 yesterday. 

 

There are various reasons behind these fluctuating silver rates in Erode and across the country, one of the prime reasons being the demand and supply chain factor. Moreover, when you compare the silver rate today in Erode with the rest of India, you may find slight variations.

 

To help you understand the silver rate in Erode today and the previous 10 days, read on.

Silver Price Per Gram in Erode

Here is a table to help you assess today’s silver rate in Erode for various quantities.

Quantity of silver (in grams)

Silver Price in Erode

01

₹78.0

10

₹780

100

₹7,800

1000 (1 kg)

₹78,000

Disclaimer: The above silver rate in Erode is as of May 23 2023, and is subject to change.

Silver Rate in Erode for the Last 10 Days

While demand and supply factors play one of the most critical factors affecting today’s silver rate in Erode and throughout India, know that gold rates also have a lasting impact on the price of silver.

 

This simply means that an increase in the value of gold results in the appreciation of silver price and vice versa. Hence, you must assess the market rates properly before investing in silver so that you can make the most of them.

 

Here is a brief overview of the silver today in Erode, along with the last 10 days. Comparing these rates helps you make an informed decision before investing in silver.

Date

1 Gram Silver Price in Erode

10 Grams Silver Price in Erode

100 Grams Silver Price in Erode

1 KG Silver Price in Erode

23-05-2023

₹78.00

₹780.00

₹7,800.00

₹78,000.00

22-05-2023

₹78.60

₹786.00

₹7,860.00

₹78,600.00

21-05-2023

₹79.00

₹790.00

₹7,900.00

₹79,000.00

20-05-2023

₹79.00

₹790.00

₹7,900.00

₹79,000.00

19-05-2023

₹78.00

₹780.00

₹7,800.00

₹78,000.00

18-05-2023

₹78.10

₹781.00

₹7,810.00

₹78,100.00

17-05-2023

₹78.20

₹782.00

₹7,820.00

₹78,200.00

16-05-2023

₹78.80

₹788.00

₹7,880.00

₹78,800.00

15-05-2023

₹78.50

₹785.00

₹7,850.00

₹78,500.00

14-05-2023

₹78.50

₹785.00

₹7,850.00

₹78,500.00

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

Factors Impacting Silver Rates in Erode

As mentioned, there are numerous factors affecting today’s silver rate in Erode and throughout India. These may occur due to changes in import charges and other taxes levied. While you need to pay a GST of 3% across all states, other charges applied can vary from one state to another.

Here are a few critical factors you need to be aware of when buying silver in Erode.

  • Supply and Demand Cycle

This is one of the basic economic concepts affecting precious metals such as silver and gold. The cardinal rule of this concept is that the rates of silver increase when demand is high, and the rates decrease when supply is high. 

 

So, once silver mining decreases, the demand for silver drastically increases. With more and more individuals preferring to invest in silver, the high demand will fluctuate the silver rates. As a result, you end up paying a higher price.

 

Conversely, if there is an unexpected increase in silver because of mining or a new large deposit, the Erode silver rate decreases considerably. Not just in Erode but on a global scale, you may find silver rates depreciating.

 

The demand is yet to even out with the excess supply in this scenario, so you need to pay lesser rates when buying silver. Simply put, this is the right time to invest in silver when the demand is low and you can sell silver when the demand is high to generate generous returns.

  • Inflation

This is yet another discerning factor affecting today’s silver rate in Erode and the rest of India. Inflation, in its simplest terms, means that ₹100 today has a lower value than what it had in the past.

 

With gold and silver providing a hedge against inflation, these metals are capable of retaining their purchasing power. Despite a decline in the value of the currency, silver rates may witness a hike during inflation. Simply put, it means that you can still get the same value for ₹100 worth of silver today, as you did yesterday and the day before.  

  • Fluctuations in the US Dollar Rates

The price of silver shares an inverse relationship with that of the US dollar. Hence, a weakening of the USD index can lead to a higher silver rate in Erode and throughout India. Similarly, the strengthening of the US dollar may reduce silver prices across India. 

 

Keeping a tab on the silver rates can help you make powerful purchasing decisions and earn handsome returns.

  • Trade Deficits

This is another discerning factor that has an impact on today’s silver rate in Erode and the rest of India. The trade deficit is always assessed by the number of products a nation imports. In simple words, the higher the number of imported products, the greater the trade deficit of a country.

 

When there is an increase in the trade deficit, the government of the country may impose restrictions on the number of imported products. This can affect the rates of silver and gold in India.

  • Increased Demand for Silver in Industrial Applications

With the nation heading towards industrialisation, the general demand for silver has increased in Erode and the rest of India. As the demand increases, you can witness a spike in the silver rate in Erode and other parts of the country.

 

As such, it helps to keep tabs on latest advancements that may require a substantial amount of silver. Such advances will generally require organisations and governments to buy up a lot of the silver, and so the price will quickly shoot up. 

 

Getting in before these purchases occur is a good way to generate quick profits, as you can sell once the demand increases and the prices shoot up. 

  • Gold Rates

As mentioned, the silver rates do tend to follow the gold rate trend. Whenever the demand for gold increases, the gold rate appreciates as well. Similarly, when the value of gold increases, even the silver price also appreciates.

 

The vice versa also holds true in the case of silver. Hence, keeping an eye on the gold rate can help you understand the silver rate trend across the country.

  • Oil Prices

The process of mining silver is an exhaustive one, and since the process requires oil, the change in oil rates affects the silver price as well. Simply put, if the price of oil increases, the rate of silver also appreciates. When the oil cost decreases, the silver price also depreciates.

 

While it helps to understand these factors, note that you can’t rely on just one or two to determine a trend. You must consider the holistic impact of a shift, and see if it translates to a meaningful difference in the silver rates. 

Read More

FAQs on Silver Rates in Erode

Yes, whenever you purchase silver in Erode or any other city in India, you have to pay GST, wastage and making charges. Being aware of these additional costs, along with keeping track of the silver rate in Erode, can help you make informed decisions. 

The impact of global silver prices has an impact on the silver rate in Erode and the rest of India. The US dollar exchange rates, crude oil prices, and economic conditions of the market are a few other factors affecting the rate of silver globally.

While you can invest in silver ETFs via the US stock market, you may also purchase silver bullion with a high silver purity in the form of coins, bars or ingots. Another option is to purchase silver jewellery or antiques. However, check today’s silver rate in Erode before you plan to invest in silver.

You have to pay a mandatory GST of 3% whenever you buy silver in Erode or the rest of India. Apart from this, you may have to pay wastage and making charges that can differ from one state to another.

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