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Precious metals have always held value in the Indian household, and silver, like gold, is a preferred choice for investing. It is relatively cheaper than the yellow metal, making it easier for many to get started. In fact, due to this benefit and today's silver rate in Faridabad, you don’t have to shell out a large amount to invest. 

 

However, these rates can change anytime, and knowing to identify the right time to invest is key. Many factors control the silver price today in Faridabad, such as socio-political conditions to mining obstructions and inflation. 

 

Read on to know the silver rate today in Faridabad and how the silver rate changes due to many factors. 

Silver Price Per Gram in Faridabad

Here are the latest prices of silver for different quantities.

Quantity of Silver (in grams)

Silver Price in Faridabad

1

₹79

10

₹790

100

₹7,900

1000 (1 kg)

₹79,000

Disclaimer: The above silver rate today in Faridabad is as of May 19 2023, and is subject to change.

Silver Rate in Faridabad for the Last 10 Days

In all cities, the rate of silver or other precious metals may fluctuate often. This can be due to low supply, high demand, or any other factors. This is why it isn’t enough to know the silver price today in Faridabad, and it helps to track the trend. 

 

Comparing today's rate with the recent charges in the rate may help you to find a pattern. Based on the said pattern, you can decide the right time to buy silver. Moreover, when you look at the rate of silver in different volumes, you may know how much investment is right for your budget. 

 

For your reference, here is the change in today's silver rate in Faridabad and the last 10 days.

Date

1 Gram Silver Price in Faridabad

10 Grams Silver Price in Faridabad

100 Grams Silver Price in Faridabad

1 KG Silver Price in Faridabad

22-05-2023

₹79.00

₹790.00

₹7,900.00

₹79,000.00

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

13-05-2023

₹78.50

₹785.00

₹7,850.00

₹78,500.00

12-05-2023

₹78.70

₹787.00

₹7,870.00

₹78,700.00

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

Factors Impacting Silver Rates in Faridabad

Silver has inherent value in Indian society, and people will buy silver jewellery, and other products. However, if the goal is to invest, safeguard your wealth, and turn a profit, you need to take a measured approach. 

This means understanding the following factors that influence the rate of silver. 

  • Demand and Supply 

The key factor that affects the silver rate is the difference between demand and supply for silver in the Indian market. Since silver has a variety of uses in many industries, it is a metal that is high in industrial demand. 

 

Therefore, when the demand and supply ratio is skewed in either direction, the price of silver gets affected. As a rule, if demand is high, the cost of silver increases. If there’s excess supply, the cost dips.  

  • USD Index 

The value of silver is affected by the USD index. Here, the price of silver acts inversely to the movements of the US Dollar. This means that as the US dollar grows stronger, the silver prices fall; in contrast, when the US dollar weakens, silver grows stronger. 

  • Political Environment

Geo political conditions and Indian politics both decide the rate of silver and other commodities. In times of elections or Global politics turmoil, investors made direct or redirect funds causing fluctuation in the prices of many commodities. One example of the case in point is during the Covid era, silver prices spiked up. 

  • Import and Export

Many products and commodities are imported and exported overseas. When imports exceed exports, this creates a deficit in the country. To control this, restrictions are applied on import of some products creating an increase in their prices. 

 

So, if India increases the import tax on silver, the price will increase. Similarly, if countries exporting silver to India levy relaxed rates, the price of silver will drop. 

  • Government Policies

With the change in government or in annual budgets, new policies are introduced. These new policies may affect the price of silver or any other raw material. For example, in the 2023 budget the custom duty was increased from 7.5% to 10% on silver. 

  • Inflation Rate

The rate of inflation affects the prices of all goods and services. Keeping that in mind, silver is an excellent commodity because it retains its purchasing power. As such, it works as a hedge against inflation. This is because inflation devalues paper currency, and commodities like silver and gold become preferable. 

  • Gold Prices

Gold and silver commodities go hand and hand in terms of price fluctuation. In majority of the instances, when the price of gold increases the silver follows shortly after. Thus, you can predict the trend in silver rate by monitoring the gold prices

  • Mining Costs

Silver is a finite resource that is extracted through mining. This process isn’t cheap, and heavily relies on other external factors. One of the major points to note is the cost of oil. Mining requires fuel, and so any changes to oil prices will also reflect in the price of silver. So, if oil prices increase, the cost of silver will rise too, and vice-versa. 

 

In conclusion, keeping up with these factors is part of the process of investing in silver. Even if you have a small amount to invest, invest in silver products wisely to ensure returns. 

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FAQs on Silver Rate in Faridabad

Are import costs included in the final price of silver in Faridabad?

Yes. Import costs are included in the final silver price in Faridabad and other cities in India.

What is the best time to buy silver in Faridabad?

The best time to invest in silver in Faridabad is when the prices are at the lowest. The silver rate in Faridabad changes every day, so comparing the data of the last 10 days will help you establish a pattern and spot opportune times to invest. 

Is a GST levied on buying silver in Faridabad?

GST on gold and silver price in Faridabad is 3%, as per the latest budget. 

What to check when buying silver in Faridabad?

When shopping for silver, checking the level of purity is of utmost importance. In addition, check for the BIS logo and Hallmarking centre's identification number. 

Is it important to buy a hallmarked silver ornament in Faridabad?

According to the Bureau of Indian Standards (BIS), silver jewellery can be sold without a Hallmarking Identification number unlike gold jewellery.  However, it is important for quality assurance. 

 

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