Silver Rates in Indore

Silver has been a lucrative commodity for investment in India for several decades. However, there has been an increase in silver purchases during the last few years due to its affordable rates compared to gold. 

 

With the growing technological inventions, the demand for silver encourages individuals to invest in this precious metal. Due to its umpteen uses and increasing demand, the silver price in Indore and other cities fluctuates every day. 

 

However, despite these ever-changing rates, investing in a silver commodity comes with many financial benefits.  Some benefits, like a hedge against inflation in turbulent economic situations, make silver a reliable investment option. 

 

Read on to know the current 1g, 10g, 100g and 1 kg silver prices in Indore and the factors affecting the rate change. 

Silver Price Per Gram in Indore

Given in the table below is the Indore silver rate today for various quantities. 

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

Silver Rate in Indore for the Last 10 Days

The current silver rate in Indore gives you an idea about its selling and buying costs. When you compare today’s silver price in Indore with the previous days, you can predict the market trend and aim for a better buying and selling opportunity. 

 

Since the last 10 days, the silver price in Indore has only changed by a small margin. For your reference, here’s a list of silver prices in Indore today compared to the last 10 days. 

Disclaimer: The above silver rates in Indore are as of Jun 2023. 

Factors Impacting Silver Rates in Indore

It is evident that the 10-gram silver price in Indore has been changing every day. Whether you live in Indore or other cities, the rate of silver is decided by many factors. Before investing in silver, the first step is to be acquainted with the current silver price in Indore. 

 

Moreover, you need to know what factors cause changes in the rate of silver in Indore or any other city in India. Here are a few factors impacting the silver rate in Indore today and will continue to do so in the future. 

• Rate of Inflation

The primary reason for the current silver rate in Indore, among other cities in India, is inflation. During inflation, all commodities become expensive, and the prices continue to grow. Silver follows the same trend and becomes increasingly expensive.

 

However, this precious metal also continues to grow in its value and purchasing power during inflation. Therefore, silver provides a hedge against inflation if you invest in it at the right time. It is a great investment option that protects your wealth when the value of currency drops. 

• The Difference in Demand and Supply

Demand and supply differences are one of the prime reasons for the change in the silver rate today in Indore as well as in other cities. There can be a variety of reasons for demand and supply imbalance. For example, if the mining supply falls short, and does not satisfy industry demands, today's silver rate in Indore may increase. 

 

In addition, during festive or wedding seasons, the demand for silver increases rapidly. If the supply does not match the quantity, the rates may increase. Conversely, when the quantity of silver in supply increases far above the demand, the prices drop.

• Change in the US dollar Rates

The performance of the US dollar in the international market is also a factor in changing the silver rate in Indore and other cities. This is because silver is purchased in US dollars. Hence, when the rate of the dollar is strong, then the current silver rate in Indore will also be high. 

 

Monitoring the position of the dollar is one of the effective ways to predict the change in the rate of silver. Investors take immediate action when the US dollar depreciates to invest money in silver and gold. 

• Changing Government and Tax Policy

When the new government introduces new taxation policies, it shows the impact on the rate of silver and other commodities. At the start of the new fiscal year, government-planned budgets may change the rates of tax on silver. For example, for the annual budget of 2023, the tax levied on silver was increased to 10% from 7.5%.

 

This led to an increase in the overall cost of buying and selling silver. Moreover, international relationships between governments also affect the import and export of silver and other materials.  

• Actively Changing Geopolitics

Some factors are beyond the control of government policies. These include geopolitical events such as war and elections across borders. For example, during the COVID pandemic and the Russia-Ukraine war, the silver rates rose higher along with gold and other commodities.

 

The silver price today in Indore and other cities is directly affected by these events.

• Change in Gold Rates

Gold prices directly impact today’s silver price in Indore. This simply means when the price of gold increases, the silver rates do not fall behind. Hence, observing the Indore gold and silver rate today will be the key to predicting the right time to invest in silver.