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Investment in precious metals, such as gold and silver, is a smart strategy that many investors opt for. Silver is considered a liquid investment and can come in handy during financial challenges. 

 

The upward trend in silver prices indicates the potential to generate higher profits through silver investment, which is why it is crucial that you know about the silver price today in Jharkhand. 

 

Read on for more about the silver rate in Jharkhand.

Silver Price Per Gram in Jharkhand

For the silver price in Jharkhand today, check the table.

Quantity of Silver (in grams)

Jharkhand Silver Rate

1 gram

₹76.5

10 gram

₹765

100 gram

₹7,650

1 Kg

₹76,500

Disclaimer: The above given current silver rates in Jharkhand are as of June 2023, and are subject to change.

Silver Rate in Jharkhand for the Last 10 Days

Here is the silver price in Jharkhand for the last ten days.

Date

1 Gram

10 Gram 

100 Gram 

1000 Grams (1kg) 

24-05-2023

₹76.5

₹765

₹7,650

₹76,500

24-05-2023

₹77.5

₹775

₹7,750

₹77,500

23-05-2023

₹78

₹780

₹7,800

₹78,000

22-05-2023

₹78.6

₹786

₹7,860

₹78,600

21-05-2023

₹79

₹790

₹7,900

₹79,000

20-05-2023

₹79

₹790

₹7,900

₹79,000

19-05-2023

₹78

₹780

₹7,800

₹78,000

18-05-2023

₹78.1

₹781

₹7,810

₹78,100

17-05-2023

₹78.2

₹782

₹7,820

₹78,200

16-05-2023

₹78.8

₹788

₹7,880

₹78,800

Disclaimer: Aforementioned silver rates in Jharkhand are as of June 2023.  

Factors Impacting Silver Rates in Jharkhand

Various factors influence today’s silver rate in Jharkhand and other places. A few of these factors impacting silver rates are macroeconomic in nature, while other factors are closely linked to local conditions, such as taxes, transportation, etc. 

Having a detailed understanding of what affects the silver rate today in Jharkhand and other places helps you in making smart investment decisions. Knowing when to purchase and when to sell silver allows you to make the best use of your funds and invest in the right place.

 

Here are the factors affecting the silver price in Jharkhand.

1. Demand and Supply of Silver

The demand for a commodity has a direct relationship with the price of the commodity. Hence, when the balance between supply and demand fluctuates, the price of the commodity also fluctuates. 

 

These up-and-down fluctuations in the silver supply and demand are typically seen during cultural events, festivities and changes in economic conditions. Also, being a precious metal, you get a finite supply of silver, which further impacts the demand and, finally, its prices. 

 

So, sometimes, the supply of this metal is unmet due to the increased demand, and in turn, the silver rates are directly impacted. For instance, a 10-gram silver price in Jharkhand today may be different when compared to previous days.

 2. Inflation

Inflation is considered yet another vital factor affecting Jharkhand's gold-silver rate today and during the previous days. Inflation, if explained in its simplest terms, means money today has a lower value than what it used to be in the past decades.

 

Because the quality of precious metals like gold and silver provides a hedge against inflation, these metals are capable of retaining their purchasing power. 

 

Silver rates may witness a price hike during the time of inflation, despite seeing a decline in the current value of the currency. This simply means you can still get the same value for silver today as you used to get in the past.  

3. Rate of Interest

The interest rates are market-linked, which means they fluctuate with movements in the market. There are multiple factors affecting these interest rates, including our country’s monetary policies. 

 

A low interest rate would result in lower returns and vice versa. On the other hand, silver is a long-term appreciating asset, and that is why it has an inverse relation with instruments linked to the market.

 

This is because when the rates decrease, it will incline investors to buy silver to get maximum returns and vice versa. In the end, this impacts the silver demand along with the silver rate today in Jharkhand and the other Indian states. 

4. Taxes and Other Charges

Like every other commodity available across the country, silver is subject to taxes and other necessary charges, including transportation charges, warehouse charges, etc. 

 

Another critical point to note is that every state imposes different local taxes on commodities. Also, transportation costs differ from one area to another, which gets added to the cost of silver, affecting its rate.

 

Due to these factors, the silver rate today in Jharkhand will not be the same as that of other Indian cities. 

5. Prices of Gold

Gold is another precious metal that is an extremely popular investment, especially in India. Most Indian houses have gold in one form or another. It is comparatively harder to find and, hence, more valuable when compared to silver. 

 

Both these precious metals possess the same properties and serve the same purpose, and that is why they have similar influencing factors. As gold is considered more valuable due to its scarcity, the reliance on gold is more when compared to silver. 

 

Silver follows the trend of gold prices; therefore, investors track the gold prices to estimate the change in the price of silver.

 

Relying only on the gold price to know the movement of silver rate in Jharkhand or other areas is not an ideal decision, as there may be some instances where the gold and silver prices may not follow the same price fluctuations.

6. Prices of Crude Oil

The extraction of precious metals like silver and gold is done by mining. This mining process of silver requires the utilisation of crude oil for the extraction of silver, gold and other precious metals. 

 

Note that crude oil rates and silver prices have a direct relation. Simply put, this means that when the oil prices go up, the silver rate in Jharkhand and other areas also increases. An opposite situation results in lower silver rates.

 

Remember, since other factors are also involved, relying only on crude oil prices to get an estimate of the silver rate is not ideal.

7. Politics and Economics of a Country

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

 

In such a situation, people will be more inclined towards precious metals like gold and silver, resulting in an increased demand for silver.

8. US Dollar

Silver rates have an indirect relationship with that of the US dollar. Hence, a lower trend in the US dollar can result in a higher silver rate in Jharkhand and the rest of the country. 

 

When the US dollar is on the stronger side, purchasing silver would be expensive, resulting in a decline in investing. This reduces the silver demand and lowers the price of this white metal. 

 

On the contrary, if the US dollar is on the weaker side, purchasing silver would not be as expensive, and this will attract more investments towards this commodity. This increases the silver demand, resulting in an increased silver rate.

 

A smart way to go ahead is by keeping a tab on the silver rates, as this can help you make smart purchasing decisions and earn advantageous returns.

9. Trade Deficits

The deficit in trade is another crucial factor that has an impact on the silver rate in Jharkhand and the rest of India. 

 

The trade deficit is always evaluated 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 increases. 

Read More

FAQs on Silver Rate in Jharkhand

The silver rates change regularly based on numerous factors. For instance, today’s silver price in Jharkhand for 1 gram is ₹76.5, while 5 days ago, the price was ₹79.

Yes, whenever you purchase silver in Jharkhand or any other city in India, you have to pay a GST of 3%, wastage and making charges. Remember that the GST gets added to the silver price today in Jharkhand and will increase your final cost.

No, currently, there are no restrictions on the trading of silver. Check the silver rate today in Jharkhand before finalising your silver purchase, as proper knowledge can help you get greater deals.

Yes, international fluctuations in the silver rates may also impact Jharkhand's silver rate. This may be due to various reasons, such as global economic conditions, US dollar fluctuations, etc. Keeping a regular track of the rate of silver in Jharkhand can keep you informed about these fluctuations.

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