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Investing in gold or silver has always been the norm in India. This traditional practice helps mitigate the risk and serves as a potential investment opportunity for Indians. However, did you know that silver rates move in tandem with gold rates?

 

This is true, and when the price of the precious yellow metal appreciates, the rate of the white metal also increases. It is no big surprise that the silver price today in Kolkata and the rest of India will be different in the following days to come.

 

Read on to learn about today’s silver rate in Kolkata, along with the rates of the last 10 days. Also, understand the various underlying factors affecting silver prices throughout India.

Silver Price Per Gram in Kolkata

Given below is an overview of today’s silver price in Kolkata for various quantities.

Quantity of Silver (in grams)

Silver Price in Kolkata

01

₹ 74.50

10

₹ 745.00

100

₹ 7,450.00

1000 (1 kg)

₹ 74,500.00

Disclaimer: The above silver price in Kolkata is as of Feb 26, 2024, and is subject to change.

Silver Rate in Kolkata for the Last 10 Days

Like gold, even silver rates keep fluctuating due to various reasons. For instance, while the 1kg silver price in Kolkata is currently ₹74,500 it was ₹74,900 yesterday.

 

Here is a tabulated comparison of the silver price today in Kolkata, along with those of the last 10 days.

Date

1 Gram Silver Price in Kolkata

10 Grams Silver Price in Kolkata

100 Grams Silver Price in Kolkata

1 KG Silver Price in Kolkata

Feb 26, 2024

₹ 74.50

₹ 745.00

₹ 7,450.00

₹ 74,500.00

Feb 25, 2024

₹ 74.90

₹ 749.00

₹ 7,490.00

₹ 74,900.00

Feb 24, 2024

₹ 74.90

₹ 749.00

₹ 7,490.00

₹ 74,900.00

Feb 23, 2024

₹ 74.50

₹ 745.00

₹ 7,450.00

₹ 74,500.00

Feb 22, 2024

₹ 75.00

₹ 750.00

₹ 7,500.00

₹ 75,000.00

Feb 21, 2024

₹ 75.70

₹ 757.00

₹ 7,570.00

₹ 75,700.00

Feb 20, 2024

₹ 75.50

₹ 755.00

₹ 7,550.00

₹ 75,500.00

Feb 19, 2024

₹ 76.00

₹ 760.00

₹ 7,600.00

₹ 76,000.00

Feb 18, 2024

₹ 76.50

₹ 765.00

₹ 7,650.00

₹ 76,500.00

Feb 17, 2024

₹ 76.50

₹ 765.00

₹ 7,650.00

₹ 76,500.00

Disclaimer: The rate of silver today in Kolkata and that of the last 10 days are as of Feb 26, 2024. 

 

From the table, it is evident that today’s silver rate in Kolkata is different from May 1. Hence, you must assess the market rates properly before investing in precious metals so that you can make the most of them.

 

However, there are various factors, such as economic sensitivities and other technical characteristics, to consider when purchasing silver. Read on to understand what they are and how they impact the silver rate in Kolkata today and in the following days.

Factors Impacting Silver Rates in Kolkata

Like gold, there are several undermining factors affecting the price of silver today in Kolkata and the rest of India. While the demand and supply cycle play a governing factor, know that there are umpteen other reasons causing silver prices to fluctuate.

To that end, here are some top factors affecting 1-gram or 10-gram silver prices in Kolkata and throughout the country.

  • Oil Prices

Oil is one of the most significant factors affecting the silver prices in Kolkata and the rest of India. You may be wondering about the correlation between oil prices and silver rates, and the reason is simple.

 

As mining requires a large quantity of oil, the variation in the prices of oil tends to have an impact on silver rates. Simply put, if the price of oil increases, the rate of silver also appreciates. When the oil cost decreases, the silver price also depreciates.

  • Demand and Supply Chain

This is yet another essential factor affecting the silver price in Kolkata and throughout the country. Like gold, the supply and demand equation for silver is valuable because there is a constant demand for the metal. 

 

However, the supply is limited, and this trend of increase or decrease in demand and supply may cause fluctuation in silver rates. If the supply increases significantly, you may see a decline in the rate of silver. 

 

Conversely, if there is a dearth in the production of silver, the prices increase as supply can’t keep up with the demand. Similarly, there can be a higher demand when silver is used innovatively. For instance, using silver in solar panels can create a stir among investors and increase the buying trend. Hence, as the demand goes up, so do the silver prices across the nation.

  • US Dollar 

The US Dollar pricing has a great impact on the silver rate. As this is one of the leading global currencies, the silver price maintains an inverse relationship with that of the US Dollar. 

 

Simply put, when the dollar rate is high, the price of silver reduces, and when the US dollar weakens, the silver rate appreciates. Hence, most investors track US dollar fluctuations to gauge the increase or decrease in silver rates.

 

This helps you invest in silver at the right time by getting the best deal on the silver price. So, keep a close tab on US dollar rates to understand today’s silver rate in Kolkata or any other Indian city, for that matter.

  • Gold Prices

The gold rate has a major influence in the price of silver as well. As mentioned earlier, when gold rates decrease or increase, the silver price also follows similar trends. Though gold and silver are considered safe havens for investors, the usual norm is that silver price follows the gold rate trend.

  • Interest Rates

The interest rate depicts the overall market scenario. The relation of the silver rate is inversely proportional to the interest rate, similar to the dollar-silver price relation.

 

Hence, when interest rates decrease, there is an increase in the silver price in Kolkata and across India. Since investing in silver is seen as a long-term investment, the interest rate has an inverse relationship with the price of silver.

  • Government Policies

Another discerning factor affecting today’s silver price in Kolkata and other states throughout India is various policies and actions laid out by the Government. While the yellow precious metal is used as a reserve, silver is used primarily for transactions.

 

For instance, central banks across the world sell and buy silver bullion. Any change in guidelines or policies by the Reserve Bank of India has an impact on the price of silver. In case there is a rate change in import duty, the price of silver gets affected. This is because silver is imported to India.

  • Inflation

While gold and silver can provide a hedge against inflation, have you ever wondered about the reason for their growing popularity? One of the most popular reasons is that both these precious metals can retain their purchasing power. As such, it reduces loss of capital even when there is a decline in the value of the currency.

 

Given this, you can witness a hike in the silver price in Kolkata and throughout the country, even during inflation.

  • Economic Conditions

When the market economy is excellent, there is a higher investment in precious metals such as gold and silver. However, when it stagnates, these metals are the first ones to be impacted.

 

Economic health plays a critical factor in affecting silver prices. Hence, keeping a close tab on the overall economic trends can help you assess the rates of precious metals such as gold and silver.

Read More

FAQs on Silver Rate in Kolkata

Yes, investing in silver is an ideal option as it helps diversify your portfolio. With the silver price in Kolkata witnessing a steady increase in recent years, you have a better potential of earning high returns.

Yes, irrespective of the fact from where you purchase silver, it is mandatory to pay GST. The applicable GST for buying silver in Kolkata is 3%.

You can invest in silver jewellery, silver bars, silver coins and silverware. Apart from these, you can buy silver in bulk quantities through a commodity futures exchange.

Yes, these factors can increase or decrease the rates of precious metals such as gold and silver. For instance, the COVID pandemic has largely affected the rate of silver in Kolkata and the rest of India.

You can easily test the silver purity using a magnet. If the silver does not get attracted to the magnet, your silver is pure. While it is important to check the current silver price in Kolkata and other states before purchasing silver, checking its purity is also equally important.

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