Silver Rates in Odisha

The growing popularity of silver is due to its increasing value over time. Silver can be found in numerous forms, which include jewellery, antiques, utensils, coins, bars and even religious idols.

 

Silver is highly favoured for its reputation as a secure Investment. The demand for silver is also driven by the significant cultural and sentimental value it holds in Indian households, attracting many Indians to invest in it.

 

The high level of liquidity enables the seamless conversion of silver into cash, providing a distinctive advantage during unanticipated financial emergencies. Hence, by purchasing silver, you can effectively and conveniently cover such unforeseen situations.

 

Read on to know the 10-gram silver price in Odisha and rates of other quantities, along with the factors influencing it.

Silver Price Per Gram in Odisha

For silver’s 10-gram price in Odisha, along with the rates of other quantities, look at the table.

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

Silver Rate in Odisha for the Last 10 Days

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

Disclaimer: The above prices are as of May 2023.  

Factors Impacting Silver Rates in Odisha

The 1-gram silver price in Odisha and the rate of other quantities vary depending on multiple factors. These rate fluctuations may occur due to changes in import charges, taxes levied or even the political situation of a country.

 

Read on to get acquainted with these factors.

• Demand and Supply of Silver

The upward and downward movements of silver rates are basically dependent on the cycle of demand and supply.

 

When the mining process of silver to extract the white metal decreases, the demand for silver drastically increases. With a multi-fold increase in silver investments, the high demand results in higher prices for silver commodities.

 

On the contrary, if there is an unexpected increase in the extraction of silver because of mining or a new large deposit, the Odisha silver rate decreases considerably due to the higher availability. 

 

So, when demand is not in sync with the silver supply, you witness these rate fluctuations.

• Rate of Interest

The returns for market-linked investments are based on the interest rates offered to you. Silver is a long-term appreciating asset, and that is why it has an inverse relation with market-linked instruments. 

 

The reason behind this is that when rates decline, it will incline investors to invest more in silver for earnings maximum returns and vice versa. This finally impacts the demand and the silver rate in Odisha today and on other days all over the country.

• Taxes and other charges

Precious metals like gold and silver get imported, and that is why it is subject to additional costs like import duty. Such costs and taxes get added, thereby affecting the silver rate.

 

GST and local taxes are applicable on silver. The transportation cost is also included, and this cost differs from one area to another. These added costs result in varying silver prices across the country. 

 

Due to these factors, today's silver price in Odisha will not be the same as that of other Indian cities. 

• Inflation

Silver holds its purchasing power during currency devaluation (inflation). This is contrary to money, which loses its purchasing power during inflation. Purchasing power is determined by the value that you can get from it. 

 

What happens during inflation is that the price of commodities increases, and you cannot get the same value from your money. For example, ₹1,000 will not have the same value in the next decade due to rising inflation.

• Prices of Gold

As gold is considered more valuable due to its scarcity, the reliance on gold is more when compared to silver. Hence, the price of gold gets affected earlier than the price of silver. Silver also tends to follow the trend of gold prices. 

 

Investors usually track the gold prices to estimate the change in the price of silver. However, relying only on the gold price to know the movement of the silver rate is not an ideal financial decision. 

 

Even though the rate of silver mostly follows the same trend as gold, there may be some instances where the gold and silver prices would not follow the same rate movement. 

 

Hence, checking the past trends of silver as well as the silver rate today in Odisha can help you make informed investment decisions.

• US Dollar

The price of silver shares an inverse relationship with that of the US dollar. Therefore, a lower trend in the US dollar can result in a higher silver rate in Odisha and the rest of the country, and the opposite is also valid. 

 

In simple words, when the US dollar is strong, purchasing silver would be expensive, resulting in a decline in investment, and this would reduce the silver's demand. On the other hand, if the US dollar is weak, purchasing silver would not be as expensive and attract more investments towards this white metal.

 

With this significantly increased demand, silver rates tend to go up. The strength of the US dollar has decreased due to numerous reasons in the past few years. This is one of the prime reasons for the fluctuations in today’s silver prices in Odisha and the rest of India. 

 

The best way to go ahead with purchasing silver is by keeping a tab on the silver rates. This can assist you in making powerful purchasing decisions and earning handsome returns.

• Prices of Crude Oil

Precious metals like silver and gold are extracted with the help of mining. This mining process of silver requires the use of crude oil. If the cost of crude oil increases, mining will become expensive, directly resulting in an increase in the silver rate. 

 

Therefore, crude oil prices and silver prices are directly related. This means that when the oil prices go up, the silver price in Odisha and other areas increases and vice versa. 

 

However, since there are various other factors governing these rate fluctuations, you cannot rely only on oil prices to get an estimate of the silver price.

• Political and Economic factors

The political and economic situation of the country is also a significant factor in affecting the silver price. These political factors can include microeconomic and macroeconomic trends, including global financial and political situations.

 

If the people of a country lose their confidence and faith in the monetary system, they will ultimately stop using the currency, that is, notes and coins. 

 

In such instances, people will be more inclined towards purchasing precious metals, like gold and silver, to cover their financial requirements and needs.

• Deficit in Trade

The deficit in trade is one of the critical factors having an impact on the appreciation and depreciation movement of silver prices in Odisha and the rest of India. The deficit in trade is always assessed by the number of products a particular country imports from other countries. 

 

In simple words, it means that when there is a higher number of imports, the trade deficit also gets higher. When you see an increase in the trade deficit of a country, it is quite common for the government to impose certain limits or restrictions on the number of imported products from other countries to your country.