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In addition to being an essential part of Indian traditions, silver is a lucrative investment option for financial growth. Its industrial and non-industrial uses have only added to its value and popularity. Given the rising popularity of the white metal, the silver rate in Vijayawada and other areas has increased. 

 

While the upward price trend is expected to continue, you should still do your research before investing. This includes knowing the silver rate in Vijayawada today and the factors that result in daily price fluctuation. 

 

Read on to know the silver price in Vijayawada and the factors that impact the rate.

Silver Price Per Gram in Vijayawada

Here is a quick overview of the current 1gm, 10gm, 100gm and 1 kg silver price in Vijayawada. 

Quantity of Silver (in grams)

Silver Price in Vijayawada

1

₹76.50

10

₹765

100

₹7,650

1000 (1 kg)

₹76,500

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

Silver Rate in Vijayawada for Last 10 Days

Knowing the 1kg, 100 grams, 10 grams, and 1-gram silver price in Vijayawada will help you gauge the price trend and invest accordingly. Here is an overview of Vijayawada's silver rate today and the last ten days.  

Date

1 Gram Silver Price in Vijayawada 

10 Grams Silver Price in Vijayawada 

100 Grams Silver Price in Vijayawada 

1 KG Silver Price in Vijayawada 

30-05-2023

₹76.50

₹765

₹7,650

₹76,500

29-05-2023

₹77.00

₹770

₹7,700

₹77,000

28-05-2023

₹77.00

₹770

₹7,700

₹77,000

27-05-2023

₹77.00

₹770

₹7,700

₹77,000

26-05-2023

₹76.20

₹762

₹7,620

₹76,200

25-05-2023

₹76.50

₹765

₹7,650

₹76,500

24-05-2023

₹77.50

₹775

₹7,750

₹77,500

23-05-2023

₹78.00

₹780

₹7,800

₹78,000

22-05-2023

₹78.60

₹786

₹7,860

₹78,600

21-05-2023

₹79.00

₹790

₹7,900

₹79,000

Disclaimer: The above silver rate in Vijayawada is as of May 2023. 

Factors Impacting Silver Rates in Vijayawada

Knowing how the rates are impacted lets you know when it is the right time to buy or sell your silver investments. This further ensures that you maximise returns while keeping your finances and their growth secure.

Here are some key factors that impact the silver price today in Vijayawada. 

  • Demand and Supply Cycle

Demand and supply are economic concepts affecting the price of every commodity, including silver. When supply is insufficient, the price tends to go up and vice-versa. The demand for silver increases due to numerous reasons, such as festivals, auspicious occasions, and more. 

 

However, given its limited supply, it generally does not meet the demand. Over the years, the demand for white metal has only increased, furthering the gap between supply and demand. As such, the silver cost today in Vijayawada is higher than a few decades ago.

  • Inflation

Precious metals like silver hold their purchasing power against currency devaluation, making them a safe haven for many. With the rising inflation rate, more and more people lean towards silver and gold, increasing their demand. 

 

The increased demand then results in a price change. As such, inflation is a significant factor resulting in the fluctuating silver price in Vijayawada and other areas. 

  • International Factors

Wars and other geopolitical events also impact the silver rate in Vijayawada and other cities. This is because silver is a mined and imported commodity and, as such, is affected by the state of the importing country.

 

For example, during the war, blocked trade routes may affect the supply to India, directly increasing the price of silver. In addition, international relations with other countries have a similar effect on the silver cost in Vijayawada and other cities in India. 

  • Gold Prices

Gold and silver are precious metals and therefore have similar factors impacting their prices. However, the yellow metal is higher in value and, thus, more popular among investors. As such, it is the first metal to experience price change due to numerous factors.

 

But since silver offers the same benefits and is a second popular option, its price trends follow the trend of gold prices. This suggests that monitoring gold prices can hint at expected changes in today’s Vijayawada silver rate or other cities. 

 

Remember, you cannot solely rely on gold rates to understand the direction of the silver rate in Vijayawada and other areas. This is because there are times when these price trends diverge, and tracking only gold prices may lead to misinformed decision-making.

  • US Dollar

The base currency (transactional currency) for silver is USD. Therefore, the position of the US dollar in international markets affects the silver rate in Vijayawada today. If the US dollar is strong, the prices will decrease because buying silver is expensive.

 

Similarly, the silver gram rate in Vijayawada will increase with the drop in the dollar's value in the international market. This is because the white metal becomes less expensive, attracting more investors and affecting the demand. 

  • Mining Cost 

Silver mining is costly and depends on many external factors, such as oil prices. The price of these commodities gets added to the cost of silver, affecting the price. With the increase in crude oil prices, the silver rate today in Vijayawada and other areas also increases. 

  • Technology Boom

Silver is widely used in several industries. Moreover, with any new technological advancement, demand for silver increases due to its high conductivity. This increase in demand ultimately affects the silver price. 

 

Therefore, early investment in today’s silver price in Vijayawada or any other city can help maximise returns when new technology develops. 

  • Policies and Taxes

Vijayawada's silver rate today differs from that of a few months ago because of the updated government policy and tax laws. For example, per the 2023 Budget recommendations, the custom duty on silver will increase to 10% from 7.5%. 

 

This increase in customs duty gets added to the silver cost, increasing the price. As such, the final 10-gram silver price in Vijayawada is higher than that with the previous custom duty. Moreover, the local taxes and transportation costs vary for different areas, resulting in different prices. 

 

Before investing in silver, it helps to understand these factors. However, you should remember that it takes some amount of expertise to predict market trends. There are patterns that dictate when the price will change, and how, and you need to take the time to learn these nuances. This is true with most investments, especially commodities like silver and gold.

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FAQs on Silver Rate in Vijayawada

How often does the silver rate in Vijayawada change?

In Vijayawada, silver price changes daily due to several factors, such as the position of USD in the global economy, demand and supply, economic conditions, trade deficits, and more.

 

Are there any taxes or additional charges applicable to silver purchases in Vijayawada?

Yes, silver purchases are subject to 3% GST. If it is silvery or ornament, it is also subject to 5% GST on the making charges. These taxes get added to your cost, so be sure to choose a jeweller or retailer that offers the best silver price in Vijayawada.

Are there any local festivals or events in Vijayawada that impact the silver rate?

During festive seasons like Diwali and Navratri or any auspicious events, the demand for silver generally increases, resulting in increased sales. This then can lead to an increased silver rate in Vijayawada.

Are there any restrictions on purchasing or selling silver in Vijayawada?

You can own silver up to the value of ₹5 Lakhs with Form O-8A. For above ₹5 Lakhs, you are required to submit Form O-8. If the value of silver prices in a year is over ₹30 Lakhs, a wealth tax of 1% is also applicable.

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