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Investment in precious metals such as gold and silver has been an age-old norm in India. While always popular, investments in precious metals are growing and this is simply because these metals are a good hedge against inflation. 

 

Furthermore, the increasing gold and silver rate in Vizag (Visakhapatnam) and the rest of the country makes it a lucrative investment option. In fact, the country imported more than 9,000 tonnes of silver in the previous calendar year (2022). Moreover, the demand for silver rebounded after the lean phase of the COVID era. 

 

This demand and supply chain is a prominent factor affecting today’s silver rate in Vizag and throughout the country. Read on to learn about the silver rate in Vizag today and that of the last 10 days. Also, understand the various underlying factors affecting silver prices throughout India.

Silver Price Per Gram in Visakhapatnam

Here is an overview of today’s silver price in Vizag for various quantities.

Quantity of Silver (in grams)

Silver Price in Visakhapatnam

1

₹ 78.50

10

₹ 785.00

100

₹ 7,850.00

1000 (1 kg)

₹ 78,500.00

Disclaimer: The above silver price in Visakhapatnam is as of Jun 14, 2023, and is subject to change.

Silver Rate in Visakhapatnam for the Last 10 Days

Like gold, even silver rates keep fluctuating due to various reasons. For instance, while the silver rate in Visakhapatnam was ₹79.20 for one gram of silver, today’s silver price in Vizag is ₹78.50 for the same quantity.

 

Here is a tabulated comparison of the silver rate in Visakhapatnam, and those of the last 10 days.

Date

1 Gram Silver Price in Visakhapatnam

10 Grams Silver Price in Visakhapatnam

100 Grams Silver Price in Visakhapatnam

1 KG Silver Price in Visakhapatnam

14-06-2023 ₹ 78.50 ₹ 785.00 ₹ 7,850.00 ₹ 78,500.00
13-06-2023 ₹ 79.20 ₹ 792.00 ₹ 7,920.00 ₹ 79,200.00
12-06-2023 ₹ 79.30 ₹ 793.00 ₹ 7,930.00 ₹ 79,300.00
11-06-2023 ₹ 79.80 ₹ 798.00 ₹ 7,980.00 ₹ 79,800.00

10-06-2023

₹ 79.80

₹ 798.00

₹ 7,980.00

₹ 79,800.00

09-06-2023

₹ 79.70

₹ 797.00

₹ 7,970.00

₹ 79,700.00

08-06-2023

₹ 77.70

₹ 777.00

₹ 7,770.00

₹ 77,700.00

07-06-2023

₹ 78.00

₹ 780.00

₹ 7,800.00

₹ 78,000.00

06-06-2023

₹ 78.00

₹ 780.00

₹ 7,800.00

₹ 78,000.00

05-06-2023

₹ 77.70

₹ 777.00

₹ 7,770.00

₹ 77,700.00

Disclaimer: The cost of silver today in Vizag and with respect to the last 10 days are as of Jun  14, 2023.  

 

The table shows that today’s silver price in Vizag is different from May 8 onwards. 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 today in Visakhapatnam and in the following days.

Factors Impacting Silver Rates in Visakhapatnam

The silver price today in Vizag is affected by various factors. Understanding these reasons can help you assess the trend and make informed decisions. Given below are some factors that affect the silver price in Vizag:

  • Demand and Supply Chain

This is one of the essential factors affecting the silver rate in Vizag and throughout the country. Like gold, the supply and demand equation for silver is relevant because there is a constant demand for the metal. 

 

However, the supply is limited, and this trend of appreciation or depreciation in demand and supply causes 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 of silver in the market, the prices increase as supply cannot 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.

  • Government Policy and Guidelines

While the public demand influences today’s silver rate in Vizag and across India, the government also plays an essential role in it. This is because central banks see and use yellow metal as a reserve, and silver is also used for transactions. 

 

As such, any changes in the policy or guidelines by the Reserve Bank of India affect the price of silver. For example, changes in the import duty also influence the price of silver because silver gets imported into India.

  • 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 price in Vizag or any other Indian city, for that matter.

  • Economic Conditions

When the market economy is stable and performing well, investors choose other options over precious metals such as gold and silver. However, when the market stagnates, these metals are the go-to option to preserve purchasing power. 

 

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.

  • Inflation

Gold and silver can provide a hedge against inflation because both these precious metals can retain their purchasing power. As such, it reduces the 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 Vizag and throughout the country, even during inflation.

  • Gold Rate

The rate of gold affects today’s silver rate in Vizag as it has in the past. If there is an increase in the demand for the yellow metal, the demand for the white metal also generally increases. That said, the rise of the silver price generally follows the rise of gold prices. Hence, you must keep a close tab on gold rates to understand the pricing trend of silver.

  • Oil Prices

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

 

Mining silver requires a large quantity of oil. So, the variation in the prices of oil directly influences the 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.

  • 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 Vizag and across India. Conversely, if the rates dip, investors flock to purchase the precious metal, increasing demand, and thus the price of silver.

Read More
FAQs on the Silver Rate in Visakhapatnam

You can purchase silver when the supply in the market is high. Keep a close tab on the silver rate in Visakhapatnam and buy it when the silver price reduces.

Yes, investing in silver is an ideal option as it provides a hedge against inflation. With the silver price in Visakhapatnam steadily increasing, this is an ideal investment option.

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

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

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