Silver Rates in  West Bengal

Date	1 Gram Silver Price in West Bengal	10 Grams Silver Price in West Bengal	100 Grams Silver Price in West Bengal	1 KG Silver Price in West Bengal
25-05-2023	₹76.50	₹765	₹7,650	₹76,500
24-05-2023	₹77.50	₹775	₹7,750	₹7,7500
23-05-2023	₹78.00	₹780	₹7,800	₹78,000
22-05-2023	₹78.60	₹786	₹78600	₹78600
21-05-2023	₹79.00	₹790	₹7,900	₹79,000
20-05-2023	₹79.00	₹790	₹7,900	₹79,000
19-05-2023	₹78.00	₹780	₹7,800	₹78,000
18-05-2023	₹78.10	₹781	₹7,810	₹78,100
17-05-2023	₹78.20	₹782	₹7,820	₹78,200
16-05-2023	₹78.80	₹788	₹7,880	₹78,800

Disclaimer: The above details mentioned are as of June 2023, and are subject to change.

Factors Impacting Silver Rates in West Bengal

• Tax rates and Government Policies

Today's silver rate in West Bengal and other states of India is subject to GST, import duty and some other charges. The charges are applied as per government policies and tax laws. With new tax rates and other policies being introduced in the annual budget, silver prices in West Bengal may change accordingly. 

 

To cite an example, in the 2023 annual budget, the Indian Government increased the import duty on silver from 7.5% to 10%. Since then, the silver price in West Bengal, as well as other states, increased significantly. However, in the year 2022, silver rates skyrocketed due to the shortage in supply, and then the government had to import 9,000 tonnes of silver. 

 

The prices came under control due to the government’s immediate intervention. In case of a trade deficit imposed by the government, the West Bengal silver price can also fluctuate. Typically, this happens when the ratio of imports exceeds the export ratio. 

 

All these pointers hint at how government policies play a crucial role in affecting the rate of silver.

• Change in the Rate of Other Commodities

During inflation, the prices of all products increase, from usual everyday items to luxury products. However, these changes in prices and market rates do not affect silver. On the other hand, the silver price today in West Bengal and other parts of India depends on other commodities like crude oil.

 

Crude oil is used in silver mining and other precious metals, so when the price of crude oil increases, silver rates also shoot up. Another commodity affecting today's silver price in West Bengal is gold. However, there is a debate on whether gold directly affects the silver price today in West Bengal and other states. 

 

However, it has been recorded that silver rates follow the same trend as gold prices. When the value of gold appreciates, the silver rate also increases. Contrastingly, when the price of gold drops, silver prices also decrease. 

• Political Conditions

It has been observed that political conditions also impact the rate of silver. To give an example, as the Russia-Ukraine war progressed, the rate of silver also increased. A similar trend in silver rates has also been recorded during the COVID pandemic. 

 

Similarly, market rates of silver also fluctuate during the election season. Hence, all geopolitical events can have an impact on the West Bengal silver rate. 

• Strength of the Dollar 

A change in the US dollar strength impacts the silver rates in West Bengal and the rest of India. As the value of the dollar in the international market increases, the silver rate increases as well. On the other hand, when the value of the US dollar weakens, the silver prices drop.

 

This is the right time to buy silver, either physically or through bonds. Buying when the price is low and selling when the value of silver increases again can fetch you higher profits.

• Silver Deposits

The import of silver is only required when the storage and circulation volume of silver and silver scraps are low. Since silver mines cannot be replenished by themselves, recycled silver is used in the production of mirrors, solar panels and other industrial products. 

 

When the deposits are short of silver, export is the solution to manage its increasing demand. This has a direct relationship with the West Bengal silver price today and in the future. 

• Rate of Inflation

Inflation is one of the major factors in deciding the rate of silver in West Bengal as well as other cities. With rising inflation, as other commodities become increasingly expensive, silver and gold maintain their purchase value. 

 

Hence, silver is an excellent option to protect against inflation rates and the increased cost of living. Investors prefer to invest in precious metals like silver during inflationary periods when the currency value plunges, but silver retains it. 

 

This shows that investing in silver at today's silver rate in West Bengal may be beneficial to earn better profits in the future.