Understanding Silver Rates in India
Silver is a popular precious metal in India, used extensively in jewelry, silverware, and industry. Like gold, silver rates in India are influenced by international prices, currency fluctuations, import duties, and local demand.
Factors Impacting Silver Prices
- Industrial Demand: Silver has massive industrial applications in electronics, solar panels, and medical devices.
- Investment Demand: Investors buy silver as a hedge against inflation and currency devaluation.
- USD/INR Rate: A weaker Rupee makes imported silver more expensive.
Silver Weight Units
Silver is commonly traded in kilograms (kg) in the wholesale market, while retail prices are often quoted per 10 grams or per gram. 1 Kg = 1000 Grams.