Today Silver Rate in Madurai

The silver rate in Madurai is a hot topic among investors and jewellery enthusiasts alike. As one of the largest cities in southern India, Madurai, a thriving silver market, is constantly fluctuating. With a rich history of producing exquisite silverware and jewellery, the city is a hub for silver traders and manufacturers. Keep an eye on the silver rate in Madurai to stay updated on all the latest trends and opportunities in this exciting market.

75,500

Today MCX silver price in rupees per 1 kg.
Today silver rate in india is 75,500 rupees per Kg

  • 10 Gram Silver rate Today
  • 755(10 gram)
  • 1 Kg Silver rate Today
  • 75,500(1 Kg)

Silver Rate Today in India (in Rs/1 gm)

Silver RateSilver Rate in BangaloreSilver Rate in ChennaiSilver Rate in DelhiSilver Rate in HyderabadSilver Rate in Mumbai
1 Gm7275747574
10 Gm721755740755740
100 Gm7,2097,5507,4007,5507,400
1 Kg72,10075,50074,00075,50074,000

Silver Rate in India for Last 10 Days

Date10 gram100 gram1 Kg
Feb 27, 20247557,55075,500
Feb 26, 20247647,64076,400
Feb 25, 20247647,64076,400
Feb 24, 20247647,64076,400
Feb 23, 20247607,60076,000
Feb 22, 20247657,65076,500
Feb 21, 20247727,72077,200
Feb 20, 20247707,70077,000
Feb 19, 20247757,75077,500

Today Silver Rate of Metro Cities in India

City 1 Gram 10 Gram 100 Gram1 Kg
727217,20972,100
757557,55075,500
747407,40074,000
757557,55075,500
747407,40074,000
747407,40074,000
747407,40074,000

Today Silver Rate of Other Cities in India

City 1 Gram 10 Gram 100 Gram1 Kg
747407,40074,000
727217,20972,100
757557,55075,500
747407,40074,000
757557,55075,500
757557,55075,500
747407,40074,000
747407,40074,000
747407,40074,000
747407,40074,000

Today Silver Rate in Madurai - An Overview

As of today, the silver rate in Madurai is fluctuating due to a variety of factors including global demand, economic policies, and market trends. The city has a strong tradition of producing high-quality silverware and jewellery, making it an ideal destination for buyers seeking unique and artisanal pieces. Whether you're a seasoned investor or a casual buyer, keeping up with the latest silver rates in Madurai is essential for making informed decisions in this dynamic market.

How Can You Make Silver Investment in Madurai?

Silver is an appreciating asset that is better suited for long-term investment purposes. There are several investment options available for those looking to invest in silver. Here are a few examples:

  • Physical Silver: You can buy physical silver in the form of coins or bars from reputable dealers in Madurai. Ensure that you purchase certified silver, and store it safely to avoid damage or theft.
  • Silver ETFs: You can also invest in silver Exchange Traded Funds (ETFs) that track the price of silver. ETFs are traded on stock exchanges and offer a more convenient and liquid way to invest in silver.
  • Silver Mutual Funds: Investing in silver mutual funds is another option, where a fund manager invests your money in silver-related assets like stocks of silver mining companies or ETFs.
  • Silver Jewellery: Buying silver jewellery is not only an aesthetic investment but also can serve as a long-term investment. Purchasing silver jewellery from reputable and reliable sources can be a wise investment option.

It is essential to conduct thorough research and consult with a financial advisor prior to making any investment decisions.

Things to Consider Before Buying Silver Jewelry in Madurai

Silver, in its purest form, is extremely soft, and therefore jewellers add other metals such as zinc, copper, or nickel to strengthen it. However, copper makes silver prone to tarnishing when exposed to water, air, or other elements. Some jewellers started adding platinum in 2003 to prevent tarnishing, but this increases the cost of the jewellery.

Sterling silver, which is 92.5% pure, is the best type of silver and is usually stamped with ".925" or just "925". It's essential to avoid purchasing silver jewellery with a lower purity level to prevent fraud. It's recommended to buy from reputable jewellers with a reliable buyback policy to avoid losing money when reselling based on weight, which is typically the case when the metal is melted for reuse, except for antique silver jewellery.

Factors Affecting Silver Prices in Madurai

The price of silver is impacted by several factors. Firstly, inflation is a significant factor. Silver is considered a valuable hedge against inflation as it protects against losses in purchasing power when currency values decline. However, it is important to note that an increase in demand for silver will result in an increase in its rate.

The demand-supply equation is another critical factor affecting the price of silver. With a limited supply, constant demand keeps silver highly valuable. Any anticipated or actual increase or decrease in demand or supply will impact rates. For instance, if mining operations at a major producer are disrupted due to a strike, silver prices may increase over the short term.

Interest rates also affect the market price of silver. As investments in silver are primarily for long-term appreciation, some investors may choose interest payments instead of holding onto silver holdings. Therefore, the price of silver typically has an inverse relationship with the level of interest rates in the market. It is essential to monitor these factors to make informed decisions when investing in silver.

What Is the Impact of GST on Silver Rate in Madurai

The implementation of the Goods and Services Tax (GST) in India has had a significant impact on the silver rate in Madurai, as well as across the country. Prior to GST, the silver rate was subject to a complex tax structure with varying rates across different states. Since the introduction of GST, silver has been taxed uniformly at 3%, making it easier for consumers and traders to understand the tax implications of dealing with silver.

The implementation of GST has also resulted in increased transparency in the silver market, with more businesses coming into the formal sector and complying with tax regulations. This has led to greater competition among traders and jewellers, which has helped to keep silver rates in check.

Overall, the impact of GST on the silver rate in Madurai has been positive, with greater transparency and uniform taxation benefiting both consumers and traders alike.

How Do Interest Rates Affect Today’s Silver Price in Madurai?

The base interest rate is an important factor that affects the overall market conditions. When interest rates are low, investors tend to look for alternative investment options that can offer higher returns. One such option is to invest in silver. However, investments in silver are typically made for long-term appreciation of the value of the metal rather than for immediate returns.

When interest rates rise, investors may choose to shift their investments away from silver and towards other options that offer higher returns. This can result in a decrease in the demand for silver, causing its price to fall. Conversely, when interest rates are low, investors may be more likely to invest in silver, leading to an increase in demand and ultimately driving up the price of silver.

To simplify, the market price of silver tends to have an inverse relationship with the level of interest rates. As and when interest rates rise, the demand for silver tends to decrease, causing its price to fall. Conversely, when interest rates are low, the demand for silver tends to increase, leading to a rise in its price.

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Frequently Asked Questions (FAQs)

How often do silver rates change in Madurai?

Silver rates in Madurai change on a daily basis based on certain factors such as inflation, market fluctuations, interest rates, and currency exchange rates.

How to check today’s silver rates in Madurai?

To check the ongoing silver rates in Madurai you can visit Urban Money’s official website. It provides you with the updated today’s silver rate in Madurai along with other associated information. Based on this information you can make silver investments in Madurai in a better way. 

How to get the best silver rate in Madurai?

To get the best silver rate in Madurai, you should try comparing the prices of silver at various shops across the city. Making a quick decision might lead to inappropriate investments. You can also check the current silver rate online through Urban Money’s official website and keep a watch on market trends. It is advisable to make your purchase when the prices are low, which can help you save money.

What is the preferred form to make silver investment in Madurai?

The preferred form of investment in Madurai is silver coins and bars. They are easy to store, transport, and sell. Additionally, you get the option to purchase it in varying denominations according to your budget.

How to purchase silver coins in Madurai?

You can purchase silver coins in Madurai from various authorised dealers and jewellers. You can also buy them online from e-commerce websites that specialise in selling precious metals. Before making a purchase, ensure that you check the purity and weight of the silver coins, and compare prices to get the best deal. Additionally, don’t forget to check the authenticity of the dealer. 

Do I need to pay GST for making silver purchases in Madurai?

Yes, you will have to pay GST while buying silver in Madurai. The current GST rate on silver is 3%. This tax is applicable to all silver purchases made in India.

Why should I check the daily silver rates in Madurai?

Checking the daily silver rates in Madurai helps you to make an informed decision when purchasing silver. You can easily check today’s silver rate in Madurai by visiting the official Urban Money’s web portal. The price of silver changes on a daily basis, and by keeping track of these fluctuations, you can decide when to buy or sell silver to maximise your returns. Additionally, knowing the current rate of silver can help you negotiate better prices with dealers and jewellers.

Urban Money