GOLD & SILVER RATES TODAY 2023
Factors that affect silver prices in India:
The silver prices in India are affected by multiple factors. Some of them are listed below:
- The demand for Silver plays a crucial role in determining the prices of the metal. Precious metals like gold and Silver are purchased on auspicious occasions in India. That is why there is a surge in demand for these metals during festivals and the wedding season.
- The global market movement also affects the price of Silver. Investors consider the precious metal a haven for investment and less volatile. This means that oil and the Dollar felt riskier assets and certainly more volatile, experiencing a drop in their price, then the value of Silver grows simultaneously.
- Political factors and government policy also affect the domestic price of Silver in India. Similarly, any political event or major economic change that may have a global impact also influences the cost of Silver to increase or even decrease.
Ways to Invest in Gold in India
In Manipur, Gold is traditionally invested in jewelry, coins, and bars. However, new channels of investment in Gold have recently opened up, providing investors with new ways to trade Gold. Here are some of the most popular options if you want to invest in Gold for the long term:
- Gold mutual funds: You can invest in mutual funds, such as a fund of funds (FOF) that holds units in other gold-related funds. Alternatively, you can invest in a fund that owns stocks of gold firms that are listed on worldwide stock markets.
- Gold coins, bars, and biscuits: You can invest in Gold in the form of gold coins, bars, and biscuits. Gold coins can be purchased in various weights from a bank or certified jewelry dealer.
- Gold ETFs: You can invest in Gold by purchasing Exchange Traded Funds (ETFs). Gold ETFs are easy to buy and sell since they are traded on the stock exchange. The risk of theft is eliminated because these are held in electronic form.
| Year | Gold Rates in Rs./10 gram (Standard 24 carats) | Silver Rates in Rs./Kg. |
| 31.03.2022 | 51484 | 66990 |
| 31.03.2021 | 48720 | 65400 |
| 31.03.2020 | 48651 | 40500 |
| 31.03.2019 | 35220 | 40600 |
| 31.03.2018 | 31438 | 41400 |
| 31.03.2017 | 29667 | 37825 |
| 31.03.2016 | 28340 | 36990 |
| 31.03.2015 | 26245 | 37825 |
| 31.03.2014 | 28470 | 43070 |
| 31.03.2013 | 29610 | 54030 |
| 31.03.2012 | 28040 | 56290 |
| 31.03.2011 | 20775 | 56900 |
| 31.03.2010 | 16320 | 27255 |
| 31.03.2009 | 15105 | 22165 |
| 31.03.2008 | 12125 | 23625 |
| 31.03.2007 | 9395 | 19520 |
| 31.03.2006 | 8490 | 17405 |
| 31.03.2005 | 6180 | 10675 |
| 31.03.2004 | 6065 | 11770 |
| 31.03.2003 | 5310 | 7695 |
| 31.03.2002 | 5010 | 7875 |
| 31.03.2001 | 4190 | 7215 |
| 31.03.2000 | 4380 | 7900 |
| 31.03.1999 | 4235 | 7615 |
| 31.03.1998 | 4045 | 8560 |
| 31.03.1997 | 4725 | 7345 |
| 31.03.1996 | 5160 | 7346 |
| 31.03.1995 | 4680 | 6335 |
| 31.03.1994 | 4598 | 7124 |
| 31.03.1993 | 4140 | 5489 |
| 31.03.1992 | 4334 | 8040 |
| 31.03.1991 | 3466 | 6646 |
| 31.03.1990 | 3200 | 6463 |
| 31.03.1989 | 3140 | 6755 |
| 31.03.1988 | 3130 | 6066 |
| 31.03.1987 | 2570 | 4794 |
| 31.03.1986 | 2140 | 4015 |
| 31.03.1985 | 2130 | 3955 |
| 31.03.1984 | 1975 | 3570 |
| 31.03.1983 | 1800 | 3105 |
| 31.03.1982 | 1700 | 2720 |
| 31.03.1981 | 1670 | 2715 |
| 31.03.1980 | Rs.1,330.00 | – |
| 31.03.1979 | Rs.937.00 | – |
| 31.03.1978 | Rs.685.00 | – |
| 31.03.1977 | Rs.486.00 | – |
| 31.03.1976 | Rs.432.00 | – |
| 31.03.1975 | Rs.540.00 | – |
| 31.03.1974 | Rs.506.00 | — |
| 31.03.1973 | Rs.278.50 | – |
| 31.03.1972 | Rs.202.00 | – |
| 31.03.1971 | Rs.193.00 | – |
| 31.03.1970 | Rs.184.00 | – |
| 31.03.1969 | Rs.176.00 | – |
| 31.03.1968 | Rs.162.00 | – |
| 31.03.1967 | Rs.102.50 | – |
| 31.03.1966 | Rs.83.75 | – |
| 31.03.1965 | Rs.71.75 | – |
| 31.03.1964 | Rs.63.25 | – |
Which factors influence the gold price in India:
Certain factors determine the increase in the price of Gold. We will have a look at the:
- The demand for Gold plays a role in the price of Gold. Gold is purchased for auspicious reasons. People tend to buy Gold whenever there is a wedding, festival, or similar festive event. Thus, the higher the demand for Gold, the greater its value.
- The movement in global markets also determines the value of Gold. The precious metal is considered a safe haven for investors and less volatile. This means that oil and the dollar felt, being riskier assets and certainly more volatile, experience a drop in their price, then the value of Gold grows simultaneously.
- Political factors and government policy also affect the domestic price of Gold in India. Similarly, any political event or major economic change which may have a global impact also plays a role in the price of Gold increasing or even decreasing.
FAQs on Gold Rate Trend in India
- What is the gold rate trend in India in 2022
Global gold markets are heavily influenced by the monetary policy and interest rates set by the U.S. Federal reserve. Interest rates are predicted to increase in 2022, which may result in falling gold prices. There was only a marginal increase in gold prices throughout the year’s first half, although it was still higher than during the Covid-19 crisis in 2020. - Will the price of a gold decrease in the coming days?
With the U.S. government pushing to release another stimulus package to combat the crisis of COVID-19, gold prices may increase in the market. However, the value of the metal keeps fluctuating as many factors determine its price. - When was the gold price the lowest in India?
If we take the average annual gold price in India in the past ten years, from 2010 to 2020, the lowest yearly average was in 2010 when the cost of Gold was Rs.18,500 per 10 grams. In 2020, the average gold price in India was Rs.48,651 per 10 grams. - When was the highest incline seen in gold prices in India?
Considering the annual average price of Gold in India, the highest increase in gold prices was from 2010 to 2011, when the average yearly gold price had increased from Rs.18,500 per 10 grams to Rs.26,400 per 10 grams. - What is 916 gold?
22 karat gold 916 gold is also known as 916 gold. Nine hundred sixteen stands for the amount of purity of Gold. In this case, it denotes the percentage of pure Gold in 100 gms of Gold, that is, 91.6%. - What is the difference between 22-karat gold and 24-karat Gold?
The difference between 22-karat gold and 24-karat Gold is the amount of pure Gold present in it. 24-karat Gold is 100% pure gold; that is, it is composed of 100% pure gold. 22 karat gold, on the other hand, is collected of 91.67% pure gold. The 22-karat Gold has impurities mixed with it in the form of an alloy of metals like silver and copper. - How can I check the purity of Gold?
You can check the purity of Gold by simply taking it to a jeweler or by examining the BIS standard mark, which is present in all ornaments.
Who Should Invest in Silver?
If one has been keeping tabs on the silver market, one can easily detect that the price of Silver has been improving. With an improving and increasing cost, many are looking forward to investing in Silver. Keep reading to know more about who should invest in Silver and who should not.
Even though Silver is doing good in the market, experts warn that this price level may not be suitable for cautious buyers due to the precious metal’s extreme volatility, which is twice as great as gold’s. If we look at the standard deviation, which represents the danger of price fluctuation, Silver is between 27 and 28, but it is 12 for gold. Hence, there are better places to go than Silver for people who are cautious when they invest.
Any other interested investors can invest in Silver, as it is a slow yet safe market. Investing in Silver will also help diversify an investor’s portfolio.
FAQs on Silver Price Trend in India
- Where do I buy Silver at the best price in India?
To buy Silver at the best price in India, you should compare the rates of various jewelers and silver sellers. This will give you an idea of where you can get the best quality silver and price. - When I buy Silver, how do I make sure that the quality is good?
To check the quality of Silver, you can run a magnet over the silver coin or jewelry. If the Silver sticks to the appeal, then the quality could be better. Keep in mind that Sterling silver alloy is the best Silver and is 7.5% copper or other metals and 92.5% silver. - Will the price of Silver in India keep changing?
Yes, the silver price in India will keep changing, which depends on many factors. - How is the silver price today in India calculated?
The rate of Silver in India is determined by a lot of factors like geo-political and economic events, crude oil prices, the price of the Dollar, commodity prices, industrial demand, and government policies on import and export. - What is the price of Silver in 2022?
The price of Silver in 2022 is rs.55,100. - Why is silver cheap as compared to gold?
One of the reasons why Silver is cheap as compared to gold is due to the huge supply and demand for the white metal. It is estimated that there is more silver than gold on the earth, and hence it is easy for mining companies to mine for Silver. Various other reasons make Silver cheap, such as it being used for technology, inflation, etc. - What is the minimum amount of Silver that I can purchase on MCX?
The minimum amount of Silver you can purchase on MCX is 100 grams. It should be 99% pure. - What are the options through which I can invest in Silver?
You can invest in Silver through Silver ETFs of the US Market, Silver Futures Trading by purchasing silver jewelry, antiques, silver coins, etc. - Will the price of Silver remain the same in India?
No, the price of Silver is revised daily. Hence, the price will not be the same throughout. - What are the factors that affect the prices of Silver in India?
Some of the factors which affect the prices of Silver in India are the rate of the Indian rupee in comparison with the US dollar, technology, supply and demand for Silver, global economic trends, etc. Sometimes, certain political factors, either domestic or international, also affect the cost of Silver.