Silver Rate in Hosur Today

FAQs on Silver Rate in Hosur

• What are the important points to consider before buying silver in Hosur?

  The vital points that should be remembered before purchasing any silver items in Hosur are the current silver rate, making cost, weight of the silver item, certification and hallmarking, and weight of any other additional stone or metal in the silver product. 

• What are the purchase options of silver in Hosur?

  The purchase options available in Hosur are silver jewelry, bars, coins, and household items. 

• What are the size options available for silver coins in the market of Hosur?

  Silver coins are available in various sizes, such as one gram, 2 grams, 5 grams, 10 grams, 15 grams, 25 grams, 40 grams, 50 grams, 100 grams, 200 grams, 500 grams and 1000 grams or one kilogram that can be purchased from the bank or certified jewelers. 

• What are the purity levels of silver?

  Silver categorised into four types depending upon the purity levels, such as fine or pure silver, Brittania, Sterling silver, and jewelry silver which has purity percentages of 99.9%, 95.8%, 92.5%, and 80%. 

• What are the factors that affect silver prices in Hosur?

  There are various internaal and external factors that impact the silver rates in Hosur. Industrial and investment demand, import duty, mining cost, gold rate, interest rate, government policies, and many other internal factors influence the silver price. While, inflation, dollar value, oil prices, international war, and various other reasons are also responsible for impacting the silver rate of India, thereby affecting the cost of the white metal in Hosur.

• Is silver price the same across the country?

  No, the silver price is not the same across the country. The GST (Goods and Services Tax) rates and local taxes that are imposed on the silver price vary from one state to another state, which results in the variation in the silver prices. 

• Why is it preferrable to invest in silver In Hosur?

  Silver is a preferred option for investment over gold due to its affordability, as gold is costlier than silver. Silver also acts as a hedge against inflation, as the value of the white metal does not drop easily even if the dollar loses its value. Storing silver is also easier, as e-silver is theft proof, and hence, making silver one of the most preferred investment options.

• What are the different types of silver contract available for trading in MCX?

  There are mainly three types of contracts for trading silver in MCX, which are Silver Mini (SILVERM), Silver 1000 (SILVER 1000), and Silver Micro (SILVERMIC). 

• Is it essential to buy hallmarked silver jewelry?

  Yes, it is vital to purchase hallmarked silver jewelry to ensure the authenticity and purity of the silver item. 

• Do I have to pay GST while purchasing silver?

  Yes, you must pay GST at a rate of 3.00% on silver items. 

• Can I test the purity of silver at home?

  Yes, silver purity can be tested at home by performing various tests, such as magnetic test, ice test, ring test, and many more.