Bangalore is known as the second largest market for precious metals in the southern part of India. It is closely behind Chennai occupying the first position. The metropolitan city is driven by the huge population from the IT sector industry, and silver has taken an extended portion in investments. The silver here has a good resale value and returns that beat off inflation causing stability in the market. The prices of the metal are determined by international prices of the same.
Gold is comparatively expensive to silver which makes silver more preferred compared to gold. Jewellery stores, bullion dealers, silverware sellers, artefacts are surrounded all over the city making the availability of the precious metal simpler for the residents. It is also available to the residents through commodity exchanges such as NCDEX and MCX.
There is a gradual increase in the share of silver in the local market. It offers good returns and is readily sold the time person wants to sell. The good resale value lets the buyers buy the same in following different forms:
The physical silver consists of ingots and bars, ornaments and jewellery, silverware, coins, other utensils, etc. It is also famous as a gifting item on the main occasions or a festive season. The jewellery, however, includes prices added the cost of artistry and other cost involved in designing pure metal.
The bullion dealers, on the other hand, are the cheapest option to acquire silver. However, these are generally sold in larger quantities which might seem expensive in terms of safety for the investments. One can get coins available in different purities from a number of places including banks.
The silver contracts are purchased from national commodity exchanges such as MCX and MCDEX. MCX is, however, a global silver trading market. The contracts are made based on quantities such as 1 kg of silver available at purity levels of 999 or 995.