Silver Price Today in India Last Updated : 07 Feb 2023

Silver is among the most traded commodities in the world. India is no exception and silver, along with gold, forms about 10% of all commodities imports to the country. silver trend today are directly affected by the global demand and supply scenario of the commodity.

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  • Silver Price In Indian Cities

    City Silver (1 gram) Bar Silver (1 Kg)
    ADILABAD ₹ 74 ₹ 74,000
    AGARTALA ₹ 74 ₹ 74,000
    AGRA ₹ 74 ₹ 74,000
    AHMEDABAD ₹ 74 ₹ 74,000
    AHMEDNAGAR ₹ 74 ₹ 74,000
    AIZAWL ₹ 74 ₹ 74,000
    AJMER ₹ 74 ₹ 74,000
    AKOLA ₹ 74 ₹ 74,000
    ALIGARH ₹ 74 ₹ 74,000
    ALLAHABAD ₹ 74 ₹ 74,000
    ALWAR ₹ 74 ₹ 74,000
    AMALAPURAM ₹ 74 ₹ 74,000
    AMBALA ₹ 74 ₹ 74,000
    AMBIKAPUR ₹ 74 ₹ 74,000
    AMRAVATI ₹ 74 ₹ 74,000
    AMRITSAR ₹ 74 ₹ 74,000
    ANAND ₹ 74 ₹ 74,000
    ANANTAPUR ₹ 74 ₹ 74,000
    ASANSOL ₹ 74 ₹ 74,000
    AURANGABAD ₹ 74 ₹ 74,000
    BAHADURGARH ₹ 74 ₹ 74,000
    BAHRAICH ₹ 74 ₹ 74,000
    BALANGIR ₹ 74 ₹ 74,000
    BALASORE ₹ 74 ₹ 74,000
    BALLARI ₹ 74 ₹ 74,000
    BANGALORE ₹ 74 ₹ 74,000
    BANKURA ₹ 74 ₹ 74,000
    BAREILLY ₹ 74 ₹ 74,000
    BARIPADA ₹ 74 ₹ 74,000
    BATHINDA ₹ 74 ₹ 74,000
    BELGAUM ₹ 74 ₹ 74,000
    BERHAMPUR ₹ 74 ₹ 74,000
    BHADRAK ₹ 74 ₹ 74,000
    BHAGALPUR ₹ 74 ₹ 74,000
    BHARUCH ₹ 74 ₹ 74,000
    BHAVNAGAR ₹ 74 ₹ 74,000
    BHILAI ₹ 74 ₹ 74,000
    BHILWARA ₹ 74 ₹ 74,000
    BHIMAVARAM ₹ 74 ₹ 74,000
    BHIWANDI ₹ 74 ₹ 74,000
    BHIWANI ₹ 74 ₹ 74,000
    BHOPAL ₹ 74 ₹ 74,000
    BHUBANESHWAR ₹ 74 ₹ 74,000
    BHUJ ₹ 74 ₹ 74,000
    BIDAR ₹ 74 ₹ 74,000
    BIKANER ₹ 74 ₹ 74,000
    BILASPUR ₹ 74 ₹ 74,000
    BOKARO ₹ 74 ₹ 74,000
    BULANDSHAHR ₹ 74 ₹ 74,000
    CHANDIGARH ₹ 74 ₹ 74,000
    CHANDRAPUR ₹ 74 ₹ 74,000
    CHENNAI ₹ 74 ₹ 74,000
    CHIRALA ₹ 74 ₹ 74,000
    CHITRADURGA ₹ 74 ₹ 74,000
    CHITTOOR ₹ 74 ₹ 74,000
    COIMBATORE ₹ 74 ₹ 74,000
    COOCH BEHAR ₹ 74 ₹ 74,000
    CUDDALORE ₹ 74 ₹ 74,000
    CUTTACK ₹ 74 ₹ 74,000
    DARBHANGA ₹ 74 ₹ 74,000
    DARJEELING ₹ 74 ₹ 74,000
    DAVANGERE ₹ 74 ₹ 74,000
    DEHRADUN ₹ 74 ₹ 74,000
    DEWAS ₹ 74 ₹ 74,000
    DHANBAD ₹ 74 ₹ 74,000
    DHARMAVARAM ₹ 74 ₹ 74,000
    DHULE ₹ 74 ₹ 74,000
    DIBRUGARH ₹ 74 ₹ 74,000
    DINDIGUL ₹ 74 ₹ 74,000
    DISPUR ₹ 74 ₹ 74,000
    DURGAPUR ₹ 74 ₹ 74,000
    ELURU ₹ 74 ₹ 74,000
    ERODE ₹ 74 ₹ 74,000
    FARIDABAD ₹ 74 ₹ 74,000
    FARRUKHABAD ₹ 74 ₹ 74,000
    GANDHIDHAM ₹ 74 ₹ 74,000
    GANDHINAGAR ₹ 74 ₹ 74,000
    GANGTOK ₹ 74 ₹ 74,000
    GAYA ₹ 74 ₹ 74,000
    GHAZIABAD ₹ 74 ₹ 74,000
    GORAKHPUR ₹ 74 ₹ 74,000
    GUNTAKAL ₹ 74 ₹ 74,000
    GUNTUR ₹ 74 ₹ 74,000
    GURGAON ₹ 74 ₹ 74,000
    GUWAHATI ₹ 74 ₹ 74,000
    GWALIOR ₹ 74 ₹ 74,000
    HALDWANI ₹ 74 ₹ 74,000
    HARIDWAR ₹ 74 ₹ 74,000
    HASSAN ₹ 74 ₹ 74,000
    HISAR ₹ 74 ₹ 74,000
    HOSHIARPUR ₹ 74 ₹ 74,000
    HOSUR ₹ 74 ₹ 74,000
    HOWRAH ₹ 74 ₹ 74,000
    HUBLI ₹ 74 ₹ 74,000
    HYDERABAD ₹ 74 ₹ 74,000
    IMPHAL ₹ 74 ₹ 74,000
    INDORE ₹ 74 ₹ 74,000
    ITANAGAR ₹ 74 ₹ 74,000
    JABALPUR ₹ 74 ₹ 74,000
    JAIPUR ₹ 74 ₹ 74,000
    JALANDHAR ₹ 74 ₹ 74,000
    JALGAON ₹ 74 ₹ 74,000
    JALPAIGURI ₹ 74 ₹ 74,000
    JAMMU ₹ 74 ₹ 74,000
    JAMNAGAR ₹ 74 ₹ 74,000
    JAMSHEDPUR ₹ 74 ₹ 74,000
    JAUNPUR ₹ 74 ₹ 74,000
    JHANSI ₹ 74 ₹ 74,000
    JIND ₹ 74 ₹ 74,000
    JODHPUR ₹ 74 ₹ 74,000
    JORHAT ₹ 74 ₹ 74,000
    KADAPA ₹ 74 ₹ 74,000
    KAITHAL ₹ 74 ₹ 74,000
    KAKINADA ₹ 74 ₹ 74,000
    KALABURAGI ₹ 74 ₹ 74,000
    KANCHIPURAM ₹ 74 ₹ 74,000
    KANNUR ₹ 74 ₹ 74,000
    KANPUR ₹ 74 ₹ 74,000
    KARAIKUDI ₹ 74 ₹ 74,000
    KARIMNAGAR ₹ 74 ₹ 74,000
    KARNAL ₹ 74 ₹ 74,000
    KARUR ₹ 74 ₹ 74,000
    KAVARATTI ₹ 74 ₹ 74,000
    KHAMMAM ₹ 74 ₹ 74,000
    KHARAGPUR ₹ 74 ₹ 74,000
    KOCHI ₹ 74 ₹ 74,000
    KOHIMA ₹ 74 ₹ 74,000
    KOLHAPUR ₹ 74 ₹ 74,000
    KOLKATA ₹ 74 ₹ 74,000
    KOLLAM ₹ 74 ₹ 74,000
    KORBA ₹ 74 ₹ 74,000
    KOTA ₹ 74 ₹ 74,000
    KOZHIKODE ₹ 74 ₹ 74,000
    KRISHNAGIRI ₹ 74 ₹ 74,000
    KUMBAKONAM ₹ 74 ₹ 74,000
    KURNOOL ₹ 74 ₹ 74,000
    LATUR ₹ 74 ₹ 74,000
    LUCKNOW ₹ 74 ₹ 74,000
    LUDHIANA ₹ 74 ₹ 74,000
    MACHILIPATNAM ₹ 74 ₹ 74,000
    MADURAI ₹ 74 ₹ 74,000
    MALAPPURAM ₹ 74 ₹ 74,000
    MANDSAUR ₹ 74 ₹ 74,000
    MANDYA ₹ 74 ₹ 74,000
    MANGALORE ₹ 74 ₹ 74,000
    MEERUT ₹ 74 ₹ 74,000
    MIRYALAGUDA ₹ 74 ₹ 74,000
    MOHALI ₹ 74 ₹ 74,000
    MORADABAD ₹ 74 ₹ 74,000
    MUMBAI ₹ 74 ₹ 74,000
    MUZAFFARNAGAR ₹ 74 ₹ 74,000
    MUZAFFARPUR ₹ 74 ₹ 74,000
    MYSORE ₹ 74 ₹ 74,000
    NADIAD ₹ 74 ₹ 74,000
    NAGAPATTINAM ₹ 74 ₹ 74,000
    NAGERCOIL ₹ 74 ₹ 74,000
    NAGPUR ₹ 74 ₹ 74,000
    NALGONDA ₹ 74 ₹ 74,000
    NAMAKKAL ₹ 74 ₹ 74,000
    NANDED ₹ 74 ₹ 74,000
    NANDYAL ₹ 74 ₹ 74,000
    NASIK ₹ 74 ₹ 74,000
    NELLORE ₹ 74 ₹ 74,000
    NEW DELHI ₹ 74 ₹ 74,000
    NIZAMABAD ₹ 74 ₹ 74,000
    NOIDA ₹ 74 ₹ 74,000
    ONGOLE ₹ 74 ₹ 74,000
    PALANPUR ₹ 74 ₹ 74,000
    PALWAL ₹ 74 ₹ 74,000
    PANAJI ₹ 74 ₹ 74,000
    PANCHKULA ₹ 74 ₹ 74,000
    PANIPAT ₹ 74 ₹ 74,000
    PANVEL ₹ 74 ₹ 74,000
    PATAN ₹ 74 ₹ 74,000
    PATIALA ₹ 74 ₹ 74,000
    PATNA ₹ 74 ₹ 74,000
    POLLACHI ₹ 74 ₹ 74,000
    PONDICHERRY ₹ 74 ₹ 74,000
    PORT BLAIR ₹ 74 ₹ 74,000
    PRODDATUR ₹ 74 ₹ 74,000
    PUDUKKOTTAI ₹ 74 ₹ 74,000
    PUNDRI ₹ 74 ₹ 74,000
    PUNE ₹ 74 ₹ 74,000
    PURI ₹ 74 ₹ 74,000
    PURULIA ₹ 74 ₹ 74,000
    RAEBARELI ₹ 74 ₹ 74,000
    RAICHUR ₹ 74 ₹ 74,000
    RAIGANJ ₹ 74 ₹ 74,000
    RAIGARH ₹ 74 ₹ 74,000
    RAIPUR ₹ 74 ₹ 74,000
    RAJAHMUNDRY ₹ 74 ₹ 74,000
    RAJKOT ₹ 74 ₹ 74,000
    RAJNANDGAON ₹ 74 ₹ 74,000
    RAMANATHAPURAM ₹ 74 ₹ 74,000
    RANCHI ₹ 74 ₹ 74,000
    RATLAM ₹ 74 ₹ 74,000
    RATNAGIRI ₹ 74 ₹ 74,000
    REWA ₹ 74 ₹ 74,000
    REWARI ₹ 74 ₹ 74,000
    ROHTAK ₹ 74 ₹ 74,000
    ROORKEE ₹ 74 ₹ 74,000
    ROURKELA ₹ 74 ₹ 74,000
    SAGAR ₹ 74 ₹ 74,000
    SAHARANPUR ₹ 74 ₹ 74,000
    SALEM ₹ 74 ₹ 74,000
    SAMBALPUR ₹ 74 ₹ 74,000
    SANGLI ₹ 74 ₹ 74,000
    SATARA ₹ 74 ₹ 74,000
    SATNA ₹ 74 ₹ 74,000
    SHILLONG ₹ 74 ₹ 74,000
    SHIMLA ₹ 74 ₹ 74,000
    SHIMOGA ₹ 74 ₹ 74,000
    SIDDIPET ₹ 74 ₹ 74,000
    SIKAR ₹ 74 ₹ 74,000
    SILCHAR ₹ 74 ₹ 74,000
    SILIGURI ₹ 74 ₹ 74,000
    SIRSA ₹ 74 ₹ 74,000
    SIVAKASI ₹ 74 ₹ 74,000
    SOLAPUR ₹ 74 ₹ 74,000
    SONIPAT ₹ 74 ₹ 74,000
    SRI GANGANAGAR ₹ 74 ₹ 74,000
    SRIKAKULAM ₹ 74 ₹ 74,000
    SRINAGAR ₹ 74 ₹ 74,000
    SURAT ₹ 74 ₹ 74,000
    SURYAPET ₹ 74 ₹ 74,000
    TADEPALLIGUDEM ₹ 74 ₹ 74,000
    TENALI ₹ 74 ₹ 74,000
    TENKASI ₹ 74 ₹ 74,000
    THANE ₹ 74 ₹ 74,000
    THANJAVUR ₹ 74 ₹ 74,000
    THENI ₹ 74 ₹ 74,000
    THIRUVANANTHAPURAM ₹ 74 ₹ 74,000
    THOOTHUKUDI ₹ 74 ₹ 74,000
    THRISSUR ₹ 74 ₹ 74,000
    TIRUCHIRAPALLI ₹ 74 ₹ 74,000
    TIRUNELVELI ₹ 74 ₹ 74,000
    TIRUPATI ₹ 74 ₹ 74,000
    TIRUPATTUR ₹ 74 ₹ 74,000
    TIRUVANNAMALAI ₹ 74 ₹ 74,000
    TUMAKURU ₹ 74 ₹ 74,000
    UDAIPUR ₹ 74 ₹ 74,000
    UDUPI ₹ 74 ₹ 74,000
    UJJAIN ₹ 74 ₹ 74,000
    VADODARA ₹ 74 ₹ 74,000
    VANIYAMBADI ₹ 74 ₹ 74,000
    VARANASI ₹ 74 ₹ 74,000
    VELLORE ₹ 74 ₹ 74,000
    VIJAYAPURA ₹ 74 ₹ 74,000
    VIJAYAWADA ₹ 74 ₹ 74,000
    VISAKHAPATNAM ₹ 74 ₹ 74,000
    VIZIANAGARAM ₹ 74 ₹ 74,000
    WARANGAL ₹ 74 ₹ 74,000
    YAMUNA NAGAR ₹ 74 ₹ 74,000

    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    Silver Rates 10 grams Silver Across Leading Cities in India

    Here are the latest Silver rates across some of the popular cities in India 2022:

    Silver Price in Popular Cities in India Price per 10 grams
    Chennai Rs.611
    Hyderabad Rs.611
    Delhi Rs.549
    Mumbai Rs.549
    Bangalore Rs.611
    Kolkata Rs.549
    Vijayawada Rs.549
    Pune Rs.549
    Coimbatore Rs.549
    Ahmedabad Rs.549
    Chandigarh Rs.611
    Kochi Rs.611
    Lucknow Rs.549
    Kerala Rs.611
    Vadodara Rs.549
    Madurai Rs.611
    Patna Rs.611
    Surat Rs.549
    Bhubaneswar Rs.549
    Mangalore Rs.611
    Mysore Rs.549
    Visakhapatnam Rs.611
    Nashik Rs.611

    Today's Silver Price in India

    Since the 80's, the demand for silver has outpaced its supply, with industrial demand accounting for more than half the total consumption. More than 80% of total silver production in the world is as by product of other commodities. Exclusive silver mining accounts for only 20% of the global production. Also check Silver trend in india

    Historical Trend of Silver Price in India

    Months Lowest Silver Price Per Kg Highest Silver Price Per Kg
    January 2023 67,200 63,200
    December 2022 68,500 64,200
    November 2022 65,500 68,200
    October 2022 64,800 68,400
    September 2022 65,400 68,500
    August 2022 65,400 68,450
    July 2022 65,300 68,500
    June 2022 65,200 68,500
    May 2022 63,400 69,500
    April 2022 68,800 75,200
    March 2022 70,000 77,600
    February 2022 64,900 70,600
    January 2022 64,300 69,300

    Trend of Silver Rate in India for January 2023 (rates per kg)

    Parameters Silver price (per kg)
    January 1 Rate Rs.74,300 per kg
    January 31 Rate Rs.74,500 per kg
    Highest Rate in January Rs.75,800 per kg on 16 January and 17 January
    Lowest Rate in January Rs.73,500 per kg on 6 January
    Overall Performance Incline

    Trend of Silver Rate in India for December 2022 (rates per kg)

    Parameters Silver price (per kg)
    December 1 Rate Rs.69,800 per kg
    December 31 Rate Rs.74,300 per kg
    Highest Rate in December Rs.74,700 per kg on 22 December
    Lowest Rate in December Rs.69,800 per kg on 1 December
    Overall Performance Incline

    Trend of Silver Rate in India for November 2022 (rates per kg)

    Parameters Silver price (per kg)
    November 1 Rate Rs.63,700 per kg
    November 30 Rate Rs.68,000 per kg
    Highest Rate in November Rs.68,500 per kg on 15 November
    Lowest Rate in November Rs.63,700 per kg on 1 November
    Overall Performance Decline

    Trend of Silver Rate in India for October 2022 (rates per kg)

    Parameters Silver price (per kg)
    October 1 Rate Rs.62,000 per kg
    October 31 Rate Rs.63,000 per kg
    Highest Rate in October Rs.67,000 per kg on 5 October
    Lowest Rate in October Rs.60,500 per kg on 15 and 16 October
    Overall Performance Decline

    Things to consider while buying silver in India:

    • Purity of the metal - Silver metal is also hallmarked by the Bureau of Indian Standards (BIS). just like gold. The Bureau of Indian Standards states that there are four sign that can help you understand the hallmarking on silver metal: Purity grade or fineness, hallmarking centre's identification number or mark, jeweller's identification number or mark, and BIS logo. In case the jeweller is not providing hallmarking, you ask him to get metal hallmarked before making a purchase. Hallmarking is important because it serves as a valid proof of purity.
    • Buy-back policy - It is generally observed that people buy new jewellery only after selling the old jewellery. That is why it is imporatant to ask the jeweller about the buy-back policy when buying new silver utensils or jewellery. Check how much money (tentatively) you will you get on selling the silver items in future.
    • Making charges - Just like gold, making charges are also applied on silver jewellery and articles. When you buy it from a jeweller, do check for the making charges applied. Usually, a making charge of Rs.3 per gram is applied on silver articles. However, there is no upper limit.
    • Check for content besides silver - In order to enhance the durability of silver articles, zinc or copper is commonly added to them. Moreover, silver jewellery is sometimes with gemstones. Do ask your jeweller silver weight in particular while buying articles or jewellery. Ensure that the weight of other metals or gemstones is not included by the jeweller in the weight of silver.

    Factors Affecting Silver Price in India

    Some of the factors that affect the prices of silver in India are given below:

    Import Duties - Any increase in import duty ensures that the prices of silver rise. Since large quantities of the white metal are imported, import duty plays a big role in determining silver rates in the country.

    Oil Price Changes - Any change in oil rates will impact silver prices as well.

    Value of the Dollar - The value of the dollar plays a huge role in determining silver prices in the country. In case the value of the dollar falls when compared to other currencies, silver prices increase. When the value of the dollar increases, silver rates fall.

    Demand - Any increase in demand for the white metal will lead to the rise in prices.

    Reasons to Invest in Silver

    Some of the main advantages of investing in silver are mentioned below:

    • Liquidity - Conversion of silver into money is easy in the case of any emergencies. The value of the white metal usually does not fall even if the value of the currency falls.
    • Storage - Unlike gold, silver can be stored easily. Trading of several e-silver products can be done on NESL.
    • Bank Account Not Needed - Investment in silver is possible without having a bank account.
    • Easily Purchasable - Silver can be acquired easily and it is cheaper when compared to the yellow metal.

    How can silver be traded?

    People can trade or invest in silver through National Spot Exchange's (NSEL) E-series products, such as E-Gold and E-Silver, just like they do with stocks. NSEL is open for trading from 10 AM to 11:30 PM. Investors can purchase silver in demat form at real-time Indian prices that follow the global gold/silver prices for a minimum of 1 unit, which is equal to 100 grammes of silver. On the NSEL website, you can find the depositories' names. The investor can purchase dematerialized silver online after opening a Demat account. For silver, the e-series unit is 100 gm. By trading in NSEL, investors can turn their electronic silver into actual silver or cash.

    Investing in Indian silver futures

    In India, you can invest in silver futures, which are a little riskier than buying silver in physical form. They are unsafe because you are exposed more, and even a small change in the price of silver in India could cause investors to lose a lot of money. The better choice if you're looking to invest in silver would be to purchase physical amounts and simply hold onto them. Silver trading is crucial because it allows you to profit from the metal. But if you want to, you can continue to hold the metal for a while longer. The longer you hold, the higher your chances are of profiting from the same investment.

    Similar to how you purchase and sell gold, you can buy and sell silver futures. You must first create a broking firm account before you can purchase or trade metal. If you'd like, you can go to a broker and then purchase through the MCX, the nation's commodity exchange. You must first complete a few formalities before submitting the application, though. We advise you to purchase and sell the same via the nation's licenced brokers. Making some money off of the same would be good for you. Because silver is occasionally less liquid than gold, investors may choose to do so.

    What are the common uses of Silver?

    In ancient times silver jewellery and silverware items were popularly used as money. Silver ornaments are famous. It is used to create jewellery and decorative items is silver. In addition, it will be employed in a number of different applications, such as the production of solar panels, water purification by stopping the bacteria and algae from growing in filter,for producing standard air conditioners, as a coating of antibiotics on medical equipment, electronic gadgets. and photography related equipment. Since it reflects a few wavelengths better than aluminium, it is used for thermal or infrared coatings. As the reflectivity of silver is high, the metal is used in mirrors.

    Why do people in India favour silver jewellery?

    Silver jewellery is preferred by Indians for a variety of reasons. Silver jewellery combines elegance and simplicity. Everyone, regardless of class or profession, enjoys wearing silver jeweller. Like gold, silver is a precious metal. But silver is less expensive than gold in terms of price. Silver is more affordable for people to buy. Silver jewellery is a nice alternative to gold because it offers limitless beauty for an affordable price. Additionally, silver ornaments are preferred for everyday wear. Silver jewellery is now thought to be more fashionable. Regardless of their fashion sense, teens and young people favour wearing silver. There are now silver e-commerce sites available so you can buy trendy silver items easily.

    What Is the Difference Sterling Silver and Pure Silver?

    Many times, silver and sterling silver are mistaken to be similar. However, there is a huge difference between the two. Let's take a look at how sterling silver and pure silver are different.

    Pure Silver and Sterling Silver

    The actual silver content of pure silver, often known as fine silver, is 99.9%. Fine silver is frequently alloyed with other metals to make it tougher because, despite its great purity, it is too soft to be used in jewelry creation. While sterling silver is made by adding copper to pure silver. This makes sterling silver less soft and more durable. Most sterling silver is 92.5% pure, which means that 7.5% of the alloy is composed of copper or another metal (usually nickel or zinc).

    How to Differentiate Between Pure Silver and Sterling Silver?

    To differentiate between fine silver and sterling silver, you have to look for the stamp/mark in the silver. Fine silver is stamped with numbers like 999, 99.9, or.999 that represent how many parts per hundred or thousands of silvers the piece contains. American-made sterling silver is identified by the marks 925,.925, or 92.5. By American standards, jewelry of a lesser purity is not sterling silver.

    How can I safeguard silver from tarnishing?

    When exposed to air, silver changes colour. Silver metal is prone to scratching. One must be careful to protect the metal properly because it reacts with a variety of chemicals. It is always advised to keep silver in sealed polyethylene bags to prevent exposure to air, and to clean it with a soft cloth. Sterling silver will become damaged and discoloured quickly if it is not handled carefully. The sterling silver item needs to be given the proper attention and storage. Silver will last longer if you take better care of it.

    How do you clean tarnish from silver?

    The use of silver cleaners is the best remedy for silver discoloration. Most grocery stores will carry the silver cleaner. Also available from jewellers. You can buy a polishing cloth from an offline or online store to clean your silver jewellery. In addition to this, there are numerous other DIY methods for polishing silver.

    Where In India Can We Buy Silver?

    In India, we are only able to purchase silver from banks or jewellers. Silver coins purchased from banks are typically expensive. Because we must pay fees when purchasing silver coins from banks, including those for tamper-proof packaging and an assay certificate. Additionally, you can purchase silver on the commodity futures exchange. The contract sizes are substantial on the commodity futures exchange. The smallest silver contract is delivered in minimum lots of 30 kg and traded in units of 1 kg. One of the precious metals that is freely traded is silver, so it is available for purchase both physically and digitally. If you'd like, you can bet on the metal in the futures market.

    Silver jewellery is more expensive to purchase than coins due to the making charge of 10% or more. Additionally, it will have a melting charge of 15% or more at the time of resale, which reduces the effective returns.

    Why Silver cheaper than gold in India?

    The rarity of the metal itself is one of the most important factors that contribute to silver being less expensive than gold. The majority of the price difference between gold and silver is due to the mismatch between their supply and demand. The decreased demand across the globe is one of the main factors causing silver to be less expensive. It is crucial to understand that, like all other metals, the price of silver depends on the country's supply and demand. Demand would determine how much a precious metal would cost, and vice versa.

    All through modern history, silver has been valued lower than gold. Silver is primarily used in industrial settings and in old electronic devices for conductivity. The value of recycling silver is not profitable.

    FAQs on Silver price in India

    1. Where can silver bars be bought in India?
    2. If you're looking at investing in silver, you can buy silver bars from public as well as private sector banks. You can also choose to buy silver bars from jewellers.

    3. Why is the silver rate increasing?
    4. The rising market volatility and the weakened currency markets, especially the Dollar, are attributed to the rise in the silver rate.

    5. Why are silver coins/bars considered a good investment option?
    6. Given the current monetary policies that are pushing down the value of currencies the world over, investing in silver will give you strong returns. Silver coins, usually sold by government mints, can be verified and liquidated quickly if the need arises.Silver bars have the lowest premium over the spot price and are also easy to carry and transport, making it a good idea of you're looking at building your portfolio quickly.

    7. What are the advantages of buying silver coins from a bank?
    8. Buying silver coins from a bank assures you of the quality and authenticity of the silver. Each silver purchase from a bank comes with a quality certificate. The bank would sell the silver to you at the prevalent market rate, reducing the chance of you paying too much for the silver.

    9. What is the best silver bullion to buy?
    10. While there is no 'best silver' to buy, there are certain advantages to buying silver coins. They are easy to transport and liquidate, making them a good investment. They are also easy to collect compared to silver bars, and junk silver coins can be bought at below the spot price.

    11. What is hallmarking?
    12. Hallmarking is the process of officially recording and determining the precious metal content in gold or silver articles. It is used as a guarantee of purity of the metal article and is universally accepted in many countries. Also check Gold Rate today

    13. What are the benefits of buying hallmarked bullion?
    14. Buying hallmarked bullion assures the customer that the article being bought is genuine and is of a specific purity and grade.

    15. Is investing in silver stocks a better idea than investing in the metal?
    16. Silver stocks are dependent on the silver mining business, whereas silver bullion is dictated purely based on market demand and is considered a better investment option than silver stocks.

    17. How liquid is bulk silver and will the dealer buy it back from me?
    18. Silver coins will usually be bought back in bulk, with the dealer exchanging your silver for regular currency. However the rate at which the silver is bought back would depend on the prevailing market conditions.

    19. When is the best time to buy silver?
    20. While most investors generally buy silver when the financial markets and economy are experiencing a downturn, this is one of the worst times to buy since bullion prices are always higher given the uncertainty of currency and stocks. The best time to buy would be when markets are somewhat stable, resulting in the rate being relatively low.

    21. Will the bank levy a charge or premium if I buy silver from them?
    22. Yes, most banks will levy a premium on bullion sold by them, which would depend on the market scenario at the time. Buying from a bank is generally a safer options since this bullion comes with a quality certificate and is guaranteed by the bank and an external agency.

    23. Will I have to pay tax on my silver purchase?
    24. You will be charged VAT (value Added tax) on your bullion purchase at the time of purchase. If you have bought silver bullion above Rs. 5 lakh in cash, you will be required to pay tax of 1% at source (at the time of purchase).

    25. Where can I sell my silver bullion in India?
    26. You can sell bullion (in the form of coins and bars) to authorised bullion dealers. Banks are not allowed to buy back bullion sold by them.

    27. How much silver am I permitted to own in India?

      You must submit Form No. O-8 and the registered valuer's report if the silver's value exceeds Rs. 5 lakhs. The tax assessing officer can independently estimate the fair market value, and the report won't be legally binding.

    28. What is a great way to invest in silver?

      The best way to invest in silver is to buy it physically from the shop. These physical silvers can be in any form – coins, bars, or jewelry.

    29. Is it good to invest in silver in 2023?

      Yes, 2023 is a great time to invest in silver.

    30. Is the price of silver affected by the currency rates?

      Yes. the action of the rupee against the US dollar has a significant impact on silver prices as well. Silver prices tend to rise when the dollar declines relative to many other currencies, and fall when the dollar rises. When compared to gold, silver's level of volatility is, in general, much lower.

    31. Do oil or gold prices impact silver rates?

      Yes. the rise in oil prices will impact the rate of silver. Silver mining requires a lot of energy, and it has been suggested that oil and silver have a stronger relationship than previously thought. As a result, silver prices would fluctuate along with the price of oil. Another argument is that since oil and silver are both industrial commodities with similar demand factors, their prices should correlate more than those of gold and silver.

    32. Does India import silver?

      In essence, India is a major importer of silver. Silver production in India is insufficient to meet the rising domestic demand. India ranks 20th among the nations that produce silver. The three main silver-producing states in India are Rajasthan, Gujarat, and Jharkhand. Mumbai used to be India's main silver import hub, but Ahmedabad and Jaipur are now included as well.

    33. Where does India stand in silver consumption globally?

      In terms of silver consumption, India comes in third. The two countries that consume the most silver globally are the United States and Japan. India imports silver from nations including China, the UK, the EU, Australia, and Dubai. China accounts for more than half of India's silver imports.

    News on India Silver Rate

    • The cost of silver remains unchanged in most Indian cities on 3 february 2023

      The price of the white metal for one kilogram remains stable today, 3 February. The silver rate for one kg stands at Rs.74,700 in major Indian cities such as Delhi, Kolkata, Mumbai, Pune, Jaipur, Surat, Lucknow, Patna, and Ahmedabad. While in Chennai, Bengaluru, and Hyderabad, the white metal is retailing at Rs.77,800.

      4 february 2023

    • Silver, Gold and Diamond to get expensive

      Nirmala Sitharaman the Finance Minister of India during the Union Budget 2023 announced that the price of Gold, Silver, and Diamonds in India will rise.

      1 february 2023

    • Silver prices record a hike today on 27 January 2023

      Silver rates witnessed a jump on the Multi Commodity Exchange (MCX) today. The precious white metal is priced at Rs.72,600 per kg in New Delhi, Kolkata, and Mumbai. In Chennai, silver is being sold at Rs.75,000 per kg.

      28 January 2023

    • Silver rates on 24 January 2023

      On the Multi Commodity Exchange (MCX), silver futures traded higher on Tuesday. In Kolkata, Mumbai, and New Delhi, one kg of silver is being sold at Rs.72,500. The price of silver stands at Rs.74,000 per kg in Chennai.

      25 January 2023

    • Silver is selling at Rs.72,750 per kilogram today on 16 January 2023

      In Mumbai, Delhi, and Kolkata, silver is selling at Rs.72,750 per kilogram. While in Hyderabad and Chennai, the white metal is selling at Rs.74,000 for one kilogram, and the spot silver rate records a price higher by 0.10% than the previous rates.

      17 January 2023

    • The cost of one kilogram of silver remains unchanged today 10 January 2023

      The silver rate remains stable across the country. In Mumbai, Delhi, and Kolkata, silver is selling at Rs.71,800 for one kilogram. The cost of white metal stands at Rs.74,900 in Chennai, Bengaluru, and Hyderabad. The Spot silver rate has dropped by 0.10% today, 10 January.

      11 January 2023

    Silver Rate in Metro Cities
    Silver Rate in Priority Pages

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