Silver Price in India Today Last Updated : 13 Aug 2020

Todays Silver price in India:

  • 1 gram silver price is 72.55 Indian Rupee
  • 1 kg silver price is 72,550 Indian Rupee
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  • Silver Price In Indian Cities

    City Silver (1 gram) Bar Silver (1 Kg)
    AGRA ₹ 65.01 ₹ 65,010
    AHMEDABAD ₹ 65.01 ₹ 65,010
    ALIGARH ₹ 65.01 ₹ 65,010
    ALLAHABAD ₹ 65.01 ₹ 65,010
    AMBALA ₹ 65.01 ₹ 65,010
    AMRAVATI ₹ 65.01 ₹ 65,010
    AURANGABAD ₹ 65.01 ₹ 65,010
    BALLARI ₹ 65.01 ₹ 65,010
    BANGALORE ₹ 65.01 ₹ 65,010
    BAREILLY ₹ 65.01 ₹ 65,010
    BELGAUM ₹ 65.01 ₹ 65,010
    BHILAI ₹ 65.01 ₹ 65,010
    BHOPAL ₹ 65.01 ₹ 65,010
    BHUBANESHWAR ₹ 65.01 ₹ 65,010
    CHANDIGARH ₹ 65.01 ₹ 65,010
    CHENNAI ₹ 65.01 ₹ 65,010
    COIMBATORE ₹ 65.01 ₹ 65,010
    CUTTACK ₹ 65.01 ₹ 65,010
    DEHRADUN ₹ 65.01 ₹ 65,010
    DINDIGUL ₹ 65.01 ₹ 65,010
    ERODE ₹ 65.01 ₹ 65,010
    FARIDABAD ₹ 65.01 ₹ 65,010
    GHAZIABAD ₹ 65.01 ₹ 65,010
    GULBARGA ₹ 65.01 ₹ 65,010
    GUNTUR ₹ 65.01 ₹ 65,010
    GURGAON ₹ 65.01 ₹ 65,010
    GUWAHATI ₹ 65.01 ₹ 65,010
    HALDWANI ₹ 65.01 ₹ 65,010
    HISAR ₹ 65.01 ₹ 65,010
    HOSUR ₹ 65.01 ₹ 65,010
    HYDERABAD ₹ 65.01 ₹ 65,010
    INDORE ₹ 65.01 ₹ 65,010
    JABALPUR ₹ 65.01 ₹ 65,010
    JAIPUR ₹ 65.01 ₹ 65,010
    JALGAON ₹ 65.01 ₹ 65,010
    JAMMU ₹ 65.01 ₹ 65,010
    JAMNAGAR ₹ 65.01 ₹ 65,010
    JAMSHEDPUR ₹ 65.01 ₹ 65,010
    JODHPUR ₹ 65.01 ₹ 65,010
    KAKINADA ₹ 65.01 ₹ 65,010
    KANNUR ₹ 65.01 ₹ 65,010
    KANPUR ₹ 65.01 ₹ 65,010
    KARNAL ₹ 65.01 ₹ 65,010
    KARUR ₹ 65.01 ₹ 65,010
    KOCHI ₹ 65.01 ₹ 65,010
    KOLHAPUR ₹ 65.01 ₹ 65,010
    KOLKATA ₹ 65.01 ₹ 65,010
    KOTA ₹ 65.01 ₹ 65,010
    KOZHIKODE ₹ 65.01 ₹ 65,010
    KURNOOL ₹ 65.01 ₹ 65,010
    LUCKNOW ₹ 65.01 ₹ 65,010
    LUDHIANA ₹ 65.01 ₹ 65,010
    MADURAI ₹ 65.01 ₹ 65,010
    MALAPPURAM ₹ 65.01 ₹ 65,010
    MANGALORE ₹ 65.01 ₹ 65,010
    MEERUT ₹ 65.01 ₹ 65,010
    MUMBAI ₹ 65.01 ₹ 65,010
    MYSORE ₹ 65.01 ₹ 65,010
    NAGERCOIL ₹ 65.01 ₹ 65,010
    NAGPUR ₹ 65.01 ₹ 65,010
    NANDED ₹ 65.01 ₹ 65,010
    NASIK ₹ 65.01 ₹ 65,010
    NELLORE ₹ 65.01 ₹ 65,010
    NEW DELHI ₹ 65.01 ₹ 65,010
    NOIDA ₹ 65.01 ₹ 65,010
    PANAJI ₹ 65.01 ₹ 65,010
    PATNA ₹ 65.01 ₹ 65,010
    PONDICHERRY ₹ 65.01 ₹ 65,010
    PRODDATUR ₹ 65.01 ₹ 65,010
    PUNE ₹ 65.01 ₹ 65,010
    RAIPUR ₹ 65.01 ₹ 65,010
    RAJAHMUNDRY ₹ 65.01 ₹ 65,010
    RAJKOT ₹ 65.01 ₹ 65,010
    RANCHI ₹ 65.01 ₹ 65,010
    RATLAM ₹ 65.01 ₹ 65,010
    SALEM ₹ 65.01 ₹ 65,010
    SANGLI ₹ 65.01 ₹ 65,010
    SHIMLA ₹ 65.01 ₹ 65,010
    SHIMOGA ₹ 65.01 ₹ 65,010
    SILIGURI ₹ 65.01 ₹ 65,010
    SOLAPUR ₹ 65.01 ₹ 65,010
    SRINAGAR ₹ 65.01 ₹ 65,010
    SURAT ₹ 65.01 ₹ 65,010
    THANE ₹ 65.01 ₹ 65,010
    THANJAVUR ₹ 65.01 ₹ 65,010
    THIRUVANANTHAPURAM ₹ 65.01 ₹ 65,010
    THOOTHUKUDI ₹ 65.01 ₹ 65,010
    THRISSUR ₹ 65.01 ₹ 65,010
    TIRUCHIRAPALLI ₹ 65.01 ₹ 65,010
    TIRUNELVELI ₹ 65.01 ₹ 65,010
    UDAIPUR ₹ 65.01 ₹ 65,010
    UDUPI ₹ 65.01 ₹ 65,010
    VADODARA ₹ 65.01 ₹ 65,010
    VARANASI ₹ 65.01 ₹ 65,010
    VELLORE ₹ 65.01 ₹ 65,010
    VIJAYAWADA ₹ 65.01 ₹ 65,010
    VISAKHAPATNAM ₹ 65.01 ₹ 65,010
    WARANGAL ₹ 65.01 ₹ 65,010

    *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 Rate in India

    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 rate in India are directly affected by the global demand and supply scenario of the commodity. 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.

    Silver Price in India
    Silver Price in India

    Trend of Silver Rate in India for August 2020 (rates per kg)

    Parameters Silver price (per kg)
    August 1 Rate Rs.65,010 per kg
    August 9 Rate Rs.74,210 per kg
    Highest Rate in August Rs.76,520 per kg on 8 August
    Lowest Rate in August Rs.65,010 per kg on 1 August
    Overall Performance Incline

    August 2020 - Week 1 (1 - 9):

    • Silver price in India opened the first week of August at Rs.65,010 per kg and increased by more than Rs.100 to Rs.65,120 per kg on the following day.
    • The demand for silver increased substantially amongst investors due to the constant rise in COVID-19 cases all over the world and due to various geopolitical factors.
    • On 6 August, silver rate in India crossed the Rs.70,000 per kg mark and was at its highest on 8 August at Rs.76,520 per kg. The silver price was Rs.74,210 per kg on the last day of the week.

    Trend of Silver Rate in India for July 2020 (rates per kg)

    Parameters Silver price (per kg)
    July 1 Rate Rs.48,560 per kg
    July 31 Rate Rs.63,010 per kg
    Highest Rate in July Rs.66,060 per kg on 30 July
    Lowest Rate in July Rs.48,510 per kg on 5 July
    Overall Performance Incline

    July 2020 - Week 1 (01 - 05):

    • In India, silver prices showed a declining trend for the first week of July, opening at Rs.48,560 per kg, increasing marginally by Rs.50 compared to the closing price of the previous week. The price of the white metal increased on 2 July to cross the Rs.50,000 per kg mark at Rs.50,060 per kg with investors shifting towards the bullion market due to the rise in COVID-19 cases all over the world.
    • However, on 3 July, the value of silver dipped substantially to below the Rs.49,000 per kg mark to Rs.48,610 per kg with investors shifting back to the equities marker amidst positive data being shown in the United States of America along with the possibility of a vaccine for COVID-19.
    • On 4 July, silver rate in India dipped further to Rs.48,560 per kg as investors waited for more updates on the economic data of the country. Decreasing further, silver price closed the week at Rs.48,510 per kg which was the lowest recorded price of the metal in the week.

    July 2020 - Week 2 (06 - 12):

    • Opening the second week of the month, silver prices in India were trading at Rs.48,520 per kg on 6 July and increased substantially to cross the Rs.49,000 per kg mark on the next day. On 7 July, the value of the white metal was Rs.49,610 per kg with the rise in COVID-19 cases all over the world which scientists were terming as the second wave of the virus. On 8 July, the price of silver dipped by Rs.310 to Rs.49,300 per kg as the value of the U.S. dollar recovered marginally in the market, increasing the risk appetite of the investors
    • The price of silver in India fluctuated throughout the week, increasing to cross the Rs.50,000 per kg mark at Rs.50,030 per kg on 9 July and increasing to cross the Rs.51,000 per kg mark at Rs.51,910 per kg on 10 July. With the rise in fresh cases in the United States of America and India, risk appetite amongst investors dipped to a great extent and safe-haven demand for the metal rose.
    • On 11 July, silver rate in India increased marginally to Rs.51,960 per kg and hit the highest price in 7 years at Rs.52,000 per kg on 12 July supported by increased safe-haven demand, closing the week recording an overall weekly incline.

    July 2020 - Week 3 (13 - 19):

    • In India, silver rate opened the third week of July at Rs.52,010 per kg. Compared to the closing price of the previous week, the rate of the white metal was up by Rs.10.
    • Over the week, the rates of silver witnessed an inclining trend in the country. The increase in the rates saw the white metal record its highest price for the month till date on 16th July when a kilo was retailed for Rs.53,010.
    • While the rates slipped over the next two days, it recovered somewhat on the final day of the week. Silver price in India closed the week at Rs.52,910 per kg.

    July 2020 - Week 4 (20 - 26):

    • Silver price in India opened the fourth week of July at Rs.52,290. There was an increase of Rs.10 in the rates when compared to the closing price of the previous week.
    • The price of silver witnessed an inclining trend in the rates over the week. The increase in the rates saw the white metal record its highest price for the month till date on 24th July when a kilo was retailed for Rs.62,010.
    • Silver rates closed the penultimate week of the month at Rs.61,210 per kg in India.

    July 2020 - Week 5 (27 - 31):

    • Silver price in India opened the last week at Rs.61,220 per kg with a marginal incline compared to the previous week’s closing. The metal showed heavy inclines in the week due to the rise in safe-haven demand of the metal.
    • The metal on 28 July, increased by Rs.3,000 and was priced at Rs.64,710 per kg and further increased to cross the Rs.66,000 per kg mark at Rs.66,010 per kg.
    • On 30 July, silver rate in India hit its highest of the month at Rs.66,060 per kg and dipped substantially on 31 July and closed at Rs.63,010 per kg.

    Trend of Silver Rate in India for June 2020 (rates per kg)

    Parameters Silver price (per kg)
    June 1 Rate Rs.50,120 per kg
    June 30 Rate Rs.48,510 per kg
    Highest Rate in June Rs.50,160 per kg on 2 June
    Lowest Rate in June Rs.47,110 per kg on 16 June
    Overall Performance Decline

    June 2020 - Week 1 (1 - 7):

    • Silver was priced at Rs.50,120 on 1st of June in India. Compared to what was charged on the final day of the previous month, the rates were up by Rs.20. The rates climbed to its highest for the month till date on 2nd June when a kilo of the white metal cost Rs.50,160. The increase in the rates was accounted to jitters over increasing tensions between Washington and Beijing, protests in major cities of the United States of America, and a weakening dollar.
    • The rates of silver in India slipped considerably the following day and was priced Rs.48,900 per kg. The drop in the rates was seen as the risk- on sentiment was boosted after equity markets rallied on economic optimism and hopes of further stimulus measures.
    • While silver rate in India improved slightly on 4th June, the rates slipped again on 5th and 6th of June. The drop saw silver record its lowest price for the month till date with a kilo costing Rs.47,400 per kg. There was a minimal increase in the rates on the final day of the week and closed at Rs.47,410 per kg. The overall performance of the metal witnessed an inclining trend.

    June 2020 - Week 2 (8 - 15):

    • Silver prices opened the second week of the month at Rs.47,450 per kg on 9 June and showed an overall declining trend due to increased risk appetite and low demand amongst investors. On 10 June, the price of the white metal increased to cross the Rs.48,000 per kg mark at Rs.48,200 per kg and further increasing to Rs.48,310 per kg on 11 June. The rise in prices was majorly due to dipped risk appetite amongst investors with the rising number of new COVID-19 cases all over the world. Along with this, a dip in the value of the dollar in the international market resulted in the rise in silver prices.
    • On 12 June, the price of the metal increased to Rs.48,510 per kg which was the highest price of the month. The rise in the price was due to investors awaiting the economic data from the United States of America. However, from 13 June, the price of the metal began declining from Rs.48,510 per kg to Rs.48,460 per kg on 13 June.
    • Silver prices saw a substantial decline on 14 June when the price of the metal dipped to below the Rs.48,000 per kg level to Rs.47,710 per kg. A rise in the dollar value in the international market limited the gains of the metal and closed at Rs.47,720 per kg on 15 June recording an overall decline in prices.

    June 2020 - Week 3 (16 - 21):

    • In India, silver opened the third week of June at Rs.47,110 per kg. This was the lowest recorded price of silver for the month till date. Compared to the closing price of the previous week, the rates were down by Rs.610 for every kilo.
    • Silver rates shot up the next up before declining again on 18th and 19th June in India. The fall in the rates was seen after data showed lower jobless claims in the United States of America.
    • Over the last two days of the week, the rates of silver saw an increase as a rise in coronavirus cases raised concerns of new lockdowns. Silver rate in India closed the week at Rs.48,670 per kg with the overall performance witnessing a declining trend.

    June 2020 - Week 4 (22 - 30):

    • In India, silver rate opened the fourth and final week of June at Rs.48,680 per kg. There was an increase of Rs.10 in the rates when compared to what was charged on the final day of the previous week.
    • While silver price in India increased the following day as well, it dropped to Rs.47,610 per kg on 26 June as investors flock to the safety of the dollar as the number of coronavirus cases increased.
    • The rates of silver increased in India over the last four days of the week and closed at Rs.48,510 per kg. The overall performance witnessed a declining trend in the rates.

    Trend of Silver Rate in India for May 2020 (rates per kg)

    Parameters Silver price (per kg)
    May 1 Rate Rs.42,530 per kg
    May 31 Rate Rs.50,100 per kg
    Highest Rate in May Rs.51,400 per kg on 25 May
    Lowest Rate in May Rs.41,010 per kg on 2 May
    Overall Performance Incline

    May 2020 - Week 1 (1 - 9):

    • Silver price opened the month of May at Rs.42,530 per kg in India. The rate of silver shot up by Rs.1,010 per gram when compared to the closing price of the previous month. Over the month, silver price witnessed an inclining trend in the country.
    • Having recorded its lowest price for the month to date on 2nd May, the rates increased. The jump in silver rates was because of brewing tensions between the United States and China over the origin of novel coronavirus. In India, a kilo of silver cost Rs.41,520 on 5th May.
    • The rate dipped on 6th May and cost Rs.41,310 per kg. The decline in the rate was accounted to easing virus-led curbs buoying equities. Silver price in India increased again following that and closed the opening week at Rs.43,510 per kg. This was the highest recorded price of silver in the country for the month to date.

    May 2020 - Week 2 (10-16):

    • Opening the second week of the month at Rs.43,610 per kg on 10 May and increased marginally to Rs.43,620 per kg on 11 May. The rise in prices was majorly due to the risk appetite amongst investors dipped with the rising number of fresh COVID-19 cases all over the world. The price of the metal, however, dipped to Rs.43,090 per kg. The dip in prices was due to the rise in the value of the dollar increasing in the international market, thus increasing risk appetite amongst investors.
    • The price of silver on 13 May had dipped further to Rs.42,950 per kg, increasing marginally to Rs.42,960 per kg on 14 May. The drop in prices of silver was due to local factors in the country even though in the international market, the price of the metal showed heavy inclines with stimulus packages being released all over the world supporting the bullion market.
    • On 15 May, silver price in India increased to Rs.43,160 per kg with a rise in tensions rising between the United States of America and China. With this, the risk appetite amongst investors decreased which resulted in the rise of prices. On 16 May, the price of the metal increased and hit its highest of the week, at Rs.46,900 per kg, increasing by Rs.3,740 per kg in one day. At the end of the week, the price of the metal closed at the same price.

    May 2020 - Week 3 (17 - 23):

    • Silver rate in India opened the third week of May at Rs.46,710 per kg. Compared to the closing price of the previous week, the rates were down by Rs.190 for every kilogram. Over the next two days, the rates jumped and recorded its highest for the month till date on 19 May with a kilo costing Rs.48,510. The incline in the prices was accounted to strained relations between the United States of America and China and dismal global economic outlook.
    • The price of silver slipped in India on 20th May as equities gained on the hopes of a swift recovery from the economic slump induced by the coronavirus pandemic. A kilogram cost Rs.47,670 on the mentioned date before increasing over the week.
    • Silver price in India closed the week at Rs.48,350 per kg with the overall performance witnessing an inclining trend. Over the last three days of the week, the rates of silver jumped as the bullion’s safe-haven appeal was underpinned due to escalation in tensions between the US and China.

    May 2020 - Week 4 (24 - 31):

    • Opening the last week of the month at Rs.48,360 per kg on 24 May, silver price in India increased marginally to hit its highest price of the week at Rs.51,400 per kg on 25 May. The rise in prices was majorly due to low risk appetite amongst investors dipped with the rise in the number of new COVID-19 cases in the country. The price of silver, however, dipped to Rs.48,000 per kg on 26 May. The dip in prices was due to the increased risk appetite amongst investors with Japanese equities displaying positive data.
    • The price of slver in India on 27 May increased to Rs.48,700 per kg, however, decreased yet again on 28 May at Rs.47,910 per kg. The rise in prices initially was due to riots occurring in the United States of America and rising tensions in the East between China and the U.S. On 29 May, the price of the metal was holding steady at Rs.47,910 per kg with investors awaiting on Washington’s response to the law from China to be imposed on Hong Kong.
    • On 30 April, silver rate in India was Rs.48,560 per kg, increasing by Rs.650 per kg with investors shifting to the bullion market due to increased safe-haven appeal with riots slowing down the possible recovery of the economy and investors shifting away from riskier assets. At the end of the month and the week, the metal crossed the Rs.50,000 per kg market and closed at Rs.50,100 per kg recording an overall monthly incline.

    Trend of Silver Rate in India for April 2020 (rates per kg)

    Parameters Silver price (per kg)
    April 1 Rate Rs.40,500 per kg
    April 30 Rate Rs.41,520 per kg
    Highest Rate in April Rs.42,610 per kg on 27 April
    Lowest Rate in April Rs.40,360 per kg on 6 April
    Overall Performance Incline

    April 2020 - Week 1 (1 - 4):

    • Silver price in India opened the month at Rs.40,500 per kg and remained constant throughout the week. The silver prices were constant in the country as the bullion trading centres were shut due to the 21-day lockdown by the government.
    • Even though there were fluctuations in the price of the silver in the international market due to investors awaiting on the job data from the United States of America and the value of the dollar rising, prices of the silver closed the first week of April at Rs.40,500 per kg.

    April 2020 - Week 2 (5 -11):

    • In India, the silver prices opened the second week of April at Rs.40,500 per kg. There was no change in the prices when compared to the closing price of the previous week. The rates slipped slightly and recorded its lowest price for the month till date. A kilo of the white metal was retailed for Rs.40,360 on the mentioned day. The decline in the prices was accounted to equities gaining given the signs of a slowdown in fresh Covid - 19 cases.
    • The rates remained stagnant the next day before increasing and recording its highest price for the month on 8th April with a kilo costing Rs.41,290. This was accounted to the rising death toll hammering the risk sentiment and investors waiting for the release of the US Federal Reserve policy meeting in order to get an idea about stimulus measures.
    • Silver price dipped the next day by Rs.790 for every kilo before increasing and closing the week at Rs.41,100. The overall performance of the white metal in the country saw an incline in the price.

    April 2020 - Week 3 (12 - 18):

    • In India, the price of silver opened the third week of April at Rs.41,100 per kg. No changes were seen in the prices of the metal when compared to the closing price of the previous week. The price of the metal on 13 April increased to Rs.41,160 per kg and then increased further to Rs.41,310 per kg on 14 April. With increasing fears of the Coronavirus, the price of the metal increased due to safe-haven demand.
    • With its inclining trend, the metal hit its highest price of the month on 15 April at Rs.41,920 per kg and decreased marginally on 16 April to Rs.41,860 per kg. The price of the metal dipped marginally due to the rising value of the dollar. However, the safe-haven demand and the job data from the U.S. kept the losses of silver at bay.
    • On 17 April, the price of the metal increased marginally to Rs.41,900 per kg but on the last day of the week, as President Trump announced measures to reopen the economy, investors shifted back to the stock market resulting in heavy losses for silver. The metal closed the month at Rs.41,210 per kg on 18 April.

    April 2020 - Week 4 (19 - 25)

    • In the country, silver opened the fourth week of April at Rs.41,160 per kg. The rates were down by Rs.50 for every kilo when compared to the previous week’s closing price. The rates climbed to its highest for the month on 21st April with a kilo being retailed for Rs.42,710. The increase in the rates was accounted to dwindling share markets as U.S. crude prices dipped.
    • Over the next two days, the rates of the white metal slipped in the country. This was accounted to a stronger dollar and dash for cash as a historic rout in U.S. crude oil futures overshadowed support from safe haven buying. Investors booking profits from the sharp gains made in the previous session also played a part in the declining prices.
    • The rates increased over the last two days of the penultimate week of April and closed at Rs.42,540 per kg. The overall performance of the white metal saw an incline in the prices.

    April 2020 - Week 5 (26 - 30):

    • In India, the price of silver opened the last week of April at Rs.42,610 per kg on 27 April which was the highest price of the week and the month. The price of the metal dipped soon after hitting its highest of the month and was Rs.42,210 per kg on 28 April. The marginal drop in prices was due to investors taking profits from the higher price of the metal.
    • Silver priced dipped further on 29 April at Rs.41,510 per kg with a rising risk appetite amongst investors as speculations increased about the ease of lockdown restrictions in the United States of America. Due to this, the focus shifted from the bullion market to the stock market.
    • On the last day of the week and the month, the price of the metal was Rs.41,520 per kg increasing by Rs.10 per kg. The minor rise in prices was due to the stimulus packages being released by central banks to combat the effect of COVID-19 on the economy.

    Trend of Silver Rate in India for March 2020 (rates per kg)

    Parameters Silver price (per kg)
    March 1 Rate Rs.47,400 per kg
    March 31 Rate Rs.40,500 per kg
    Highest Rate in March Rs.50,700 per kg on 6 March
    Lowest Rate in March Rs.37,800 per kg on 19 March
    Overall Performance Decline

    March 2020 - Week 1 (01 - 07):

    • Silver prices in India opened the first week of March at Rs.47,400 per kg. The metal showed an inclining trend throughout the week with renewed safe-haven demand for the metal along with increased offset. Silver rate had increased by Rs.1,100 per kg in one day on 2 March at Rs.48,400 per kg. Silver price increased substantially on 4 March after remaining steady on 3 March with investors awaiting on the Fed decision.
    • Silver rate in India increased yet again on 4 March at Rs.50,100 per kg as the metal followed the yellow metal’s suite and trend in the international markets. Silver prices dipped marginally by Rs.200 per kg to Rs.49,900 per kg on 5 March. This was majorly due to decreased offset by industrial coin makers and local demand.
    • On 6 March, the price of silver in India increased substantially at Rs.50,700 per kg increasing by Rs.800 per kg with the fears of the Coronavirus increasing all over the world along with its effect on the economy. Silver had hit its weekly high price on this day, closing the week at Rs.50,500 per kg on 7 March.

    March 2020 - Week 2 (8 - 14):

    • In India, silver prices opened the second week of March at Rs.50,500 per kg. Compared to the previous week’s closing price, the rates of the white metal didn’t see any change. Silver rates in the country dropped to Rs.49,200 per kg the next day as investor sold the bullion to cover margin calls amid plummeting equity and emergency markets.
    • The rates of silver in India increased to Rs.50,000 per kg on 10 March due to hopes for global stimulus measures to cushion the economic impact of the coronavirus impact raised riskier assets and the dollar. Silver prices slipped substantially in the country following that due to increased concerns about the economic impact due to coronavirus after health officials declared it as a pandemic.
    • Silver rate in India closed the second week of March at Rs.44,000 per kg after slipping by Rs.6000 for every kilo in four days. The closing price was the lowest recorded price for the white metal in the month till date. In India, silver witnessed a declining trend in the prices.

    March 2020 - Week 3 (15 - 21):

    • In India, the price of silver opened at Rs.44,000 per kg on 15 March and was priced at Rs.43,200 per kg on 16 March. There was an overall decline in the price of the white metal as most investors shifted from the bullion market to sell off their assets to convert them into cash. The price of silver in the country had dipped to Rs.39,000 per kg on 17 March. Compared to the beginning of the month, the price of the metal had dipped by more than Rs.8,000 per kg.
    • On 18 March, silver rate had increased marginally to Rs.39,300 per kg with limited safe-haven demand helping the gradual incline in prices. However, on 19 March, silver prices fell yet again to hit the lowest in the week and the month at Rs.37,800 per kg. This is the biggest fall in prices the metal had seen since many years.
    • Silver price recovered on 20 March post the European Central Bank taking measures to help the economy and investors with a higher risk appetite shifting to the bullion market, thus raising its prices. The metal on 20 March was priced at Rs.39,900 per kg and closed the week at Rs.40,100 per kg on 21 March.

    March 2020 - Week 4 (22 - 31):

    • Silver rate in India opened at Rs.40,100 per kg on 22nd March. There was no change in the rates of the yellow metal when compared to the closing price of the previous week.
    • After the U.S. Federal Reserve announced unprecedented measures to support an economy which is reeling from the coronavirus pandemic, the rates of silver shot up to Rs.40,700 per kg in the country on 23 March. The increase in the prices was shortlived as the prices declined by Rs.200 for every kilo the next day and was retailed for Rs.40,500.
    • Silver closed the final week of the month at the same price i.e., Rs.40,500 per kg after the rates didn’t see any change following March 24 as the country went into lockdown in a bid to prevent the spread of the deadly virus. The overall performance of the metal witnessed a declining trend in the country.

    Trend of Silver Rate in India for February 2020 (rates per kg)

    Parameters Silver price (per kg)
    February 1 Rate Rs.50,300 per kg
    February 29 Rate Rs.47,400 per kg
    Highest Rate in February Rs.52,900 per kg on 24 February
    Lowest Rate in February Rs.47,400 per kg on 29 February
    Overall Performance Decline
    Comparison for 1 gram Silver Rates for India February'20

    February 2020- Week 1 (1 - 9):

    • In India, the price of silver showed an overall decline through the first week of February. Opening the month at Rs.50,300 per kg, the price of the metal remained steady for the first three days of the week. However, on 4 February, the price of silver dipped marginally to Rs.49,800 per gram as investors awaited on developments on the economic data from the United States of America and China to take a call on further investments.
    • However, as China’s Central Bank cut down the reverse repo rates which released some amount of funds into liquidity, the demand for the metal dipped as investors shifted back to the stock market for their investments. On 5 February, silver rate in Inida was priced at Rs.49,600 per kg which was the lowest price of the metal in the week.
    • The measures taken by China to stabilise their economy was short-lived as the virus outbreak spread further increasing the number of cases and deaths all over the world. Due to this, investors shifted back to the bullion market due to safe-haven appeal. The price of silver in India was hit the Rs.50,000 per kg mark on 7 February and closed the week at Rs.49,900 per kg on 9 February.

    February 2020 - Week 2 (10 - 16):

    • Silver price in India opened the second week of February at Rs.49,900 per kg. Compared to the closing price of the previous week, there was no change in the rates of the white metal.
    • The silver rate in India slipped to Rs.49,500 per kg on 12 February as investors’ risk appetite picked up due to reports of decline in new coronavirus cases. The rates charged on the mentioned date was the lowest recorded price for the month till date.
    • Prices of silver increased gradually in the following days as investors sold equities and sought the safety of the bullion after a jump in the death toll and infections due to coronavirus was witnessed in China. The rates closed the week at Rs.50,000 per kg with the overall performance of silver showing a decline in the prices.

    February 2020 - Week 3 (17 - 23):

    • In India, silver prices opened the third week of February at Rs.50,400 per kg. When compared to the closing price of the previous week, the rate of the white metal had increased by Rs.400 per kg due to various factors, namely the effect of the virus on the global economy.
    • After holding steady on 18 February, the price of silver increased substantially to cross the Rs.51,000 mark to be priced at Rs.51,600 per kg on 19 February, the metal showed positive trends in the global market due to investors shifting to the bullion after stock markets were hit globally because of the Coronavirus.
    • On 20 February, silver price in India showed a further incline to Rs.52,100 per kg increasing by Rs.200 on the next day to Rs.52,300 per kg on 21 February. Silver rise in prices was also supported by increased offset by industries and coin makers in the country. Silver rate in India at the end of the week closed at Rs.52,400 per kg.

    February 2020 - Week 4 (24 to 29):

    • In India, silver prices opened the final week of February at Rs.50,900 per kg, the highest reorded price for the month. The rates of the white metal increased by Rs.500 for every kilogram when compared to the closing price of the previous week.
    • The rates began to drop in the country over the week following that as reports emerged that there was an increase in the number of new coronavirus cases and deaths due to it in countries outside China. The potential impact of coronavirus on global economic growth spurred safe haven buying.
    • Silver rate closed the week as well as the month at Rs.47,400 per kg after declining by Rs.5,500 for every kilogram since the start of the week. The closing price was the lowest recorded price for the white metal in the country over the month of February. The overall performance showed a declining trend in the prices.

    Trend of Silver Rate in India for January 2020 (rates per kg)

    Parameters Silver price (per kg)
    January 1 Rate Rs.50,300 per kg
    January 31 Rate Rs.50,200 per kg
    Highest Rate in January Rs.52,600 per kg on 8 January
    Lowest Rate in January Rs.49,700 per kg on 14 January
    Overall Performance Decline
    Comparison for 1 gram Silver Rates for India January'20

    January 2020- Week 1(01 - 05):

    • Silver rate in India started the first week of January at Rs.50,300 per kg. Compared to the previous week’s closing price, the silver rates witnessed a decrease in prices by Rs.600 per kg. However, the price of the metal increased throughout the week.
    • On 2 January, the price of silver was steady at Rs.50,300 per kg and increased by almost Rs.1,000 per kg to Rs.51,100 per kg on 3 January as the value of the dollar fell against other currencies in the global markets.
    • On 4 January, silver price in India was Rs.51,000 per kg with a marginal decrease by Rs.100 per kg. Silver prices held steady until 5 January and closed the week at the same price.

    January 2020- Week 2(06 - 12):

    • Silver price in India started the second week of January at Rs.52,300 per kg. Compared to the previous week’s closing price, the rates witnessed a decrease in prices by Rs.1,300 per kg. However, the price of silver fluctuated throughout the week with a constant incline and decline in prices.
    • On 8 January, silver rate in India hit its weekly high at Rs.52,600 per kg as investors awaited a decision by the United States of America on Iran’s attack. However, on 9 January, as President Trump refused to take offensive action, the price of silver fell by Rs.1,600 per kg to Rs.51,000 per kg.
    • On 11 January, silver price was Rs.50,600 per kg with a marginal decrease by Rs.500 per kg when compared to 10 January. However, silver prices held steady until 12 January and closed the week at the same price.

    January 2020- Week 3(13 - 19):

    • Silver rate in India opened the third week of January at Rs.50,400 per kg. Compared to the previous week’s closing price, the metal recorded a marginal decline in prices by Rs.200. The price of the white metal fluctuated throughout the week due to the trade deal being signed and geopolitical tensions in the Middle East.
    • On 14 January, silver price in India hit its weekly low at Rs.49,700 per kg as investors shifted to the stock market ahead of the trade deal being signed by China and the United States of America. After holding steady on 15 January and 16 January at Rs.50,000 per kg, the price of silver increased marginally to Rs.50,400 per kg on 17 January.
    • Through the rest of the week, silver prices held steady as investors shifted to the bullion amidst rising tensions in the Middle East as a drone strike killed more than 100 soldiers. Silver closed the month at Rs.50,400 per kg.

    January 2020- Week 4 (20 - 26):

    • The rates of silver started the fourth week of January at Rs.50,700 per kg in India. The rates witnessed a hike of Rs.300 for every kilogram when compared to the previous week’s closing price.
    • Silver prices shot up the next day with every kilogram of silver costing Rs.51,000 in the country with investors seeking refuge in the safe-haven metal. Over the week, the rates didn’t see much change in the prices apart from slipping considerably on 22 January as investors assessed the risk of coronavirus becoming a global epidemic.
    • In India, the price of the white metal closed the week at Rs.51,000 per kg. The overall performance of silver showed an incline in the prices when compared to the rates charged on the first day of the month.

    January 2020- Week 5 (27 - 31):

    • In India, the price of the white metal showed an overall decline through January. In the last week, the price of silver opened at Rs.51,300 per kg and recorded a fluctuating trend throughout the week. This was majorly due to various global factors such as the effect of the Coronavirus, as well as, local demand.
    • Silver prices dipped to a great extent by Rs.500 on 28 January to Rs.50,800 per kg as investors awaited on the rate cut updates by the United States Federal Reserve. Moreover, the United States dollar showed positive signs in the market amidst escalated fears of the virus.
    • After recovering marginally on 29 January at Rs.51,000 per kg as fears of the virus hit the investors making them shift to the bullion market. The white metal fared poorly on 30 January after it dipped to Rs.49,200 per kg. Recording a marginal decline in prices, silver closed the month of January at Rs.50,200 per kg.

    Factors affecting Silver price in India

    There are a lot of factors at play that impact silver prices in India. Even though silver rates have shown a steady increase over the last two decades, the historical trends should not be taken as a benchmark when considering future price volatility. Investment in silver as a commodity has gained steam in the country, and investors need to factor in various variables if they are to make decent profits from silver in the short/long run.

    1. Large investors: The silver market is much smaller than the gold market. As such, large investors or traders can potentially influence silver prices. A point in case here is Warren Buffet buying 130 million troy ounces of silver in 1997 at $4.50/ounce, which impacted market prices.
    2. Oil prices: Mining of silver is an energy-intensive process, and so silver prices are correlated with oil prices, the primary energy source in today’s world. Also, imported silver requires a strong logistics platform backed by consistent oil supply. Volatility in oil prices cause dynamic prices of both gold and silver.
    3. Industrial demand: As India moves towards greater industrialization, the need for silver as an industrial commodity has seen a spike in recent times. This is touted to drive silver prices in the near future and beyond.
    4. Import duties: As silver is primarily imported in India, silver rates are directly affected by the import duty applicable on imports. A higher import duty translates to higher silver prices in India.
    5. US Dollar fluctuation: Silver prices are inversely affected by the USD Index. This means that a strengthening USD can decrease silver rates in India, while a weakening Dollar signals increasing silver prices.
    6. Gold prices: In general, silver prices follow the upward/downward trend of gold closely. If there is a spike in demand for gold leading to increase in its price, silver will follow suit. Similarly, any decrease in gold prices will see a greater decrease in silver prices.
    7. Trade deficits: The greater the amount of imported commodities, the more will be a country’s trade deficit. As the trade deficit increases, the government may take step in to take counteractive steps to curb import of commodities, such as it did in the last couple of years to rein in gold imports.
    8. Inflation: As commodities like gold and silver are preferred choices of customers to hedge their funds in times of financial stress owing to inflation, prices of silver tend to increase when inflation is high.
    9. Large Concentrated Short Position:3 or 4 of the largest silver traders currently hold 90% of all short silver contracts. This sort of concentration of a publicly traded commodity in the hands of few can have significant implications on prices of silver in the short and long run.

    Silver Price History

    Silver is a metal which is ductile, malleable and lustrous. It is considered one of the precious metals having a unique currency code in the market like gold and palladium. Silver, due to its wide range of properties such as being a good conductor of electricity, etc. Has been widely in demand due to its usage in many industrial applications.

    Silver is mainly used in jewellery and silverware in India and it is majorly imported from other countries and the value of the metal has been steady for many years, gradually recovering from its low value. Due to this, silver is among the best stable commodities to invest in due to its stability in prices and as it is considered a safe-haven asset without market dependency.

    Those who wish to invest in silver closely follow its trend in various markets and indexes to understand when to buy the metal, when to hold or when to sell. Apart from local demand, the international trend in prices impacts silver rates in India.

    Silver is traded on the Multi Commodity Exchange and its pricing depends on demand and the production apart from the value of gold and the international market.

    Sterling Silver is a commodity which comprises of 95% silver and 5% copper and is used in electronics, film photography, solar panels and other applications.

    Silver Measurements

    Silver is measured in troy weight and grams. Silver may sell in troy ounces, million ounces, grams, kilograms, tonnes, short tonne, metric tonnes, tolas etc.

    Silver fineness is measured as the percentage of silver in the resulting alloy. For instance, a fineness of 900 implies 90% silver in the final product. Fineness is the parts of silver per 1000 parts. Usually copper is added to silver to produce more durable coins. Silver may also be measured in carats similar to how gold is measured.

    Silver Demand in India

    Silver has the dual usefulness of being a precious metal as well as an industrial metal. World over, silver is primarily traded for its industrial implications, however Indian silver imports are largely for jewelry and silverware. India is among the top 5 silver consumers in the world. About 60% of silver consumption in India is from the rural population who view it as a solid savings commodity.

    India does not produce silver in a significant scale and most of the silver has to be imported from outside the country. Moreover, silver demand has been on the rise in major growing economies like India and China during the past few years. Nascent industries such as medicine, manufacturing etc. are picking up demand for silver, and this may soon translate to higher levels of imports.

    Silver Commodity Trading in India

    Silver as a commodity is traded in three commodity exchanges in India:

    1. Multi Commodity Exchange (MCX).
    2. National Commodity & Derivatives Exchange (NCDEX).
    3. National Multi Commodity Exchange (NMCE).
    MCX

    Silver is traded in 3 contract types:

    Silver Mini (SILVERM)
    • Trading units of 5 kg.
    • Base value of 1 kg.
    • Price quotation: Ex-Ahmedabad.
    • Maximum order size of 600 kg.
    • Daily price limit of 4%.
    • Tick size (minimum price movement) of Re. 1 per kg.
    • Upper limit on positions: 60 MT for all silver contracts combined for individual investors. 300 MT or 15% of market wide open positions for a member collectively investing for all clients.
    • Purity grade 999 and fineness 999.
    Silver Micro (SILVERMIC)
    • Trades from Monday to Friday.
    • Trading units of 1 kg.
    • Base value of 1 kg.
    • Price quotation: Ex-Ahmedabad.
    • Maximum order size of 600 kg.
    • Daily price limit of 4%.
    • Tick size (minimum price movement) of Re. 1 per kg.
    • Upper limit on positions: 60 MT for all silver contracts combined for individual investors. 300 MT or 15% of market wide open positions for a member collectively investing for all clients.
    • Purity grade 999 and fineness 999.
    Silver 1000 (SILVER 1000)
    • Trades from Monday to Friday.
    • Trading units of 5 kg.
    • Base value of 1 kg.
    • Price quotation: Ex-New Delhi.
    • Maximum order size of 600 kg.
    • Daily price limit of 4%.
    • Tick size (minimum price movement) of Re. 1 per kg.
    • Upper limit on positions: 60 MT for all silver contracts combined for individual investors. 300 MT or 15% of market wide open positions for a member collectively investing for all clients.
    • Purity grade 999 and fineness 999.
    NCDEX

    Silver Futures Contract (SILVERHEDG)

    • Trades from Monday to Friday.
    • Trading units of 30 kg.
    • Price quotation: Ex-New Delhi.
    • Maximum order size of 1,500 kg.
    • Daily price limit of 4%.
    • Tick size (minimum price movement) of Re. 1 per kg.
    • Upper limit on positions: 100 MT or 5% of market wide open positions for all silver contracts for clients. 1,000 MT or 20% of market wide open positions for a member collectively investing for all clients.
    • Purity grade 999 and fineness 999.

    FAQs About Silver

    Why is the silver rate increasing?

    The rising market volatility and the weakened currency markets, especially the Dollar, are attributed to the rise in the silver rate.

    Why are silver coins/bars considered a good investment option?

    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.

    Is investing in silver a wise decision in 2020?

    Yes, investing in silver will be a wise decision in 2020 due to a wide range of reasons. Given that the year 2020 began with several geographical and political events already taking place, the dependency on the stock market and equities have been hit to a certain extent. Most investors, after the World Health Organisation declared COVID-19 as a pandemic affecting more than 9 million people, have shifted away from the equities market and are focused towards the bullion.

    Silver has been recovering from all-time lows from the past few years and with the dependency on the bullion increasing, the value of the metal has been showcasing a constant inclining trend in the market. Recently, the white metal has hit high prices in the market with the value of the dollar fluctuating and the rise in COVID-19 cases all over the world.

    There are many factors which play a role in the value of silver in the bullion market. With the economy struggling, constant stimulus packages have been disbursed by the central banks of various countries which has boosted the value of silver in the market. Apart from this, the trend of the metal since the beginning of January till now has been on an overall incline. Even with fluctuations in prices depending on international trends, the value of silver stays strong as with its value, it can offer investors a good investment opportunity and diversify investments portfolios.

    How much is one gram of silver worth?

    According to the current market rates, silver is priced at Rs.41.50 per gram. (as on 16 July 2019)

    How much does one troy ounce of silver cost?

    One troy ounce of silver (approximately 31 grams) is worth Rs.1,290.79 approximately. (as on 9 March 2018)

    How much is one kilogram of silver worth?

    A kilogram of silver (in the form of a silver bar) costs Rs.41,500 at current market rates. (as on 16 July 2019)

    Where can I buy silver bars in India?

    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.

    What are the advantages of buying silver coins from a bank?

    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.

    What is the best silver bullion to buy?

    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.

    What is hallmarking?

    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.

    What are the benefits of buying hallmarked bullion?

    Buying hallmarked bullion assures the customer that the article being bought is genuine and is of a specific purity and grade.

    What should one look for in a hallmarked silver article?

    A hallmarked silver article will contain the following:

    • A BIS hallmark on the surface of the article
    • A purity grade (ranging from 999.9 to 999 for fine silver).
    • Jeweller’s identification mark
    • Year of marking
    • Hallmarking centre’s identification mark (logos as displayed on the BIS website)

    What are some tips on buying silver?

    • Start small, especially if you’re buying from a dealer.
    • Shop around to find the best rate if you’re buying coins as most dealers will charge a premium over spot price. Find a dealer who charges the lowest price.
    • Always do your research before buying to ensure you’re not being defrauded.
    • If you’re looking to buy and keep, invest in bullion such as silver bars instead of coins, whose value fluctuates depending on its demand from time to time.

    Is investing in silver stocks a better idea than investing in the metal?

    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.

    How liquid is bulk silver and will the dealer buy it back from me?

    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.

    When is the best time to buy silver?

    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.

    Will the bank levy a charge or premium if I buy silver from them?

    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.

    Will I have to pay tax on my silver purchase?

    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).

    Where can I sell my silver bullion in India?

    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.

    What are the advantages of investing in silver?

    • In times of economic upheaval, bullion in the form of gold and silver appreciates in price as they assure guaranteed returns on selling.
    • Silver is set to appreciate in value, making it a good investment choice.
    • Silver is cheaper to invest in than gold, enabling all individuals to safeguard their wealth by investing in it.
    • Silver has greater value as it is used in industry for a number of purposes, making it more valuable than gold.
    • Silver reserves are nearly exhausted as the metal has not been mined in decades, creating a ‘silver deficit’ and driving up its value and price.

    Read more on Silver

    Read Silver Rate India news or Enjoy it on the go Google Play

    • Silver futures in India falls by 5% tracking global cues

      Silver futures in India dipped by 5% due to the global trends of the metal as the dollar value recovered against other currencies in the market. The higher risk appetite amongst investors due to a stronger dollar value prompted them to shift towards equities and to book profits on their bullion investments.

      On the Multi Commodity Exchange, the silver futures for September delivery dipped by Rs.3,774 to Rs.71,620 per kg compared to its previous closing at Rs.75,394 per kg. The average price of monthly silver contracts on the MCX dipped to Rs.73,143 from Rs.75,2020.

      Gold futures in India also fell by 2.05% to Rs.53,820, recording a decline of more than Rs.1,000 at Rs.1,126. Silver prices in the international market dropped by 3.5% to $28.13 per ounce.

      12 August 2020

    • Silver futures prices increase in India on 11 August 2020

      Tracking prices in the international markets, silver rates in India fell on 11 August 2020. Silver futures prices on MCX reduced by 1% and are at Rs.74,700 for a kg. In the last session, the prices of silver increased by almost 2%. In the international markets, silver prices fell by 1.2% and were at $28.81 for an ounce. Like silver, gold prices also reduced in India. Gold rates have fallen twice over the last three days. Gold futures prices for October fell by 0.63% and are at Rs.54,600 per 10 grams. Last week, gold rates hit record highs and were at Rs.56,191 for 10 grams in the country. Gold prices in the international markets due to a strong dollar. However, there were no major losses due to the tensions between China and the US and the increase in the number of coronavirus cases. The prices of gold in India are inclusive of 3% GST and 12.5% import duty.

      11 August 2020

    • Gold rates increase to Rs.55,350 and silver settles at Rs.73,500

      On Friday, gold prices increased from Rs.54,700 to Rs.55,350 per 10 gram. Silver had jumped from Rs.71,500 to Rs.73,500 per kg. In the city of New Delhi, the rate of 22-carat gold had increased to Rs.54,150 per 10 gram, and in Chennai to Rs.53,510. In Mumbai, the price had been Rs.53,800. The rate of 24-carat gold in Chennai had been Rs.58,320. On the MCX, the gold futures for August had increased 1.36% to Rs.55,845 per 10 gram. The September silver future had been Rs.76,052 per kg.

      10 August 2020

    • Silver rates cross the Rs.72,000 per kg mark to hit new record highs

      Silver futures in the country crossed the Rs.72,000 per kg mark at rs.72,700 per kg to hit a new all-time high on 5 August 2020. With the metal tracking a positive trend in the international market, silver rate showed a consistent rise in the domestic market.

      On the Multi Commodity Exchange, silver futures increased by Rs.3,053 to hit Rs.72,850 per kg during the session for September delivery. Compared to its previous session, the metal had increased by 3.57% and was priced at Rs.72,287 per kg.

      The opening price of silver was Rs.69,225 per kg on 5 August excluding GST. Gold futures also hit an all-time high at Rs.55,039 per 10 grams after the spot gold prices in the international market crossed the $2,000 per ounce mark. This was mainly due to a weak U.S. dollar and stimulus measures being released to tackle COVID-19 and its effect on the global economy.

      7 August 2020

    • Silver prices increase by 10% over the last three days in India

      Silver futures prices for the month of September increased by 1% and are at Rs.72,600 for a kg. In the last session, silver prices increased by 3.2% for a kg. In the international markets, the prices of silver reduced by 0.4% and were at $26.91 for an ounce. A weak US dollar and the stimulus measures introduced by central banks and governments have ensured that the prices of silver increased. Like silver, the prices of gold increased in India as well. Gold futures prices for the month of October increased by 0.35% and are at Rs.55,290 for 10 grams. In the previous session, gold prices increased by more than 1%. A weak US dollar ensures that gold prices are expensive for other currency holders. In the case of currency debasement and inflation, gold is considered as a safe haven. Gold prices in the country are inclusive of 12.5% import duty and 3% GST.

      6 August 2020

    • Gold prices show an incline of Rs.185; silver prices increase by Rs.1,672

      Gold prices in the National Capital Region increased to Rs.54,678 per 10 grams, rising by Rs.185 due to the depreciation of the rupee against the dollar. The previous closing price of the yellow metal was Rs.54,493 per 10 grams.

      Similarly, silver prices also increased by Rs.1,672 to Rs.66,742 per kg due to rupee depreciation. The rupee plunged 20 paise and had settled below the level of 75 per U.S. dollar on 3 August 2020. The negative trend in domestic equities also affected its price.

      In the international market, gold was trading lower at $1,973 per ounce and the value of silver was trading flat at $24.30 per ounce.

      4 August 2020

    • Silver prices at Rs.65,717 for a kg in India on 3 August 2020

      Silver prices on MCX in India increased by Rs.663.74 per kg or 1.01% and are at Rs.65,717 for a kg on 3 August 2020. In the international markets, silver prices reduced by 0.54% and were at $24.30 for an ounce. Spot gold prices in the country increased as well. Over the course of the week, gold prices have increased by 1.33%. Spot gold prices increased by 0.02% and are at Rs.53,510 per kg. In the international markets, the prices of gold reduced by 0.12%. Spot gold prices in the global markets are at $1,973.50 for an ounce. Prices of gold in India changed by Rs.5.36 and are at Rs.53,575 for 10 grams. In case of any inflation or currency debasement, investors move towards gold. Since yesterday, the conversion rate of the rupee to the dollar has been the same. Gold prices in India are inclusive of 3% GST and 12.5% import duty.

      3 August 2020

    • Silver rate fall to Rs.63,000 per kg

      The price of the white metal fell to Rs.63,000 per kg on Friday. On the Multi Commodity Exchange (MCX) Silver September futures came down to Rs.62,507 per kilogram. Gold rates however witnessed an increase. The price of the yellow metal jumped to Rs.53,000 for every 10 grams. On MCX, August gold futures fell to Rs.52,973 per 10 grams after a drop of 0.40 percent. It must be noted here that MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval after it received approval of SEBI.

      31 July 2020

    • Gold and silver record a substantial incline in prices

      On 29 July, gold and silver prices showed an incline of 0.97%and 0.18% respectively. On the Multi Commodity Exchange, gold futures increased to hit its record high at Rs.52,731 per 10 grams. Similarly, silver futures on the MCX also increased to Rs.65,123 per kg. Silver prices had previous hit record highs at Rs.67,560 per kg. However, profit booking by investors capped the gains of the bullion market.

      However, in the international market, gold prices showed a marginal decline after showing an inclining trend. Spot gold dropped by 0.14% to $1,956.8 per ounce. Silver prices, on the other hand, showed an incline by 0.15% at $2

      According to sources, spot gold has a target price of $3,000 per ounce by the end of 2021 and that would be Rs.83,000 per 10 grams in the Indian market.

      30 July 2020

    • Silver rates slipped on Thursday

      Silver September futures fell by Rs.294 on Thursday. The drop in the rates saw the white metal trade at Rs.65,060 per kg. The rates had hit a lifetime high of Rs.67,560 per kg, the previous week. In the international market, silver rates declined by 0.9% and dropped to $24.20 per ounce.

      The rates of gold also declined in the country on Thursday due to profit booking. On the Multi Commodity Exchange (MCX), Gold August futures were down by Rs.19 and was trading at Rs.53,020 for every 10 grams. In the global market, Comex gold increased by 0.21% and was trading at $1,957 per ounce. US gold futures also increased by 0.3% to cost $1,959.20. Spot gold futures were down by 0.3% to cost $1,964.70 per ounce.

      30 July 2020

    • For more related news /update on silver price visit: Silver News

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