Silver Price in India Today

Today's Silver price in India :

  • 1 gram silver price is 47.00 Indian Rupee
  • 1 kg silver price is 47,000 Indian Rupee
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  • Silver Price In Indian Cities
    City Silver (1 gram) Bar Silver (1 Kg)
    AGRA ₹ 47.4 ₹ 47,400
    AHMEDABAD ₹ 47.4 ₹ 47,400
    ALIGARH ₹ 47.4 ₹ 47,400
    ALLAHABAD ₹ 47.4 ₹ 47,400
    AMBALA ₹ 47.4 ₹ 47,400
    AMRAVATI ₹ 47.4 ₹ 47,400
    AURANGABAD ₹ 47.4 ₹ 47,400
    BANGALORE ₹ 47.4 ₹ 47,400
    BAREILLY ₹ 47.4 ₹ 47,400
    BELGAUM ₹ 47.4 ₹ 47,400
    BELLARY ₹ 47.4 ₹ 47,400
    BHILAI ₹ 47.4 ₹ 47,400
    BHOPAL ₹ 47.4 ₹ 47,400
    BHUBANESHWAR ₹ 47.4 ₹ 47,400
    CHANDIGARH ₹ 47.4 ₹ 47,400
    CHENNAI ₹ 47.4 ₹ 47,400
    COIMBATORE ₹ 47.4 ₹ 47,400
    CUTTACK ₹ 47.4 ₹ 47,400
    DEHRADUN ₹ 47.4 ₹ 47,400
    DELHI ₹ 47.4 ₹ 47,400
    DINDIGUL ₹ 47.4 ₹ 47,400
    ERODE ₹ 47.4 ₹ 47,400
    FARIDABAD ₹ 47.4 ₹ 47,400
    GHAZIABAD ₹ 47.4 ₹ 47,400
    GULBARGA ₹ 47.4 ₹ 47,400
    GUNTUR ₹ 47.4 ₹ 47,400
    GURGAON ₹ 47.4 ₹ 47,400
    GUWAHATI ₹ 47.4 ₹ 47,400
    HALDWANI ₹ 47.4 ₹ 47,400
    HISAR ₹ 47.4 ₹ 47,400
    HOSUR ₹ 47.4 ₹ 47,400
    HYDERABAD ₹ 47.4 ₹ 47,400
    INDORE ₹ 47.4 ₹ 47,400
    JABALPUR ₹ 47.4 ₹ 47,400
    JAIPUR ₹ 47.4 ₹ 47,400
    JALGAON ₹ 47.4 ₹ 47,400
    JAMMU ₹ 47.4 ₹ 47,400
    JAMNAGAR ₹ 47.4 ₹ 47,400
    JAMSHEDPUR ₹ 47.4 ₹ 47,400
    JODHPUR ₹ 47.4 ₹ 47,400
    KAKINADA ₹ 47.4 ₹ 47,400
    KANNUR ₹ 47.4 ₹ 47,400
    KANPUR ₹ 47.4 ₹ 47,400
    KARNAL ₹ 47.4 ₹ 47,400
    KARUR ₹ 47.4 ₹ 47,400
    KOCHI ₹ 47.4 ₹ 47,400
    KOLHAPUR ₹ 47.4 ₹ 47,400
    KOLKATA ₹ 47.4 ₹ 47,400
    KOTA ₹ 47.4 ₹ 47,400
    KOZHIKODE ₹ 47.4 ₹ 47,400
    KURNOOL ₹ 47.4 ₹ 47,400
    LUCKNOW ₹ 47.4 ₹ 47,400
    LUDHIANA ₹ 47.4 ₹ 47,400
    MADURAI ₹ 47.4 ₹ 47,400
    MALAPPURAM ₹ 47.4 ₹ 47,400
    MANGALORE ₹ 47.4 ₹ 47,400
    MEERUT ₹ 47.4 ₹ 47,400
    MUMBAI ₹ 47.4 ₹ 47,400
    MYSORE ₹ 47.4 ₹ 47,400
    NAGERCOIL ₹ 47.4 ₹ 47,400
    NAGPUR ₹ 47.4 ₹ 47,400
    NANDED ₹ 47.4 ₹ 47,400
    NASIK ₹ 47.4 ₹ 47,400
    NELLORE ₹ 47.4 ₹ 47,400
    NOIDA ₹ 47.4 ₹ 47,400
    PANAJI ₹ 47.4 ₹ 47,400
    PATNA ₹ 47.4 ₹ 47,400
    PONDICHERRY ₹ 47.4 ₹ 47,400
    PRODDATUR ₹ 47.4 ₹ 47,400
    PUNE ₹ 47.4 ₹ 47,400
    RAIPUR ₹ 47.4 ₹ 47,400
    RAJAHMUNDRY ₹ 47.4 ₹ 47,400
    RAJKOT ₹ 47.4 ₹ 47,400
    RANCHI ₹ 47.4 ₹ 47,400
    RATLAM ₹ 47.4 ₹ 47,400
    SALEM ₹ 47.4 ₹ 47,400
    SANGLI ₹ 47.4 ₹ 47,400
    SHIMLA ₹ 47.4 ₹ 47,400
    SHIMOGA ₹ 47.4 ₹ 47,400
    SILIGURI ₹ 47.4 ₹ 47,400
    SOLAPUR ₹ 47.4 ₹ 47,400
    SRINAGAR ₹ 47.4 ₹ 47,400
    SURAT ₹ 47.4 ₹ 47,400
    THANE ₹ 47.4 ₹ 47,400
    THANJAVUR ₹ 47.4 ₹ 47,400
    THIRUVANANTHAPURAM ₹ 47.4 ₹ 47,400
    THRISSUR ₹ 47.4 ₹ 47,400
    TIRUCHIRAPALLI ₹ 47.4 ₹ 47,400
    TIRUNELVELI ₹ 47.4 ₹ 47,400
    TUTICORIN ₹ 47.4 ₹ 47,400
    UDAIPUR ₹ 47.4 ₹ 47,400
    UDUPI ₹ 47.4 ₹ 47,400
    VADODARA ₹ 47.4 ₹ 47,400
    VARANASI ₹ 47.4 ₹ 47,400
    VELLORE ₹ 47.4 ₹ 47,400
    VIJAYAWADA ₹ 47.4 ₹ 47,400
    VISAKHAPATNAM ₹ 47.4 ₹ 47,400
    WARANGAL ₹ 47.4 ₹ 47,400

    *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 November 2019 (rates per kg)

    Parameters Silver price (per kg)
    November 1 Rate Rs.50,500 per kg
    November 30 Rate Rs.48,100 per kg
    Highest Rate in November Rs.50,700 per kg on 2 and 3 November
    Lowest Rate in November Rs.47,200 per kg on 9 and 10 November
    Overall Performance Decline
    Comparison for 1 gram Silver Rates for India November'19

    November 2019- Week 1 (01-03):

    • Silver rate in India on 1st November was at Rs.50,000 per kg due to positive demand from industries and coin makers. Apart from this, speculations from investors on the trade talks and another rate cut resulted in the increase in price of the metal.
    • However, the silver price in India decreased by Rs.200 per kg as the value of the dollar increased in the market. Due to this, investors shifted their focus from the bullion to the market.
    • On 3 November, the silver rate in India closed the week at Rs.50,300 per kg.

    November 2019- Week 2 (04-08):

    • Silver price in India opened the second week of the month at Rs.50,500 per kg with a slight decrease of Rs.200 compared to the previous week’s closing. This was due to a strong value of the dollar and the markets recovering from the rate cut.
    • On 5 November, the price of gold decreased to Rs.50,300 per kg and as the trade talk optimism increased, gold prices plummeted. On 6 November, gold was priced at Rs.49,100 per kg which was a decline by Rs.1,200 per kg due to increased risk appetite.
    • After increasing marginally on 7 November to Rs.49,400 per kg as the ‘phase one’ of the deal was not fixed, investors temporarily shifted to the bullion. However, as the value of the dollar increased and due to renewed optimism in the trade talks, the price of gold plummeted to Rs.47,800 per kg on 8 November.

    November 2019- Week 3 (09-17):

    • Silver prices in India opened the third week of November at Rs.47,200 per kg. This was the lowest recorded price of the metal for the month till date. There was a drop of Rs.600 per kg from the previous week’s closing price.
    • The rates increased in the following days due to optimism regarding the trade talks between the United States and China. The price of silver went up to Rs.48,300 per kg on 14 November.
    • However, with no clear signs of a trade deal between the countries, investors shifted to the bullion. Silver prices in the country closed the week at Rs.48,000 per kg.

    November 2019- Week 4 (18 - 24):

    • Silver prices in India opened the fourth week of November at Rs.47,800 per kg. Compared to the previous week’s closing, the metal’s price had dipped by Rs.1,000 per kg. This was majorly due to the investors shifting back to the stock market due to renewed hopes on the trade deal.
    • The rate of the metal fluctuated in the following days increasing to Rs.48,500 per kg on 20 November due to trade deal hopes were botched yet again as United States President Donald Trump threatened to increase the import tariff if a deal was not reached.
    • Silver prices on 23 November dipped to Rs.48,100 per kg behind a strong rupee due to positive U.S. jobs data which removed any speculation of another rate cut by the Federal Reserve. The metal closed the week at Rs.48,100 per kg.

    November 2019- Week 5 (25 - 30):

    • Silver prices in the country opened the fifth week of November at Rs.47,900 per kg. Compared to the previous day’s closing price, the rates of silver declined by Rs.200 per kg.
    • The rates of silver declined further the next day as traders awaited further developments in the trade negotiations between Washington and Beijing.
    • Silver prices continued to fluctuate in the next couple of days and closed the week at Rs.48,100 per kg as China warned the US of firm counter measures regarding US legislation backing the anti-government protests in Hong Kong.

    Trend of Silver Rate in India for October 2019 (rates per kg)

    Parameters Silver price (per kg)
    October 1 Rate Rs.47,400 per kg
    October 31 Rate Rs.50,000 per kg
    Highest Rate in October Rs.50,300 per kg on 28 October
    Lowest Rate in October Rs.47,400 per kg on 1 October
    Overall Performance Incline
    Comparison for 1 gram Silver Rates for India October'19

    October 2019- Week 1 (1-6):

    • Silver price in India fluctuated marginally due to conflicting cues and a resurgent dollar rate after opening at Rs.47,400 per kg.
    • Industrial demand rose as equity markets remained unsteady, with the silver price in India rising to Rs.48,200 per kg on 2 October despite high import costs due to the steady dollar rate.
    • Silver price in India surged to Rs.49,400 per kg on 3 October on renewed economic slowdown fears but local demand dropped as the week progressed, with silver ending the week lower at Rs.49,100 per kg.

    October 2019- Week 2 (7-13):

    • Silver rate in India opened the month of October at a low of Rs.47,400 per kg due to an increasing dollar rate. However, due to increased demands in the second week of the month, the price increased.
    • On 10 October, the silver price in India increased to a great extent to Rs.49,900 per kg with an increase in industrial demand and an unsteady equity market.
    • Due to fresh concerns about the global economic slowdown, the price of tsilver decreased soon after hitting weekly highs and closed the week at Rs.49,100 per kg on 13 October.

    October 2019- Week 3 (14-20):

    • Silver rate in India opened at Rs.49,100 per kg due to renewed optimism in the trade talks between the United States of America and China. However, the precious metal hit its weekly high on 15 October at Rs.49,800 per kg.
    • However, silver prices in India dipped drastically to Rs.48,800 per kg on 17 October due to decreased industrial demand and reduced offtake from coin makers.
    • Due to fluctuating global trends, the silver rate in India increased to Rs.49,300 per kg on 18 October as investor concerns rose due to uncertainties on Brexit and the trade talks. Silver closed the week at Rs.49,200 per kg on 20 October as the metal traded flat.

    October 2019- Week 4 (21-27):

    • Silver rate in India opened the week at Rs.49,200 per kg due to renewed optimism in the trade talks between the United States of America and China and awaiting a decision on Brexit. However, the precious metal decreased marginally to Rs.49,100 per kg on 22 October.
    • The price of silver in India kept steady at Rs.49,100 per kg from 22 October to 25 October due to reduced offtake by coin makers and industries.
    • However, due to weak economic data from the United States of America, a possible rate cut by the United States Federal Reserve increased silver prices in India crossing the Rs.50,000 per kg mark to be priced at Rs.50,400 per kg on 26 October, closing the week at the same price.

    October 2019- Week 5 (28-31):

    • Opening at a week high of Rs.50,300 per kg on 28 October, silver rate in India showed positive cues in the country due to increased offtake from industries and coin makers.
    • However, on 29 October and 30 October, the price of silver decreased to Rs.49,700 per kg as investors shifted to the markets as the value of the dollar increased due to positive cues in the trade talks.
    • On the last day of the month, silver price in India managed to hit the Rs.50,000 per kg mark as the United States Federal Reserve announced a rate cut of 1%. This resulted in a decrease in the value of the dollar against other currencies.

    Trend of Silver Rate in India for September 2019 (rates per kg)

    Parameters Silver price (per kg)
    September 1 Rate Rs.44,100 per kg
    September 30 Rate Rs.51,600 per kg
    Highest Rate in September Rs.52,200 per kg on 29 September
    Lowest Rate in September Rs.44,100 per kg on 1 September
    Overall Performance Incline
    Percentage Change 17%
    Comparison for 1 gram Silver Rates for India September'19

    September 2019- Week 1 (1-8):

    • Silver rate in India opened unchanged at Rs.51,600 per kg before prices rose steadily on an increase in industrial offtake, trading at Rs.52,400 per kg on 3 September.
    • Demand soared to Rs.55,200 per kg on 4 September as local and overseas offtake increased on a weak dollar and economic uncertainty fears.
    • A drop in retail demand and a strengthening dollar dampened demand for silver as the metal could not sustain orders, falling to Rs.51,300 per kg when the week ended on 8 September.

    September 2019- Week 2 (9-15):

    • Weak industrial offtake and a rising dollar rate dented silver rate in India, though the metal opened at a relatively stable Rs.51,000 per kg on 9 September.
    • A shift to equities and falling demand from local coin makers resulted in prices dropping to Rs.50,800 per kg on 12 September.
    • Trade talks between the U.S. and China bolstered equity demand and a risky appetite among investors, who reduced bullion offtake as silver fell to Rs.48,700 per kg on 14 and 15 September.

    September 2019- Week 3 (16-22):

    • Weak industrial offtake and a rising dollar rate dented silver rate in India, though the metal opened at a relatively stable Rs.50,400 per kg on 16 September.
    • A shift to equities and falling demand from local coin makers resulted in prices dropping to Rs.49,700 per kg on 19 September.
    • Trade talks between the U.S. and China bolstered equity demand and a risky appetite among investors, but steady industrial demand saw prices rise to to Rs.50,300 per kg on 22 September.

    September 2019- Week 4 (23-30):

    • Silver rate in India continued to rise on steady industrial demand, trading at Rs.50,100 per kg on 26 September as overseas cues also boosted local silver offtake.
    • Silver price in India climbed to Rs.52,200 per kg on 29 September as poor economic figures and interest rate cuts by central banks renewed recession fears.
    • A recovery by the dollar and a resolution to the Sino-U.S. trade war bolstered equities as prices dropped marginally to Rs.51,600 per kg on 30 September.

    Trend of Silver Rate in India for August 2019 (rates per kg)

    Parameters Silver price (per kg)
    August 1 Rate Rs.44,100 per kg
    August 31 Rate Rs.51,600 per kg
    Highest Rate in August Rs.52,200 per kg on 29 August
    Lowest Rate in August Rs.44,100 per kg on 1 August
    Overall Performance Incline
    Percentage Change 17%
    Comparison for 1 gram Silver Rates for India August'19

    August 2019- Week 1 (1-11):

    • Fluctuations in the dollar rate failed to impact silver price in India, with the metal opening the month at Rs.44,100 per kg on steady industrial demand.
    • While retail sales were sluggish, interest from coin makers and overseas propped up demand as silver price in India rose to Rs.44,500 per kg on 4 August before surging to Rs.45,800 per kg on 5 August.
    • Rising geopolitical tensions fuelled higher demand for bullion, as the industrial silver rate in India jumped to Rs.47,900 per kg on 8 August before settling at Rs.47,300 per kg on 11 August.

    August 2019- Week 2 (12-18):

    • Fluctuations in the dollar rate failed to impact silver price in India, with the metal opening the month at Rs.44,100 per kg on steady industrial demand.
    • While retail sales were sluggish, interest from coin makers and overseas propped up demand as silver rose to Rs.44,500 per kg on 4 August before surging to Rs.45,800 per kg on 5 August.
    • Rising geopolitical tensions fuelled higher demand for bullion, as the industrial metal jumped to Rs.47,900 per kg on 8 August before settling at Rs.47,300 per kg on 11 August.

    August 2019- Week 3 (19-25):

    • Echoing trends seen across the globe, silver price in India rose steadily during the week on increased industrial demand after opening the week at Rs.47,800 per kg.
    • Prices dipped briefly to Rs.47,700 per kg on 20 August before rebounding on a surge in coin maker and industrial orders despite a weak rupee making imports more expensive.
    • Silver rose to Rs.48,300 per kg on 23 August as investors also looked to the metal’s safe-haven appeal due to market uncertainty, which boosted the price to Rs.49,200 per kg on 25 August.

    August 2019- Week 4 (26-31):

    • Silver rate in India continued to rise on steady industrial demand, trading at Rs.50,100 per kg on 26 August as overseas cues also boosted local silver offtake.
    • Prices climbed to Rs.52,200 per kg on 29 August as poor economic figures and interest rate cuts by central banks renewed recession fears.
    • A recovery by the dollar and a resolution to the Sino-U.S. trade war bolstered equities as prices dropped marginally to Rs.51,600 per kg on 31 August.

    Trend of Silver Rate in India for July 2019 (rates per kg)

    Parameters Silver price (per kg)
    July 1 Rate Rs.40,500 per kg
    July 31 Rate Rs.44,800 per kg
    Highest Rate in July Rs.44,900 per kg on 25 July
    Lowest Rate in July Rs.40,400 per kg on 2 July
    Overall Performance Incline
    Percentage Change 10.6%
    Comparison for 1 gram Silver Rates for India July'19

    July 2019- Week 1 (1-7):

    • There was a marginal incline in silver price in India due to fluctuating overseas demand, with the metal opening lower at Rs.40,500 per kg on reduced overseas offtake.
    • Prices slipped to Rs.40,400 per kg on 2 July as a strong dollar led to a reduction in local industrial orders, though prices climbed to Rs.40,700 per kg on 4 July.
    • Silver rate in India dropped to Rs.40,500 per kg on 5 July as the dollar recovered after positive U.S. jobs data, though the economic impact of escalating U.S.-Iran tensions increased offtake as the metal closed the week at Rs.40,600 per kg.

    July 2019- Week 2 (8-14):

    • Silver price in India saw a steady rise after opening marginally higher at Rs.40,800 per kg on 8 July.
    • A rise in industrial demand and a weak dollar rate resulted in prices climbing to Rs.41,000 per kg on 9 July though fluctuations in overseas offtake saw prices dip to Rs.40,900 per kg on 10 July.
    • Despite positive U.S. jobs data and a recovering U.S. dollar rate, silver rate in India rose to Rs.41,300 per kg on 11 July, with the industrial metal ending the week at the same price.

    July 2019- Week 3 (15-21):

    • There was a sharp rise in silver rate in India with the metal trading at Rs.41,200 per kg on 15 July before steadily rising on growing industrial and retail offtake.
    • Silver price in India jumped to Rs.42,400 per kg on 17 July after disappointing U.S. employment data bolstered bullion offtake.
    • Prices surged to Rs.44,500 per kg on 19 July after fresh U.S.-Iran tensions, with prices falling marginally as the week ended to Rs.44,000 per kg.

    July 2019- Week 4 (22-28):

    • Silver rates in India opened the week higher at Rs.44,400 per kg on increased industrial offtake, though a steady rise in the dollar capped local gains.
    • Prices rose to Rs.44,800 per kg on 24 July as weak Eurozone data bolstered bullion demand, though local demand fell marginally due to the high import cost.
    • There was a slight drop in price for the remainder of the week as overseas interest waned, resulting in the metal trading lower at Rs.44,600 per kg when the week ended on 28 July.

    July 2019- Week 5 (29-31):

    • Silver opened the week at Rs.40,600 per kg on 29 July, continuing to trade steadily on increased industrial and coin maker demand.
    • The rise of political uncertainty and a depreciating rupee offset each other as the industrial metal enjoyed continued high demand.
    • Prices rose to Rs.44,800 per kg on 31 July as increased market volatility and sharp fluctuations in crude prices rattled investors.

    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 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 2019?

    Silver, being a volatile investment is expected to show bullish characteristics after its long period of sluggishness in the previous year with predictions tending to assist an effective run during 2019. Silver prices are expected to rise substantially with the US Federal Reserve planning to raise the number of interest rates hikes yet again. Hence, investing in silver before the rise in silver rates can be a good option in 2019.

    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.

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    • Gold and silver prices drop in India despite rising in the international markets 

      The prices of gold and silver dropped despite rising in the international markets. The gold prices in Delhi stood at Rs.37,100 for 10 grams of 22 carats and Rs.38,100 for 10 grams of 24 carats.

       

      Gold rates in Hyderabad stood at Rs.36,120 for 10 grams of 22 carat declining by Rs.190. The price of 10 grams of 24 carats of gold was Rs.39,530 increasing by Rs.290.

       

      The price of silver stood at Rs.47,500 per kg throughout the country.

       

       The prices of gold in Amravati, Visakhapatnam, and Vijaywada stood at Rs.36,120 and Rs.39,530 of 10 gm of 22 carat gold and 10 gm of 24 carat respectively.

      The international prices of gold hit an all-time high last week due to uncertainties in the trade talks between U.S.A and China. Gold prices rose to $1,484 per ounce.

       

      9 December 2019

    • Silver futures prices decline on 9 December 2019

      Prices of silver decreased on 9 December 2019. Silver futures prices on MCX reduced by 0.20% and hit Rs.43,465 for a kg. In the international market, the prices of silver increased by 0.1% and hit $16.58 for an ounce.

      In the previous session, the prices of silver hit its lowest since early August. The prices of gold in India reduced for the fourth consecutive day. The main reason for the reduction in prices was the low demand in the international market. Gold futures prices for February decreased by 0.30% and hit Rs.37,597 for 10 grams. Following the latest reduction, the prices of gold have reduced by almost Rs.2,400 for 10 grams after hitting record highs of Rs.40,000 for 10 grams in September. According to a report from Reuters, demand for gold in India has been low despite the reduction in prices. The value of the rupee against the dollar also played a role in the reduction of prices. The value of the rupee increased to Rs.71.15 against the dollar. In the international market, the prices of gold increased by 0.1% and were trading at $1,460.40 for an ounce. The Federal Reserve meeting which is scheduled next month will be closely watched by gold traders. According to several analysts, the rates are expected to be kept steady by the US Central Bank. The interest rates have been reduced three times so far this year.

      9 December 2019

    • Silver prices decrease by 1.61% on 5 December 2019

      Prices of silver reduced by Rs.720 on 5 December 2019 and hit Rs.43,980 for a kg. The main reason for the drop in silver prices was a strong rupee and the positive trade talks between China and the US.

      Currently, the ratio of gold and silver is at 86.81 to 1. The number suggests the amount of silver that would be required to buy an ounce of gold. According to a Technical Analyst at Motilal Oswal, Jigar Dharamshi, the ratio has gone past its key resistance of 86.75 and could rally towards 89.75-91. He further added that there is strong support for the ratio to be in the 85.10-84.50 zone and the bias looks positive. Gold prices also reduced by Rs.157 on 5 December 2019 and hit Rs.38,181 for 10 grams. The prices for 10 grams of 22-carat, 24-carat, and 18-carat gold in Mumbai are at Rs.34,974, Rs.38,181, Rs.28,636 plus 3% GST. According to Axis Securities, even though the prices of gold are trading near the support level, they are expected to fall. They further added that any reduction in prices below the Rs.38,000 levels could lead to prices fall towards Rs.37,850/Rs.37,750. Gold futures prices for February reduced by 0.16% on MCX and were trading at Rs.38,033 for 10 grams. Gold futures prices for April reduced by Rs.58 and were trading at Rs.38,070 for 10 grams. Gold prices in the international market increased by $0.95 and were trading at $1,480.75. 

      6 December 2019

    • Prices of silver decrease by Rs.168 on 6 December 2019

      On 6 December 2019, silver futures prices decreased by Rs.168 and hit Rs.44,442 for a kg. The main reason for the fall in prices was the weak global trend.

      Silver contracts for the month of December on MCX also fell by Rs.168 and hit Rs.44,442 for a kg. The business turnover was 2,091 lots. In the global market, the prices of silver reduced by 0.43% and $16.99 for an ounce. According to various traders, the reduction in the prices of silver was due to the weak trend of precious metals in the global market. The prices of gold also reduced by Rs.111 on 6 December 2019 and hit Rs.37,974 for 10 grams. Similar to silver, the prices of gold also reduced due to a weak trend in the international market. On MCX, gold futures prices for the month of February decreased by 0.29% and hit Rs.37,974 for 10 grams. Gold futures prices for the month of April reduced by 0.22% and hit Rs.38,035 for 10 grams. According to various analysts, the prices of gold reduced after investors changed their position following a weak trend in the international market. In the global market, the prices of gold reduced by 0.20% and were trading at $1,480.20 for an ounce. 

      6 December 2019

    • Gold, silver prices dip marginally after hitting highs in the previous sessions

      The price of gold in the market saw a slight decline after hitting highs in the previous session in India. Gold prices in February on the Multi Commodity Exchange were down by 0.01% to Rs.38,323 per 10 grams. In the previous session, gold prices had increased by 1%.

      On the other hand, silver prices were higher by 0.17% to Rs.45,372 per kg. In the global market, gold was priced near the one-month highs it had hit in the previous session.

      As the United States President Donald Trump’s comments dented hopes for an interim trade deal with China, gold prices took a positive turn as investors shifted from the stock market to the bullion. Spot gold prices were steady at $1,476.55 per ounce after a 1% rise.

      United States President mentioned that the trade deal might have to wait until the United States presidential election in November 2020. Earlier, he had announced the tariffs on imports of steel and aluminum from Argentina and Brazil.

      Due to the comments made by the President of the U.S., the stock market suffered a fall along with Asian equities as well. The recent fall in gold prices helped increase demand and sales for the local jewellers in India. Gold imports in November increased by 78% from October to the highest in 5 months.

      5 December 2019

    • Prices of silver increase by Rs.101 on 3 December 2019

      According to HDFC Securities, the prices of silver increased by Rs.101 and hit Rs.45,826 for a kg. In the previous trade, silver prices were at Rs.45,725 for a kg.

      In the global market, the prices of silver increased and hit $16.91 for an ounce. In Delhi, the prices of gold increased by Rs.80 and hit Rs.38,789 for 10 grams on 3 December 2019. The prices of gold closed at Rs.38,709 for 10 grams on 2 December 2019. According to Tapan Patel, a Senior Analyst at HDFC Securities, the prices of spot gold increased due to weak domestic demand and a strong rupee. The value of the rupee increased by 7 paise against the dollar. In the global market, the prices of spot gold increased and were trading at $1,463 for an ounce. Tapan Patel further added that the prices of gold increased due to the worries in the trade deal between China and the US and the fall in US manufacturing PMI. According to Navneet Damani, the VP (Commodities Research) in Motilal Oswal Financial Services Ltd, the prices of gold recovered after the US President targeted Argentina and Brazil and imposed tariffs on aluminium and steel imports on them. He further added that the new tariffs raised concerns and hit the risk appetite.

      3 December 2019

    • Silver future drops Rs.157 to Rs.44,349 per kg

      The silver future prices dropped by Rs.157 to Rs.44,349 per kg after investors cut down their bets due to sluggish overseas market trends.

      Silver contracts for December delivery fell by Rs 157, or 0.35%, at Rs 44,349 per kg in a business turnover of 95 lots.

      Similarly, the prices of white metal contracts for March traded lower by Rs 292, or 0.65%, at Rs 44,763 per kg in a business volume of 1,880 lots.

      The prices of silver on international markets also suffered as it fell 0.68% to USD 16.99 an ounce.

      2 December 2019

    • Big rise witnessed in the gold price while silver price rises slightly on 1 December

      The price of gold soared on 1 December when there was a plunge of Rs.2,660 in the price of 10-gram and 24-carat gold, raising its price to Rs.39,770 in the Hyderabad market. The reason behind the rise in the demand for gold has been attributed to the onset of the wedding season when the demand from buyers and jewellers rose. Even in international markets, a strong trend has been noticed. A similar trend has been observed in Delhi, the national capital with gold prices rising. There was an upward move of Rs.200 in the price of 10-grams of 24-carat gold, making the price Rs.38,400. In the meantime, the price of 10-grams of 22-carat gold was Rs.37,200, a rise of Rs.200. On the other hand, the price of 1 kg of silver increased by Rs.200 to Rs.46,650 due to the demand from coin makers and industrial units. Similar trends have been witnessed in Visakhapatnam and Vijayawada.

      1 December 2019

    • Silver prices up by 0.39%

      Silver prices were up by Rs.175 or 0.39% on Wednesday to cost Rs.44,425 per kg in the Mumbai bullion market. The jump in the prices came on the back of appreciation in the rupee and comments of US President Donald Trump regarding a trade deal with China. In the month of November, silver has lost nearly Rs.2,300 or 4.92% per cent. It must be noted here that the gold/silver ratio which refers to the amount of silver required to buy an ounce of gold stands at 85.32 to 1 as of Wednesday.

      27 November 2019

    • Prices of silver slightly decrease on 25 November 2019

      Silver prices decreased slightly in India on 25 November 2019. Prices of silver decreased by 0.80% and hit Rs.44,135 for a kg. In the international market, the prices of silver fell by 0.30% and hit $16.95 for an ounce.

      The main reason for the decrease in prices was the positive developments in the trade talks between China and the US. Gold prices also decreased on 25 November 2019, following international markets. Gold futures prices for December on MCX decreased by 0.40% and hit Rs.37,746 for 10 grams. Gold prices slipped for the fifth day in a row. According to the details available on the official website of MCX, the prices of gold have fallen by Rs.500 for 10 grams over the five-day period. In the international market, the prices of gold hit a one-week low due to the optimism in the trade talks between China and the US. Spot gold prices decreased by 0.1% and hit $1,461.02 for an ounce. According to Robert O Brien, Phase 1 of the trade deal could be signed by the end of the year. However, he further added that the Trump administration will check what happens with Hong Kong as well. In India, the demand for gold was lacklustre last week even after the price-drop. Gold prices have increased by 20% in India in 2019.

      25 November 2019

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