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  • Silver Rate Today

    Silver Price In Indian Cities
    City Silver (1 gram) Bar Silver (1 Kg)
    AGRA ₹ 40.65 ₹ 40,650
    AHMEDABAD ₹ 40.65 ₹ 40,650
    ALIGARH ₹ 40.65 ₹ 40,650
    ALLAHABAD ₹ 40.65 ₹ 40,650
    AMBALA ₹ 40.65 ₹ 40,650
    AMRAVATI ₹ 40.65 ₹ 40,650
    AURANGABAD ₹ 40.65 ₹ 40,650
    BANGALORE ₹ 40.7 ₹ 40,700
    BAREILLY ₹ 40.65 ₹ 40,650
    BELGAUM ₹ 40.7 ₹ 40,700
    BELLARY ₹ 40.7 ₹ 40,700
    BHILAI ₹ 40.65 ₹ 40,650
    BHOPAL ₹ 40.65 ₹ 40,650
    BHUBANESHWAR ₹ 40.65 ₹ 40,650
    CHANDIGARH ₹ 40.65 ₹ 40,650
    CHENNAI ₹ 40.65 ₹ 40,650
    COIMBATORE ₹ 40.65 ₹ 40,650
    CUTTACK ₹ 40.65 ₹ 40,650
    DEHRADUN ₹ 40.65 ₹ 40,650
    DELHI ₹ 40.65 ₹ 40,650
    DINDIGUL ₹ 40.65 ₹ 40,650
    ERODE ₹ 40.65 ₹ 40,650
    FARIDABAD ₹ 40.65 ₹ 40,650
    GHAZIABAD ₹ 40.65 ₹ 40,650
    GULBARGA ₹ 40.7 ₹ 40,700
    GUNTUR ₹ 40.65 ₹ 40,650
    GURGAON ₹ 40.65 ₹ 40,650
    GUWAHATI ₹ 40.65 ₹ 40,650
    HALDWANI ₹ 40.65 ₹ 40,650
    HISAR ₹ 40.65 ₹ 40,650
    HOSUR ₹ 40.65 ₹ 40,650
    HYDERABAD ₹ 40.65 ₹ 40,650
    INDORE ₹ 40.65 ₹ 40,650
    JABALPUR ₹ 40.65 ₹ 40,650
    JAIPUR ₹ 40.65 ₹ 40,650
    JALGAON ₹ 40.65 ₹ 40,650
    JAMMU ₹ 40.65 ₹ 40,650
    JAMNAGAR ₹ 40.65 ₹ 40,650
    JAMSHEDPUR ₹ 40.65 ₹ 40,650
    JODHPUR ₹ 40.65 ₹ 40,650
    KAKINADA ₹ 40.65 ₹ 40,650
    KANNUR ₹ 40.7 ₹ 40,700
    KANPUR ₹ 40.65 ₹ 40,650
    KARNAL ₹ 40.65 ₹ 40,650
    KARUR ₹ 40.65 ₹ 40,650
    KOCHI ₹ 40.7 ₹ 40,700
    KOLHAPUR ₹ 40.65 ₹ 40,650
    KOLKATA ₹ 40.65 ₹ 40,650
    KOTA ₹ 40.65 ₹ 40,650
    KOZHIKODE ₹ 40.7 ₹ 40,700
    KURNOOL ₹ 40.65 ₹ 40,650
    LUCKNOW ₹ 40.65 ₹ 40,650
    LUDHIANA ₹ 40.65 ₹ 40,650
    MADURAI ₹ 40.65 ₹ 40,650
    MALAPPURAM ₹ 40.7 ₹ 40,700
    MANGALORE ₹ 40.7 ₹ 40,700
    MEERUT ₹ 40.65 ₹ 40,650
    MUMBAI ₹ 40.65 ₹ 40,650
    MYSORE ₹ 40.7 ₹ 40,700
    NAGERCOIL ₹ 40.65 ₹ 40,650
    NAGPUR ₹ 40.65 ₹ 40,650
    NANDED ₹ 40.65 ₹ 40,650
    NASIK ₹ 40.65 ₹ 40,650
    NELLORE ₹ 40.65 ₹ 40,650
    NOIDA ₹ 40.65 ₹ 40,650
    PANAJI ₹ 40.7 ₹ 40,700
    PATNA ₹ 40.65 ₹ 40,650
    PONDICHERRY ₹ 40.65 ₹ 40,650
    PRODDATUR ₹ 40.65 ₹ 40,650
    PUNE ₹ 40.65 ₹ 40,650
    RAIPUR ₹ 40.65 ₹ 40,650
    RAJAHMUNDRY ₹ 40.65 ₹ 40,650
    RAJKOT ₹ 40.65 ₹ 40,650
    RANCHI ₹ 40.65 ₹ 40,650
    RATLAM ₹ 40.65 ₹ 40,650
    SALEM ₹ 40.65 ₹ 40,650
    SANGLI ₹ 40.65 ₹ 40,650
    SHIMLA ₹ 40.65 ₹ 40,650
    SHIMOGA ₹ 40.7 ₹ 40,700
    SILIGURI ₹ 40.65 ₹ 40,650
    SOLAPUR ₹ 40.65 ₹ 40,650
    SRINAGAR ₹ 40.65 ₹ 40,650
    SURAT ₹ 40.65 ₹ 40,650
    THANE ₹ 40.65 ₹ 40,650
    THANJAVUR ₹ 40.65 ₹ 40,650
    THIRUVANANTHAPURAM ₹ 40.7 ₹ 40,700
    THRISSUR ₹ 40.7 ₹ 40,700
    TIRUCHIRAPALLI ₹ 40.65 ₹ 40,650
    TIRUNELVELI ₹ 40.65 ₹ 40,650
    TUTICORIN ₹ 40.65 ₹ 40,650
    UDAIPUR ₹ 40.65 ₹ 40,650
    UDUPI ₹ 40.7 ₹ 40,700
    VADODARA ₹ 40.65 ₹ 40,650
    VARANASI ₹ 40.65 ₹ 40,650
    VELLORE ₹ 40.65 ₹ 40,650
    VIJAYAWADA ₹ 40.65 ₹ 40,650
    VISAKHAPATNAM ₹ 40.65 ₹ 40,650
    WARANGAL ₹ 40.65 ₹ 40,650

    *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 rates 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.

    Trend of Silver Rate in India for November 2016 (rates per Kg)

    1st November rate Rs.42,910 per kilogram
    30th November rate Rs.41,065 per kilogram
    Highest rate in November Rs.44,960 per kilogram on 9th November
    Lowest rate in November Rs.40,190 per kilogram on 25th November
    Overall performance Decline
    % Change -4.29%

    November '16 - Week 1 (1st to 6th)

    • There was high demand for silver this week from industrialists and coin makers.
    • The wedding season also gave demand a boost in the domestic market.
    • Trends in the global market gave silver support as the dollar weakened.
    • Speculative activity also resulted in a spurt in silver rates.

    November '16 - Week 2 (7th to 13th)

    • Global trends firmed up this week leading to a rise in silver prices.
    • The shock of Donald Trump’s election led to the dollar losing strength.
    • In the domestic market, PM Modi’s strike on black money led to buyers either being reluctant or unable to purchase silver.
    • There was an increase in the offtake by industrialists and coin makers this week that led to an overall increase in silver prices.

    November '16 - Week 3 (14th to 20th)

    • Global trends worked in favour of silver as the dollar retreated from its 14-year high this week.
    • Uncertainty surrounding the U.S. economic policies under Donald Trump’s presidency led to a favourable market for silver.
    • Despite favourable market trends, silver edged lowered to four-year lows.
    • Physical demand for the metal was weakened by dull consumer sentiments.
    • In the domestic market, PM Modi’s strike on black money took a toll on the economy and created a shortage of cash.
    • There was a drastic halt in footfall in jewellery shops and showrooms.
    • Prices are expected to pick up once the economy stabilises.

    November '16 - Week 4 and 5 (21st to 30th)

    • Cash shortage across the country resulted in demand for silver dropping drastically this week.
    • Demonetisation has taken its toll on the Indian economy and has hit the silver and gold business.
    • The dollar climbed after the U.S. released positive economic data.
    • A strong dollar has favoured the U.S. Federal Reserve’s move to raise interest rates in December.
    • Silver was able to recover towards the end of the week as demand picked up.

    Trend of Silver Rate in India for October 2016 (rates per Kg)

    1st October rate Rs.45,900 per kilogram
    31st October rate Rs.43,035 per kilogram
    Highest rate in October Rs.45,900 per kilogram on 1st and 2nd October
    Lowest rate in October Rs.41,685 per gram on 7th October
    Overall performance Decline
    % Change -6.24%

    October '16 - Week 1 (1st to 7th)

    • Silver rates dropped this week as global trends resulted in a bearish market.
    • Growing talk of an interest rate hike by the U.S. Federal Reserve created a reluctant atmosphere in the global markets.
    • High demand was expected in the domestic market, but this was not the case.
    • Jewellers and retailers are pinning their hopes on demand picking up during Navaratri and Dhanteras.

    October '16 - Week 2 (8th to 14th)

    • Demand for silver picked up this week as trends in the global market were positive.
    • The U.S. Federal Reserve is uncertain of a rate hike till December, but the topic is up for discussion in November.
    • With bullish tendencies rocking the market, demand for silver got a boost.
    • Towards the end of the week, the overseas market turned gloomy in light of global and financial risks which made investors turn away.
    • Silver rates dropped as industrialists and coin makers reduced their offtake.

    October '16 - Week 3 (15th to 21st)

    • Demand for silver picked up this week.
    • Expectations of the Fed rate hike increased on 17th October leading to a fall in prices.
    • Silver prices recovered on the back of increased industrial offtake and increased domestic demand as the wedding season blossomed.
    • Global trends picked up as the market turned positive.
    • Demand for silver is expected to remain high in the domestic market.

    October '16 - Week 4 (22nd to 28th) & Week 5 (29th to 31st)

    • Increased industrial offtake by coin makers and industrial units gave silver prices a boost.
    • A weakened dollar led to positive sentiments towards gold in the global market.
    • Demand in the domestic market was driven by the festive season.
    • With the wedding season blooming in the country, demand for silver is expected to remain high.

    Trend of Silver Rate in India for September 2016 (rates per Kg)

    1st September rate Rs.45,225 per kilogram
    30th September rate Rs.45,750 per kilogram
    Highest rate in September Rs.47,820 per kilogram on 7th September
    Lowest rate in September Rs.45,600 per gram on 28th September
    Overall performance Increase
    % Change 1.16%

    September '16 - Week 1 and 2 (1st to 10th)

    • Silver prices climbed through the beginning of September.
    • Prices were affected by positive global trends on account of weak U.S. economic data.
    • Gold and silver was seen on a path of inclination as investors flocked to these metals.

    September '16 - Week 3 (11th to 17th)

    • Silver rates were impacted on account of hawkish comments from the Federal Reserve that raised the expectations of an interest rate hike this month.
    • Demand for silver dropped in the domestic and overseas markets.
    • Savvy traders played it smart and took to the sidelines as the prices plunged.
    • More volatility with silver prices is expected in the near future.

    September '16 - Week 4 (18th to 24th)

    • Silver prices climbed this week as the pressure of an interest rate hike by the U.S. Federal Reserve eased up.
    • Strong offtake by industrialists also gave silver rates a good boost.
    • Speculative demand was high amid a positive global and domestic market.
    • The trend for this week was an increase in silver rates.

    September '16 - Week 5 (25th to 30th)

    • Reduced industrial support led to a drop in silver prices this week.
    • There was also a fall in the offtake by industrialists and coin makers in the domestic market.
    • In the global market, the dollar gained strength which affected the demand for silver.
    1st July rate Rs.49,430 per kilogram
    31st July rate Rs.45,460 per kilogram
    Highest rate in July Rs.49,670 per kilogram on 1st August
    Lowest rate in July Rs.44,805 per kilogram on 29th August
    Overall performance Decline
    % Change -8.03%
    Comparison for (1 gram) Silver Rates for India July'16

    August '16 - Week 1 (1st to 7th)

    • The price of silver steadily declined as demand was muted in spite of a weak Dollar and fluctuating equity markets.
    • Silver prices rose marginally due to a sustained drop in equity markets the previous week.
    • The resurgence in the stock market due to positive economic data led to demand shrinking and overseas demand also fell.

    August '16 - Week 2 (8th-14th)

    • As gold prices rose, silver also followed suit.
    • Silver prices rose as domestic demand increased. Prices touched Rs.48,750 on 10th August.
    • There was also an increase in the offtake by industrialists and coin makers giving silver prices a strong backing.

    August '16 - Week 3 (15th-21st)

    • The prices of silver experienced a downturn through the week.
    • Reduced offtake by industrialists led to the prices declining.
    • With the dollar gaining strength, the U.S. economy is strong enough to go through with the Federal Reserve interest rate hike.
    • Overall, silver rates did not rapidly decline but managed to hold quite steady through the week.

    August '16 - Week 4 (22nd-28th)

    • The U.S. dollar has gained strength as the economy brightens up. This has led to a fall in prices of silver in the global market.
    • However, increased offtake from industrialists, jewellers and coin makers in the domestic market have kept prices stable.
    • Prices for silver are expected to rise as experts foresee better demand in the second half of 2016.

    August '16 - Week 5 (29th-31st)

    • The U.S. Federal Reserve is confident that a rate hike is possible soon as the economy is strong enough now.
    • Silver dropped on account of a stronger dollar.
    • Sluggish demand in the domestic market as well contributed to lower prices this week.
    1st July rate Rs. 46,490 per kg
    31st July rate Rs. 48,970 per kg
    Highest rate in July Rs. 49,745 per kg on July 11
    Lowest rate in July Rs. 46,490 per kg on July 1
    Overall performance Rising
    % Change +7.00%
    Comparison for (1 gram) Silver Rates for India Jun'16

    July'16 - Week 1 and 2 (1st to 10th)

    • The first week of July saw silver futures streak a two-year high reaching levels that have not been experienced since July 2014.
    • Investors favoured the metal owing to economic and political concerns that indicate the current easy monetary policies from the central banks would continue in for some more time.
    • The spikes in silver rates were due to increased expectations of the central banks providing more monetary stimulus to the market in order to counteract the negative impact of the Brexit vote.
    • Silver slipped from it’s 2-year high after the U.S. released positive job data that made the dollar stronger.

    July'16 - Week 3 (11th to 17th)

    • Silver prices were not affected drastically by market forces or prevailing economic conditions as the rate was more or less constant.
    • The silver rates saw a slight decline as market demand for the metal fell slightly as the markets stabilised on the news of the Dollar strengthening.
    • The rate of silver fluctuated as the markets strengthened as equities began to stabilise after the Brexit vote plunged them into instability in late June.
    • Prices appeared to be on the decline as the week progressed, with demand falling slightly due to reduced interest from industrial units domestically.

    July '16 - Week 4 (18th to 24th)

    • As gold rates dropped significantly this week, silver also followed suit.
    • Silver was seen on a steady decline owing to a rising dollar and weaker global markets.
    • Expectations of a U.S. Federal Reserve hike have sprung back up again.
    • The impact of the Brexit vote still lingers in the market but demand seemed to stabilise by the end of the week. 

    July‘16 - Week 5 (25th to 31st)

    • The value of silver stood at Rs.47,160 on the 25th of July, after which they fluctuated over the course of the next four days as marginal increases were written off by subsequent losses.
    • On the 30th of July, silver prices per kg increased to Rs.48,970 and remained unchanged for another day, thus ending the month at the aforementioned rate.
    1st June rate Rs.38,720
    30th June rate Rs.44,725
    Highest rate in June Rs.44,725 on 30th of June
    Lowest rate in June Rs.38,720 on 1st of June
    Overall performance Rise
    % Change +15.51
    Comparison for (1gram) Silver Rates for India May'16

    Jun'16 - Week 1 (1st to 5th)

    • Silver traded steadily at the beginning of June.
    • The trend for silver indicates a steady increase as the prices have been rising at a comfortable pace.
    • With the industrial offtake, demand for silver has been stable.

    Jun'16 - Week 2 (6th to 12th)

    • Silver traded at Rs. 39,690 per kg on the 6th of June.
    • Prices shot up owing to demand and silver traded at Rs. 41,590 per kg on the 10th of June which was also the highest rate for the week.

    Jun'16 - Week 3 (13th to 19th)

    • Silver traded at Rs. 41,445 per kg on the 13th of June.
    • Prices further rose up to Rs. 42,175 per kg on the 15th of June.
    • Silver closed the week at Rs. 42,235 per kg on the last day of the week.

    Jun'16 - Week 4 (20th to 26th)

    • The rate of silver was quite steady during the third week of June with a few variations here and there.
    • Prices have seen a steady increase and this could be attributed to increased demand and global trends.
    • As the week progressed, a general increase in price was seen in most centres.

    Jun'16 - Week 5 (27th to 30th)

    • Silver rates fluctuated between the 27th and 29th of June, but prices increased to a significant extent by the last day of the month.
    • Prices were recorded at Rs.43,480 on the 27th of June and Rs.44,725 on the 30th of June.
    • Between the 27th and 30th of June, prices increased by Rs.1,245 due to increase in demand amid strengthening domestic and international trends.
    1st May rate Rs. 42,590 per kg
    31st May rate Rs. 39,065 per kg
    Highest rate in May Rs. 42,675 per kg on May 2
    Lowest rate in May Rs. 39,065 per kg on May
    Overall performance Decline
    % Change -8.27%

    May'16 - Week 1 (1st to 7th)

    • Silver rates increased marginally on the 1st of May in comparison with the previous week, but prices took a tumble and kept declining as the week wore on.
    • Prices were recorded at Rs.42,590 on the 1st of May and Rs.41,875 on the 7th of May.
    • Between the 1st and 7th of May, prices fell by Rs.715 due to decline in demand.

    May ‘16 - Week 2 (8th to 14th)

    • Silver rates remained unchanged from the previous week’s levels, but prices fluctuated throughout the week, first falling then rising before falling again to close the week at a loss.
    • Prices were recorded at Rs.41,875 on the 8th of May and Rs.41,255 on the 14th of May.
    • Between the 8th and 14th of May, prices fell by Rs.620 due to decline in demand.

    May ‘16 - Week 3 (15th to 21st)

    • Silver rates remained unchanged from the previous week’s levels, but prices fluctuated throughout the week, with price inclines and declines on alternate days.
    • Prices were recorded at Rs.41,255 on the 15th of May and Rs.40,135 on the 21st of May.
    • Between the start and end of the week, prices dropped by Rs.620 due to decline in demand.

    May ‘16 - Week 4 (22nd to 28th)

    • Silver rates steadily declined this week in comparison to the rest of the month.
    • Prices were recorded at Rs. 39,100 on the 22nd of May and Rs. 40,135 on the 28th of May.
    • The decline in prices in India can be directly attributed to global market trends. The prices have now settled above Rs. 39,000 per kg of silver.

    May ‘16 - Week 5 (29th to 31st)

    • The rate of silver remained quite steady except for a few minor fluctuations here and there.
    • The price of silver reduced as the month progressed, closing at Rs. 39,065 per kg on the 31st of May.
    • On the 1st of May, gold traded at Rs. 42,590 per kg.
    1st April rate Rs 36,780
    30th April rate Rs 42,590
    Highest rate in April Rs 42,690 on 29th
    Lowest rate in April Rs 36,000 on 4th
    Overall performance Gain/Positive
    % Change + 15.8%

    Apr'16 - Weeks 1 & 2 (1st to 10th)

    • Silver prices were up in the first 10 days of trading in the national capital.
    • Rates were Rs.36,020 on 1st and Rs.36,620 on 10th.
    • Silver registered gains on the back of firming global trends, a weak dollar, and increased offtake and healthy industrial demand.

    Apr ‘16 - Week 3 (11th to 17th)

    • Silver rates appreciated in the third week of trading.
    • Rates were Rs.37,115 on 11th and Rs.39,110 on 17th.
    • Prices gained an overall value of Rs.1,995 over the course of the week.

    Apr ‘16 - Week 4 (18th to 24th)

    • Silver posted gains in this week also.
    • Prices were Rs.38,920 on 18th and Rs.41,115 on 24th.
    • Silver gained Rs.1,195 during this week’s trading.

    Apr ‘16 - Week 5 (25th to 30th)

    • Silver had a poor start to the week, as prices fell from Rs 41,155 to Rs 40,810 on 25th.
    • A steady increase in rates was witnessed through the rest of the week.
    • Prices reached a maximum of Rs 42,690 on 29th before dropping to Rs 42,590 on 30th.
    1st March rate* Rs.37,005
    31st March rate Rs.36,495
    Highest rate in March Rs.38,640 on 18th
    Lowest rate in March Rs.36,455 on 29th
    Overall performance Loss/Negative
    % Change -1.38%

    *Rates as per New Delhi rates

    Mar'16 - Week 1 (1st to 6th)

    • Silver prices rallied in the 1st week of March.
    • Prices were Rs.37,005 on 1st and Rs.36,640 on 6th.
    • Silver rose to Rs.37,710 on 2nd before settling at Rs.36,640 for the rest of the week, a cumulative drop of Rs.365 over the week.

    Mar'16 - Mar'16 - Week 2 (7th to 13th)

    • Silver prices appreciated marginally in the 2nd week.
    • Prices were Rs.37,695 on 7th and Rs.37,710 on 13th.
    • Silver rose marginally by Rs.15 on 8th and settled at that level for the rest of the week.

    Mar'16 - Week 3 (14th to 20th)

    • Silver was up again in the 3rd week.
    • Prices were Rs.37,650 on 14th and Rs.37,865 on 20th.
    • Silver prices were volatile over the week, dropping to a low of Rs.37,710 on 16th and touching a high of Rs.38,640 on 18th.

    Mar'16 - Week 4 (21st to 27th)

    • Silver rates fell in the 4th week.
    • It was priced at Rs.37,930 on 21st and Rs.36,685 on 27th.
    • Silver prices depreciated by an overall margin of Rs.1,245 over the fourth week.

    Mar'16 - Week 5 (28th to 31st)

    • Silver prices fell marginally during the last four days of the month.
    • Prices were Rs.36,570 on 28th and Rs.36,495 on 31st.

    1st February rate*Rs.34,970
    29th February rateRs.36,295
    Highest rate in FebruaryRs.38,640 on 12th
    Lowest rate in FebruaryRs.34,970 on 1st
    Overall performanceGain/Positive
    % Change+3.79%

    *Rates as per New Delhi rates

    Week 1 (1st to 7th)

    • Silver prices rallied in the 1st week of February.
    • Prices were Rs.34,970 on 1st and Rs.36,925 on 7th.
    • Silver rose on all days of the weeks, gaining an overall amount of Rs.1,955 in trading over the week.

    Week 2 (8th to 14th)

    • Silver prices appreciated again in the 2nd week.
    • Prices were Rs.36,950 on 8th and Rs.38,525 on 14th.
    • Silver rose to Rs.38,640 by 12th before sliding down marginally to Rs.38,525 by the end of the week.

    Week 3 (15th to 21th)

    • Silver registered more profits in the 3rd week.
    • Prices were Rs.37,220 on 15th and Rs.37,930 on 21st.
    • Silver continued its appreciation going into the 3rd week, rising by a margin of Rs.710.

    Week 4 (22nd to 29th)

    • Silver rates also ended the first month of 2016 on a positive note.
    • It was priced at Rs.37,615 on 22nd and Rs.36,295 on 29th.

    Silver prices declined in the last days of February, falling by Rs.320 over the course of the week.

    4thJanuary rate*

    Rs.33,320

    31stJanuary rate

    Rs.34,930

    Highest rate in January

    Rs.35,565 on 28th

    Lowest rate in January

    Rs.33,295 on 13th

    Overall performance

    Gain/Positive

    % Change

    +4.83%

    *Rates as per New Delhi rates

    Jan '16 - Week 1 (4th to 10th)

    • Silver prices in India started 2016 on a positive note, as seasonal demand and increased offtake by industrial units spurred rates.

    • Prices were Rs.33,230 on 4th and Rs.33,865 on 10th.

    • Silver breached the 34,000 mark to rise to a high of Rs.34,200 and ended the week at a healthy Rs.33,865.

    Jan '16 - Week 2 (11th to 17th)

    • Silver continued gaining value in the 2nd week.

    • Prices were Rs.33,750 on 11th and Rs.34,335 on 17th.

    • During this week, silver touched a monthly low of Rs.33,295 on 13th.

    Jan '16 - Week 3 (18th to 24th)

    • Silver registered more profits in the 3rd week.

    • Prices were Rs.34,115 on 18th and Rs.34,425 on 24th.

    • Silver was stable within the range of Rs.34,100 to Rs.34,600 throughout the week.

    Jan '16 - Week 4 (25th to 31st)

    • Silver rates also ended the first month of 2016 on a positive note.

    • It was priced at Rs.34,435 on 25th and Rs.34,930 on 31st.

    • During the week, silver breached the 35,000 mark and also touched a monthly high of Rs.35,565 on 28th.

    1 st December rate Rs.34,040
    31 st December rate Rs.33,405
    Highest rate in December Rs.35,050 on 5th and 6th
    Lowest rate in December Rs.33,050 on 18th
    Overall performance Loss/Negative
    % Change -1.86%
    Dec'15 - Week 1 (1stto 7th)
    • Silver Rates in India were up in the 1st week of December.
    • Rates were around Rs.34,040 on 1st and Rs.35,015 on 7th.
    • Silver had a mostly positive first week except for 3rd when prices dropped below Rs.34,000 to settle at Rs.33,660.
    • Silver breached Rs.35,000-mark for the first time this month on 5th when prices touched Rs.35,050.
    Dec'15 - Week 2 (8thto 14th)
    • Silver lost value during the 2nd week.
    • Prices were around Rs.34,415 on 8th and Rs.33,670 on 14th.
    • Silver was stable in the range of Rs.33,915 to Rs.34,415 till 13th before prices dropped by Rs.340 on 14th to rest at Rs.33,670.
    Dec'15 - Week 3 (15thto 21st)
    • Silver Rates were stable overall in the 3rd week.
    • Silver was priced at Rs.33,230 on 15th and Rs.33,900 on 21st.
    • Silver had a stable 3rd week except for 18th and 19th when prices fluctuated by Rs.800 to end at the same level on 19th.
    Dec'15 - Week 4 and Week 5 (22ndto 28th, 29thto 31st)
    • Silver Rates depreciated marginally in the last weeks of December.
    • Rates were Rs.34,020 on 22nd and Rs.33,405 on 31st.
    • Prices stayed a little over Rs.34,000 till 28th before dropping substantially by Rs.785 on 29th to settle at Rs.33,490.
    • There was slight fluctuations in the next two days as silver ended the month and year at Rs.33,405.
    1stNovember rate Rs.32,500
    30thNovember rate Rs.30,100
    Highest rate in November Rs.32,500 on 1st
    Lowest rate in November Rs.30,000 on 19th and 20th
    Overall performance Loss/Negative
    % Change -7.38%
    Nov '15 - Week 1 (1st to 7th)
    • Silver Rates in India depreciated in the 1st week of November.
    • Prices were around Rs.32,500 on 1st and Rs.30,750 on 7th.
    • Prices dropped throughout the week without trading in the positive for any day.
    Nov '15 - Week 2 (8th to 14th)
    • Silver dropped again in the 2nd week.
    • Prices were around Rs.32,500 on 8th and Rs.30,200 on 14th.
    • Prices once again fell all through the week though not as steeply as the first week.
    Nov '15 - Week 3 (15th to 21st)
    • Silver Rates were stable overall in the 3rd week.
    • Prices were about Rs.30,200 on 15th as well as on 21st.
    • Silver depreciated to a monthly low of Rs.30,000 on 19th and 20th before rallying back to Rs.30,200 on 21st.
    Nov '15 - Week 4 and Week 5 (22nd to 28th, 29th to 30th)
    • Silver Rates depreciated marginally in the last weeks of November.
    • Prices were about Rs.30,200 on 22nd and Rs.30,100 on 30th.
    • Silver breached Rs.30,500 mark on 27th before stabilizing at the month ending rate of Rs.30,100 by 30th.

    Factors Affecting Silver Rates 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.

    Check Out Silver price of top Cities of India

    Silver Rate in Chennai Silver Rate in Bangalore Silver Rate in Mumbai
    Silver Rate in Delhi Silver Rate in Pune Silver Rate in Kolkata

    FAQs

    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 silver a good investment in 2016?

    Predictions tend to favour a good run for silver in 2016 given the uncertain condition of the global economy. The global markets appear to have reacted badly to the US Federal Reserve’s rate cut, leading to even more instability in an already volatile market.

    While silver by itself is a volatile investment, it looks set for a bull run after a long period of price stagnation, making it a good idea to invest before the prices rise.

    How much is one gram of silver worth?

    One gram of silver is worth Rs. 44.26 at current market rates. (as on 19th May16)

    How much does one troy ounce of silver cost?

    One troy ounce of silver (equal to approximately 31 grams) costs Rs. 1139.96 approximately. (as on 19th May16)

    How much is one kilogram of silver worth?

    One kilogram of silver (in the form of a silver bar) is currently worth Rs. 44, 258. (as on 19th May16)

    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.
    Also Know: Gold Rate in India

    Read more on Silver

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    • Silver demand drops a four-year low, deficit shrink by 60%

      With rising silver prices and weakening consumer sentiment, consumers have lost interest in buying jewellery, bars, and coins. A fall in mine output is expected to maintain the physical deficit in the market, however the shortfall is expected to shrink by almost 60%.

      According to GFMS, the silver market is expected to face an annual physical deficit of 52.2 million ounces, this year, marking the 4th consecutive time in which it has experienced an annual physical shortfall. After three years of decline, silver prices have climbed by nearly a quarter this year, against expectations for further hike in U.S. interest rates faded. Sale of silver-backed exchange-traded funds in order to cash in on increasing prices and rising exchange inventories, propelled the silver market’s overall net balance.

      Global solar installations have led to an increase of silver demand in the photovolataic sector, rising by 11% to record 83.3 million ounces.

      22nd November 2016

    • Silver Trading Range to be between 43682 and 44448

      Silver prices fell as investors turned their focus on the next set of U.S. data to see whether it supports expectations that the interest rates will be raised by the Fed. The US consumer confidence climbed to an 11-month high in the month of August, with the labour market looking bright signalling an improvement in the economy. While, Silver has performed the best among all metals, displaying a rally of 21.5% in the second quarter after an 11.3% gain in the first quarter.

      Silver ETF demand is set to stay robust in the third quarter amid a healthy macro environment. Some profit-taking is likely to be seen in the final quarter of the financial year.

      1st September 2016

    • Silver rebounds as gold gains back its momentum!

      Gold gained back some of its lost sheen after there was a rise in gold price by Rs.150 to Rs.31,200 per 10 grams as jewellers rushed to purchase gold owing to the heavy demand. Silver also managed to recover from its four day low as prices increased by Rs.200 to Rs.45,400 per kg. Both the precious metals recovered as a result of fresh buying by jewellers to meet the heavy demand in the global market. Gold traded at $1,339.50 an ounce, an increase by 0.07% and silver traded up by 0.06% at $19 an ounce.

      30th August 2016

    • New Demand Leads to Recovery in Gold Prices, Silver Prices Remain Steady

      Festive demand of gold amidst higher global cues has resulted in improved purchase of gold by investors and stockists. This led to a recovery of gold prices at the domestic bullion market. However, silver prices remained stable owing to the absence of large scale purchasing activity.

      Pure gold of 99.9 purity, rose from Rs.31,545 to Rs.31,660 per 10 grams, while Standard gold of 99.5 purity, went up by Rs.115 from Rs.31,395 to Rs.31,510 per 10 grams. Silver of .999 fineness remained unchanged at Rs.46,750 per kg.

      While in the early global trade market, gold prices went up, based on a weaker dollar after the US Federal Reserve’s July meeting minutes expressed that policymakers seemed to be planning to raise interest rates in time. Spot gold reported a rise at USD 1,350.47 an ounce, while Silver also higher at USD 19,76 an ounce.

      22nd August 2016

    • Will Silver Price Reach Rs. 48650 Per Kilo?

      Choice Equity Broking is a financial firm offering various financial services like investment banking, stock trading and E-commerce services to its clients worldwide. According to CEB, Silver prices are expected to surge higher and move towards Rs. 48650 in the upcoming days. In their recent report on Silver, Choice Equity Broking stated that MCX Silver prices increased every hour and has been trading above its 50 HEMA. This is good news for Silver merchants across the globe. They have also stated that they are also observing COMEX Silver prices once in every four hours and the results look positive.

      9th August 2016

    • Gold and Silver Decrease Amid Weak Global Cues

      Price of gold reduced by Rs.140 per ten grams on Wednesday in the bullion market amid weakened demand from jewellers and weak trend globally. Silver delivery prices per week reduced by Rs.230 per kilogram due to speculators selling this metal.

      According to analysts, in addition to decrease in demand from jewellery makers due to this season not being suitable for weddings, a reduced trend in global markets have contributed to the decline.Indications about hike of interest rate by U.S Fed is being looked for.

      Price of gold fell by 0.30% in Singapore. Tracking silver and gold based delivery decreased by Rs.230.

      1st August 2016

    • Silver witnesses a surge by 50%

      Silver prices witnessed a surge of almost 50% so far in this year making up for three years worth of loss. But going by the history so far, investors should think twice before hoping aboard the bandwagon. A surge in the yellow metal along with upbeat prices of industrial metals and prospects of monetary stimulus from leading central banks have led to some unexpected moves. Inspite of not being as popular as gold, the low liquidity of silver has more often than not outperforms the move in gold by around 1.5 times.

      18th July 2016

    • Gold rises by 9.7% as silver witnesses a surge too

      Gold price has surged by 9.7% to $1,360 an ounce as silver witnessed a surge and traded at $20 an ounce.This is gold’s best finish in the last 28 months and silver’s best finish in the last 23 months. Even though gold witnessed a decent surge, silver did better by jumping 28% since January of this year as compared to gold’s surge of 9.7% in the same duration.The Brexit decision certainly contributed to the surge in the prices of the precious metals.

      11th July 2016

    • Silver Prices on the Rise in Asia

      In Asia, silver prices have been on the rise and continued its steep overnight gain on Tuesday. The rise can be attributed to investors favouring the metal owing to economic and political concerns that indicate the current easy monetary policies from the central banks will continue for some more time. Silver futures streaked a two-year high reaching levels that have not been experienced since July 2014. Gold has also touched high levels that have not been seen in more than two years. The spikes have been riding on the back of growing expectations that the central banks will increase the monetary stimulus in the near future in order to counteract the negative impact of the Brexit vote. The U.S. Federal Reserve is also expected to put a hold on increasing interest rates for 2016.

      8th July 2016

    • Gold Rates Increase Due to Economic Uncertainty, Silver Close to Week High

      Price of spot gold increased during the hours of Asian trading, supported by economic and political uncertainty after Brexit. Gold has seen some reduction these days as the initial shock of Brexit decreases. Although there have been modest signs of a pickup in risk appetite, there is not much to signal a slowdown in the demand for safe haven yet.

      Governor of Bank of England believed that interest rates could be reduced so as to stabilize the economy post Brexit referendum in the United Kingdom.

      Post BOE press conference, the British pound fell by over a percent and recovered by 0.26%. US dollar has decreased by 0.1%.

      In China, the PMI or Purchase Managers Index released by Caixin Chinese Manufacturers raised concerns about the economic recovery in India that is weaker than expected. Sharp deterioration has been reported by Chinese Manufacturers.

      01st July 2016

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