Silver Price in India Today

Today's Silver price in India :

  • 1 gram silver price is 42.3 Indian Rupee
  • 1 kg silver price is 42,300 Indian Rupee
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  • Silver Price In Indian Cities
    City Silver (1 gram) Bar Silver (1 Kg)
    AGRA ₹ 42.3 ₹ 42,300
    AHMEDABAD ₹ 42.3 ₹ 42,300
    ALIGARH ₹ 42.3 ₹ 42,300
    ALLAHABAD ₹ 42.3 ₹ 42,300
    AMBALA ₹ 42.3 ₹ 42,300
    AMRAVATI ₹ 42.3 ₹ 42,300
    AURANGABAD ₹ 42.3 ₹ 42,300
    BANGALORE ₹ 42.3 ₹ 42,300
    BAREILLY ₹ 42.3 ₹ 42,300
    BELGAUM ₹ 42.3 ₹ 42,300
    BELLARY ₹ 42.3 ₹ 42,300
    BHILAI ₹ 42.3 ₹ 42,300
    BHOPAL ₹ 42.3 ₹ 42,300
    BHUBANESHWAR ₹ 42.3 ₹ 42,300
    CHANDIGARH ₹ 42.3 ₹ 42,300
    CHENNAI ₹ 42.3 ₹ 42,300
    COIMBATORE ₹ 42.3 ₹ 42,300
    CUTTACK ₹ 42.3 ₹ 42,300
    DEHRADUN ₹ 42.3 ₹ 42,300
    DELHI ₹ 42.3 ₹ 42,300
    DINDIGUL ₹ 42.3 ₹ 42,300
    ERODE ₹ 42.3 ₹ 42,300
    FARIDABAD ₹ 42.3 ₹ 42,300
    GHAZIABAD ₹ 42.3 ₹ 42,300
    GULBARGA ₹ 42.3 ₹ 42,300
    GUNTUR ₹ 42.3 ₹ 42,300
    GURGAON ₹ 42.3 ₹ 42,300
    GUWAHATI ₹ 42.3 ₹ 42,300
    HALDWANI ₹ 42.3 ₹ 42,300
    HISAR ₹ 42.3 ₹ 42,300
    HOSUR ₹ 42.3 ₹ 42,300
    HYDERABAD ₹ 42.3 ₹ 42,300
    INDORE ₹ 42.3 ₹ 42,300
    JABALPUR ₹ 42.3 ₹ 42,300
    JAIPUR ₹ 42.3 ₹ 42,300
    JALGAON ₹ 42.3 ₹ 42,300
    JAMMU ₹ 42.3 ₹ 42,300
    JAMNAGAR ₹ 42.3 ₹ 42,300
    JAMSHEDPUR ₹ 42.3 ₹ 42,300
    JODHPUR ₹ 42.3 ₹ 42,300
    KAKINADA ₹ 42.3 ₹ 42,300
    KANNUR ₹ 42.3 ₹ 42,300
    KANPUR ₹ 42.3 ₹ 42,300
    KARNAL ₹ 42.3 ₹ 42,300
    KARUR ₹ 42.3 ₹ 42,300
    KOCHI ₹ 42.3 ₹ 42,300
    KOLHAPUR ₹ 42.3 ₹ 42,300
    KOLKATA ₹ 42.3 ₹ 42,300
    KOTA ₹ 42.3 ₹ 42,300
    KOZHIKODE ₹ 42.3 ₹ 42,300
    KURNOOL ₹ 42.3 ₹ 42,300
    LUCKNOW ₹ 42.3 ₹ 42,300
    LUDHIANA ₹ 42.3 ₹ 42,300
    MADURAI ₹ 42.3 ₹ 42,300
    MALAPPURAM ₹ 42.3 ₹ 42,300
    MANGALORE ₹ 42.3 ₹ 42,300
    MEERUT ₹ 42.3 ₹ 42,300
    MUMBAI ₹ 42.3 ₹ 42,300
    MYSORE ₹ 42.3 ₹ 42,300
    NAGERCOIL ₹ 42.3 ₹ 42,300
    NAGPUR ₹ 42.3 ₹ 42,300
    NANDED ₹ 42.3 ₹ 42,300
    NASIK ₹ 42.3 ₹ 42,300
    NELLORE ₹ 42.3 ₹ 42,300
    NOIDA ₹ 42.3 ₹ 42,300
    PANAJI ₹ 42.3 ₹ 42,300
    PATNA ₹ 42.3 ₹ 42,300
    PONDICHERRY ₹ 42.3 ₹ 42,300
    PRODDATUR ₹ 42.3 ₹ 42,300
    PUNE ₹ 42.3 ₹ 42,300
    RAIPUR ₹ 42.3 ₹ 42,300
    RAJAHMUNDRY ₹ 42.3 ₹ 42,300
    RAJKOT ₹ 42.3 ₹ 42,300
    RANCHI ₹ 42.3 ₹ 42,300
    RATLAM ₹ 42.3 ₹ 42,300
    SALEM ₹ 42.3 ₹ 42,300
    SANGLI ₹ 42.3 ₹ 42,300
    SHIMLA ₹ 42.3 ₹ 42,300
    SHIMOGA ₹ 42.3 ₹ 42,300
    SILIGURI ₹ 42.3 ₹ 42,300
    SOLAPUR ₹ 42.3 ₹ 42,300
    SRINAGAR ₹ 42.3 ₹ 42,300
    SURAT ₹ 42.3 ₹ 42,300
    THANE ₹ 42.3 ₹ 42,300
    THANJAVUR ₹ 42.3 ₹ 42,300
    THIRUVANANTHAPURAM ₹ 42.3 ₹ 42,300
    THRISSUR ₹ 42.3 ₹ 42,300
    TIRUCHIRAPALLI ₹ 42.3 ₹ 42,300
    TIRUNELVELI ₹ 42.3 ₹ 42,300
    TUTICORIN ₹ 42.3 ₹ 42,300
    UDAIPUR ₹ 42.3 ₹ 42,300
    UDUPI ₹ 42.3 ₹ 42,300
    VADODARA ₹ 42.3 ₹ 42,300
    VARANASI ₹ 42.3 ₹ 42,300
    VELLORE ₹ 42.3 ₹ 42,300
    VIJAYAWADA ₹ 42.3 ₹ 42,300
    VISAKHAPATNAM ₹ 42.3 ₹ 42,300
    WARANGAL ₹ 42.3 ₹ 42,300

    *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.

    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 14 Rate Rs.41,300 per kg
    Highest Rate in July Rs.41,300 per kg on 11, 13 and 14 July
    Lowest Rate in July Rs.40,400 per kg on 2 July
    Overall Performance Incline

    July 2019- Week 1 (1-7):

    • There was a marginal incline in silver prices 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 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 prices 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 rose to Rs.41,300 per kg on 11 July, with the industrial metal ending the week at the same price.

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

    Parameters Silver price (per kg)
    June 1 Rate Rs.39,400 per kg
    June 30 Rate Rs.40,800 per kg
    Highest Rate in June Rs.41,500 per kg on 21 June
    Lowest Rate in June Rs.39,400 per kg on 1 and 2 June
    Overall Performance Incline
    Percentage Change 3.55%
    Comparison for 1 gram Silver Rates for India June'19

    June 2019- Week 1 (1-9):

    • Silver rate in India saw a marginal rise in price as global market uncertainty increased demand for bullion, though the industrial metal opened the week unchanged at Rs.39,400 per kg.
    • Possible U.S. trade tariffs against Mexico rattled investors and markets, with a drop in the dollar rate increasing industrial offtake as silver price in India rose to Rs.39,600 per kg on 4 June.
    • A steady rise in silver price was recorded over the course of the week, with the industrial metal trading at Rs39,900 per kg on 6 June before climbing to Rs.40,300 per kg on 9 June.

    June 2019- Week 2 (10 - 16):

    • The week began with the silver price in India declining in value from the previous week. On 10th, silver was trading at Rs.39,900 per kg.
    • The value of the dollar too began to decline mid-week, thereby causing the silver rate in India to soar Rs.40,100 per kg on 14 June.
    • The value of the dollar then began to incline during the end of the week. Uncharacteristically, this did not affect the price of silver negatively. On the contrary, gold rose in value to Rs.40,100 per kg on 16 June.

    June 2019- Week 3 (17-23):

    • Rising industrial demand bolstered silver rates in India after the metal opened at Rs.40,100 per kg on 17 June.
    • Silver rate in India dropped to Rs.40,300 per kg on 19 June on conflicting cues, though prices rose to Rs.40,900 per kg on 20 June as the U.S. dollar dropped steadily.
    • Coin makers increased orders on positive global cues, which boosted the metal’s value to Rs.41,500 per kg on 21 June with silver ending the week at Rs.41,300 per kg.

    June 2019- Week 4 (24-30):

    • Silver price in India opened the week at Rs.41,200 per kg on 24 June and remained unchanged for a few days as local demand shore up prices.
    • Fluctuations in overseas industrial offtake due to the rising U.S.-Iran tensions increased bullion offtake as the metal rose to Rs.41,400 per kg on 25 June before silver price in India fell to Rs.40,800 per kg on 26 June.
    • Prices fluctuated during the week on conflicting cues before settling at Rs.40,800 per kg on 30 June and recording a rise of 3.55% in overall price.

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

    Parameters Silver price (per kg)
    May 1 Rate Rs.40,500 per kg
    May 31 Rate Rs.39,400 per kg
    Highest Rate in May Rs.40,500 per kg on 1 and 2 May
    Lowest Rate in May Rs.39,200 per kg on 20 and 21 May
    Overall Performance Decline
    Comparison for 1 gram Silver Rates for India May'19

    May 2019- Week 1 (1-5):

    • Weak industrial offtake and a slide in demand from coin makers impacted silver price in India after the metal opened the month at Rs.40,500 per kg.
    • Silver rate in India dropped to Rs.39,500 per kg on 3 May as the U.S. dollar rebounded on positive manufacturing data from the U.S., though Asian demand remained steady on rising Chinese export figures.
    • Silver climbed slightly towards the end of the week, trading at Rs.40,200 per kg on a marginal dip in the dollar rate.

    May 2019- Week 2 (6-12):

    • In contrast to gold’s performance, there was a steady drop in silver demand as industrial units reduced orders due to growing economic uncertainty.
    • Silver rate in India opened the week at Rs.40,200 per kg and briefly rose to Rs.40,400 per kg on 8 May as markets sharply.
    • Prices fell to Rs.40,200 per kg on 9 May and remained constant for a few days as retail demand was also weak, with silver price in India falling further to Rs.40,100 per kg on 12 May.

    May 2019- Week 3 (13-19):

    •  In contrast to gold’s performance, there was a steady drop in silver demand as industrial units reduced orders due to growing economic uncertainty. 
    • Silver price in India opened the week at Rs.40,200 per kg and briefly rose to Rs.40,500 per kg on 15 May as markets sharply dropped.
    • Silver price in India fell to Rs.40,300 per kg on 16 May and remained constant for a few days as retail demand was also weak, with silver prices in India falling further to Rs.40,200 per kg on 19 May. 

    May 2019- Week 4 (20-26):

    • Weak industrial demand and fluctuating overseas demand capped gains as silver price in India opened weakly at Rs.39,200 per kg on 20 May.
    • Marginal increases in demand from coin makers bolstered the metal’s value, though a high U.S. dollar rate impacted retail orders as silver traded at Rs.39,300 per kg on 23 May.
    • The end of the week saw the industrial metal continue to rise marginally, trading at Rs.39,400 per kg on 26 May.

    May 2019- Week 5 (27-31):

    • Fluctuating overseas cues and weakening overseas industrial demand resulted in silver price in India opening weakly at Rs.39,500 per kg on 27 May, with local demand failing to prop up prices.
    • There was a steady drop in silver rates as a stable U.S. dollar capped possible gains, with silver rate in India at Rs.39,100 per kg on 29 May as coin makers also reduced demand in light of the rising import cost.
    • Prices recovered towards the end of the month as global recessionary patterns and a steep drop in the U.S. dollar rate prompted increased interest in bullion, with the silver price in India at Rs.39,400 per kg.

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

    Parameters Silver price (per kg)
    April 1 Rate Rs.40,600 per kg
    April 28 Rate Rs.40,700 per kg
    Highest Rate in April Rs.41,000 per kg on 9 April
    Lowest Rate in April Rs.40,100 per kg on 12 April
    Overall Performance Incline
    Comparison for 1 gram Silver Rates for India April'19

    April 2019 - Week 1 (1-7):

    • Declining industrial offtake as well as a steady rise in the U.S. dollar capped silver price in India after the metal opened the week at Rs.40,600 per kg.
    • Silver rate in India dropped to Rs.40,400 per kg on 2 April and remained constant for a few days as local offtake was static, with overseas demand also dropping due to unfavourable cues.
    • A marginal drop in the U.S. dollar due to poor jobs data boosted interest in bullion with silver rising to Rs.40,500 per kg on 6 April and rates remaining constant when the week ended on 7 April.

    April 2019 - Week 2 (8-14):

    • Silver price in India fluctuated as weakening overseas offtake contrasted with steady local demand, with the metal opening the week strongly at Rs.40,700 per kg.
    • Fears of an impending economic downturn prompted increased bullion offtake as the industrial price of silver rose to Rs.41,000 per kg on 9 April but a recovering U.S. dollar capped gains.
    • Silver rate in India dropped to Rs.40,800 per kg on 11 April before plunging to Rs.40,300 per kg on 14 April as local offtake also suffered due to weak overseas cues.

    April 2019 - Week 3 (15-21):

    • Silver rate in India dropped as waning industrial demand coupled with weak overseas cues dented interest in the metal after a relatively stagnant opening of Rs.40,200 per kg on 15 April.
    • A surge in demand from coin makers saw prices rise to Rs.40,400 per kg on 17 April but a strengthening U.S. dollar capped gains as silver dropped to Rs.40,300 per kg on 18 April.
    • Renewed fears of a global economic downturn boosted bullion offtake as the industrial metal rose to Rs.40,400 per kg on 19 April before dropping to Rs.40,300 per kg when the week ended on 21 April.

    April 2019- Week 4 (22-28):

    • There was relatively little fluctuation in silver price in India as steady industrial offtake kept prices from falling too steeply despite overseas demand, after opening at Rs.40,700 per kg on 22 April.
    • Silver rate in India fell sharply to Rs.40,200 per kg on 24 April as a surprise rise in the U.S. dollar rate affected local offtake and reduced gains.
    • Weak economic data from the U.S. and China resulted in a surge in bullion demand as silver prices rose to Rs.40,500 per kg on 25 April.
    • Steady demand from coin makers boosted prices as the week ended, with the industrial metal trading at Rs.40,700 per kg on 28 April.

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

    Parameters Silver price (per kg)
    March 1 Rate Rs.42,700 per kg
    March 31 Rate Rs.40,600 per kg
    Highest Rate in March Rs.42,700 per kg on 1 March
    Lowest Rate in March Rs.40,200 per kg on 29 March
    Overall Performance Decline
    Percentage Change -4.91%
    Comparison for 1 gram Silver Rates for India March'19

    March 2019 - Week 1 (1-10):

    • Silver price in India continued to fall as poor industrial offtake and fluctuating overseas cues affected local demand, as the metal opened the month at Rs.42,700 per kg.
    • Demand from coin makers was weak as a falling rupee made importing the metal more expensive, with silver rate in India dropping to Rs.42,000 per kg from 2-4 March.
    • Rising equities and waning investor interest in bullion fuelled a further drop in offtake as silver rate fell to Rs.41,000 per kg on 7 March.
    • A delay in interest rate hikes by the European Central Bank raised interest in bullion marginally as the metal traded at Rs.41,600 per kg on 10 March.

    March 2019 - Week 2 (11-17):

    • There was a sharp drop in silver price in India as market volatility and fluctuations in industrial orders impacted prices after the metal opened the week at Rs.41,500 per kg on 11 March.
    • Prices remained constant for the next few days as strong local demand from coin makers kept prices steady despite a drop in overseas offtake due to a rise in the dollar rate.
    • Stable equity markets and a delay in Brexit boosted investors’ risk appetite as they moved away from safe-haven bullion, resulting in silver rate in India falling steeply to Rs.41,000 per kg from 15-17 March.

    March 2019 - Week 3 (18-24):

    • Fluctuating industrial demand resulted in silver price in India fluctuating significantly during the week after opening at a low of Rs.40,800 per kg on 18 March.
    • Silver rate in India recovered marginally as the metal traded at Rs.40,900 per kg on 19 March on a weak U.S. dollar which boosted local industrial offtake.
    • Prices jumped to Rs.41,100 per kg on 20 March as fears of a negative economic impact due to Brexit resulted in an increase in offtake, with prices remaining constant for a few days.
    • Lacklustre U.S. economic data fuelled fears of a recession as investor interest in silver also rose which boosted prices to Rs.41,300 per kg on 24 March.

    March 2019- Week 4 (25-31):

    • Silver rate in India opened the week at Rs.41,400 per kg on 25 March and remained unchanged for a few days as local demand shore up prices.
    • Fluctuations in overseas industrial offtake due to the rising U.S. dollar rate capped gains as silver dropped to Rs.40,800 per kg on 28 March before plunging to Rs.40,200 per kg on 29 March.
    • Prices recovered marginally after weak U.S. economic data dented the dollar’s appeal and boosted silver offtake, with the metal closing the month at Rs.40,600 per kg.

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

    Parameters Silver price (per kg)
    February 1 Rate Rs.43,700 per kg
    February 28 Rate Rs.43,300 per kg
    Highest Rate in February Rs.44,100 per kg on 5 February
    Lowest Rate in February Rs.42,700 per kg on 8 and 14 February
    Overall Performance Deline
    Percentage Change -0.91%
    Comparison for 1 gram Silver Rates for India February'19

    February 2019 - Week 1 (1-10):

    • Fluctuating fortunes saw silver price in India drop in spite of steady industrial demand after opening at Rs.43,700 per kg.
    • An increase in overseas industrial offtake saw the metal rise to Rs.44,100 per kg on 5 February but prices dropped on reduced demand from coin makers.
    • Silver rate in India saw some fluctuations before closing the week at Rs.43,300 per kg on 10 February to record a slight decline in price due to poor overall offtake.

    February 2019 - Week 2 (11-17):

    • Declining overseas orders and fluctuating demand resulted in silver price in India falling during the week, though prices opened at a stable Rs.43,300 per kg on 11 February.
    • Investors awaited news on breaking the trade dispute deadlock through the ongoing Sino-U.S. talks and reduced investment in silver as the metal’s price fell to Rs.42,700 per kg on 14 February.
    • Demand rose marginally as local coin makers took advantage of a fluctuating dollar and increased offtake, as silver rate in India rose to Rs.43,800 per kg on 15 February.
    • The end of the week saw increased market uncertainty over Brexit and bullion demand rose sharply, which boosted silver prices to Rs.43,400 per kg on 17 February.

    February 2019 - Week 3 (18-24):

    • Despite steady local demand, silver price in India fluctuated on declining investor interest and flagging demand from Asian industrial units.
    • Silver traded at Rs.43,600 per kg on 18 February and briefly rose to Rs.44,000 per kg on 20 February as the dollar fell on weak U.S. economic data.
    • Indications of a more stringent economic policy after the Federal Reserve meeting boosted the dollar and equity markets as interest in silver fell, with the metal trading at Rs.43,500 per kg on 22 February.
    • Silver rose marginally as demand from coin makers propped up prices with the metal trading at Rs.43,700 per kg on 24 February to reflect no change in value.

    February 2019 - Week 4 (25-28):

    • There was a steady decline in silver price in India as industrial demand dropped sharply as the U.S. dollar rose after opening at Rs.43,800 per kg on 25 February.
    • Coin makers reduced offtake as indications of a more hawkish Federal Reserve policy boosted the dollar and equity markets, which resulted in the industrial metal’s price falling to Rs.43,700 per kg on 26 February.
    • The possibility of an extension to the trade tensions between the United States and China and the subsequent reduction in silver offtake from Asia resulted in prices plummeting to Rs.43,300 per kg on 28 February.

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

    Parameters  Silver price (per kg) 
    Rate on 1st January 2019 Rs.41,500 per kg 
    Rate on 31st January 2019 Rs.43,900per kg 
    Highest Rate in January 2019  Rs.43,900 per kg on 30 and 31 January 
    Lowest Rate in January 2019  Rs.41,500per gramon 1 January 
    Overall Performance  Incline 
    Percentage Change 5.78%
    Comparison for 1 gram Silver Rates for India January'19

    January 2019 - Week 1 (1 - 6):

    • As market uncertainty affected global stock indices, there was a steady rise in demand for silver.
    • The industrial metal opened trading at Rs.41,500 per kg and rose steadily on consistent local industrial demand.
    • Coin makers also increased orders, as a weak dollar reduced import costs and helped drive up silver price in India to Rs.41,800 per kg on 3 January.
    • Silver rate in India climbed to Rs.42,200 per kg on 4 January and remained constant till the week ended, recording a rise of Rs.700 during the week.

    January 2019 - Week 2 (7 - 13):

    • A weak dollar and rising industrial demand boosted silver price in India, with the industrial metal opening the week at Rs.42,200 per kg on 7 January.
    • Prices stayed steady for a few days on static demand before the falling dollar saw a surge in demand from local coin makers, which boosted silver rate in India to Rs.42,800 per kg on 10 January.
    • In spite of a drop in overseas industrial demand, strong local order volumes capped losses as the metal closed the week at Rs.42,700 per kg on 13 January.

    January 2019 - Week 3 (14 - 20): 

    • Contrary to prevalent trends, there was a drop in silver rate in India during the week as industrial demand fell due to saturation.
    • Silver traded at Rs.42,300 per kg when trading opened on 14 January and silver price rose to Rs.42,700 per kg on 16 January due to festive demand.
    • Silver price in India rose to a high of Rs.42,900 per kg on 17 January but quickly dropped to Rs.42,100 per kg when the week ended on 20 January. 

    January 2019 - Week 4 (21-27):

    • Flagging industrial demand from China impacted silver rate in India during the week but positive cues mid-week boosted prices after opening at Rs.42,200 per kg on 21 January.
    • A weak rupee and a general downward trend in industrial offtake saw prices fall to Rs.41,800 per kg on 22 January, as local coin makers also reduced orders.
    • The dollar fell as markets were volatile over the continuing U.S. government shutdown and brewing tensions in South America, which boosted interest in bullion as silver rose to Rs.42,200 per kg on 24 January.
    • A falling dollar rate spurred greater local demand for silver as the week progressed resulting in the metal ending the week at Rs.43,200 per kg on 27 January.

    January 2019 - Week 5 (28-31): 

    • Steady industrial demand kept silver price in India on the ascent, with the metal opening the week at Rs.43,300 per kg on 28 January.
    • There was a marginal dip in price as weak industrial offtake from China affected overall prices with the metal falling to Rs.43,200 per kg on 29 January.
    • A drop in the dollar rate ahead of the Fed Reserve meeting resulted in increased interest in bullion with silver prices rising to Rs.43,900 per kg on 31 January to record a 5.78% increase in value over the course of the month.

    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 2018?

    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 2018. Silver prices are expected to surge significantly with the US Federal Reserve planning to raise the number of interest rates hikes from three to four during the year. Hence, investing in silver before the rise in silver rates can be a good option in 2018.

    How much is one gram of silver worth?

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

    How much does one troy ounce of silver cost?

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

    How much is one kilogram of silver worth?

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

    Where can I buy silver bars in India?

    If you’re looking at investing in silver, you can buy silver bars from public as well as private sector banks. You can also choose to buy silver bars from jewellers.

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

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

    What is the best silver bullion to buy?

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

    What is hallmarking?

    Hallmarking is the process of officially recording and determining the precious metal content in gold or silver articles. It is used as a guarantee of purity of the metal article and is universally accepted in many countries.

    What are the benefits of buying hallmarked bullion?

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

    What should one look for in a hallmarked silver article?

    A hallmarked silver article will contain the following:

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

    What are some tips on buying silver?

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

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

    Silver stocks are dependent on the silver mining business, whereas silver bullion is dictated purely based on market demand and is considered a better investment option than silver stocks.

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

    Silver coins will usually be bought back in bulk, with the dealer exchanging your silver for regular currency. However the rate at which the silver is bought back would depend on the prevailing market conditions.

    When is the best time to buy silver?

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

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

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

    Will I have to pay tax on my silver purchase?

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

    Where can I sell my silver bullion in India?

    You can sell bullion (in the form of coins and bars) to authorised bullion dealers. Banks are not allowed to buy back bullion sold by them.

    What are the advantages of investing in silver?

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

    Read more on Silver

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

    • Gold Rises on Expectations of Fed Rate Cut

      Gold prices inched higher to near-record highs as indications of an interest rate cut by the U.S. Federal Reserve bolstered demand for bullion.

      Gold futures for August delivery inched higher by 0.07% to Rs.34,908 while futures for October delivery rose 0.06% to Rs.35,265.

      Investors awaited data on U.S. retail sales for indications regarding global economic health as concerns over a global recession linger.

      On the international markets, spot gold rose by 0.1% to $1,415.19 per ounce while U.S. gold futures rose 0.2% to $1,416.60 per ounce. Analysts suggest gold could remain popular among investors as ongoing tensions in the Middle East continue to impact markets.

      16 July 2019

    • Price of gold and silver rates in India remain steady as China-US trade talks recommence

      According to sources, on Wednesday, the price of gold and silver were flat at Rs.34,870 per 10 grams and Rs.38,900 per kg respectively.  

      In the global markets, spot gold was trading at a lower price of $1,391.39 an ounce and silver was also trading down at $15.07 per ounce.  

      The major reason for the bullion trading at a low was the recommencing of the US-China trade talks which resulted in a stronger index for the United States Dollar and a positive equity index. Ahead of the testimony of the Chair of Federal Reserve FOMC’s minutes scheduled in the meeting, gold prices kept at the narrow trading prices.  

      In the National Capital Region of Delhi, gold of 99.5% and 99.9% purity held at Rs.34,700 per 10 gram and 34,870 per 10 grams respectively. On the other hand, Sovereign gold was priced at Rs.27,300 per 8 grams. On 9 July, the precious metal saw a plunge in prices by Rs.600 while the weekly-based delivery of Silver ready gained by Rs.34 at Rs.38,034 per kg.  

      11 July 2019

    • Silver Remains Flat on Strong Dollar Index

      Silver prices remained flat as a stronger U.S. dollar index dented bullion demand. On the global market, the precious metal fell to $15.07 per ounce as positive equity indices reduced interest in bullion.

      Silver ready traded at Rs.38,900 per kg while weekly-based delivery rose marginally by RS.34 to trade at Rs.38,034 per kg. Silver coins remained steady at Rs.81,000 for the purchase and Rs,82,000 for the sale of 100 pieces.

      The upcoming U.S. Federal Reserve meeting and its implications for bullion due to possible interest rate hikes buoyed silver prices slightly, though the metal continued to trade lower.

      10 July 2019

    • Gold Trades Flat Despite Steady Overseas Demand

      Gold prices traded almost flat as local jewellers reduced demand despite overseas cues to the contrary. Internationally, gold prices rose to trade at $1,391.33 per ounce as the metal’s safe-haven appeal rose.

      On the domestic market, pure gold (of 99.9% purity) fell by Rs.20 to Rs.34,120 for 10 grams. Standard gold (of 99.5% purity) also dropped by Rs.20 to trade at Rs.33,950 for 10 grams though sovereign gold continued to trade at Rs.26,800 per 8 gram.

      Weak U.S. manufacturing data and sluggish growth from China supported gold buying as markets focussed on key fundamentals.

      2 July 2019

    • Silver Futures Drop on Weak Overseas Cues

      Silver prices fell on the Multi Commodity Exchange (MCX) as speculators reduced their positions due to a weak overseas trend.

      Silver for July delivery fell by 0.63% or Rs.237 to Rs.37,625 per kg for a business turnover of 10,708 lots. There was a drop in September delivery contracts as well, where prices dropped by 0.65% or Rs.248 to Rs.38,146 per kg in 11,109 lots.

      Spot silver also recorded a drop in value, trading 0.72% lower at $15.27 per ounce in New York.

      Despite the slip in recent performance, analysts and market watchers say recent uncertainty could boost demand for bullion.

      27 June 2019

    • Silver Drops on Weak Overseas Trend

      Silver prices fell on weak overseas cues which prompted speculators to cut their positions. Silver for July delivery fell by Rs.160 to Rs.37,842 per kg in a business turnover of 11,503 lots.

      Delivery for September also fell by Rs.158 to Rs.38,355 per kg on a business turnover of 9,136 lots.

      Overseas demand for silver was also on the decline, with spot silver falling 0.3% lower at $15.33 per ounce on a weak global trend.

      Despite this, analysts believe the metal will recover on steady bullion offtake due to rising uncertainty over Iran-U.S. tensions.

      26 June 2019

    • Silver Futures Rise on Positive Global Trends

      Silver futures traded higher on the Multi Commodity Exchange on raised bets as speculators were bolstered by a positive overseas trend.

      Silver for July delivery rose by 0.46% to Rs.38,250 per kg for a business turnover of 12,570 lots. Delivery for September also saw an increase, rising by 0.44% or Rs.190 to Rs.38,740 per kg for 8,646 lots.

      Widening positions by traders on the back of global increases in bullion were attributed to the rise in silver prices in India, with the metal expected to maintain its price given current trends.

      25 June 2019

    • Silver Looks Poised for Bull Run

      As markets teeter on uncertainty, bullion has been rising in popularity with silver prices seeing a significant surge. The ongoing U.S.-Iran war rhetoric and Sino-U.S. trade war has increased interest in safe-haven assets.

      Silver prices have risen by 7.3% since the start of June 2019, with the metal’s technical projection also improving. Though the Fed Reserve kept key rates unchanged, it indicated a possible interest rate cut which rallied bullion prices.

      The metal has seen sharp increases in price, rising 3.7% on 20 June to close at $15.50 per ounce and could see greater upward movement if major central banks go ahead with their quantitative easing measures.

      24 June 2019

    • Gold price rise by Rs.100 while silver surges by Rs.130

      The price of gold rose by Rs.100 for 10 grams to Rs.33720 while silver edged up to Rs.38,220 per kg, a Rs.130 increment. Economists say that the global economic trends clubbed with local demand for the metals from jewelers is what caused the hike. The gold and silver rate in India is determined by various factors such as political and economic trends, supply and demand for the metal, the value of the US dollar with respect to other currencies, etc.

      18 June 2019

    • Silver Futures Rise on Steady Global Cues

      Tracking a firm overseas trend, silver futures rose on the Multi Commodity Exchange (MCX) as investors created fresh positions. Silver futures rose by 0.51% to Rs.36,924 per kg, recording a rise of Rs.189 for a business turnover of 22,612 lots.

      Silver futures for September delivery also recorded a rise, climbing Rs.155 to Rs.37,330 per kg in 6,168 lots.

      The widening of positions by traders locally is in line with a global rise as bullion becomes more appealing due to rising uncertainty among investors due to renewed U.S.-China trade war fears.

      On the international market, spot silver rose by 0.58% to $14.83 per ounce in New York.

      12 June 2019

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