Silver Price in India Today

Todays Silver price in India :

  • 1 gram silver price is 48.20 Indian Rupee
  • 1 kg silver price is 48,200 Indian Rupee
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  • Silver Price In Indian Cities

    City Silver (1 gram) Bar Silver (1 Kg)
    AGRA ₹ 48.36 ₹ 4,836
    AHMEDABAD ₹ 48.36 ₹ 4,836
    ALIGARH ₹ 48.36 ₹ 4,836
    ALLAHABAD ₹ 48.36 ₹ 4,836
    AMBALA ₹ 48.36 ₹ 4,836
    AMRAVATI ₹ 48.36 ₹ 4,836
    AURANGABAD ₹ 48.36 ₹ 4,836
    BALLARI ₹ 48.36 ₹ 4,836
    BANGALORE ₹ 48.36 ₹ 4,836
    BAREILLY ₹ 48.36 ₹ 4,836
    BELGAUM ₹ 48.36 ₹ 4,836
    BHILAI ₹ 48.36 ₹ 4,836
    BHOPAL ₹ 48.36 ₹ 4,836
    BHUBANESHWAR ₹ 48.36 ₹ 4,836
    CHANDIGARH ₹ 48.36 ₹ 4,836
    CHENNAI ₹ 48.36 ₹ 4,836
    COIMBATORE ₹ 48.36 ₹ 4,836
    CUTTACK ₹ 48.36 ₹ 4,836
    DEHRADUN ₹ 48.36 ₹ 4,836
    DINDIGUL ₹ 48.36 ₹ 4,836
    ERODE ₹ 48.36 ₹ 4,836
    FARIDABAD ₹ 48.36 ₹ 4,836
    GHAZIABAD ₹ 48.36 ₹ 4,836
    GULBARGA ₹ 48.36 ₹ 4,836
    GUNTUR ₹ 48.36 ₹ 4,836
    GURGAON ₹ 48.36 ₹ 4,836
    GUWAHATI ₹ 48.36 ₹ 4,836
    HALDWANI ₹ 48.36 ₹ 4,836
    HISAR ₹ 48.36 ₹ 4,836
    HOSUR ₹ 48.36 ₹ 4,836
    HYDERABAD ₹ 48.36 ₹ 4,836
    INDORE ₹ 48.36 ₹ 4,836
    JABALPUR ₹ 48.36 ₹ 4,836
    JAIPUR ₹ 48.36 ₹ 4,836
    JALGAON ₹ 48.36 ₹ 4,836
    JAMMU ₹ 48.36 ₹ 4,836
    JAMNAGAR ₹ 48.36 ₹ 4,836
    JAMSHEDPUR ₹ 48.36 ₹ 4,836
    JODHPUR ₹ 48.36 ₹ 4,836
    KAKINADA ₹ 48.36 ₹ 4,836
    KANNUR ₹ 48.36 ₹ 4,836
    KANPUR ₹ 48.36 ₹ 4,836
    KARNAL ₹ 48.36 ₹ 4,836
    KARUR ₹ 48.36 ₹ 4,836
    KOCHI ₹ 48.36 ₹ 4,836
    KOLHAPUR ₹ 48.36 ₹ 4,836
    KOLKATA ₹ 48.36 ₹ 4,836
    KOTA ₹ 48.36 ₹ 4,836
    KOZHIKODE ₹ 48.36 ₹ 4,836
    KURNOOL ₹ 48.36 ₹ 4,836
    LUCKNOW ₹ 48.36 ₹ 4,836
    LUDHIANA ₹ 48.36 ₹ 4,836
    MADURAI ₹ 48.36 ₹ 4,836
    MALAPPURAM ₹ 48.36 ₹ 4,836
    MANGALORE ₹ 48.36 ₹ 4,836
    MEERUT ₹ 48.36 ₹ 4,836
    MUMBAI ₹ 48.36 ₹ 4,836
    MYSORE ₹ 48.36 ₹ 4,836
    NAGERCOIL ₹ 48.36 ₹ 4,836
    NAGPUR ₹ 48.36 ₹ 4,836
    NANDED ₹ 48.36 ₹ 4,836
    NASIK ₹ 48.36 ₹ 4,836
    NELLORE ₹ 48.36 ₹ 4,836
    NEW DELHI ₹ 48.36 ₹ 4,836
    NOIDA ₹ 48.36 ₹ 4,836
    PANAJI ₹ 48.36 ₹ 4,836
    PATNA ₹ 48.36 ₹ 4,836
    PONDICHERRY ₹ 48.36 ₹ 4,836
    PRODDATUR ₹ 48.36 ₹ 4,836
    PUNE ₹ 48.36 ₹ 4,836
    RAIPUR ₹ 48.36 ₹ 4,836
    RAJAHMUNDRY ₹ 48.36 ₹ 4,836
    RAJKOT ₹ 48.36 ₹ 4,836
    RANCHI ₹ 48.36 ₹ 4,836
    RATLAM ₹ 48.36 ₹ 4,836
    SALEM ₹ 48.36 ₹ 4,836
    SANGLI ₹ 48.36 ₹ 4,836
    SHIMLA ₹ 48.36 ₹ 4,836
    SHIMOGA ₹ 48.36 ₹ 4,836
    SILIGURI ₹ 48.36 ₹ 4,836
    SOLAPUR ₹ 48.36 ₹ 4,836
    SRINAGAR ₹ 48.36 ₹ 4,836
    SURAT ₹ 48.36 ₹ 4,836
    THANE ₹ 48.36 ₹ 4,836
    THANJAVUR ₹ 48.36 ₹ 4,836
    THIRUVANANTHAPURAM ₹ 48.36 ₹ 4,836
    THOOTHUKUDI ₹ 48.36 ₹ 4,836
    THRISSUR ₹ 48.36 ₹ 4,836
    TIRUCHIRAPALLI ₹ 48.36 ₹ 4,836
    TIRUNELVELI ₹ 48.36 ₹ 4,836
    UDAIPUR ₹ 48.36 ₹ 4,836
    UDUPI ₹ 48.36 ₹ 4,836
    VADODARA ₹ 48.36 ₹ 4,836
    VARANASI ₹ 48.36 ₹ 4,836
    VELLORE ₹ 48.36 ₹ 4,836
    VIJAYAWADA ₹ 48.36 ₹ 4,836
    VISAKHAPATNAM ₹ 48.36 ₹ 4,836
    WARANGAL ₹ 48.36 ₹ 4,836

    *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 May 2020 (rates per kg)

    Parameters Silver price (per kg)
    May 1 Rate Rs.42,530 per kg
    May 16 Rate Rs.46,900 per kg
    Highest Rate in May Rs.46,900 per kg on 16 May
    Lowest Rate in May Rs.41,010 per kg on 2 May
    Overall Performance Incline

    May 2020 - Week 1 (1 - 9):

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

    May 2020 - Week 2 (10-16):

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

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

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

    April 2020 - Week 1 (1 - 4):

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

    April 2020 - Week 2 (5 -11):

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

    April 2020 - Week 3 (12 - 18):

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

    April 2020 - Week 4 (19 - 25)

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

    April 2020 - Week 5 (26 - 30):

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

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

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

    March 2020 - Week 1 (01 - 07):

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

    March 2020 - Week 2 (8 - 14):

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

    March 2020 - Week 3 (15 - 21):

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

    March 2020 - Week 4 (22 - 31):

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

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

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

    February 2020- Week 1 (1 - 9):

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

    February 2020 - Week 2 (10 - 16):

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

    February 2020 - Week 3 (17 - 23):

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

    February 2020 - Week 4 (24 to 29):

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

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

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

    January 2020- Week 1(01 - 05):

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

    January 2020- Week 2(06 - 12):

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

    January 2020- Week 3(13 - 19):

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

    January 2020- Week 4 (20 - 26):

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

    January 2020- Week 5 (27 - 31):

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

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

    Parameters Silver price (per kg)
    December 1 Rate Rs.48,100 per kg
    December 29 Rate Rs.50,000 per kg
    Highest Rate in December Rs.50,400 per kg on 26 December
    Lowest Rate in December Rs.46,400 per kg on 10 December
    Overall Performance Incline
    Comparison for 1 gram Silver Rates for India December'19

    December 2019- Week 1 (1 – 8):

    • Silver price in India opened the first week of December at Rs.48,100 per kg. Compared to the previous month’s closing price, the rates of silver didn’t see any change. The rates charged on the opening day of the month was also the highest recorded price of the metal in the country.
    • The rates of silver dropped in the next couple of days before increasing slightly. The drop continued in the following days of the week.
    • Silver rate in India closed the first week of December at Rs.46,600 per kg. This was lowest recorded price of the metal in the country for the first week. The overall performance of the precious metal was trending downwards.

    December 2019- Week 2 (9 - 15):

    • In India, silver price stood at Rs.46,500 per kg on December 9. There was a drop of Rs.100 per kg when compared to the previous week’s closing price.
    • As investors decided to seek clarity on the next round of US tariffs on Chinese imports as well as keep an eye on the US Federal Reserve’s monetary policy statement, silver rate in India slipped to the lowest recorded price for the month on December 10 with every kg costing Rs.46,400.
    • Silver price in India saw a declining trend over the second week of December closed the week at Rs.47,300 per kg.

    December 2019- Week 3 (16 – 22):

    • In India, silver price in India stood at Rs.47,400 per kg on December 16. There was a drop of Rs.100 per kg when compared to the previous week’s closing price at Rs.47,300 per kg.
    • As investors decided to seek clarity on the next round of US tariffs on Chinese imports as well as keep an eye on the US Federal Reserve’s decision on possible rate cuts, silver prices fluctuated in the first half of the week. On 22 December, following the impeachment of President Trump, the value of the metal increased to Rs.48,200 per kg.
    • Silver rate in India saw an inclining trend in the third week of the month and closed the week at a price of Rs.48,200 per kg.

    December 2019- Week 4 (23 - 29):

    • Silver rate in India started the fourth week of December at Rs.48,400 per kg. Compared to the previous week’s closing price, the rates witnessed an increase of Rs.200 per kg. The jump in the prices was seen because lingering uncertainties about the trade deal between the United States and China boosted the appeal of the safe-haven bullion.
    • The rates of silver fluctuated over the next few days. Every kilogram of silver was being retailed for Rs.50,400 on 26 December as investors braced for a robust equity rally to tun out of steam. This was the highest recorded price of the metal in the month till date.
    • Silver closed the week at Rs.50,000 per kg. The precious metal witnessed an increasing trend in the country.

    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.

    Read more on Silver

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    • Silver prices in India surge on 20 May 2020

      Silver futures prices on MCX in India increased by 1.17% and are at Rs.49,390 for a kg. In the international markets, silver prices increased by 1.4% and are at $17.41 for an ounce.

      Like silver, the prices of gold increased in India as well. Gold futures prices for the month of June on MCX increased by 0.6% and are at Rs.47,331 for 10 grams. The prices of gold in India have increased five times over the last six sessions. Earlier, gold prices hit record highs and were at Rs.47,980 for 10 grams. The value of the rupee depreciating also supported the prices of gold in India. In India, the prices of gold include 12.5% import duty and 3% GST. The prices of gold in the international markets increased as well. Spot gold prices are at $1,750.19 for an ounce. There has been support for gold because of the tensions between the US and China. According to a note given by Kotak Securities, gold prices have been supported due to the expectations that there would be several measures introduced by Central Banks to help the economy during the coronavirus outbreak. The prices of the yellow metal have increased in India because of the coronavirus outbreak and the subsequent lockdown.

      20 May 2020

    • Silver prices surge by 3 percent

      On Monday, silver price rose by nearly 3 percent to cost Rs.48,503 per kg. The increase in the rates added to Friday’s gain of Rs.2,586. In the global market, the rate of the white metal increased by 2% to cost $16.96 per ounce.

      Gold price also hit new heights today after tracking firm global rates. On the Multi Commodity Exchange (MCX), June gold prices surged by 0.7 percent to cost Rs.47,700 for every 10 grams. In the global market, gold prices surged to a seven-year high after the US Federal Reserve chief warned that recovery of the US economy could go on till 2021 and is dependent on the delivery of a vaccine. Among other precious metals, platinum gained 0.7 percent to cost $803.19 per ounce.

      18 May 2020

    • Silver prices in India increase by Rs.1,700 over the last two days in India

      Silver futures prices on MCX increased by Rs.615 and are at Rs.44,750 for a kg. In the previous session, the prices of silver increased by Rs.1,090 for a kg.

      In the international markets, silver prices increased by 0.7% and were at $15.97 for an ounce. Like silver, the prices of gold increased in India as well. The prices of gold have increased for the third consecutive day. Gold futures prices for the month of June on MCX increased by 0.3% and are at Rs.46,800 for 10 grams. In April, the prices of gold hit record highs and were about Rs.47,327 for 10 grams. In the international markets, the prices of gold increased as there were expectations the several measures would be introduced by Central Banks to help the economy because of the coronavirus outbreak. The tensions between China and the US ensured that gold remains a safe haven. The prices of spot gold in the global markets increased by 0.1% and were at $1,730.56 for an ounce. In the cases of currency debasement and inflation, the gold tends to benefit. The prices of gold in India are inclusive of 3% GST and 12.5% import duty.

      15 May 2020

    • Silver rate slip in the country on Wednesday

      In the country, silver price edged lower today even though Prime Minister Narendra Modi announced a massive Rs.20 lakh crore economic package on Tuesday night. The rate dipped by 0.4 percent on the Multi Commodity Exchange (MCX) to cost Rs.42,870 per kg.

      Gold prices also fell on the MCX. This was the fourth day in a row when the rates dipped. On the MCX, June futures were down by 0.23 percent to cost Rs.45,520 for every 10 grams. In the global markets, gold prices increased today on the expectations of more stimulus from central banks to support economies which has been battered by the coronavirus lockdowns. The futures of spot gold increased by 0.3 percent and was trading at $1,701.44 per ounce. In 2020, gold prices have seen a hike of 12 percent till date due to unprecedented stimulus announced by global central banks.

      14 May 2020

    • Silver futures prices increase in India on 12 May 2020

      Silver futures prices for the month of July increased by 0.23% and are at Rs.43,328 for a kg. In the international markets, the prices of silver decreased by 1.2% and are at $15.36 for an ounce.

      Like silver, the prices of gold increased in India as well. Over the last two sessions, the prices of gold have decreased in the country. Gold prices in India are inclusive of 12.5% import duty and 3% GST. Gold futures prices on MCX for the month of June jumped by 0.28% and are at Rs.45,911 for 10 grams. The prices of gold were flat in the global markets after falling for two sessions in a row. The strong dollar did not affect the prices of gold. Gold prices were supported due to the fear of the second wave of coronavirus infections. Spot gold prices in the global markets remained stagnant and are at $1,695.75 for an ounce. A strong dollar ensures that the prices of gold are expensive for other currency holders. According to the Head of Commodity at Geojit Financial Services, gold prices remained steady as it is considered as a safe haven due to the fears of a global recession and the several measures that have been introduced by Central Banks to help the economy because of the coronavirus outbreak.

      12 May 2020

    • Silver prices increase in India on 11 May 2020

      Silver prices in India increased by 0.42% and are at Rs.43,475 for a kg on 11 May 2020. In the international markets, the prices of silver increased by 0.4% and were at $15.51 for an ounce.

      Unlike silver, the prices of gold fell for the second day in a row in the country. Gold futures prices for the month of June decreased by 0.2% and are at Rs.45,722 for a kg. In the global markets, the prices of gold were about the $1,700 levels. In India, the prices of gold fell by 0.72% in the previous session. Spot gold prices in the global markets climbed by 0.2% and are at $1,704.26 for an ounce. On 10 May 2020, China announced its high daily increase since 28 April 2020. In China, the demand for physical gold improved. A warning was issued by South Korea regarding a second wave of the coronavirus. The demand for physical gold in other countries was muted due to holidays and the lockdown. Gold prices in India are inclusive of 3% GST and 12.5% import duty. Analysts predict the prices of gold to remain stable because of the coronavirus outbreak.

      11 May 2020

    • Silver futures prices increase in India on 7 May 2020

      Gold futures prices for the month of July on MCX increased by 0.5% on 7 May 2020 and were at Rs.42,134 for a kg. In the international markets, the prices of silver fell by 0.1% and were at $15.01 for an ounce.

      Unlike silver, the prices of gold fell for the second day in a row on 7 May 2020. Gold futures prices for the month of June on MCX reduced by Rs.100 and was at Rs.45,650 for 10 grams. The main reason for the prices of gold to fall was the opening of economies in various countries. A firm dollar also ensured that the prices of gold fell. In the international markets, the prices of spot gold fell by 0.1% and were at $1,704.88 for an ounce. The equity market moved higher as the lockdown restrictions in various countries were eased. The value of the dollar increased for the fourth consecutive session. In case the value of the dollar increases, the prices of gold increases for holders of other currencies. Therefore, the demand for gold decreases. The prices of gold in India are inclusive of 3% GST and 12.5% import duty.

      7 May 2020

    • Silver futures prices in India increase in India on 6 May 2020

      Silver futures prices for the month of July on MCX increased by 0.5% and are at Rs.42,134 for a kg. In the international markets, the prices of silver decreased by 0.1% and are at $15.01 for an ounce.

      Unlike silver, the prices of gold decreased in India for the second day in a row. Gold futures prices for the month of June on MCX decreased by Rs.100 and are at Rs.45,650 for 10 grams. The prices of gold in the international markets decreased as well. The main reason for the prices of gold to decrease was the reopening of economies in various countries. The prices of gold were also affected by a firm dollar. Spot gold prices in the international markets decreased by 0.1% and are at $1,704.88 for an ounce. The value of the dollar gained for the fourth session in a row. In case the value of the dollar increases, the prices of gold increases in other currencies. The tensions between China and the US regarding the coronavirus outbreak ensured that there was support for gold. However, the gains for gold may be limited due to the various measures that have been introduced by Central Banks to help the economy. Gold prices in India are inclusive of 12.5% import duty and 3% GST.

      6 May 2020

    • Silver Price in India fall by 0.26% on 5 May 2020

      Silver prices in India fell by 0.26% and are at Rs.41,137 for a kg on 5 May 2020. In the international markets, the prices of silver decreased by 0.2% and are at $14.81 for an ounce.

      Following silver, the prices of gold reduced in India as well. Gold futures prices for the month of June on MCX reduced by Rs.329 and are at Rs.45,478 for 10 grams. Over the last two sessions, the prices of gold increased by nearly Rs.1,000 for 10 grams. In the international markets, gold prices remained flat as several countries eased the restrictions of the lockdown that was in effect because of the coronavirus outbreak. However, the tensions between China and the US due to the coronavirus outbreak ensured that the prices of gold remained above the $1,700 levels. The escalating tensions between the two countries and the fears of a global recession are expected to support gold. Investors are also expecting several new measures to be introduced by Central Banks to help the economy because of the coronavirus outbreak. However, gold gains could be capped because of a strong dollar and the easing of restrictions in several countries. Gold in India is inclusive of 3% GST and 12.5% import duty.

      5 May 2020

    • Silver rates increase by 0.42 percent

      Silver prices increased on Monday as participants widened their bets on firm spot demand. The rates were up by 0.42 percent on the Multi Commodity Exchange (MCX). The contracts of the white metal for the month of May shot up to Rs.42,227 per kg in 3,424 lots. For July delivery, silver was trading higher by Rs.106 and stood at Rs.42,825 per kg in 2,711 lots. In the international market, the precious metal was quoted an increase of 0.45 percent and was trading at $15.52 per ounce in New York.

      It must be noted here that gold prices declined by 0.24 percent to cost Rs.46,415 for every 10 grams. The decline in the prices was accounted to participants offloading their holdings on weak spot demand.

      27 April 2020

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