Silver Rate in Mumbai

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Silver Price in Mumbai

Mumbai is among the largest consumers of silver in India. The metal has a special shine in the commercial capital of India, with its upwardly mobile population and multitude of outlets selling silver. Mumbai has for long been one of the most important port cities in India, and trade has flourished in the city since centuries. As such, silver has a history with the city, as most of the dealings in the olden times were done primarily in silver and gold. Silver rates in Mumbai are affected by a range of factors and are quite dynamic in nature.

Silver in the physical form is most popular as silverware, jewelry and ornaments, though the city has adopted the precious metal as a form of style and art also. The silver industry in Mumbai boasts of some of the largest players in the country, apart from various local dealers and stores that expand your options to buy the metal from. Silver bullions are also popular in Mumbai, as these offer pure silver at cheaper rates than silver products that have been worked on such as jewelry, artefacts etc.

Trend of silver Rate in Mumbai for December 2018 (rates per kg)

December 2018 - Week 1 (1 - 9):

Parameters	Silver price (per kg)
December 1 Rate	Rs.38,500 per kg
December 9 Rate	Rs.40,300 per kg
Overall Weekly Performance	Incline

• A strong showing by industrial units and rising demand from Asia bolstered silver, with the metal opening the month priced at Rs.38,500m per kg.
• Fears of an economic slowdown led to increased bullion offtake by investors, with a weak dollar also boosting silver demand as the metal’s value rose to Rs.39,600 per kg on 7n December.
• The rise in price continued as the week drew to a close, with silver price in Mumbai trading at Rs.40,300 per kg on 9 December.

Trend of Silver Rate in Mumbai for November 2018 (rates per kg)

November 2018 - Week 1 (1 - 4):

Parameters	Silver price (per kg)
November 1 Rate	Rs.40,900 per kg
November 4 Rate	Rs.41,500 per kg
Overall Weekly Performance	Incline

• Trading opened for the week with silver rate in Mumbai holding at Rs.40,900 per kg on the 1st with domestic demand suppressed by the strengthening US dollar and rising equity markets.
• With the US dollar index losing against a basket of other major currencies ahead of the US employment data, demand for safe-haven assets surged during the week.
• Strong trends overseas coupled with an increased industrial demand led to silver being priced at Rs.41,500 per kg for the remainder of the week.

November 2018 - Week 2 (5 - 11):

Parameters	Silver price (per kg)
November 5 Rate	Rs.41,400 per kg
November 11 Rate	Rs.40,500 per kg
Overall Weekly Performance	Decline

• Silver in Mumbai was recorded trading at Rs.41,400 per kg on the 5th after a slight increase in the dollar value led to prices dropping by Rs.100 from the previous week’s rate.
• With the dollar dominating against other apex currencies ahead of the Federal Reserve’s interest rate review, the silver rate dropped further to Rs.40,500 per kg on the 9th.
• The week came to an end with silver prices holding firm at Rs.40,500 per kg with subdued but steady demand from industrial units and coin makers amid the weak trend overseas.

November 2018 - Week 3 (12 - 18):

Parameters	Silver price (per kg)
November 12 Rate	Rs.40,000 per kg
November 18 Rate	Rs.40,100 per kg
Overall Weekly Performance	Incline

• Demand for silver was steady in spite of price fluctuations, with the metal trading at Rs.40,000 on 12 November on steady local demand.
• Silver price in Mumbai dropped briefly to Rs.39,400 per kg on 14 November due to momentary rise in the U.S. dollar rate, but increased interest from investors saw prices climb to Rs.40,000 per kg on 16 November.
• Ongoing tensions over the Brexit deal led to markets tumbling, as demand for bullion surged.
• The week ended with silver rate in Mumbai rising to Rs.40,100 per kg on 18 November.

Trend of Silver Rate in Mumbai for October 2018 (rates per kg)

Parameters	Gold price (24 karat)
October 1 Rate	Rs.41,100 per kg
October 31 Rate	Rs.41,200 per kg
Highest Rate in October	Rs.42,200 per gram on 15 October
Lowest Rate in October	Rs.39,500 per gram on 5 October
Overall Monthly Performance	Incline
Percentage Change	0.24%

October 2018 - Week 1 (1 - 7):

Parameters	Silver price (per kg)
October 1 Rate	Rs.41,100 per kg
October 7 Rate	Rs.41,900 per kg
Overall Weekly Performance	Incline

• Silver rates rose over the course of the first week of October, opening the month at Rs.41,100 per kg on sustained industrial offtake.
• Demand from industrial units and coin makers was high ahead of the Federal Reserve meeting, as silver prices reached Rs.42,000 per kg on 3 October.
• Local demand failed to maintain prices as the industrial metal’s price fell to Rs.41,500 per kg on 5 October due to falling order volumes.
• Silver prices in Mumbai recovered towards the end of the week, trading at Rs.41,900 per kg on 7 October to record a rise of Rs.800 per kg.

October 2018 - Week 2 (8 - 14):

Parameters	Silver price (per kg)
October 8 Rate	Rs.41,500 per kg
October 14 Rate	Rs.41,500 per kg
Overall Weekly Performance	Constant

• Silver rates dropped over the course of the second week of October, opening the month at Rs.41,500 per kg on sustained industrial offtake.
• Demand from coin makers and industrial units was low ahead as silver prices reached Rs.41,100 per kg on 11 October.
• Silver prices in Mumbai recovered towards the end of the week, trading at Rs.41,500 per kg on 14 October, unaltered as compared to the price from the start of week 2.

October 2018 - Week 3 (15 - 21):

Parameters	Silver price (per kg)
October 15 Rate	Rs.41,900 per kg
October 21 Rate	Rs.41,500 per kg
Overall Weekly Performance	Decline

• Demand for the industrial metal was on the decline during the week as fluctuating markets and a strengthening dollar reduced interest in silver.
• The week opened with silver priced at Rs.41,900 per kg on 15 October before prices dropped to Rs.41,700 per kg on 19 October after a turbulent few days.
• Local demand was steady but the rising cost of importing silver reduced demand, while overseas trends were also unfavourable.
• The rupee rose against the dollar briefly, which reduced demand for silver due to the high cost of import as silver prices dropped to Rs.41,500 per kg on 20 October.
• There was no change as the week ended on 21 October, with silver priced at Rs.41,500 per kg.

October 2018 - Week 4 (22 - 28):

Parameters	Silver price (per kg)
October 22 Rate	Rs.41,500 per kg
October 28 Rate	Rs.41,700 per kg
Overall Weekly Performance	Incline

• The financial capital of the country increased orders for silver ahead of the festive season, though fluctuations in the rupee affected prices.
• Silver traded at Rs.41,500 per kg on 22 October before rising to Rs.41,900 per kg on 24 October on increased industrial offtake from Asia.
• Demand fell slightly with China’s economic slowdown due to mounting trade tariffs, with silver prices in Mumbai dropping to Rs.41,500 per kg on 26 October.
• Prices received a boost as local industrial demand rose marginally, trading at Rs.41,700 per kg on 27 October.
• The end of the week saw no change in price, as silver prices rose by Rs.200 during the week on steady demand.

October 2018 - Week 5 (29-31):

Parameters	Silver price (per kg)
October 29 Rate	Rs.41,600 per kg
October 31 Rate	Rs.41,200 per kg
Overall Weekly Performance	Decline

• Silver prices in Mumbai were on the decline, echoing trends seen across other cities due to falling demand from industrial units and coin makers.
• The week began with silver priced at Rs.41,600 per kg on 29 October as coin makers increased orders ahead of the festive season.
• The falling rupee made silver imports more expensive, resulting in a fall in retail demand as silver prices slid to Rs.41,200 per kg on 30 October.
• There was no change in price as the week ended, closing the month at Rs.41,200 per kg to record a loss of Rs.400 per kg during the week.

Trend of Silver Rate in Mumbai for September 2018 (rates per kg)

Parameters	Gold price (24 karat)
September 1 Rate	Rs.41,400 per kg
September 30 Rate	Rs.41,200 per kg
Highest Rate in September	Rs.41,400 per gram on 1 September
Lowest Rate in September	Rs.39,500 per gram on 5 September
Overall Monthly Performance	Decline
Percentage Change	-0.48%

September 2018 - Week 1 (1 - 8):

Parameters	Silver price (per kg)
September 1 Rate	Rs.40,000 per kg
September 8 Rate	Rs.39,700 per kg
Overall Weekly Performance	Decline

• In the country’s financial capital, silver prices did not show much signs of a recovery as industrial demand failed to keep prices steady.
• The metal opened the month priced at Rs.40,000 per kg as coin makers and retail demand was falling.
• A momentary drop in the dollar rate led to prices rising to Rs.40,100 per kg on 3 September but a drop in overall demand once again led to prices falling.
• Fears of a possible trade war led to some increase in demand, but Asian industrial units reduced orders due to the strong dollar.
• Silver fell to Rs.39,500 per kg on 5 September as U.S. orders for silver also dropped, which had repercussions across other global commodity markets.
• Prices briefly rose to Rs.39,800 per kg on 6 September as news of an interest rate hike imminently led to market volatility and investors sought bullion to hedge their losses.
• The end of the week, however, saw silver prices fall to Rs.39,700 per kg on 8 September.

September 2018 - Week 2 (9 - 14):

Parameters	Silver price (per kg)
September 9 Rate	Rs.39,700 per kg
September 14 Rate	Rs.39,800 per kg
Overall Weekly Performance	Incline

• Silver prices in Mumbai showed a marginal rise in price after a period of stagnation, opening trading at Rs.39,700 per kg on 9 September.
• Apprehension over an impending trade war due to escalating tensions between China and the U.S. led to volatility across markets, as silver capitalised and rose to Rs.39,800 per kg on 10 September.
• The rise in price continued as local coin makers increased orders, as silver prices rose to Rs.39,900 per kg on 11 September.
• Fluctuations in demand led to prices falling slightly, as the week ended with silver priced at Rs.39,800 per kg on 14 September.

September 2018 - Week 3 (15 - 22):

Parameters	Silver price (per kg)
September 15 Rate	Rs.39,500 per kg
September 22 Rate	Rs.40,300 per kg
Overall Weekly Performance	Incline

• The industrial metal traded at Rs.39,500 per kg when trading opened on 15 September as local industrial demand was high.
• Silver rose to Rs.39,800 per kg on 18 September as steady demand from local coin makers kept prices steady in spite of fluctuations in demand.
• The metaal rose to Rs.40,000 per kg on 19 September as the trade conflicts between the U.S. and China caused turbulence across stock markets, prompting increased interest in bullion.
• Silver rose to Rs.40,300 per kg on 22 September, resulting in a significant rise in price over the course of the week.

September 2018 - Week 4 (23 - 30):

Parameters	Silver price (per kg)
September 23 Rate	Rs.40,300 per kg
September 30 Rate	Rs.41,200 per kg
Overall Weekly Performance	Incline

• Silver was priced at Rs.40,300 per kg when trading opened on 23 September, as prices began to recover after last week’s steep plunge.
• The ongoing trade dispute and resultant tariffs left markets volatile and the dollar weak, as demand for bullion rose sharply.
• Prices rose to Rs.40,800 per kg on 26 September on growing demand from coin makers as well as industry.
• The announcement of an interest rate hike by the Federal Reserve bolstered equity markets and the dollar, as silver prices fell to Rs.40,200 per kg on 28 September.
• Prices rose by Rs.100 in a single day to trade at Rs.41,200 per kg on 29 September after a spurt in demand from Asian industry.
• The month ended with silver trading at Rs.41,200 per kg.

Trend of Silver Rate in Mumbai for August 2018 (rates per kg)

Parameters	Silver price (per kg)
August 1 Rate	Rs.41,400 per kg
August 31 Rate	Rs.40,300 per kg
Highest Rate in August	Rs.41,400 per kg on 1 August
Lowest Rate in August	Rs.39,400 per kg on 16 August
Overall Monthly Performance	Decline
Percentage Change	-2.65%

August 2018 - Week 1 (1 - 5):

Parameters	Silver price (per kg)
August 1 Rate	Rs.41,400 per kg
August 5 Rate	Rs.41,300 per kg
Overall Weekly Performance	Decline

• Silver rates in Mumbai followed trends seen across other Indian cities, with the metal opening the month at Rs.41,400 per kg.
• In spite of fears of a global trade war, the dollar was unaffected for the most part, as the rupee fell sharply against the U.S. currency.
• Volatile markets due to the renewal of tensions with China and Iran led to some respite for bullion, but silver failed to capitalise on the momentary drop in dollar price.
• Local markets were steady but static as the rupee continued to fall against the dollar, driving demand for bullion lower.
• The week ended with silver priced at Rs.41,300 per kg on 5 August, recording a Rs.100 drop in the metal’s value due to consistently falling demand from both coin makers as well as industrial units.

August 2018 - Week 2 (6 - 12):

Parameters	Silver price (per kg)
August 6 Rate	Rs.41,200 per kg
August 12 Rate	Rs.41,200 per kg
Overall Weekly Performance	Constant

• Silver prices were on the decline as industrial offtake was on the decline, with the industria metal opening trade at Rs.41,200 per kg as declining orders affected prices.
• The positive report on the U.S. economy also bolstered the dollar, as local industrial orders fell sharply due to the increased cost associated with a plunging rupee.
• There was minimal change in price over the course of the week as demand from coin makers fell as well.
• The week ended with silver priced at Rs.41,200 per kg on 12 August, which was recorded to be a constant trend for the week.

August 2018 - Week 3 (13 - 19):

Parameters	Silver price (per kg)
August 13 Rate	Rs.41,200 per kg
August 19 Rate	Rs.40,000 per kg
Overall Weekly Performance	Decline

• Silver prices were on the decline as industrial offtake was on the decline, with the industria metal opening trade for Week 3 at Rs.41,200 per kg as declining orders affected prices.
• The positive report on the U.S. economy also bolstered the dollar, as local industrial orders fell sharply due to the increased cost associated with a plunging rupee.
• There was minimal change in price over the course of the week as demand from coin makers fell as well.
• The week ended with silver priced at Rs.40,000 per kg on 19 August, which was recorded to be a declining trend for the week.

August 2018 - Week 4 (20 - 26):

Parameters	Silver price (per kg)
August 20 Rate	Rs.40,000 per kg
August 26 Rate	Rs.40,200 per kg
Overall Weekly Performance	Incline

• Trading commenced for the week with silver in India priced at Rs.40,000 per kg on the 20th with steady domestic demand.
• Silver price in India remained untouched at Rs.40,000 per kg on the 21st before rising to Rs.40,100 per kg on the 22nd.
• With the US dollar index gaining against other apex currencies, demand for the metal dropped and silver was recorded trading at Rs.39,800 per kg on the 24th.
• Demand for the metal surged towards the end of the week with industries and coin manufacturers ramping up purchases amid favourable market cues.
• The week concluded with silver price in India holding at Rs.40,200 per kg on the 26th with strong industrial demand amid the positive cues overseas.

August 2018 Week 5 (27 - 31):

Parameters	Silver price (per kg)
August 27 Rate	Rs.40,200 per kg
August 31 Rate	Rs.40,300 per kg
Overall Weekly Performance	Incline

• The last week of August saw silver rates in Mumbai rise marginally, though prices declined overall due to poor order volumes.
• Silver was priced at Rs.40,200 per kg on 27 August with no change in price from the previous week.
• The fall of the dollar rate and market uncertainty led to a slight rise in silver prices as the metal’s value rose to Rs.40,300 per kg on 29 August.
• Fluctuating demand as well as declining orders overseas led to silver prices continuing to trade at a stagnant Rs.40,300 per kg when the month ended on 31 August.

Trend of Silver Rate in Mumbai for July 2018 (rates per kg)

Parameters	Silver price (per kg)
July 1 Rate	Rs.42,800 per kg
July 31 Rate	Rs.41,400 per kg
Highest Rate in July	Rs.42,800 per kg on 1 and 2 July
Lowest Rate in July	Rs.41,200 per kg from 27 - 29 July
Overall Monthly Performance	Decline
Percentage Change	-3.50%

July 2018 - Week 1 (1 - 7):

Parameters	Silver price (per kg)
July 1 Rate	Rs.42,800 per kg
July 7 Rate	Rs.42,700 per kg
Overall Weekly Performance	Decline

• Silver was priced at S.42,800 per kg on the 1st and 2nd of July as demand for the metal was largely stable over these two days.
• On the 3rd, silver rate in India went down to Rs.42,400 per kg after due to a strong dollar and weak demand.
• The 4th recorded a significant surge in safe haven demand. As a result of this silver rates to trade at Rs.42,800 per kg.
• The 5th and 6th saw silver trade at Rs.42,800 per kg as demand was stable, thanks to positive cues from the global market.
• When the week drew to a close, silver rate in Mumbai dropped slightly to Rs.42,700 per kg as demand slipped by a tiny margin.

July 2018 - Week 2 (8 - 14):

Parameters	Silver price (per kg)
July 8 Rate	Rs.42,600 per kg
July 14 Rate	Rs.42,200 per kg
Overall Weekly Performance	Decline

• In Mumbai, the week began with silver trading at Rs.42,600 per kg on the 8th after a drop in domestic demand led to prices dropping by Rs.100 from the previous session’s figure.
• Strong industrial offtake for the metal brought about by the weakened US dollar led to silver rates rising to Rs.42,900 per kg on the 9th, which continued to remain unchanged the next day with steady demand domestically.
• The 11th, however, saw prices dropping by Rs.300 to Rs.42,600 per kg as the US dollar regained lost ground from its previous losses, suppressing local demand for the metal.
• Poor trends overseas coupled with reduced industrial demand led to silver rates dropping to Rs.42,200 per kg on the 12th.
• Though prices rebounded to Rs.42,400 per kg on the 13th, rates dropped to Rs.42,200 per kg with domestic demand capped by the strong dollar as the week came to an end.

July 2018 - Week 3 (15 - 22):

Parameters	Silver price (per kg)
July 8 Rate	Rs.42,200 per kg
July 14 Rate	Rs.41,700 per kg
Overall Weekly Performance	Decline

• In Mumbai, silver was priced at Rs.42,200 per kg when trading commenced for the third week of July.
• Demand was the same as it was for other precious metals and rates were on the incline initially before declining after the US dollar gained against other currencies.
• The sharpest fall was recorded on the 20th when the metal traded at Rs.41,300 per kg a fall of Rs.400 from the Rs.41,700 per kg seen the previous day.
• On the 21st, gold traded at Rs.41,700 per kg before continuing at this rate till the end of the week.

July 2018 Week 4 (22 - 31):

Parameters	Silver price (per kg)
July 22 Rate	Rs.41,700 per kg
July 31 Rate	Rs.41,400 per kg
Overall Weekly Performance	Decline

• Silver rates in Mumbai reflected trends seen across other Indian cities, with a drop in local industrial demand due to the high cost of importing silver.
• Trading opened with silver priced at Rs.41,700 per kg on 22 July on consistent demand from local industry and volatile equity markets.
• Prices fell gradually over the course of the week as the dollar continued to rise, with silver falling to Rs.41,400 per kg on 24 July.
• The renewal of war rhetoric between the U.S. and Iran led to uncertain markets, but demand for silver was unaffected.
• There was a brief rise in price when silver rose to Rs.41,800 per kg on 26 July, but prices dropped as the dollar recovered.
• The week ended with silver priced at Rs.41,400 per kg on poor local as well as international demand.

Trend of Silver Rate in Mumbai for June 2018 (rates per kg)

Parameters	Silver price (per kg)
June 1 Rate	Rs.42,800 per kg
June 30 Rate	Rs.42,,800 per kg
Highest Rate in June	Rs.45,000 per kg on 15 June
Lowest Rate in June	Rs.42,600 per kg from 2 June to 5 June
Overall Monthly Performance	No change
Percentage Change	0

June 2018 - Week 1 (1st - 10th)

• Silver opened at Rs.42,800 per kg when trading commenced for the month of June in Mumbai.
• This dropped to Rs.42,600 per kg as cues were weak after the US dollar rose ahead of a strong US jobs data.
• The white metal continued to trade at Rs.42,600 per kg on the 4th and the 5th as well, before rising slightly to Rs.42,900 per kg on the 6th.
• A slight drop was recorded on the 7th and silver rate in Mumbai went down to Rs.42,800 per kg but rose to Rs.43,600 per kg on the 8th.
• The US President Donald Trump’s tweets about the G7 summit and its failure caused the markets to plummet and silver rates went up to Rs.43,700 per kg on the 9th.
• The week drew to a close and silver rates were still holding at Rs.43,700 per kg.

June 2018- Week 2 (11th-17th)

• Silver rates in Mumbai reflected prevalent trends, with the industrial metal trading at Rs.43,900 per kg on 11 June.
• Demand pushed prices to Rs.44,000 per kg on 12 June, in spite of the dollar rate being high.
• Overseas demand slowed down as the dollar gained after the summit between the United States and North Korean leaders.
• Prices rose to Rs.44,300 per kg on 14 June as fears of a trade war between the United States and China led to investors looking to safe-haven assets as a hedge against losses.
• Silver continued to climb, trading at Rs.45,000 per kg on 15 June as strong local demand and favourable international trends kept prices high.
• Demand slowed down as the week drew to a close, as a rising dollar led to reduced offtake.
• Prices fell to Rs.44,300 per kg on 17 June as silver prices plateaued.

June 2018 - Week 3 (18th - 24th)

• In Mumbai, silver was recorded trading at Rs.43,400 per kg on the 18th when the week began amid poor overseas trends.
• Prices recovered to Rs.43,500 per kg on the 19th as safe-haven demand for bullion surged with tensions rising between North Korea and the United States.
• However, with the US dollar index hovering near eleven-month highs at the international level, demand for the metal plunged during the week.
• On the 20th, the white metal was recorded trading at Rs.43,100 per kg amid the weak trend overseas.
• Poor global cues coupled with reduced industrial offtake for the metal led to silver rates in Mumbai plummeting to Rs.42,900 per kg on the 21st.
• The rest of the week saw silver prices remaining untouched at Rs.42,900 per kg on the 24th with subdued but steady demand from industries and coin makers.

June 2018 - Week 4 (25th - 30th)

• Silver prices in Mumbai fell consistently over the course of this week as demand was on the weaker side.
• This week began on the 25th, with silver being priced at Rs.43,200 per kg, before dropping to Rs.43,100 per kg on the 26th.
• On the 27th, silver rates remained unchanged at Rs.43,200 per kg before falling to Rs.43,000 per kg the next day after the US dollar rose.
• SIlver prices fell to Rs.43,000 per kg on the 28th before falling to Rs.42,800 per kg on the 29th.
• On the final day of this week, silver was still seen trading at Rs.42,800 per kg.

Trend of Silver Rate in Mumbai for May 2018 (rates per kg)

Parameters	Silver price (per kg)
May 1 Rate	Rs.42,000 per kg
May 31 Rate	Rs.43,100 per kg
Highest Rate in May	Rs.43,800 per kg on 25 May
Lowest Rate in May	Rs.42,000 per kg on 1 May
Overall Monthly Performance	Incline
Percentage Change	2.61%

May 2018- Week 1 (1st - 6th)

• The week began with silver priced relatively lower at Rs.42,000 per kg on the 1st of May after a rise in the dollar value led to a decline in domestic silver prices.
• Silver rate in Mumbai surged to Rs.42,600 per kg on the 3rd as the dollar weakened after dovish remarks from the central bank meeting.
• Strong demand coupled with firm trends overseas led to silver prices in Mumbai rising over the next few days.
• The week came to an end with the white metal priced at Rs.43,200 per kg on the 6th, thanks to steady domestic demand from industries and coin makers.

May 2018 - Week 2 (7th - 13th)

• This week opened with silver trading at Rs.43,200 per kg.
• On the 8th, the next day, silver prices in Mumbai fall slightly to Rs.43,000 per kg as demand was weak.
• On the 9th, rates went up to Rs.43,100 per kg before rising to Rs.43,300 per kg on the 10th of the month.
• As the US dollar plummeted amid the furore caused by the inflation data, silver rates increased worldwide. The metal traded at Rs.43,500 per kg on the 11th.
• When the week ended in Mumbai, silver was priced at Rs.43,800 per kg, as investors took advantage of a weak dollar.

May 2018 - Week 3 (14th - 20th)

• Trading began in Mumbai with silver priced at Rs.43,600 per kg on the 14th with an increase in industrial offtake for the metal amid the weakened US dollar.
• However, with the US greenback recovering from the initial shock, silver rates dropped to Rs.43,300 per kg on the 15th which plummeted further to Rs.43,000 per kg on the 16th.
• The 17th saw silver prices rebounding to Rs.43,200 per kg before dropping to Rs.43,000 per kg on the 18th with the US dollar index gaining against a basket of other major emerging currencies.
• The week ended with the white metal prices holding slightly higher at Rs.43,100 per kg on the 20th, thanks to an increase in demand from domestic industrial units and coin manufacturers.

May 2018 - Week 4 (21st - 27th)

• Silver trade in India recorded much the same pattern in price changes this week when compared to gold.
• When trading commenced on the 21st of May, the white metal was priced at Rs.43,100 per kg.
• This rose to Rs.43,200 per kg the next day before going up again to Rs.43,500 per kg as the US dollar and the stock market crashed.
• Fed Reserve’s latest minutes in which it specified that no interest rates will be changed had a bad impact on the US market.
• Precious metal investors took advantage of this weak spot and used it to serve their purpose. On the 25th, after a brief blip was recorded, silver rates surged to Rs.43,800 per kg - a direct Rs.500 incline in a day’s time.
• The dollar, though, recovered, just in time to put a halt to many precious metal investors’ dreams. As the greenback improved, silver rates in India dropped to Rs.43,600 per kg on the 26th.
• During the last day of this week, i.e., the 27th of May, silver continued to trade at Rs.43,600 per kg.

May 2018 - Week 5 (28th - 31st)

• The week commenced with silver priced at Rs.43,000 per kg on the 28th as the US dollar gained ground on renewed US-North Korean summit hopes.
• Though prices rose to Rs.43,100 per kg on the 29th, a decline in investor demand amid the recovering dollar index led to rates plunging to Rs.42,900 per kg on the 30th.
• Trading concluded for the month with silver prices in Mumbai holding at Rs.43,100 per kg on the 31st and Mumbai registering a profit of 2.61% in silver trade during the month.

Trend of Silver Rate in Mumbai for April 2018 (rates per kg)

Parameters	Silver price (per kg)
April 1 Rate	Rs.41,400 per kg
April 30 Rate	Rs.42,300 per kg
Highest Rate in April	Rs.43,800 per kg on 20 and 22 April
Lowest Rate in April	Rs.41,000 per kg on 5 April
Overall Monthly Performance	Incline
Percentage Change	2.17%

April 2018 - Week 1 (1st - 7th)

• The week commenced with silver trading at Rs.41,400 per kg on steady demand from local industrial units as well as coin makers.
• Minor dips in demand were recorded due to fluctuations in overseas demand which influenced local orders.
• Silver traded at Rs.41,300 per kg on 2 April as international demand was poor due to apprehensions over possible interest rate hikes by the U.S. Federal Reserve.
• The sudden drop in equity markets as a result of the escalation in trade tensions between the United States and China resulted in silver rate in Mumbai climbing to Rs.41,600 per kg on 3 April.
• As the dollar recovered from its earlier losses, interest in silver declined and the metal’s value fell to Rs.41,300 per kg on 4 April.
• Silver price in Mumbai continued to freefall as local industrial demand was weak resulting in the industrial metal trading at Rs.41,000 per kg on 5 April.
• There was a minor change in price as the week drew to a close, with silver priced at Rs.41,200 per kg on 7 April.

April 2018- Week 2 (8th -15th)

• When the second week of April began in Mumbai, silver was trading at Rs.41,200 per kg before continuing at the same rate the next day due to no change in demand.
• On the 10th, prices rose slightly to Rs.41,300 per kg on 10th April as investors bet on the metal while cues began to pick up.
• The 11th saw silver prices in Mumbai rise to Rs.41,700 per kg as demand went up before rising again to Rs.42,000 per kg on the 12th.
• Due to a slow demand on the 13th and silver rates in Mumbai fell to Rs.41,600 per kg.
• The 14th and 15th of April, i.e., the final two days of this week, saw silver sell at Rs.41,900 per kg. This happened, thanks to the airstrikes on Syria conducted by the US and allied European forces.

April 2018 - Week 3 (16th - 22nd)

• The week began in Mumbai with silver prices holding at Rs.42,100 per kg on the 16th amid strong global cues.
• Silver price in Mumbai rose to Rs.42,200 per kg the next day before surging to Rs.42,500 per kg on the 18th with market participants banking on investments considered safer such as silver following the US-led missile strike against Syria.
• Strong trends overseas coupled with an increased demand from industries and coin makers led to silver prices rising by Rs.1,200 per kg to Rs.43,700 per kg on the 19th.
• Prices surged further to Rs.43,800 per kg on the 21st with base metal markets capitalising on the weakened US dollar and equity markets.
• The week came to an end with silver prices in Mumbai holding at Rs.43,800 per gram on the 22nd with steady domestic demand amid firm global cues.

April 2018 - Week 4 (23rd - 30th):

• In Mumbai, when the week began silver opened on a strong note and traded at Rs.43,700 per kg.
• Demand was largely topsy-turvy this week with prices inclining and declining on a consistent basis.
• On the 24th, rates dropped considerably for the white metal to trade at Rs.43,000 per kg - a Rs.700 per kg decline.
• There was a brief reprieve on the 25th when silver traded at Rs.43,100 per kg and signalled a positive growth.
• However, prices dropped back to Rs.43,000 per kg as local demand went down quite a bit.
• Over the 27th and the 28th, silver rate in Mumbai were holding at a further lowered rate of Rs.42,800 per kg.
• On the final day of this week, silver price in Mumbai were seen holding at Rs.42,300 per kg, a Rs.500 decline compared to the previous day.

Trend of Silver Rate in Mumbai for March 2018 (rates per kg)

Parameters	Silver price (per kg)
Silver Rate on 1st March 2018	Rs.41,100 per kg
Silver Rate on 31st March 2018	Rs.41,400 per kg
Highest Rate in March	Rs.41,900 per kg on 7 March
Lowest Rate in March	Rs.41,000 per kg on 19 and 21 March
Overall Monthly Performance	Incline
Percentage Change	0.72%

March 2018 - Week 1 (1 - 5):

• Silver prices in Mumbai were consistent with trends seen across the country, with prices steadily rising due to positive market forces as well as an increase in demand.
• The industrial metal opened the month trading at Rs.41,100 per kg on 1 March, with the price rising to Rs.41,400 per kg on 2 March due to an increase in orders from coin makers.
• As international equity markets plunged on news of import tariffs on aluminium and steel in America, silver prices rose to Rs.41,600 per kg on 3 March.
• Asian demand rose as industrial offtake rose on fears of prohibitive tariffs on Asian steel, with silver prices staying steady.
• The week ended with silver price in Mumbai at Rs.41,600 per kg on 5 March as local and overseas demand was consistent.

March 2018 - Week 2 (5-11):

• Silver was seen trading at Rs.41,600 per kg in Mumbai for the second week of March.
• Due to poor demand from coin makers and industries, silver rates dropped to Rs.41,400 per kg the next day.
• The 7th saw silver prices rise to Rs.41,900 per kg as a weak dollar pushed demand for the metal up.
• During the 8th, silver rates in Kerala fell to Rs.41,500 per kg as there was a brief decline in demand.
• Due to poor demand, rates went down to Rs.41,300 per kg on the 9th as demand failed to seen any positive change.
• The last two days of this week saw silver trade at Rs.41,600 per kg as demand stabilised slowly.

March 2018 - Week 3 (12 - 18):

• The week began in Mumbai with the white metal trading at Rs.41,600 per kg on the 12th.
• Though prices plunged to Rs.41,400 per kg the next day, strong trends overseas coupled with an inclined in domestic demand led to silver rate in Mumbai rising to Rs.41,700 per kg on the 14th.
• However, the dollar lost its ground against a basket of apex currencies with markets cautious ahead of the US Federal Reserve monetary policy meeting next week. This led to silver being priced Rs.41,500 per kg and Rs.41,300 per kg on the 15th and the 16th respectively.
• With markets bracing for a possible interest rate hike next week, the US dollar strengthened further. This led to silver price in Mumbai holding steady at Rs.41,100 per kg for the remainder of the week.

March 2018 - Week 4 (19 - 25):

• The week opened with silver priced at Rs.41,000 in Mumbai, as local demand was steady.
• Increased industrial offtake from Asia due to a low dollar rate led to silver prices rising to Rs.41,200 per kg on 20 March.
• Local coin makers also increase demand, as the falling dollar rate made importing the metal cheaper.
• The possibility of trade wars and continuing geopolitical tensions in the U.S. led to equity markets falling, which boosted demand for silver.
• A minor dip in price was seen on 21 March, when the silver price in Mumbai fell to Rs.41,000 per kg.
• Prices soon recovered as investors booked silver futures to offset losses on the equity markets, with silver rising to Rs.41,500 per kg on 22 March.
• Continuing market turbulence led to silver prices climbing still further, trading at Rs.41,600 per kg on 23 March.
• Prices remained unchanged as the week ended, with silver price in Mumbai at Rs.41,600 per kg on 25 March.

March 2018 - Week 5 (26 - 31):

• In Mumbai, the week began with silver priced at Rs.41,600 per kg on the 26th amid firm global cues.
• Silver prices in Mumbai rose to Rs.41,800 per kg the next day after the US-Russian spat pushed demand higher for the safe-haven metal in the global level.
• Rates plunged to Rs.41,500 per kg on the 28th which dropped further to Rs.41,400 per kg on the 29th after the US dollar regained lost ground against a basket of other emerging currencies in the international market.
• Despite the poor trends overseas, industrial demand held strong over the next few days. This led to silver rates in Mumbai holding steady at Rs.41,400 per kg until the 31st.
• Mumbai registered a profit of 0.72% in silver trade during the course of the month.

Trend of Silver Rate in Mumbai for February 2018 (rates per kg)

Parameters	Silver price (per kg)
Silver rate on 1st February 2018	Rs.42,600 per kg
Silver rate on 28th February 2018	Rs.41,200 per kg
Highest Rate in February	Rs.41,600 per kg on 1 and 2 February
Lowest Rate in February	Rs.40,600 per gram on 10 and 11 February
Overall Monthly Performance	Decline
Percentage Change	-3.28%

February 2018 - Week 1 (1st - 4th)

• The week began with the white metal priced relatively higher at Rs.42,600 per kg on the 1st due to an increase in industrial offtake from the previous week.
• The 2nd witnessed silver rate in Mumbai remaining unchanged at Rs.42,600 per kg with steady demand for the industrial metal.
• With the US dollar regaining lost ground from the previous week’s losses, silver price in Mumbai plunged to Rs.41,700 per kg on the 3rd.
• When the week ended, silver was recorded trading at Rs.41,700 per kg on the 4th with steady demand from industrial units and coin makers.

February 2018 - Week 2 (5th -11th)

• Silver price in Mumbai started at Rs.41,500 per kg for this week.
• Silver rate in Mumabi went up to Rs.41,900 per gram - a Rs.400 increase - as demand from local investors surged.
• Silver rates went down to Rs.41,400 per kg as a rising dollar affected silver trading in the city.
• The 8th saw silver prices fall again to Rs.40,800 per kg as demand continued to drop amid poor sales.
• On the 9th, silver prices went up slightly to Rs.41,000 per kg as demand picked up for a brief period.
• However, as demand dropped again on the 10th, silver prices fell to Rs.40,600 per kg and continued at this rate till the end of the week.

February 2018 - Week 3 (12th - 18th)

• Trading opened in Mumbai with the industrial metal prices holding at Rs.40,900 per kg on the 12th amid the firm trend overseas.
• Strong domestic demand from industries and coin makers amid positive overseas trends resulted in silver rate in Mumbai rising to Rs.41,300 per kg and Rs.41,400 per kg on the 13th and the 14th.
• On the 15th, with the US dollar losing against apex currencies, silver price in Mumbai surged to Rs.41,800 per kg with an incline in industrial demand.
• The 16th, however, saw silver prices plunging to Rs.41,700 per kg with the dollar recovering from the previous day’s losses.
• Thanks to steady demand from industries and coin manufacturers, silver rates in Mumbai remained untouched at Rs.41,700 per kg for the remainder of the week.

February 2018 - Week 4 (19th - 25th)

• In Mumbai, silver opened at Rs.41,600 per kg for the fourth week of February. This dropped by Rs.400 the next day due to a rising dollar.
• Silver demand remained low on the 21st and the metal traded at Rs.41,200 per kg before rising slightly to Rs.41,400 per kg on the 22nd.
• On the 23rd, silver price in Mumbai rose to Rs.41,600 per kg as concerns over the the Fed Reserve minutes and their possible interest rate changes kept came unfounded.
• A slight decline in prices was recorded on th3 24th and gold rate in Mumbai went down to Rs.41,500 per kg before continuing to trade at the same rate on the final day of the week.

February 2018 - Week 5 (26th - 28th)

• The final week commenced in Mumbai with the industrial metal trading at Rs.41,600 per kg on the 26th.
• The 27th saw silver price in Mumbai rising to Rs.41,700 per kg with a slight decline in demand from industries and coin makers amid the weakened US dollar.
• The strong US dollar index coupled with firmer equities resulted in gold price in Mumbai dropping further to Rs.41,200 per kg on the last day.
• Silver trade in Mumbai registered a decline of 3.28% during the course of the month.

Trend of Silver Rate in Mumbai for January 2018 (rates per kg)

Parameters	Silver price (per kg)
Silver Rate on 1st January 2018	Rs.39,110 per kg
Silver Rate on 31st January 2018	Rs.42,200 per kg
Highest Rate in January	Rs.43,100 per kg from 26 to 28 January
Lowest Rate in January	Rs.38,925 per kg on 2 and 10 January
Overall Monthly Performance	Incline
Percentage Change	7.90%

January 2018 - Week 1 (1st - 7th)

• Silver rate in Mumbai fluctuated slightly this week due to a number of reasons, most of which concerned local demand and global cues.
• On the 1st of January, the white metal was trading at Rs.39,110 per kg. The 2nd, however saw silver rates drop to Rs.38,925 per kg as demand dropped.
• The 3rd saw silver rate in Mumbai increase to Rs.39,110 per kg amid increased local demand. But, as this demand couldn’t be sustained, rates dropped to Rs.38,995 per kg on the 4th of the month.
• Prices increased to Rs.39,265 per kg on the 5th as investors increased their purchases.
• The final two days of Week 1, 2018, saw silver rates hold at Rs.39,355 per kg as demand increased and stayed unchanged over the course of these days.

January 2018 - Week 2 (8th - 14th)

• When the week commenced, the white metal was priced at Rs.39,355 per kg on the 8th of January with steady industrial demand from the previous week.
• Silver price in Mumbai plunged to Rs.39,115 per kg on the 9th with the equities market performing well amid the strong dollar index.
• Silver rate in Mumabi plunged further to Rs.38,925 per kg on the 10th but soon rebounded to Rs.39,110 per kg on the 11th after the US dollar lost its ground against a basket of other major currencies.
• The industrial metal prices remained unchanged at Rs.39,110 per kg on the 12th but rose to Rs.39,355 per kg on the 13th after the positive trend overseas led to an increase in global demand for silver.
• The week ended with the white metal prices remaining unchanged at Rs.39,355 per kg on the 14th owing to a strong and steady demand from industries and coin makers.

January 2018 - Week 3 (15th - 21st)

• In Mumbai, silver opened at Rs.39,670 per kg when the third week of January commenced.
• Silver price in Mumbai went up slightly to Rs.39,680 per kg on the 16th as demand from coin makers and industries increased.
• Silver rates in Mumbai remained unchanged on the third day of this week before falling to Rs.39,265 per kg, owing to weak global cues.
• The 19th saw silver rates drop again to Rs.39,115 per kg as a rise in the US dollar rates pushed demand from all precious metal down.
• As the US government shut down, demand in the bullion industry surged. This led to the metal trading at Rs.39,265 per kg on the 20th of the month.

January 2018 - Week 4 (22nd - 28th)

• When the fourth week of January began in Mumbai, silver was trading at Rs.42,000.
• Silver price in Mumbai continued at Rs.42,00 per kg on the 23rd as there was little growth in sales or demand.
• The 24th witnessed some change in prices, albeit a Rs.200 one, as prices were recorded at Rs.42,200 per kg at the time of closing.
• Silver rate in Mumbai went up to Rs.43,100 per kg when markets opened on the 25th. This was because demand from local coin makers and industries was holding steady.
• Silver traded at Rs.43,100 per kg over the final three days of the week as sales failed to increase amid flat demand.

January 2018 - Week 5 (29th - 31st)

• Silver was recorded trading at Rs.42,700 per kg on the 29th when the week began in Mumbai.
• On the 30th, the white prices dropped to Rs.42,200 per kg with the rise in the dollar index taking a toll on domestic demand for the metal.
• The 31st saw silver price in Mumbai remaining untouched at Rs.42,200 per kg as a result of steady demand from industries and coin makers.
• Strong industrial demand coupled with positive global cues led to silver rate in Mumbai surging by 7.90% during the course of the month.

Silver as an Investment in Mumbai

Silver is considered to be a good option to hedge against inflation. Even in times of crisis, precious metals such as silver tend to have good resale value, and a decently large market to sell in. Silver is available both in physical form and as contracts on national exchanges. Silver can be bought and sold in the market any time you wish to, however when buying and selling products such as artefacts and ornaments, you should know that the resale value will be lower than the purchase value due to workmanship done on the silver before.

Physical silver: Physical silver is available in bullions including bars and ingots from the major dealers in the city. A point to note here is that bullions are generally available in larger quantities, and as such you should only buy from established players as they offer a certain security and guarantee of the quality of silver. Silver coins also form an integral part of silver purchases in Mumbai, with the smaller coins being easy to buy and sell. Coins are mostly available from private dealers and banks. Banks sell silver coins at a premium over market rates, with guarantee on the quality and quantity. Silver products such as jewelry, idols, silverware, glasses, and others are also popular in Mumbai, and can be purchased from the hundreds of stores spread throughout the city.

Silver contracts: Silver contracts can be purchased from one of the two exchanges namely MCX and NCDEX. These contracts are available for a few months in a year and offer silver in both bulk and small quantities (base weight is generally 1 kg). Silver contracts are not available as spot contracts, meaning that purchased silver will not be delivered right away.

Silver Price Trend in Mumbai

Silver rates in Mumbai since the start of 2015 is given below as:

Per kg silver price in Mumbai at the start of the year was Rs.36,105. Prices crossed Rs.40,000 mark on 21^st January, when the day end price for silver was Rs.40,511. Prices stayed above the level of Rs.37,000 over the first half of February, before sliding down to Rs.36,135 on 23^rd February. Sub-37,000 prices continued over the next 30 days, until prices hit 37,838 on 23^rd March. Prices saw a rally around the end of April to reach Rs.39,826, and peaked at Rs.43,342 on 18^th May. Price per kg of silver in Mumbai on 16^th June was Rs.38,732.