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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 June 2018 (rates per kg)
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.
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.
| Parameters | Silver price (per kg) |
| Silver Rate on 1st December 2017 | Rs.38,230 per kg |
| Silver Rate on 31st December 2017 | Rs.39,265 per kg |
| Highest Rate in December | Rs.39,365 per kg on 30 and 31 December |
| Lowest Rate in December | Rs.36,545 per kg on 13 December |
| Overall Monthly Performance | Incline |
| Percentage Change | 2.70% |
December 2017 - Week 1 (1st - 10th)
- When trading began for the month, silver was priced at Rs.38,230 per kg in Mumbai.
- The dollar weakened after the US tax reform plans hit a roadblock in the US Senate after conflicting opinions on the tax legislation. This led to silver being priced at Rs.38,815 per kg on the 2nd and the 3rd.
- The 4th, however, saw rates declining as the Senate’s decision to pass the tax bill pushed the dollar higher. The industrial metal was recorded trading at Rs.38,005 per kg, which further dropped to Rs.37,965 per kg on the 5th.
- Though prices recovered to Rs.38,395 per kg on the 6th following an increase in offtake by industries, silver rate in Mumbai plunged to Rs.37,235 per kg the next day amid the poor trends overseas.
- On the 8th, silver price in Mumbai hit their lowest level in four months at Rs.36,620 per kg after a strong dollar index coupled with firmer equities markets led to reduced demand for the metal.
- The week concluded with the metal trading slightly higher at Rs.36,715 per kg due to an increase in demand from industrial units and coin makers.
December 2017 - Week 2 (11th - 17th)
- In Mumbai, silver opened for the week at Rs.36,920 per kg. This dropped down to Rs.39,620 per kg the next day due to weak demand.
- The 13th again saw silver price in Mumbai drop, this time to Rs.36,545 per kg as investors were cautious.
- However, prices increased on the 14th for the metal to trade at Rs.38,395 per kg as demand shot up significantly after the Fed rate hike.
- As demand dropped down, silver price in Mumbai went down to Rs.36,920 per kg and remained unchanged for the next day as well.
- On the final day of the week, there was a slight increase in demand and the metal traded at Rs.37,180 per kg.
December 2017 - Week 3 (18th - 24th)
- Silver was priced at Rs.38,395 per kg on the 18th, when the week began.
- Silver price in Mumbai plunged to Rs.37,600 per kg on the 19th as demand for the industrial decline amid the strengthened dollar and firmer equities.
- However, commodity markets improved with investors mulled over the US tax reform and the white metal prices rebounded to Rs.38,395 per kg on the 20th.
- Demand for the metal dropped significantly with the country’s biggest tax overhaul in 30 years. This led to silver rates plunging to Rs.37,705 per kg on the 21st.
- But with the US tax cuts having an unexpected impact on stocks, equities market declined. This led to silver rate in Mumbai surging to Rs.38,395 per kg on the 22nd.
- Positive global trends coupled with steady demand from industrial units and coin manufacturers led to silver trading at Rs.37,965 per kg on the 23rd and the 24th.
December 2017 - Week 4 (25th - 31st)
- When the final week of 2017 began in Mumbai, the white metal was priced at Rs.38,395 per kg.
- But, as demand took a hit, silver rates went down to Rs.38,005 per kg on the 26th of the month.
- An increased demand from industrial units pushed silver prices up to Rs.38,275 per kg on the third day of this week.
- On the 28th, silver rates hit Rs.38,925 per kg as demand from local circles increased amidst positive global cues.
- Uneven demand local traders pushed gold prices to Rs.38,815 per kg on the 29th of December.
- However, some poor showing by the US dollar pushed silver rates up to Rs.39,265 per kg on the 30th of the month, which continued on till the closing hours of the 31st.
| Parameters | Silver price (per kg) |
| Silver rate on 1st November 2017 | Rs.38,995 per kg |
| Silver rate on 30th November 2017 | Rs.38,640 per kg |
| Highest Rate in November 2017 | Rs.40,520 per kg on 18 and 19 November |
| Lowest Rate in November 2017 | Rs.38,640 per kg on 30 November |
| Overall Monthly Performance | Decline |
| Percentage Change | -0.91% |
November 2017 - Week 1 (1st - 5th)
- In Mumbai, silver opened on a relatively weak note, but surged due to a significant increase in demand.
- On the 1st of November, silver rate in Mumbai were recorded at Rs.38,995 per kg.
- Silver price in Mumbai went up by as much as Rs.900 per kg on the 2nd as industrial off take rose considerably. The metal traded at Rs.39,950 per kg on the 3rd day of this week as well.
- Demand fell on the 4th as investors backed off purchases amid weak trading cues in the global market.
- Rates went down to Rs.39,355 per kg on the 4th and continued at the same rate when the week came to an end.
November 2017 - Week 2 (6th - 12th)
- The industrial metal was priced at Rs.39,355 per kg, when trading commenced for the week.
- However, silver price in Mumbai surged to Rs.40,040 per kg on the 7th with an increased offtake by coin makers and industrial units.
- Positive global trends coupled with steady local demand resulted in silver rates remaining unchanged at Rs.40,040 per kg until the 9th.
- However, silver rate in Mumbai dropped to Rs.39,970 per kg on the 10th on account of a muted demand amid a weak trend overseas.
- The week concluded on the 12th with the white metal trading steady at Rs.39,970 per kg, thanks to steady demand from industrial units and coin manufacturers.
November 2017 - Week 3 (13th - 19th)
- When the week started in Mumbai, silver was priced at Rs.39,870 per kg.
- An increased local demand saw silver price in Mumbaipush up to Rs.40,140 per kg on the 14th, which then hit Rs.40,240 per kg due to steady increase in purchases.
- A strong dollar and a weak demand led to silver rates in Mumbai falling to Rs.40,040 per kg on the 17th of November.
- As markets reacted to Donald Trump’s new tax law, silver rates surged up to Rs.40,520 per kg and continued at this rate till the end of the week.
November 2017 - Week 4 (20th - 26th)
- In Mumbai, silver was priced at Rs.40,440 per kg at the start of the week.
- But, a low demand from local traders pushed silver prices down to Rs.39,780 per kg on the 21st. Prices dropped again on the 22nd to Rs.39,265 as demand was hit by cautious investors.
- On the 23rd, silver rate in Mumbai surged to Rs.40,060 per kg as demand surged due to positive global cues.
- Silver price in Mumbai fell slightly to Rs.40,040 per kg as demand fluctuated a little bit.
- The 25th saw silver prices fall back to Rs.39,780 per kg as there was a significant slowdown in the Asian markets.
- When the week came to an end, silver prices in Mumbai were recorded at Rs.39,780 per kg.
November 2017 - Week 5 (27th - 30th)
- Silver price in Mumbai dropped considerably over the course of the week, with their being a sharp fall on the third day of the month.
- When the month began on the 27th, silver was trading at Rs.39,780 per kg.
- A fall in demand saw silver rate in Mumbai drop to Rs.39,680 per kg on the 28th of November.
- As reports about a strong US data pushed stock prices up, all precious metal rates dropped on the 29th. News suggested that “today’s silver rates” dropped due to a good US economy.
- The final day of the month, silver rates dropped significantly to Rs.38,640 per kg.
| Parameters | Silver price (24 karat) |
| Silver Rate on 1st October 2017 | Rs.39,530 per kg |
| Silver Rate on 31st October 2017 | Rs.39,435 per kg |
| Highest Rate in October 2017 | Rs.40,440 per kg on 16 October |
| Lowest Rate in October 2017 | Rs.39,110 per kg on 5 and 19 October |
| Overall Monthly Performance | Decline |
| Percentage Change | -0.24% |
October 2017 - Week 1 (1st -7th)
- Silver prices in the financial capital of the country reflected trends seen in the other cities as well, with silver prices rising towards the end of the week.
- The industrial metal traded at Rs.39,530 per kg on 1 October and remained constant on 2 October as well, due to increased demand from local buyers.
- Silver rate in Mumbai dipped to Rs.39,265 per kg on 3 October as the recovery of the U.S. dollar led to a drop in demand for silver.
- A marginal rise in price was recorded on 4 October, with silver priced at Rs.39,355 per kg as local demand continued to be steady.
- Demand fell to Rs.39,110 per kg on 5 October as the release of U.S. non-farm employment data was positive, leading to a surge in the markets and dollar rate and the waning of interest in silver.
- Silver price in India surged to Rs.39,680 per kg on 7 October as the threat of a nuclear-capable North Korea led to markets falling and a rush to buy safe-haven assets like bullion.
October 2017 - Week 2 (8th -14th)
- Silver prices in Mumbai fluctuated considerably this week due to changes in local demand.
- When the week started, the white metal was trading at Rs.39,680 per kg. Rates went up to Rs.39,950 per kg on the 9th as demand from industries went up.
- Rates went up again, for the third consecutive day this week, to Rs.40,060 per kg as demand in the city kept rising buoyed by strong global cues.
- On the 11th, silver prices went up to Rs.40,285 per kg, as demand surged again, thanks to increased buying from local investors.
- .Silver prices in Mumbai stabilised on the 12th as the metal traded at Rs.40,390 per kg.
- The remaining two days of this week saw silver prices remain at Rs.40,390 per kg as demand was steady.
October 2017 - Week 3 (15th -21st)
- In the economic capital Mumbai, silver rate in Mumbai saw significant fluctuations due to uneven demand.
- On the 15th of October, silver was trading at Rs.40,390 per kg but surged to Rs.40,440 per kg on the 16th as industrial units increased their purchases slightly.
- Rates, however, fell to Rs.40,285 per kg on the 17th as demand went down. Silver prices went down again on the 18th to Rs.40,060 per kg despite the imminent arrival of Diwali.
- Silver prices in Mumbai fell for the fourth day in a row to go down to Rs.39,110 per kg as demand from local circles saw a significant dip.
- Prices surged on 20th to reach Rs.40,285 per kg as Diwali demand pushed prices up as purchases were also ramped up.
- When the week drew to a close, silver rates were recorded at Rs.40,060 per kg.
October 2017 - Week 4 (22nd -28th)
- Rates gradually declined as the week progressed in Mumbai, owing to declining local demand, and a stronger dollar.
- Silver was trading at Rs.40,060 per kg on the 22nd with steady demand from coin makers and industrial units.
- Silver price in Mumbai dropped slightly to Rs.40,040 per kg the next day, as local demand for the metal declined with the dollar rising over other major currencies.
- The 24th witnessed rates rebounding to Rs.40,060 per kg as global demand for the industrial metal increased with the weakening of the dollar.
- However, the possibility of John Taylor being the next Fed chief resulted in firmer equities, thus, pushing the dollar higher. This resulted in silver rates dropping to Rs.39,780 per kg on the 25th.
- Silver rate in Mumbai plunged further to Rs.39,435 per kg on the 26th as local demand for the metal declined against a strong dollar.
- Thanks to steady demand from industrial units and coin makers, the white metal rates remained unchanged at Rs.39,435 per kg the next day as well.
- Poor international trends and reduced domestic demand resulted in silver trading at Rs.39,115 per kg on the 28th.
October 2017 - Week 5 (29th -31st)
- Silver prices in Mumbai rose steadily this week, thanks to sustained demand from industries and coin makers in the economic capital region.
- When the week started on the 29th, silver rates in Mumabi were recorded at Rs.39,115 per kg.
- An improved demand from local circles saw rates rise to Rs.39,265 per kg on the 30th of the month.
- When the week came to an end, silver rates were recorded at Rs.39,435 per kg, which meant that Mumbai wasn’t affected by global concerns when compared to other major cities.
| Parameters | Silver price |
| September 1 Rate | Rs.40,390 per kg |
| September 30 Rate | Rs.39,530 per kg |
| Highest Rate in September | Rs.40,900 per kg on 9 and 10 September |
| Lowest Rate in September | Rs.39,530 per kg on 28 to 30 September |
| Overall Monthly Performance | Decline |
| Percentage Change | -2.12% |
September 2017 - Week 1 (1st to 10th)
- In Mumbai, silver trading witnessed fluctuations due to a change in demand owing to a number of factors.
- On the 1st of September, silver was trading at Rs.40,390 per kg which continued till the 3rd as demand remained stable.
- The 4th saw silver rate in Mumbai increase to Rs.41,075 per kg, courtesy of a weak US dollar performance.
- As demand increased, silver prices went up to Rs.40,340 per kg and then to Rs.41,495 per kg with industrial units queuing to improve their inventory.
- Due to a sudden fall in demand on the 7th, rates fell to Rs.40,230 per kg.
- The final three days saw increased demand for silver as North Korea confirmed reports about its latest - and the most powerful nuclear test.
- On the 8th, silver was trading at Rs.41,675 per kg, which then increased to Rs.41,900 per kg on the 9th.
- At the time of closing on the 10th, silver was still trading at Rs.41,900 per kg.
September 2017 - Week 2 (11th to 17th)
- Silver price in Mumbai were on the decline due to poor demand from coin makers and industry in spite of favourable market conditions.
- The industrial metal opened the week trading at Rs.41,075 per kg on 11 September before prices dropped to Rs.41,030 per kg on 12 September.
- The continued threat of aggression from North Korea led to markets falling and a minor increase in silver prices as they rose to Rs.41,075 per kg on 13 September.
- Fluctuations in demand were observed due to declining local demand, resulting in silver prices dipping to Rs.40,890 per kg on 15 September.
- In spite of the environmental and economic cost of the hurricanes, U.S. markets were quite steady though the U.S. dollar rate was unstable.
- Silver rate in Mumbai were largely unaffected by market forces, though demand from Asia was quite low.
- Prices did not change for the remainder of the week, resulting in silver trading at Rs.40,890 per kg on 17 September.
September 2017 - Week 3 (18th - 24th)
- Silver rates in Mumbai was reflective of the trend seen in the consolidated Indian market. When the week began on the 18th, the metal was priced at Rs.40,440 per kg.
- A strong US dollar performance had an adverse effect on silver on the 19th as the metal traded at Rs.39,680 per kg.
- The North Korea - US conflict didn’t seem to settle down, which stoked safe-haven purchases, globally and domestically. This led to silver prices increasing to Rs.40,060 per kg on the 20th.
- A drop in demand on the 21st saw the white metal trade at Rs.39,670 per kg. Due to steady and sustained demand, silver rate in Mumbai remained unchanged till the week came to an end.
September 2017 - Week 4 (25th -30th)
- In Mumbai, silver prices opened for this week at Rs.39,670 per kg.
- Due to increased buying spurred by the imminent arrival of Dusshera festivities, silver prices rose to Rs.40,520 per kg.
- However, as demand took a hit, silver prices went down to Rs.39,780 per kg on the 27th.
- On the 28th, silver price in Mumbai went further down to Rs.39,530 per kg as demand plummeted amidst weak global cues.
- Over the final two days of the week, silver price In Mumbai remained at Rs.39,530 per kg, thanks to a sustained but low demand from local buyers.
| Parameters | Silver price (per 1 kg) |
| August 1 Rate | Rs.38,925 per kg |
| August 31 Rate | Rs.40,040 per kg |
| Highest Rate in August | Rs.40,190 per kg on 29 & 30 August |
| Lowest Rate in August | Rs.37,235 per kg on 5 & 6 August |
| Overall Monthly Performance | Incline |
| Percentage Change | 2.86% |
August ‘17 – Week 1 (1st to 6th)
- Silver prices in the financial capital of the country were on the decline as market forces and a reduction in demand led to falling rates.
- The white metal was priced at Rs.38,925 per kg on 1 August before prices fell sharply to Rs.38,455 per kg on 2 August due to a rise in the U.S. dollar rate.
- The upcoming U.S. Federal Reserve meeting led to overseas units reducing their orders until after the results of the meeting were known, leading to a further drop in silver price in Mumbai to Rs.37,965 per kg on 3 August.
- There was a marginal recovery in price as silver traded at Rs.38,120 per kg on 4 August following the Fed Reserve meeting.
- Rising markets as well as a stable U.S. dollar rate led to demand for silver falling as the week drew to a close, with the silver rate in Mumbai at Rs.37,235 per kg on 6 August.
August ‘17 – Week 2 (7th to 13th)
- In Mumbai, silver prices increased gradually over the course of this week.
- On the 7th of August, silver was trading at Rs.37,295 per kg.
- As domestic demand shot up on the 8th, solver prices went up to Rs.38,345 per gram on the 8th.
- However, as the sudden, high demand wasn’t sustainable, prices went down to Rs.37,965 per kg on the 9th of August.
- Silver prices saw yet another Rs.900 plus increase on the 10th as they went up to Rs.38,925 per kg as local demand increased.
- On the 11th, silver prices saw an increase of Rs.605 to bring the effective trading rates up to Rs.39,530 per kg.
- During the last two days of the week, silver prices remained at Rs.39,670 per kg as demand remained steady.
August ‘17 – Week 3 (14th to 20th)
- The price of silver fluctuated in the third week of August in the country’s financial capital and declined towards the end of the week.
- Silver was priced at Rs.39,670 per kg on 14 & 15 August as demand was steady, with local industrial demand keeping prices from fluctuating.
- Demand dropped due to a recovery by the U.S. dollar, trading at Rs.38,815 per kg on 16 August as international demand fell due to high import rates.
- Prices once again bounced back, trading at Rs.39,530 per kg on 17 August as the markets fell due to the ongoing political crises plaguing the U.S.
- Local industrial demand fell as the week ended, resulting in silver trading at Rs.39,115 per kg on 19 & 20 August.
August 2017 – Week 4 (21st - 27th)
- In Mumbai, silver rates started for the week at Rs.39,115 per kg.
- Prices went up to Rs.39,265 per kg on the 22nd due to a slight upturn in demand, brought about by some positive global cues.
- On the 23rd, silver rate in Mumbai remained unchanged before going up to Rs.39,355 per kg on the 24th and continuing at the same rate as industrial demand remained steady.
- However, rates fell on the 24th to Rs.38,995 per kg on the 25th due to weak demand.
- When the week ended on the 27th, silver was still trading at Rs.38,995 per kg.
August 2017 – Week 5 (28th - 31st)
- As the week began, silver price in mumbai was at Rs.38,435 per kg on 28 August with the price rising due to heightened demand from the overseas industrial sector.
- The low U.S. dollar rate led to silver prices climbing to Rs.40,190 per kg on 29 August as the threat of open aggression between the United States and North Korea rose.
- The damage due to Hurricane Harvey led to U.S. markets falling, which kept gold prices steady.
- Demand dropped to Rs.40,040 per kg on 31 August as local demand from coin makers reduced due to the high cost of imports.
| Parameters | Silver price (per 1 kg) |
| July 1 Rate | Rs.38,640 per kg |
| July 31 Rate | Rs.38,640 per kg |
| Highest Rate in June | Rs.38,690 per kg on 3 July |
| Lowest Rate in June | Rs.36,035 per kg 10 July |
| Overall Monthly Performance | No change |
| Percentage Change | 0.00% |
July 2017 - Week 1 (1st to 9th)
- Silver prices in Mumbai reflected trends seen across other major Indian cities, with this metal being priced at Rs.38,640 per kg on the 1 of July and continued to trade at this rate on 2 July as well.
- The rate of silver increased marginally the next day and can be attributed to the after-effects of GST implementation as well as rise in demand.
- However, the value of silver reduced thereafter with this metal being priced at Rs.37,705 per kg on 4 July.
- As the week progressed, the value of silver continued to reduce even further with this metal trading at Rs.37,115 per kg on the last two days of the week which was also the lowest rate of silver for the week.
July 2017 – Week 2 (10th to 16th)
- In Mumbai, when silver trading began for July week 2, trading prices were recorded at Rs.36,035 per kg.
- As demand from local circles increased, silver prices went up to Rs.36,270 per kg on the 11th.
- The 12th saw demand pick up significantly which led to prices going up to Rs.36,920 per kg and continued at the same rate on the next day as well.
- Prices, however dipped, as demand collectively fell from various sections of the silver market to go down to Rs.36.270 per kg.
- On the 15th, silver prices in Mumbai went up by Rs.910 to go up to Rs.37,180 per kg.
- When the week came to an end, silver was still trading at Rs.37,180 per kg
July 2017 – Week 3 (17th to 23rd)
- The price of silver in Mumbai reflected trends seen across the country, with silver prices rising over the course of the week.
- Silver was priced at Rs.37,180 per kg on 17 July and rose to Rs.37,600 per kg on 18 July due to a spike in demand as industry increased orders.
- Commodity markets recorded an increase in interest in silver due to the ongoing political crises in the United States which led to stock markets plummeting.
- Silver capitalised on the weak U.S dollar rate as it rose to trade at Rs.37,705 per kg on 19 July.
- While demand for the white metal continued to rise, the increase in price was modest with silver trading at Rs.27,800 per kg on 21 July due to muted demand from the local industrial units.
- Silver rate in Mumbai shot up as the week drew to a close, with the metal trading at Rs.38,005 per kg on 22 July.
- Prices were unchanged as the week ended on 23 July.
July 2017 - Week 4 (24 - 31):
- When the week began on the 24th, silver prices in Mumbai were recorded at Rs.38,120 per kg, which then went up to Rs.38,230 per kg on the 25th due to an increase in demand.
- Prices fell on the 26th to Rs.38,120 per kg as demand from local industrial units and coin makers fell.
- On the 27th, prices went up to Rs.38,690 per kg - the highest silver rate for the month - as demand in the city hit a new monthly high.
- However, as the same demand couldn’t be sustained, prices went down to Rs.38,275 per kg.
- After demand recovered from the fall, prices went up to Rs.38,460 per kg on the 29th before remaining unchanged during the next business day.
- On the last day of the week and month, silver prices increased to Rs.38,640 per kg as demand surged.
| June 1 Rate | Rs.40,285 per kg |
| June 30 Rate | Rs.38,995 per kg |
| Highest Rate in June | Rs.40,895 per kg on 7 June |
| Lowest Rate in June | Rs.38,455 per kg on 21 & 27 June |
| Overall Performance | Decline |
| Percentage Change | -3.20% |
June 2017 - Week 1 (1st-4th):
- Silver prices in Mumbai remained much the same as the rest of India, albeit on the last two days.
- On the 1st of June, silver was priced at Rs.40,285 per kilogram but went down to Rs.39,950 per kilogram on the 2nd as demand took a hit.
- However, prices rallied by Rs.720 per kilogram on the 3rd to hit Rs.40,670 per gram on the 3rd and continued at the same rate till the closing hours of the 4th.
June 2017 - Week 2 (5th - 11th):
- Economic capital Mumbai saw silver prices fluctuate this week as demand wasn’t stable.
- On the 5th and the 6th, silver was trading at Rs.40,670 per kg but went up by Rs.40,890 on the 7th - Rs.220 per kg increase in a day’s time.
- However, a low demand from key sections of the society saw silver rates go down to Rs.40,725 per kg on the 8th.
- The decrease the previous day was made to look small another significant decrease as silver rates went down to Rs.40,285 per kg on the 9th.
- Rates consolidated on the 10th and the 11th as the metal was seen trading at Rs.40,060 per gram.
- Silver rates recorded a Rs.610 decrease from the beginning to end of the week as demand took a massive hit.
June 2017 - Week 3 (12th-18th):
- Silver opened at Rs.39,680 per kg on the 12th of June in the city of Mumbai but reduced the next day to trade at Rs.39,435 per kg.
- On the 14th of June, the rate of silver in Mumbai fell to a weekly low of Rs.39,115 per kg due to low demand for this metal.
- As the week progressed, there were a number of variations noted in the price of silver.
- Silver rate in Mumbai increased to trade at Rs.38,995 per kg on the 16th of June but fell the next day to be priced at Rs.38,460 per kg. This rate was noted on the last day of the week as well.
June 2017 - Week 4 (19 to 25)
- Silver prices in Mumbai reflected trends seen across other major Indian cities, with prices fluctuating during the week but recording an increase.
- Silver traded at Rs.38,640 per kg on 19 June on strong demand from the industrial sector.
- Prices fell to Rs.38,455 per kg on 21 June due to rise in the U.S. Dollar, which led to a drop in demand from overseas markets.
- Prices recovered as the week progressed, with silver trading at Rs.38,690 per kg on 23 June on consistent demand from coin makers.
- An increase in demand was also attributed to the increase in duties following the implementation of GST, which led to higher trading volumes.
- Prices rose to Rs.38,925 per kg on 24 June, with the price remaining constant as the week ended on 25 June.
June ’17 – Week 5 (26 to 30)
- The price of silver in the financial capital reflected trends seen across the country, with prices rising marginally before a slump in demand resulted in silver rates falling.
- Silver traded at Rs.38,925 per kg on 26 June as demand rose domestically as well as overseas due to a decline in the value of the U.S. Dollar.
- Prices soon fell due to a slump in demand as markets recovered and international demand stagnated.
- Domestic demand rose marginally which led to silver trading at Rs.39,115 per kg on 28 June.
- Prices soon fell as local demand could not stave off plunging silver rates overseas, and domestic demand also dropped to Rs.38,995 per kg on 30 June.
| May 1st Rate | Rs.40,040 per gram |
| May 31st Rate | Rs.40,060 per kg |
| Highest Rate in May | Rs.40,520 per kg on 30th May |
| Lowest Rate in May | Rs.37,705 per kg on 10th & 11th May |
| Overall Performance | Incline |
| Percentage Change | 0.49% |
May 2017 - Week 1 (1st-7th)
- On the first day of the month of May in Mumbai, silver was priced at Rs.40,040 per kg.
- There were a number of variations noted in the rate of silver during the week.
- As the week progressed however, the price of silver reduced as there was a fall in the demand for this metal from coin makers and industrialists.
- Silver traded at Rs.38,925 per kg on the 3rd of May before plunging to Rs.28,230 per kg on the 4th on account of low demand.
- On the last two days of the first week of May, silver rates recovered marginally to trade at Rs.38,005 per kg.
May 2017 – Week 2 (8th -14th)
- Silver prices in Mumbai fluctuated during the week as industrial demand and strengthening markets influenced silver demand.
- Silver was priced at Rs.37,965 per kg on 8th May, with the price dipping to Rs.37,705 per kg on 10th May due to a surge in markets which led to demand for the metal dropping.
- Prices recovered towards the middle of the week as industrial demand rose, negating the effects of a strengthening U.S. Dollar on silver exports.
- Silver traded at Rs.38,005 per kg on 13th May as markets began to stabilise, with demand from coin makers also contributing to the rise in demand and price.
- Silver ended the week trading at Rs.38,005 per kg on 14th May as industrial demand kept prices more or less stable.
May 2017 - Week 3 (15th - 21st)
- In Mumbai, silver prices fell on one particular occasion due to a sudden drop in demand.
- On 15th May, silver was trading at Rs.38,230 per kg, which then went up to Rs.38,640 per kg on the 16th.
- Prices for silver went up for the third consecutive day on the 17th as the metal was seen trading at Rs.38,995 per gram.
- Due to there being a solid demand from various quarters of the industry and also from the jewellers, silver rates again went up on 18th to reach Rs.39,265 per kg.
- However, a slight drop in demand saw silver prices fall on the 19th to Rs.38,815 per kg before going back to Rs.39,115 per kg on the 20th.
- As there was a sustained demand for the metal, May week 3 came to an end with silver still trading at Rs.39,115 per kg.
May 2017 – Week 4 (22nd - 28th)
- Silver prices in Mumbai fluctuated varied during the fourth week of May as industrial demand and strengthening markets influenced silver demand.
- Silver traded at Rs.39,265 per kg on the 22nd of May before shooting up to trade at Rs.40,040 per kg on the 23rd.
- However, this demand could not be sustained and the price of silver reduced to Rs.39,670 per kg on the 24th of May.
- The Manchester Blasts had no impact on the price of this precious metal as investors mostly stayed in the sidelines.
- Silver traded at Rs.39,950 per kg on the 25th and 26th of May.
- As the demand for this metal increased from industrialists, silver traded at Rs.40,190 per kg on the last two days of the week.
May ’17 – Week 5 (29th to 31st)
- Silver prices in the country’s financial capital were stable before dropping due to declining demand.
- Silver traded at Rs.40,285 per kg on 29th May as demand rose from the previous week due to an increase in demand from exporters in spite of the stable U.S. Dollar.
- Stock markets had also recovered from the attack in Manchester, but silver prices continued to rise, trading at Rs.40,520 per kg on 30th May as demand appeared to be unaffected by high import costs.
- A dip in price occurred as the month ended, with silver prices quite steeply to trade at Rs.40,060 per kg on 31st May, though overall value rose by 0.49% over the course of the month.
| April 1st Rate | Rs.42,570 per kg |
| April 30th Rate | Rs.40,040 per kg |
| Highest Rate in April | Rs.43,055 per kg on the 15th and 16th of April |
| Lowest Rate in April | Rs.40,040 per kg on the 29th and 30th of April |
| Overall Performance | Decline |
| Percentage Change | -5.94% |
April 2017 - Week 1 (1st-9th)
- The price of silver in the financial capital of the country reflected trends seen across the country, as silver prices were on the ascent during the week.
- Silver traded at Rs.42,570 per kg on the 1st of April as demand rose due to a fluctuating U.S. Dollar. This rate was sustained until the next day.
- Prices fell to Rs.42,435 per kg on the 3rd of April due to a dip in demand for silver in both domestic and international markets.
- An increase in demand from coin makers led to silver trading at Rs.41,730 per kg on 4th April.
- Rate of silver increased marginally on the 5th to trade at Rs.42,775 per kg due to market fluctuations.
- Due to stable demand, the rate of silver was Rs.42,640 per kg on the last two days of the month resulting in a rise of Rs.70 in the rate of silver.
April 2017 - Week 2 (10th-16th)
- Silver prices in Mumbai seemed to surge on all days during the second week of April.
- The week began with silver trading at Rs.41,625 per kg, which then went up marginally to Rs.41,780 per kg on 11th.
- Demand for local industrialists and coin makers pushed silver prices up by Rs.860 as it went up to Rs.42,640 per kg.
- On 13th, prices went up slightly to Rs.42,775 before increasing significantly to reach Rs.43,030 per kg as demand showed no signs of letting up.
- Silver rate in Mumbai remained the same over the 15th and 16th at Rs.43,055 per kg as prices consolidated in the MCX.
April 2017 - Week 3 (17th-23rd)
- On the first day of the third week of April, silver traded at Rs.43,030 per kg in Mumbai.
- There were a number of variations noted in the rate of silver during the week.
- As the week progressed however, the price of silver reduced as there was a fall in the demand for this metal from industrialists and coin makers.
- Silver traded at Rs.42,435 per kg on the 19th and 20th of April before reducing to trade at Rs.42,080 per kg on the 21st.
- A continued reduction in the demand for this metal resulted in silver trading at Rs.41,980 on the last two days of the week.
April 2017 - Week 4 (24th-30th)
- On the first day of the fourth week of April, silver traded at Rs.41,625 per kg in Mumbai.
- There were a number of variations noted in the rate of silver during the week.
- As the week progressed however, the price of silver reduced as there was a fall in the demand for this metal from industrialists and coin makers.
- Rate of silver was steady at Rs.40,520 per kg on the 26th and 27th of April before falling the next day to trade at Rs.40,190 per kg.
- A continued reduction in the demand for this metal resulted in silver trading at Rs.40,040 per kg on the last two days of the week.
| March 1st Rate | Rs.43,970 per kg |
| March 31st Rate | Rs.42,115 per kg |
| Highest Rate in March | Rs.43,970 per kg on 1st March |
| Lowest Rate in March | Rs.40,040 per kg on 15th March |
| Overall Performance | Decline |
| Percentage Change | -4.21% |
March 2017 - Week 1 (1st - 4th):
- Mumbai, like other regions in the country, saw silver prices fluctuate considerably.
- On 1st, silver was trading at Rs.43,970 per kg, which then increased to Rs.44,100 per gram on 2nd.
- As US economy and dollar strengthened, jewellery prices fell around the world on 3rd.
- Silver rates declined by Rs.1,370 per kg for the metal to trade at Rs.42,730 per kg.
- On 4th, silver prices went up slightly to end the week at Rs.43,295 per gram.
March 2017 - Week 2 (5th - 11th):
- Mumbai followed a slightly different trend during the second week of March.
- The metal was priced at Rs.43,295 per kg which then went down to Rs.42,925 per kg on 6th.
- Rates went down again on 7th to Rs.42,570 as domestic industrial demand saw no signs of improving.
- It was all downhill from then on as silver prices went from Rs.41,900 per kg on 8th to Rs.41,435 per kg.
- The 10th saw prices drop by a significant margin of Rs.765 per gram to reach Rs.40,670 per gram.
- When week 2 ended, silver was trading at Rs.40,520 per gram - marking a weekly change of Rs.2,775 from start to finish.
March 2017 - Week 3 (12th-18th):
- The price of silver in the financial capital of the country reflected trends seen across the country, as silver prices were on the ascent during the week.
- Silver traded at Rs.42,760 per kg on 13th March as demand rose due to a fluctuating U.S. Dollar.
- Prices fell to Rs.40,440 per kg on 14th March due to a dip in demand for silver in both domestic and international markets.
- An increase in demand from coin makers led to silver trading at Rs.40,890 per kg on 16th March.
- Rate of silver fell marginally on the 17th to trade at Rs.40,815 per kg due to market fluctuations.
- Due to stable demand, the rate of silver continued to trade at Rs.40,815 per kg until the end of the week, recording a rise of Rs.55 in the rate of silver.
March 2017 - Week 4 (19th-25th):
- In Mumbai, like the rest of the country, silver prices saw some fluctuations for the fourth week of March.
- On 20th, silver was priced at Rs.41,075 per kg but went down to Rs.40,815 on 21st as industrial demand from coin makers and others went down.
- The 22nd saw prices rally as prices went up to reach Rs.41,230 per kg which then went up to Rs.41,340 per kg on 23rd.
- Rates again went up on 24th to hit Rs.41,435 per kg as demand kept increasing.
- On 25th, rates fell to Rs.41,340 per kg as demand went down again and remained unchanged when the week ended on the 26th.
March 2017- Week 5 (26th-31st):
- Barring a few occasions, silver rate didn’t change too much during the last week of March.
- On 27th, silver was priced at Rs.41,900 per kg and increased to Rs.42,115 per kg on 28th as industrial demand went up.
- Rates remained unchanged on 29th but went up significantly to reach Rs.42,435 per kg on 20th.
- On the last day of the month, rates declined due to a fall in demand to hit Rs.42,115 per kg.
| February 1st Rate | Rs.42,520 per kg |
| February 28th Rate | Rs.44,165 per kg |
| Highest Rate in February | Rs.44,165 per kg on 28th February |
| Lowest Rate in February | Rs.42,115 per kg on 3rd February |
| Overall Performance | Incline |
| Percentage Change | +3.86% |
February 2017 - Week 1 (1st-4th):
- Silver rate trend in Mumbai also followed a similar pattern like the rest of India where in the prices fell and rose throughout the week.
- When the week began, silver was trading at Rs.42,520 per kilogram, which then increased to Rs.42,640 on 2nd.
- On 3rd, silver prices took a significant hit as it went by more than Rs.500 to hit Rs.42,115 per kilogram.
- The last day of the week was a respite as prices gained considerably for silver prices to end at Rs.42,355 per kilogram.
February 2017 - Week 2 (5th-11th)
- The country’s financial capital saw silver prices rise during the middle of the week before dipping due to market fluctuations as the week ended.
- Silver was priced at Rs.42,355 per kg on 5th February, the steady industrial demand keeping prices stable.
- Silver traded at Rs.42,520 per kg on 6th February, recording a minor rise in price as demand from the domestic market rose due to favourable market conditions.
- Prices continued to rise as the U.S. Dollar dropped in value due to the ongoing uncertainty regarding the immigration ban in the United States.
- Silver was priced at Rs.42,930 per kg on 7th February, an increase of Rs.410 per kg in a single day as demand rose exponentially.
- Prices stabilised, with silver reaching a weekly high of Rs.42,950 per kg on 9th February on sustained demand.
- Investor interest in silver waned as markets began to stabilise and industrial demand from Asia began to slow down, as silver traded at Rs.42,375 per kg on 10th February.
- Prices rose marginally as the week ended, with silver trading at Rs.42,570 per kg on 11th February.
February 2017 - Week 3 (12th-18th)
- The price of silver in the financial capital of the country reflected trends seen across the country, as silver prices were on the ascent during the week.
- Silver traded at Rs.42,570 per kg on 12th February as demand rose due to a fluctuating U.S. Dollar.
- Prices rose to Rs.43,280 per kg on 13th February though a dip in demand led to silver trading at Rs.43,030 per kg on 14th February.
- An increase in demand from coin makers led to silver trading at Rs.43,115 per kg on 15th February.
- Prices increased by Rs.270 to trade at Rs.43,385 per kg on 16th February and climbed further to Rs.43,520 per kg on 17th February.
- The week ended with silver trading at Rs.43,400 per kg on 18th February, to record an increase in Rs.830 per kg.
February 2017 - Weeks 4 & 5 (19th-28th)
- Silver prices in Mumbai reflected trends seen across the country, with the rates fluctuating due to volatile markets.
- Silver was priced at Rs.43,400 per kg on 19th February but the price fell to Rs.43,285 per kg on 21st February due to low demand.
- Prices dipped further to Rs.43,240 per kg on 22nd February before recovering on increased industrial demand, trading at Rs.43,680 per kg on 24th February.
- Silver prices rose to Rs.43,910 per kg on 25th February and reached Rs.44,110 per kg on 27th February.
- Silver ended the month trading at Rs.44,165 per kg on 28th February, recording a 3.86% increase in price.
| January 1st Rate | Rs.39,035 per kg |
| January 31st Rate | Rs.41,980 per kg |
| Highest Rate in January | Rs.42,180 per kg on 23rd January |
| Lowest Rate in January | Rs.39,035 per kg on 1st January |
| Overall Performance | Incline |
| Percentage Change | +7.54% |
January 2017 - Week 1 (1st to 7th)
- In economic capital Mumbai, silver prices saw some ups and downs over the week.
- On the 1st, silver traded at Rs.39,035 per kilogram before it climbed up to Rs.39,065 on the 2nd.
- The 3rd saw prices increase significantly to trade at Rs.39,530 and further increased to Rs.40,285 on the 4th.
- On 5th prices again increased as silver traded at Rs.40,670 per kilogram before it dipped during the last two days of the week.
- Silver price during the 6th and 7th were Rs.40,435 and Rs.40,390 per kilogram respectively.
January 2017 - Week 2 (8th to 14th)
January 2017 - Week 3 (15th to 21st):
- Mumbai witnessed considerable fluctuations with regards to silver rate as the week began with the metal trading at Rs.41,630 per kilogram.
- Prices went up on the 16th to hit Rs.41,560 before going down considerably to Rs.41,415 on the 17th.
- However, 18th saw some positive growth as silver prices bounced back to Rs.41,990 per kilogram.
- The 18th turned out to be a false positive as prices seemed to go down on 19th and 20th to Rs.41,805 per kilogram and Rs.41,675 per kilogram respectively.
- On 21st, at the end of the week, prices saw a positive growth to end the business day at Rs.41,930 per kilogram.
January 2017- Weeks 4 & 5 (22nd to 31st)
- Silver prices in Mumbai reflected the trend prevalent across the country, with prices trading high as the week began before falling towards the end of the week.
- Silver was priced at Rs.41,930 per kg on 22nd January, rising to Rs.42,180 per kg on 23rd January on consistent demand both domestically as well as overseas.
- Prices began to fall as trading in the metal reduced, resulting in silver trading at Rs.41,835 per kg on 25th January.
- A rally across global markets led to prices dropping further, with silver trading at Rs.41,435 per kg on 26th January.
- The week ended with silver trading at Rs.41,980 per kg on 31st January, recording a drop in value.
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 21st 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 23rd February. Sub-37,000 prices continued over the next 30 days, until prices hit 37,838 on 23rd March. Prices saw a rally around the end of April to reach Rs.39,826, and peaked at Rs.43,342 on 18th May. Price per kg of silver in Mumbai on 16th June was Rs.38,732.
Know About Gold Schemes by Jewellers & Banks : Click Here
Also Check Silver Price in NearBy Cities of Mumbai
| Silver Rate in Delhi | Silver Rate in Hyderabad | Silver Rate in Pune |
| Silver Rate in Kolkata | Silver Rate in Ahmedabad | Silver Rate in Lucknow |
| Also Know: Gold Rate in Mumbai |
Read more on Silver
- Facts About Silver
- How To Find Certified Silver
- Industrial Usage Of Silver
- Know About Silver Bars And Coins
- 7 Good Reasons To Invest In Silver
- Learn About the Silver Price in COMEX
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