Silver Rate in Mumbai Today

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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 rate 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.

Today's Silver price in Mumbai :

• 1 gram silver price is 50.03 Indian Rupee
• 1 kg silver price is 50,030 Indian Rupee

Trend of Silver Rate in Mumbai for July 2020 (rates per kg)

July 2020- Week 1 (01 - 05):

• The price of the white metal in the first week of July in Mumbai was Rs.48,560 per kg, surging up to cross the Rs.50,000 per kg mark on 2 July, recording the highest price of the metal in the week at Rs.50,050 per kg as the number of COVID-19 cases all over the world increased.
• However, on 3 July, the value of the metal showed a decline as the United States of America showcased positive data along with reports of a possible COVID-19 vaccine which increased the risk appetite amongst investors. The price of the metal was Rs.48,610 per kg on 3 July and decreased further.
• On 4 July, the price of the white metal dipped to Rs.48,560 per kg as investors waited for updates on the economic data of the country due to gold prices remained steady with minor fluctuations. On the last day of the month, silver prices dipped marginally to Rs.48,510 per kg on 5 July and closed the week with an overall declining trend.

Also Check Silver Price in Metro Cities

Trend of Silver Rate in Mumbai for June 2020 (rates per kg)

June 2020 - Week 1 (1 - 7):

• In Mumbai, a kilogram of silver was retailed for Rs.50,120 on 1st of June. There was a minimal increased of Rs.20 in the rates when compared to what was charged on the final day of the previous month. Given increasing tensions between the United States of America and China, protests in major cities of the States and a weakening dollar, the rates climbed to its highest for the month till date on 2nd June. A kilo of white metal cost Rs.50,160.
• The rates of silver slipped considerably the following day and was priced Rs.48,900 per kg. The decline in the rates was accounted to the risk - on sentiment being boosted after equity markets rallied on economic optimism and hopes of further stimulus measures.
• Silver rates slipped in the commercial capital on 5th and 6th June as riskier assets made gains. The precious metal recorded its lowest price for the month till date on 6th June with a kilo costing Rs.47,400 per kg. The white metal closed the week at Rs.47,410 per kg after the rates saw a minimal increase on the final day of the week. The rates witnessed an inclining trend over the week in the city.

June 2020 - Week 2 (8 - 15):

• In Mumbai, silver opened the second week of the month at Rs.47,450 per kg on 9 June and increased to Rs.48,200 per kg on 10 June due to a decreasing risk appetite amongst investors due to the rising number of COVID-19 cases all over the world. On 11 June, silver prices increased to 48,310 per kg with investors awaiting the economic data projection of the United States of America. With the dollar value dipping in the international market, the value of silver increased due to the rise in demand.
• The price of the metal increased to hit its highest on 12 June at Rs.48,510 per kg with investors awaiting the economic data from the United States Federal Reserve. However, on 13 June, the price of the metal dipped to 48,460 per kg with the value of the dollar recovering in the international market. Risk appetite amongst investors increased and shifted towards the equities market.
• On 14 June, the price of the metal dipped to Rs.47,710 per kg, below the Rs.48,000 per kg with the value of the dollar increasing in the market. However, on the last day of the week, silver prices closed at Rs.47,720 per kg on 15 June.

June 2020 - Week 3 (16 - 21):

• A kilogram of the white metal was priced Rs.47,110 on 16th June in Mumbai, the commercial capital of the country. There was massive drop of Rs.610 for every kilo when compared to the price charged on the final day of the previous week.
• Over the week, silver witnessed an incline of Rs.1,560 for every gram in the metropolitan city. The increase in the rates was accounted to growing concerns about a second wave of COVID – 19 cases.
• Silver closed third week of June at Rs.48,670 per kg in the city. The overall performance of the white metal in the financial capital witnessed a declining trend as the closing price was lower than the opening price for the month.

June 2020 - Week 4 (22 - 30):

• The price charged for a kilogram of the white metal at the start of the final week of June in Mumbai was Rs.48,680. Compared to what was charged on the final day of the previous week, the rates were up by Rs.10.
• In the commercial capital of the country, silver rates increased to Rs.48,810 per kg the next day as nervous investors opted for safe-haven assets amid the increasing number of COVID – 19 cases around the world.
• The rates of the precious metal slipped in the city over the next three days before increasing gradually and closing the week at Rs.48,510 per kg. The overall performance of silver in Mumbai witnessed a declining trend.

Trend of Silver Rate in Mumbai for May 2020 (rates per kg)

May 2020 - Week 1 (1 - 9):

• In Mumbai, silver was priced at Rs.42,530 per kg on 1st May. Compared to the closing price of the previous month, the rate charged for a kilo shot up by Rs.1,010. The sharp increase in the rate was accounted to bleak U.S. data which highlighted the economic impact of coronavirus.
• In the commercial capital, silver recorded its highest and lowest price for the month to date on the 9th and 2nd of May with a kilo costing Rs.43,510 and Rs.41,010 respectively. Over the week, silver price fluctuated in the city due to various factors like firm dollar, rising tensions between U.S. and China, boost in risk appetite, easing of coronavirus restrictions etc.
• Over the opening week of May, silver prices witnessed an inclining trend in the metropolitan city. There was a difference of Rs.980 in the prices when the opening and closing price of the white metal was compared.

May 2020 - Week 2 (10-16):

• In the city of Mumbai, the price of silver showed a fluctuating trend in the market for the second week of May. Opening at Rs.43,610 per kg on 10 May, the price of the metal showed a marginal incline on 11 May at Rs.43,620 per kg. The rise in prices was majorly due to the risk appetite being low amongst investors. On 12 May, the price of gold had dipped to Rs.43,090 per kg due to various local factors, with a decline in the local demand of the metal with the country being under lockdown.
• On 13 May, the price of the metal dipped to Rs.42,950 per kg and increased marginally to Rs.42,960 per kg in the city of Mumbai on 14 May. The dip in prices was due to the rising value of the dollar in the international market. However, the marginal rise in gold prices was with central banks allotting additional stimulus packages to stabilise the economy.
• The price of the metal on 15 May had increased to Rs.43,160 per kg due to the rise in tensions between the United States of America and China. With the trade tensions on the rise, investors shifted to the bullion market with lower risk appetite. The price of the metal increased by more than Rs.3,500 per kg on 16 May, hitting the highest price of the month at Rs.46,900 per kg, closing the week at the same price.

May 2020 - Week 3 (17 - 23):

• In Mumbai, the commercial capital of the country a kilo of silver cost Rs.46,710 at the start of the third week of May. There was a decline of Rs.190 for every kilo when compared to the closing price of the previous week.
• Over the week, the rates witnessed an inclining trend in the city as silver prices increased due to souring U.S. - China relations and gloomy economic outlook. The white metal recorded its highest price for the month on 19 May with a kilo being retailed for Rs.48,510 after the rates shot up supported by fears of a global recession and a wave of central bank stimulus measures.
• While the rates slipped on 20th May, the rates increased over the next three days and closed the week at Rs.48,350 per kg in Mumbai. The incline in the prices was witnessed because the bullion’s safe-haven appeal was lifted because of escalating tensions between Washington and Beijing.

May 2020 - Week 4 (24 - 31):

• In Mumbai, the price of silver showed a fluctuating trend in the market during the last week of May. Opening the week at Rs.48,360 per kg on 24 May, the price of the metal showed an immediate incline on 25 May at Rs.51,400 per kg, hitting its highest price in the month. However, the price of silver dipped on 26 May at 48,000 per kg, decreasing by Rs.3,400 per kg. With Japanese equities showing positive data, investors with a higher risk appetite shifted to the stock market, thus lowering the demand and the price of the white metal. However, silver showed an inclining trend soon after, increasing to Rs.48,700 per kg on 27 May.
• The price of the metal on 28 May decreased to Rs.47,910 per kg with investors with a higher risk appetite shifted to the equities market on a steady dollar value and in expectancy of the economy to recover faster. The price of the metal on 29 May remained steady at the same price and increased to Rs.48,560 per kg, with an incline of Rs.650 per kg on 30 April.
• With lower risk appetite along with tensions rising between Washington and Beijing, investors shifted to the bullion market due to its safe-haven appeal. The price of the metal closed the month and the week crossing the Rs.50,000 per kg mark at Rs.50,100 per kg, recording an overall monthly incline.

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

April 2020 - Week 1 (1 - 4):

• Opening the first week of the month at Rs.40,500 per kg, the price of silver in Mumbai did not change throughout the week. Even though there were fluctuations in the price of the metal in the international market, it did not have any adverse effect to the price in the country due to the 21-day lockdown of the country to prevent the spreading of the pandemic COVID-19.
• With various factors at play in the international market such as the rising value of the dollar and the poor job data from the United States of America, silver prices remained unchanged in Mumbai and closed the week at Rs.40,500 per kg on 4 April.

• Silver opened the week at Rs.40,500 per kg in Mumbai. With equities gaining given the signs of a slowdown in the number of new coronavirus cases, the rates dropped to its lowest for the month in the commercial capital the next day and was priced at Rs.40,360 per kg.
• The rates climbed on 8th April due to reasons like investors waiting for clues on further stimulus measures to be provided by the US Federal Reserve and the risk sentiment being hammered due to the increasing number of Covid – 19 deaths. A kilo of the white metal was retailed for Rs.41,290 in the city on the mentioned date.
• The white metal closed the week at Rs.41,100 per kg in Mumbai. The metal’s overall performance recorded an incline in the prices.

• Opening the third week of the month, silver prices in Mumbai showed an overall incline in the week with a few fluctuations in price due to the global trends of the metal. Opening at Rs.41,100 per kg, the price of the metal increased marginally on 13 April and then to Rs.41,310 per kg on 14 April. The hike in prices was due to investors speculating a possible recession in the economy.
• On 15 April, the price of the metal hit its highest at Rs.41,920 per kg with investors shifting to the bullion market for its safe-haven appeal. However, on 16 April, the price of silver decreased to Rs.41,860 per kg which was a result of rising dollar value in the market.
• Silver on 17 April was priced at Rs.41,900 per kg and dipping to a great extent to Rs.41,210 per kg on 18 April with investors with higher risk appetite shifting to the stock market with President Trump announcing measures to reopen the market.

April 2020 - Week 4 (19 - 25)

• In Mumbai, the commercial capital of the country silver opened the week at Rs.41,160 per kg. Compared to the closing price of the previous week, the rates were down by Rs.50 for every gram.
• The rates of the white increased gradually over the next couple of days after drawing support from weaker equities. The increase in the rates meant that silver touched its highest for the month on 21 April with a kilo costing Rs.40,360 in the metropolitan city.
• A firm dollar offsetting safe-haven buying and investors booking profits from the sharp gains made in the previous session meant that the rates slipped to Rs.41,420 per kg on 23 April. The rates increased slightly before closing the week at Rs.42,540 per kg. Silver prices witnessed an inclining trend in the prices over the week.

April 2020 - Week 5 (26 - 30):

• Opening the last week of the month, silver prices in Mumbai showed an overall incline in the week with a few fluctuations in price due to the global trends of the metal. Opening at Rs.42,610 per kg, the price of the metal dipped to a great extent on 28 April at Rs.42,210 per kg due to profit-booking by investors.
• Decreasing further, the price of silver on 29 April fell to Rs.41,510 per kg with investors shifting to the stock market and away from the bullion due to higher risk appetite. The price of the metal showed a minor rise in prices on the last day of the week and the month. On 30 April, the price of the metal was Rs.41,520 per kg and ended the month at an overall incline.

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

March 2020 - Week 1 (01 - 07):

• In Mumbai, the white metal showed an overall incline in prices with the rapid spread of the COVID-19 virus in the world and its effect on the global economy. Opening the month at Rs.47,400 per kg, silver prices increased on 2 March at Rs.48,500 per kg. The rise in prices was due to increased offset by industrial coin makers along with the positive global trend of the metal. On 3 March, the price of the metal remained steady at the same price.
• On 4 March, the price of silver in Mumbai increased to Rs.50,100 per kg, however, dipped to Rs.49,900 per kg. This was due to a momentary shift by investors to the stock market with increased risk appetite. However, on 6 March silver rate in Mumbai increased to Rs.50,700 per gram which was the weekly high of the metal. Silver closed the week at Rs.50,500 per kg on 7 March.

March 2020 - Week 2 (8 - 14):

• Silver prices in Mumbai stood at Rs.50,500 per kg on the 8th of March in Mumbai, the financial capital of the country. There was no change in the rates of the white metal when compared to the previous week’s closing price.
• The rates slipped to Rs.49,900 per kg in the metropolitan city the following day before increasing slightly to cost Rs.50,000 per kg on 10 March. The fall in the prices was accounted to retreat in global equities given the concerns over the economic fallout from coronavirus.
• The silver rate in Mumbai witnessed a minor drop of Rs.100 per kg the next day before recording a steep fall in the prices in the commercial capital. The decline in the prices was accounted to worries about the economic impact of coronavirus as the United States suspended travel from virus-hit Europe.
• The silver price closed the week at Rs.44,000 per kg as the yellow metal headed for its biggest weekly loss since 1983 as investors embarked on a selling spree to meet margin calls across other markets and accumulate cash. The closing price was the lowest recorded price for the month till date with the overall performance of silver witnessing a declining trend in Mumbai.

March 2020 - Week 3 (15 - 21):

• Silver rate in Mumbai opened this week at Rs.44,000 per kg on 15 March and dipped by Rs.800 in a day to be priced at Rs.43,200 per kg on 16 March. The price of the metal dipped to Rs.39,000 per kg on 17 March as investors sold their assets for cash to survive in the ongoing crisis. On 18 March, the price of the metal increased marginally to Rs.39,300 per kg with marginal safe-haven demand from traders.
• Amidst the European Central Bank announcing measures to be taken to stabilise the economy, the price of the white metal dipped to its lowest at Rs.37,800 per kg which was its lowest price in more than a year. Compared to the beginning of the year, the price of silver had fallen by more than Rs.12,000 per kg.
• On 20 March, the price of the metal recovered marginally to be priced at Rs.39,900 per kg increasing by Rs.2,100 per kg in a single day amidst limited safe-haven demand of the metal. At the end of the week, silver closed at Rs.40,100 per kg on 21 March in the city.

March 2020 - Week 4 (22 - 31):

• In Mumbai, silver was priced at Rs.40,100 per kg at the start of the fourth week of March. Compared to the closing price of the previous week, the rates of the white metal saw no change in the commercial capital.
• Silver prices climbed to Rs.40,700 per kg the next day as the investor sentiment was boosted following new aggressive steps taken by the U.S. Federal Reserve in a bid to combat the economic impact due to the outbreak of coronavirus across the world. The rates dipped on March 24 in the commercial capital and a kilogram was retailed for Rs.40,500.
• There was no change in the price of silver following March 24. This was accounted to the 21-day lockdown imposed by the government with the aim of curtailing the spread of coronavirus. Silver closed the final week of March at Rs.40,500 per kg with the overall performance showing a declining trend in the prices.

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

February 2020- Week 1 (1 - 9):

• Silver prices in Mumbai opened the first week of February at Rs.50,300 per kg on 1 February. On 4 February, the price of the metal dipped to Rs.49,800 per kg after remaining steady for 3 continuous days. This was due to investors awaiting on the developments on the measures to be taken by China and the United States of America to stabilise the economy.
• The price of the metal gradually decreased with China’s Central Bank cutting down the repo rates and letting an inflow of liquidity into the market in order to stabilise it. With reports of a possible vaccine coming in to combat the virus, risk appetite amongst investors increased. The price of the white metal dipped to Rs.49,600 per on 5 February.
• However, the effect of the measure on the economy was limited as the fears of the Coronavirus escalated on a global scale with an increasing number of deaths and more cases being reported. Shifting to the bullion market, the investors’ demand for the metal increased and silver closed the week at Rs.49,900 per kg on 9 February.

February 2020 - Week 2 (10 - 16):

• In Mumbai, silver prices stood at Rs.49,900 per kg on 10 February. There was no change in the rates of the white metal when compared to the previous week’s closing price.
• Over the next two days, silver prices dropped Rs.49,500 per kg. This was the lowest recorded price for the month in the financial capital. It was accounted to investors’ increased risk appetite following reports of decline in the number of new coronavirus cases.
• Silver prices in Mumbai closed the second week of February at Rs.50,000 per kg after increasing gradually over the week. The increase in the prices was accounted to investors betting on the safe-haven metal to cover against the economic impact of the coronavirus.

February 2020 - Week 3 (17 - 23):

• Silver prices in Mumbai stood at Rs.50,400 per kg on 17 February. The metal showed an overall incline in its prices in the city due to positive global trends along with a steady local demand. Globally, the prices of the silver showed an inclining trend due to investors shifting to the bullion market due to Coronavirus fears and its impact on the economy.
• The price of the metal over the next few days in the week showed a steady incline crossing the Rs.51,000 mark at Rs.51,600 per kg on 19 February. Silver prices, amidst a lower risk appetite amongst investors, increased further to cross the Rs.52,000 mark at Rs.52,100 per kg on 20 February.
• At the end of the week, the price of the white metal had increased and hit the highest price of the month till date. On 22 February, a kg of silver was priced at Rs.52,400 and closed at the same price on 23 February as well.

February 2020 - Week 4 (24 to 29):

• Silver prices in Mumbai showed overall decline over the month of February. The rates of the white metal started the final week at Rs.52,900 per kg after the rates increased by Rs.500 for every kilogram from what was charged on the last day of the previous week.
• Concerns regarding the spread of coronavirus across the world meant that the prices slipped in the commercial capital of the country. Increasing concerns encouraged safe haven buying.
• The rates fell to Rs.51,100 per kg on 27 February before closing the month at Rs.47,400 per kg, the lowest recorded price for the metal in Mumbai.

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

January 2020- Week 1(01 - 05):

• Silver price in Mumbai stood at Rs.50,300 per kg on 1 January and increased through the week due to various global factors even after opening at a decreased price by Rs.600 per kg compared to last month’s closing.
• The price of silver in Mumbai saw a constant fluctuation through the week due to a fall in the value of the dollar against the rupee. As the rupee increased, the price of silver increased as well. On 3 January, silver had increased by Rs.800 per kg to Rs.51,100 per kg.
• On 4 January, silver rate in Mumbai reduced marginally by Rs.100 per kg due to decreased offtake by industries and local jewellers even amidst a positive global trend. The rates closed the first week of January at Rs.51,000 per kg. The overall performance of silver in Mumbai was trending upwards.

January 2020- Week 2(06 - 12):

• Silver rate in Mumbai stood at Rs.52,300 per kg on 6 January, showing an increase by Rs.1,300 per kg when compared to the previous week’s closing price. Local demand and increased offset amongst coin makers resulted in an increase in prices early in the week. On 7 January, the price of silver dipped by Rs.1,000 per kg to Rs.51,000 per kg.
• The price of silver in Mumbai saw a constant fluctuation through the week due to geopolitical factors and to the rise in the value of the dollar against other currencies. The highest price of silver in Mumbai was on 8 January at Rs.52,600 per kg as investors awaited President Trump’s response to the attacks on U.S. soldiers in Iraq.
• As the U.S. wished to ease the tensions between the two countries, instead of escalating it, the price of the metal dipped in the second half of the week. On 11 January, silver price in Mumbai hit Rs.50,600 per kg and closed the week at the same price.

January 2020- Week 3(13 - 19):

• Silver price in Mumbai stood at Rs.50,400 per kg on 13 January, with a marginal decrease by Rs.200 per kg when compared to the closing price of the previous week. The price of the metal decreased on 15 January soon after the trade deal was signed by both China and the United States of America.
• After being constant on 15 January and 16 January, the price of silver in Mumbai increased by Rs.400 per kg to Rs.50,400 per kg on 17 January. Silver prices held strong amidst rising geopolitical tensions in the Middle East as a drone and military strike was responsible for the death of more than 100 soldiers.
• The price of silver in Mumbai remained steady as investors shifted to the bullion due to safe-haven appeal and closed the third week of the month at Rs.50,400 per kg.

January 2020- Week 4 (20 - 26):

• In Mumbai, silver price stood at Rs.50,700 per kg at the beginning of the fourth week of January. Compared to the previous week’s closing price, the rates of the white metal increased by Rs.300 for every kilogram.
• The rates of the white metal climbed to Rs.51,000 per kg as investors sought refuge in the safe-haven metal amid concerns regarding outbreak of coronavirus in China. Silver prices slipped the next day as they assessed the risk of the virus becoming a global epidemic.
• Over the week, the rates didn’t see much fluctuations and closed at Rs.51,000 per kg in the commercial capital of the country. The overall performance of the metal showed an incline in the prices.

January 2020- Week 5 (27 - 31):

• Silver prices in Mumbai opened the last week of January at Rs.51,300 per kg and showed a declining trend in its prices throughout this week. On 28 January, the price of the metal dipped to Rs.50,800 per kg as investors awaited on the developments regarding the rate cuts by the U.S. Federal Reserve.
• As the fears of the Coronavirus escalated on a global scale recording an increased number of cases and deaths, investors shifted to the bullion market, increasing its demand. The price of the metal on 29 January was Rs.51,000 per kg. However, due to poor local demand and decreased offset of the metal, the price of the metal dipped further.
• On 30 January, the price of the metal was Rs.49,200 per kg which was the lowest price of the week. Silver prices increased gradually, closing the month of January at Rs.50,200 per kg.

Also Check Silver Price in NearBy Cities of Mumbai

Silver Price in Mumbai 2020

Silver rates in Mumbai since the start of 2020 is given below as:

Mumbai is among the largest consumers of silver in the country and is sold in all parts of the city by various merchants. Mumbai, being an important port city in the country, sees import of silver and gold in large quantities depending on the local and national demand. There are many factors which play a role in the rate of white metal in the city which includes gold prices in the country along with the trend of metal in the international market.

Silver is mainly sold in its physical form in the city such as jewellery, silverware, ornaments, etc. And the silver industry in Mumbai is among the largest consumers of the metal in India which includes large-scale industries, as well as, local and small-scale dealers and stores. Silver, in the city, is also bought in the form of bullions as they offer pure silver at a lower rate.

The Trend Of Silver Rate In Mumbai

In Mumbai, silver is among the top precious metals apart from gold and is of great value in the market. Most people in Mumbai purchase silver as an investment and as an asset. Silver prices in Mumbai depend on the price of the metal in Delhi along with the international trend of the metal. Along with this, the silver rate in Mumbai is also directly related to the value of gold in the country. Silver is considered as a safe-haven metal and its value increases if the performance of the equities market lowers.

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.

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