Silver Rate in Mumbai

Silver price are determined by several geo-political, economic, and other factors. Silver rate in Mumbai is also influenced by local and industrial demand. The value of the US dollar also affects the price of the metal. They are inversely related. Besides having a massive demand on industrial usage, silver in Mumbai is also used for ornaments, jewellery, and investment purposes. More details on the silver price in Mumbai is mentioned below.
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  • Today's Silver Rate in Mumbai( 20 Feb 2020 )
    ₹ 52.1
    Today's Silver Rate per gram
    Compare Silver Rate In Mumbai (Today & Yesterday)
    Today
    (20 Feb 2020)
    Yesterday
    (19 Feb 2020)
    Rate Change
    Silver (1 gram) ₹ 52.1 ₹ 51.6 ₹ 0.5 ↑
    Bar Silver (1 Kg) ₹ 52,100 ₹ 51,600 ₹ 500 ↑
    Silver Price In Mumbai For Last 10 Days
    Date Silver (1 gram) Bar Silver (1 Kg)
    20 Feb 2020 ₹ 52.1 ₹ 52,100
    19 Feb 2020 ₹ 51.6 ₹ 51,600
    18 Feb 2020 ₹ 50.4 ₹ 50,400
    17 Feb 2020 ₹ 50.4 ₹ 50,400
    16 Feb 2020 ₹ 50 ₹ 50,000
    15 Feb 2020 ₹ 50 ₹ 50,000
    14 Feb 2020 ₹ 49.6 ₹ 49,600
    13 Feb 2020 ₹ 49.6 ₹ 49,600
    12 Feb 2020 ₹ 49.5 ₹ 49,500
    11 Feb 2020 ₹ 49.8 ₹ 49,800

    Weekly & Monthly Graph of Silver Rate in Mumbai

    • 7 Days
    • 30 Days
    • 3 Months
    • 6 Months

    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    Silver 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 51.60 Indian Rupee
    • 1 kg silver price is 51,600 Indian Rupee

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

    Parameters Silver price (per kg)
    February 1 Rate Rs.50,300 per kg
    February 16 Rate Rs.50,000 per kg
    Highest Rate in February Rs.50,300 per kg on 1, 2 and 3 February
    Lowest Rate in February Rs.49,500 per kg on 12 February
    Overall Performance Decline

    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.

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

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

    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.

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

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

    December 2019- Week 1 (1 – 8):

    • Silver price in Mumbai stood at Rs.48,100 per kg on December 1. There was no change in the prices when compared to the previous day’s closing price.
    • The rates of silver in Mumbai dropped over the first week of December. Silver prices fell on all days expect for December 4 and 8. There was a slight increase on the 4th while on the 8th the rates remained unchanged.
    • Silver closed the first week of December at the lowest recorded price for the month till date. Every kg of silver was trading for Rs.46,600 in Mumbai. Silver’s overall performance was trending downwards.

    December 2019- Week 2 (9 - 15):

    • Silver price in Mumbai opened the second week of December at Rs.46,500 per kg. The price of silver saw a drop of Rs.100 when compared to the previous week’s closing price.
    • The rate of silver in Mumbai slipped to Rs.46,400 per kg, the lowest recorded price for the month on December 10 as investors preferred to wait clarity on whether Washington would impose new tariffs on Chinese goods.
    • In Mumbai, the white metal closed the week at Rs.47,300 per kg. Even though the prices increased in the latter half of the week, silver’s overall performance in the metropolitan city was trending downwards.

    December 2019- Week 3 (16 – 22):

    • Silver price in Mumbai opened the third week of December at Rs.47,400 per kg. The prices of the white metal saw a drop of Rs.100 when compared to the previous week’s closing price due to global trends of the metal’s prices.
    • With minor fluctuations in prices of the white metal, silver rates increased to Rs.48,200 per kg which was the highest price of the month till data. This was majorly due to the decision made by the United States House of Representatives to impeach President Donald Trump.
    • Silver rate in Mumbai closed the week at Rs.48,200 per kg. Even though the prices increased in the latter half of the week, silver’s overall performance in the metropolitan city was trending upwards.

    December 2019- Week 4 (23 - 29):

    • In Mumbai, silver price stood at Rs.48,400 per kg on 23 December. The rates of the precious metal were down by Rs.200 per kg when compared to the previous week’s closing price.
    • Silver price in the commercial capital saw a lot of fluctuations over the week due to uncertainty around the signing of the Sino – U.S. trade deal and investors booking profits amid thin trade in a holiday lull. The white metal recorded its highest price for the month on 26 December with every kilogram costing Rs.50,400.
    • The rates closed the fourth week of December at Rs.50,000 per kg. The overall performance of silver in Mumbai was trending upwards.

    Trend of Silver Rate in Mumbai for November 2019 (rates per kg)

    Parameters Silver price (per kg)
    November 1 Rate Rs.50,500 per kg
    November 30 Rate Rs.48,100 per kg
    Highest Rate in November Rs.50,700 per kg on 2 and 3 November
    Lowest Rate in November Rs.47,200 per kg on 9 and 10 November
    Overall Performance Decline

    November 2019- Week 1 (01-03):

    • Silver rate in Mumbai opened at Rs.50,500 per kg which was a Rs.500 per kg increase when compared to 31 October. The rise in silver prices was majorly due to strong demand overseas as well as abroad.
    • However, on 2 November, silver price in Mumbai decreased by Rs.200 per kg due to the value of the dollar increasing in the market with renewed optimism in the trade talks between the United States of America and China.
    • As factory data in China improved and job data improved in the United States of America, the risk appetite for investors lessened. Due to this, silver rate in Mumbai closed the week at a steady price of Rs.50,300 per kg.

    November 2019- Week 2 (04-08):

    • Silver prices in Mumbai opened at Rs.50,500 per kg which with a decrease of Rs.200 per kg when compared to 3 November. The decrease in prices was majorly due to the strong value of the dollar.
    • However, on 5 November, the price of silver decreased by Rs.200 per kg due to the value of the dollar increasing in the market with renewed optimism in the trade talks between the United States of America and China.
    • The value of gold decreased further as China and the United States of America locked in the first phase of the trade deal resulting in the decreased demand of the bullion in the market.

    November 2019- Week 3 (09-17):

    • In Mumbai, silver prices opened the week at Rs.47,200 per kg. Compared to the previous day’s closing price, there was a drop of Rs.600 for every kilo.
    • As there was optimism regarding a trade deal between the United States and China, the rates of silver witnessed an increase in the following days. The rates of silver shot up to Rs.48,300 per kg on 14 November.
    • However, due to uncertainties regarding the trade deal between the nations investors shifted to the bullion. This resulted in the silver prices coming down and closing the week at Rs.48,000 per kg.

    November 2019- Week 4 (18 - 24):

    • In Mumbai, silver prices opened the week at Rs.47,800 per kg. The trend of silver prices in the country, and in Mumbai fluctuated to a great extent due to varying market trends and geopolitical factors.
    • As the optimism regarding a trade deal between the United States and China was hit following the impeachment inquiry on President Trump, the rates of silver witnessed an increase in the following days. The rates of silver shot up to Rs.48,500 per kg on 20 November.
    • However, with the speculations on yet another rate cut coming to an end with positive U.S. jobs data, the price of the metal decreased as the value of the dollar increased. The metal closed at a price of Rs.48,100 per kg on 24 November.

    November 2019- Week 5 (25 - 30):

    • In Mumbai, the commercial capital silver prices opened the fifth week at Rs.47,900 per kg. There was a drop of Rs.200 for every kilogram of the metal when compared to the previous day’s closing price.
    • Silver prices in the final week of November fluctuated a lot as traders waited for more developments regarding the trade deal between Beijing and Washington. Anti-government protests in Hong Kong also played a part in the constant fluctuations.
    • The rates closed the week at Rs.48,100 per kg in Mumbai after a slight increase in the final two days of the month. Silver’s overall performance in Mumbai was trending downwards.

    Trend of Silver Rate in Mumbai for October 2019 (rates per kg)

    Parameters Silver price (per kg)
    October 1 Rate Rs.47,400 per kg
    October 31 Rate Rs.50,000 per kg
    Highest Rate in October Rs.50,300 per kg on 28 October
    Lowest Rate in October Rs.47,400 per kg on 1 October
    Overall Performance Incline

    October 2019- Week 1 (1-6):

    • Interest in silver was on the rise as the week began, with silver rate in Mumbai opening at Rs.47,400 per kg and rising to Rs.49,400 per kg on 3 October on steady demand.
    • Weak overseas cues and falling demand from coin makers dampened demand marginally, as silver price in Mumbai lower at Rs.49,100 per kg on 4 October.
    • Silver prices remained unchanged for the rest of the week despite rising retail interest, resulting in the industrial metal ending the week at Rs.49,100 per kg.

    October 2019- Week 2 (7-13):

    • Silver rate in Mumbai opened at Rs.47,900 per kg and increased to Rs.49,400 per kg in the first week due to increased demand and a steady economy.
    • However, silver price in Mumbai increased further in the second week of the month rising to hit weekly highs at Rs.49,900 per kg on 10 October as the demand of the metal increased.
    • Soon after hitting the weekly high, silver prices dipped marginally due to reduced offtake by industrial owners, closing the week at Rs.47,100 per kg.

    October 2019- Week 3 (14-20):

    • The price of silver in Mumbai opened the week at Rs.49,100 per kg due to steady local demand and stagnant global trends.
    • Silver price in Mumbai hit its weekly high on 15 October, priced at Rs.49,800 per kg due to renewed Brexit concerns and the fading hope of trade talks by investors which resulted in increased offtake of the metal.
    • The silver rate in Mumbai closed the week at Rs.49,200 per kg due to fluctuations in the global market and reduced offtake by industrial owners and coin makers in the country.

    October 2019- Week 4 (21-27):

    • Opening the fourth week of October, the silver rate in Mumbai was Rs.47,200 per kg due to a stagnant local demand and investors increasing risk appetite due to positive cues in the trade talks.
    • After decreasing by Rs.100 per kg on 22 October, silver prices remained stagnant as investors awaited a decision on Brexit.
    • However, the silver price in Mumbai crossed Rs.50,000 per kg mark on 26 October at Rs.50,400 per kg due to the increase in local demand and hints of a possible rate cut due to weak United States economic data.

    October 2019- Week 5 (28-31):

    • In Mumbai, the price of silver on 28 October was Rs.50,300 per kg and was at a low compared to the previous day’s closing at Rs.50,400 per kg. This was majorly due to the positive cues on the trade talks between the United States of America and China.
    • Silver rate in Mumbai decreased by Rs.600 per kg to Rs.49,700 per kg as the value of the dollar increased against the other currencies in the market.
    • However, after the United States Federal Reserve announced a rate cut of 1%, the price of silver increased and closed the month and week hitting the Rs.50,000 per kg mark.

    Also Check Silver Price in Metro Cities

    Trend of Silver Rate in Mumbai for September 2019 (rates per kg)

    Parameters Silver price (per kg)
    September 1 Rate Rs.44,100 per kg
    September 30 Rate Rs.51,600 per kg
    Highest Rate in September Rs.52,200 per kg on 29 September
    Lowest Rate in September Rs.44,100 per kg on 1 September
    Overall Performance Incline
    Percentage Change 17%

    September 2019- Week 1 (1-8):

    • Demand for bullion was high, as silver prices in Mumbai opened at Rs.51,600 per kg before climbing to Rs.52,400 per kg on 3 September.
    • Poor U.S. manufacturing figures increases bullion’s appeal, as the silver rate surged to Rs.55,200 per kg on 4 September despite weak retail offtake.
    • Fluctuations in overseas demand and a recovery in the dollar rate resulted in silver rate in Mumbai dropping to Rs.52,500 per kg on 6 September before falling further to Rs.51,300 per kg on 8 September.

    September 2019- Week 2 (9-15):

    • Despite opening at Rs.51,000 per kg, silver price in Mumbai fluctuated on conflicting cues with prices rising to Rs.51,200 per kg on 11 September on steady industrial demand.
    • A rise in the dollar rate capped possible gains as overseas demand was sluggish, with the silver rate in Mumbai falling to Rs.50,500 per kg on 13 September on declining orders from coin makers.
    • Silver prices continued to drop on declining investor interest, with the industrial metal settling at Rs.48,700 per kg when the week ended on 15 September.

    September 2019- Week 3 (16-22):

    • Despite opening at Rs.50,400 per kg, silver price in Mumbai fluctuated on conflicting cues with prices rising to Rs.50,500 per kg on 18 September on steady industrial demand.
    • A rise in the dollar rate capped possible gains as overseas demand was sluggish, with the silver rate in Mumbai falling to Rs.49,700 per kg on 19 September on declining orders from coin makers.
    • Prices continued to drop on declining investor interest, with the industrial metal settling at Rs.50,300 per kg when the week ended on 22 September.

    September 2019- Week 4 (23-30):

    • The last week began with silver prices in Mumbai trading at Rs.50,100 per kg on 26 September with prices fluctuating due to demand vagaries.
    • Recession fears and possible new tariffs increased demand for bullion, as the industrial metal rose to Rs.52,200 per kg on 29 September.
    • Fluctuations in local industrial demand and a recovery in the dollar rate capped gains as the metal ended the month at Rs.51,600 per kg to record a 17% rise in price.

    Trend of Silver Rate in Mumbai for August 2019 (rates per kg)

    Parameters Silver price (per kg)
    August 1 Rate Rs.44,100 per kg
    August 31 Rate Rs.51,600 per kg
    Highest Rate in August Rs.52,200 per kg on 29 August
    Lowest Rate in August Rs.44,100 per kg on 1 August
    Overall Performance Incline
    Percentage Change 17%

    August 2019- Week 1 (1-11):

    • Economic uncertainty buoyed demand for bullion as silver rates in Mumbai opened at Rs.44,100 per kg and quickly climbed to Rs.44,500 per kg on 4 August.
    • Further U.S. tariffs on Chinese goods sent Asian markets tumbling and increased industrial orders as silver jumped to Rs.45,700 per kg on 7 August, though local retail sales were weak.
    • Concerns over slowing global growth and the Sino-U.S. trade war saw the industrial metal surge to Rs.47,900 per kg on 8 August with prices dropping marginally to Rs.47,300 per kg on 11 August.

    August 2019- Week 2 (12-18):

    • Economic uncertainty buoyed demand for bullion as silver rates in Mumbai opened at Rs.44,100 per kg and quickly climbed to Rs.44,500 per kg on 4 August.
    • Further U.S. tariffs on Chinese goods sent Asian markets tumbling and increased industrial orders as silver jumped to Rs.45,700 per kg on 7 August, though local retail sales were weak.
    • Concerns over slowing global growth and the Sino-U.S. trade war saw the industrial metal surge to Rs.47,900 per kg on 8 August with prices dropping marginally to Rs.47,300 per kg on 11 August.

    August 2019- Week 3 (19-25):

    • Silver rates in Mumbai opened lower at Rs.47,800 per kg when the week began but prices picked up on rising demand from local coin makers and industrial units.
    • Prices rose to Rs.48,200 per kg on 22 August as the renewed economic uncertainty due to U.S.-China trade tensions impacted equities, increasing bullion’s safe-haven appeal.
    • Positive indicators for bullion from the Federal Reserve meeting buoyed interest, as silver ended the week priced at Rs.49,200 per kg.

    August 2019- Week 4 (26-31):

    • The last week began with silver prices in Mumbai trading at Rs.50,100 per kg on 26 August with prices fluctuating due to demand vagaries.
    • Recession fears and possible new tariffs increased demand for bullion, as the industrial metal rose to Rs.52,200 per kg on 29 August.
    • Fluctuations in local industrial demand and a recovery in the dollar rate capped gains as the metal ended the month at Rs.51,600 per kg to record a 17% rise in price.

    Trend of Silver Rate in Mumbai for July 2019 (rates per kg)

    Parameters Silver price (per kg)
    July 1 Rate Rs.40,500 per kg
    July 31 Rate Rs.44,800 per kg
    Highest Rate in July Rs.44,900 per kg on 25 July
    Lowest Rate in July Rs.40,400 per kg on 2 July
    Overall Performance Incline
    Percentage Change 10.6%

    July 2019- Week 1 (1-7):

    • Silver rate in Mumbai got off to a weak start, trading at Rs.40,500 per kg on 1 July before dropping further to Rs.40,400 per kg on 2 July as the dollar rose on positive investor sentiment.
    • Industrial demand for silver fell ahead of U.S. jobs data, though coin makers kept prices from falling too steeply as the metal traded at Rs.40,700 per kg on 3 July.
    • Silver price in Mumbai dipped to Rs.40,600 per kg on 6 July on conflicting overseas cues, though local offtake remained steady and kept prices unchanged when the week ended on 7 July.

    July 2019- Week 2 (8-14):

    • Rising interest from coin makers and local industrial demand bolstered silver rates in Mumbai, with silver rate opening at Rs.40,800 per kg on 8 July.
    • Silver price in Mumbai rose to Rs.41,000 per kg on 9 July and saw some fluctuations as a rising dollar rate capped gains, resulting in the metal dropping briefly to Rs.40,900 per kg on 10 July.
    • Demand was steady, with local offtake boosting prices to Rs.41,300 per kg on 11 July. Silver rate in Mumbai dropped to Rs.41,000 per kg on 12 July before stabilising at Rs.41,300 per kg when the week ended on 14 July.

    July 2019- Week 3 (15-21):

    • There was a sharp rise in silver price in Mumbai with the metal trading at Rs.41,200 per kg on 15 July before steadily rising on growing industrial and retail offtake.
    • Silver rate in Mumbai jumped to Rs.42,400 per kg on 17 July after disappointing U.S. employment data bolstered bullion offtake.
    • Prices surged to Rs.44,500 per kg on 19 July after fresh U.S.-Iran tensions, with prices falling marginally as the week ended to Rs.44,000 per kg.

    July 2019- Week 4 (22-28):

    • Silver prices in Mumbai were on the rise as industrial units capitalised on volatile equity markets, with the metal opening the week at Rs.44,400 per kg.
    • Prices continued to climb, reaching Rs.44,900 per kg on 25 July despite a recovery in the dollar rate, as coin makers also increased orders.
    • Though retail demand was weak due to the high cost, overseas demand remained steady as the week progressed, with the metal’s value falling slightly to Rs.44,600 per kg when the week ended on 28 July.

    July 2019- Week 5 (29-31):

    • A rise in geopolitical tensions bolstered demand as silver rates in Mumbai opened the week at Rs.44,600 per kg on 29 July.
    • Escalating trade tensions and their impact on global economic growth led to increased demand for safe-haven bullion, as silver became more attractive to investors.
    • Prices rose to Rs.44,800 per kg when the month ended on 31 July, with the metal recording a 10.6% rise in value over the course of the month.

    Also Check Silver Price in NearBy Cities of Mumbai

    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 2019 is given below as:

    Silver price per kg 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.

    Read more on Silver

    News About Silver Rate in Mumbai

    • Gold and Silver prices surge in all the major cities in India

      The prices of gold which had been on a decline in the previous work suddenly surged by Rs.400 in all the major cities in India due to advent of wedding season in India. The price of gold in Hyderabad was recorded to be Rs.39,240 for a 10-gram,22 carat gold. The price of 10-gram, 24 carats gold stands at Rs.42,770. The prices are the same in the other major cities of Andhra Pradesh.

      The price of gold in Delhi stands at Rs.41,300 for 10-gram, 24 carats gold, and Rs.40,100 for 10-gram, 22 carats gold. The prices of gold in Mumbai rose by Rs.510, with a 10-gram of 22 carats gold costing Rs.39,750, and a 10-gram of 24 carats gold priced at Rs.40,750

      The price of Silver also rose and touched Rs.49,500 per Kg compared to Rs.49,000 per Kg for the previous week.

      16 February 2020

    • Silver prices dip in the country

      The rates of silver slipped on Friday and was trading at Rs.45,780 per kg. The drop in the prices was accounted to profit-taking at higher levels, higher rupee and steady global rates. It must be noted here that the rupee inched higher to 71.31 per dollar.

      Gold prices also fell after two days of gains. On the Multi Commodity Exchange (MCX), April gold futures were down by 0.17% to cost Rs.40,587 for every 10 grams. In the global markets, the rates of the yellow metal were steady at $1,576 per ounce. Among other precious metals, palladium was little changed at $2,423.89 an ounce while rose by 0.2% to $17.67.

      14 February 2020

    • Silver prices decline to hit Rs.43,465 for a kg

      Prices of silver followed gold and saw a decline. Silver futures prices reduced by 0.20% and hit Rs.43,465 for a kg. Silver prices saw a decline due to the weak global demand.

      Silver prices in the global market increased by 0.1% and hit $16.58 for an ounce. The prices of gold decreased for the fourth consecutive day due to a muted global demand. Gold futures prices on MCX reduced by 0.30% and hit Rs.37,597 for 10 grams. According to a report from Reuters, demand for gold has been low despite the drop in prices. The demand for gold was moderate last week and was lesser than the usual wedding season buying. In the international market, the prices of gold increased by 0.1% and hit $1,460.40 for an ounce. In the previous session, the prices of gold slumped by almost 1%, which was the biggest drop in a month. The news was mixed as well regarding the trade talks between China and the US. During times of financial and political uncertainty, gold is considered a safe haven by investors. The Federal Reserve meeting which concludes on 11 December 2019 is being closely watched by traders. According to various analysts, no interest rate cuts are expected as the US central bank has reduced the rates three times this year.

      11 December 2019

    • Silver price fall by Rs.174 on Thursday

      The silver rate in Mumbai fell by Rs.174 in futures trade on Thursday. The fall in the price saw the rate drop to Rs.45,870 per kg. The decline was accounted to investors reducing their positions even though the white metal gained in the overseas market. In the international market, silver was trading 0.06 percent higher at $17.82 an ounce on COMEX. On the Multi Commodity Exchange (MCX) silver delivery in March next year fell by Rs.133 or 0.28% to Rs.46,860 per kilogram in a business turnover of 18 lots. As per market experts, trimming of positions at prevailing levels mainly exerted pressure on silver futures.

      10 October 2019

    • Price of gold dips by Rs.300 due to various global factors

      The prices of gold and silver declined to an extent in India due to a weak global trend. On MCX, gold futures dipped to Rs.37,465 per 10 grams resulting in a percentage decline of 0.70%. Silver prices, on the other hand, fell to Rs.44,842 per kg resulting in a decline of 1.48% on MCX.  

      Gold prices in the country were down by Rs.2,400 per 10 grams after recently hitting highs at Rs.39,885 per 10 grams. This was majorly attributed to a decline in global prices due to the ease in trade tensions between the United States of America and China.  

      Silver according to reports has suffered a comparatively bigger loss when compared to its high of Rs.51,489 per kg earlier in September. When compared, the price of the white metal is down by a whopping Rs.6,600 per kg.  

      China and the United States of America are said to resolve their trade with a ‘calm and rational attitude’ as quoted by the Vice Commerce Minister of China, Mr. Wang Shouwen on 29 September 2019.  

      The United States of America does not plan on currently stopping Chinese companies from being listed on US exchanges. With this, investors took on some profits as well as SDPR Gold Trust mentioned that its holdings fell by 0.22% to 9.22.66 tonnes on 27 September 2019.  

      However, in India, the prices of gold and silver are said to increase from 1 October 2019 as the period of ‘Shrad’ has come to an end. This will enable the people to buy gold and silver ahead of the festive season. Due to this, various jewellers across the country have increased their orders from gold dealers. The discount offered by the dealers on official domestic prices have been cut down to a great extent.  

      1 October 2019

    • Silver prices above Rs.50,000 for a kg in Mumbai

      On 5 September 2019, silver prices for the first time in six years was trading above Rs.50,000 for a kg in Mumbai. The spot market price at Zaveri Bazar opened at Rs.50,125 for a kg and closed a little lesser than Rs.49,950.

      The prices on 5 September 2019 is still 4% more than that on 4 September 2019. According to the Director of Kedia Commodities, Silver December futures also reached record highs of Rs.51,425 and was trading at Rs.50,900. He further added that traders are shifting to safe-haven assets because of the relationship between China and the US, and Brexit. According to importers, the demand has nearly dried. According to the Director of Foresight Bullion India, Viraj Didwania, the perception of customers on the future price is the main criteria for the demand of domestic silver. The yearly import of silver in India is between 5,000 to 7,000 tonnes. He further added that due to the recent increase in silver prices, the bulk of increase must be done, and the expectation is that silver prices will stay stable or decrease from now.

      5 September 2019

    • Silver prices increase to new highs

      Silver and gold prices continued to increase on 26 August 2019. Prices of silver increased by Rs.1,450 for a kg to hit Rs.46,550. The main reason for the increase in prices is because of the fresh intake by coin makers and industrial units.  

      On 26 August 2019, silver prices increased to Rs.46,550, rising by Rs.1,450, and the weekly-based delivery increased by Rs.1,625 to reach Rs.45,291 for a kg. The demand for silver coins also increased and traded higher at Rs.94,000 increasing by Rs.3,000 for buying, and for selling it increased to Rs.95,000 for 100 coins. Gold prices also increased for the fifth day in a row to reach Rs.39,670 for 10 grams, increasing by Rs.675. The main reason for the increase in prices is because of the strong global trend and the weakening rupee. Gold prices have been hitting new highs on a daily basis since 20 August 2019. In the international market, spot gold traded at $1,529 for an ounce and silver rose to $17.68 for an ounce. 99.5% and 99.9% pure gold increased by Rs.675 to reach Rs.39,500 and Rs.39,670 for 10 grams, respectively. 8 grams of sovereign gold increased by Rs.700 to reach Rs.29,500. 

      26 August 2019

    • Silver rate plummet by Rs.1,100 per kg

      On Tuesday, silver price fell by Rs.1,100 per kg and was trading at Rs.43,900 per kg. This was accounted to reduced offtake by coin makers and industrial units. The weekly-based delivery also fell by Rs.113 to Rs.43,422 per kg. Silver coins plunged by Rs.2,000 to Rs.89,000 for buying and Rs.90,000 for selling of 100 pieces. In the international oil market as well the rates of silver dropped. In New York, an ounce of silver was trading at $16.93. 

      20 August 2019

    • Gold prices slip as US-China trade talks resume

      As the US-China trade talks recommenced this week, the US dollar index increased in the global markets. This resulted in the price of gold being steady globally. The price of the metal held flat on 10 July 2019 at Rs.38,900 per kg. 

      In the global markets, spot gold was trading at $1,391.93 an ounce as the metal kept trading at the narrow trading range ahead of the Federal Reserve Chair’s testimony and FOMC minutes scheduled in the evening.  

      In Delhi, the metal was priced at Rs.34,870 per 10 grams for 99.9% purity and Rs.34,700 per 10 grams for 99.5% purity. On 9 July, the price of the precious metal had decreased by Rs.600 and Sovereign gold prices held at Rs.27,300 per 8 grams.  

      11 July 2019

    • Silver Rates Slump on Declining Demand

      Silver rates in Mumbai dropped on weak domestic offtake and poor overseas cues. Silver fell marginally by Rs.40 to trade at Rs.37,850 per kg as reduced industrial demand on the spot market impacted demand and prices.

      There was a steeper decline in weekly-based silver delivery, which fell by Rs.81 to Rs.36,825 per kg as coin makers also reduced their orders. There was no change in the price of silver coins, which have held steady for a while. Silver coins continued to trade at Rs.80,000 for the purchase and Rs.81,000 for the sale of 100 pieces.

      13 June 2019

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