Silver Rate in Mumbai Today Last Updated : 03 Mar 2021

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.

Todays Silver price in Mumbai :

  • 1 gram silver price is 72.00 Indian Rupee
  • 1 kg silver price is 72,000 Indian Rupee
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  • Today's Silver Rate in Mumbai( 03 Mar 2021 )

    ₹ 72
    Today's Silver Rate per gram

    Compare Silver Rate In Mumbai (Today & Yesterday)

    Today
    Yesterday
    Rate Change
    Silver (1 gram) ₹ 72 ₹ 73.3 ₹ -1.3 ↓
    Bar Silver (1 Kg) ₹ 72,000 ₹ 73,300 ₹ -1,300 ↓

    Silver Price In Mumbai For Last 10 Days

    Date Silver (1 gram) Bar Silver (1 Kg)
    02 Mar 2021 ₹ 72 ₹ 72,000
    01 Mar 2021 ₹ 73.3 ₹ 73,300
    28 Feb 2021 ₹ 67.5 ₹ 67,500
    27 Feb 2021 ₹ 67.5 ₹ 67,500
    26 Feb 2021 ₹ 74 ₹ 74,000
    25 Feb 2021 ₹ 70.2 ₹ 70,200
    24 Feb 2021 ₹ 74.4 ₹ 74,400
    23 Feb 2021 ₹ 75.7 ₹ 75,700
    22 Feb 2021 ₹ 69 ₹ 69,000
    21 Feb 2021 ₹ 69 ₹ 69,000

    Weekly & Monthly Graph of Silver Rate in Mumbai

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    • 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 Gold Rate in Mumbai

    Historical Trend of Silver Price in Mumbai

    Months Lowest Silver Price Per Kg Highest Silver Price Per Kg
    February 2021 67,300 75,700
    January 2021 63,900 74,500
    December 2020 63,400 74,100
    November 2020 60,100 67,700
    October 2020 60,210 63,500
    September 2020 58,500 76,500
    August 2020 65,010 76,520
    July 2020 48,510 66,060
    June 2020 47,110 50,160
    May 2020 41,010 51,400
    April 2020 40,360 42,710
    March 2020 37,800 50,700
    February 2020 47,400 52,900
    January 2020 49,200 52,600

    Trend of Silver Rate in Mumbai for February 2021 (rates per kg)

    Parameters Silver price (per kg)
    February 1 Rate Rs.73,300 per kg
    February 21 Rate Rs.69,000 per kg
    Highest Rate in February Rs.74,000 per kg on 2 February
    Lowest Rate in February Rs.67,300 per kg on 5 February
    Overall Performance Decline

    February 2021 - Week 1 (1 - 7):

    • In Mumbai, the price of silver was Rs.73,300 per kg on 1 February and was at its highest on 2 February at Rs.74,000 per kg. However, on the following day, the white metal’s value declined by Rs.5,000 to Rs.69,000 per kg due to a higher dollar value in the market.
    • Declining further by Rs.500, the price of the metal was Rs.68,500 per kg on 4 February and hit its lowest on 5 February at Rs.67,300 per kg due to a higher risk appetite and positive trend seen in the equities market.
    • Silver rate in Mumbai recovered on 6 February at Rs.68,700 per kg and held steady on the following day as well, closing the week with an overall decline.

    February 2021 - Week 2 (8 - 14):

    • In Mumbai, the price of silver was Rs.68,700 per kg on 8 February and increased to Rs.70,200 per kg on the following day. However, the white metal’s value declined by Rs.69,600 per kg on 10 February.
    • The price of the white metal dipped to Rs.68,400 per kg on 11 February and inclined slightly to Rs.68,700 per kg on 12 February.
    • Inclining gradually in the market, silver rates in Mumbai increased to Rs.69,200 per kg on 13 February and closed at the same rate on 14 February.

    February 2021 - Week 3 (15 - 21):

    • In Mumbai, a kilogram of the white metal was priced Rs.69,200 per kg on 15th February. The price was similar to what was charged on the final day of the previous week.
    • The price of silver shot up to Rs.70,200 per kg the next day before declining on 17th and 18th February and was retailed for Rs.69,500 per kg in the commercial capital.
    • Silver price in Mumbai closed the week at Rs.69,000 per kg with the overall performance witnessing a declining trend.

    Trend of Silver Rate in Mumbai for January 2021 (rates per kg)

    Parameters Silver price (per kg)
    January 1 Rate Rs.72,000 per kg
    January 31 Rate Rs.69,800 per kg
    Highest Rate in January Rs.74,500 per kg on 8 January
    Lowest Rate in January Rs.63,900 per kg on 9 January
    Overall Performance Decline

    January 2021 - Week 1 (1 - 9):

    • In Mumbai, silver opened at Rs.72,000 per kg on 1 January and held steady at the same price till 3 January. The price of the metal dipped substantially to below the Rs.70,000 per-kg mark on 4 January at Rs.69,600 per kg.
    • However, the metal’s prices recovered and were Rs.70,400 per kg on 5 January and hit its highest price of the week on 7 January at Rs.71,410 per kg.
    • After hitting the weekly high, silver rate in Mumbai dipped to Rs.70,100 per kg on 8 January and saw a drastic drop in prices on the last day of the week, closing at Rs.63,900 per kg on 9 January.

    January 2021 - Week 2 (10 - 16):

    • Silver price in Mumbai was priced Rs.69,000 per kg at the start of the second week of December. The rate of the white metal was up Rs.5,100 for every kilogram when the price was compared to the closing price of the previous week.
    • The price of the white metal fluctuated in the commercial capital over the week. A kilo of silver was retailed for Rs.70,700 on 13th December after the rate climbed following a drop in silver price on 11th December
    • Silver rate closed the week at Rs.69,700 per kg. The overall performance of the white metal in the metropolitan city was one of decline.

    January 2021 - Week 3 (17 - 23):

    • The price of the white metal in Mumbai was Rs.69,700 per kg on 17 January and 18 January, inclining to Rs.70,600 per kg on 19 January as the risk appetite amongst investors increased in the market.
    • Silver rate in Mumbai increased further to Rs.71,200 per kg on 20 January. However, the metal’s value declined substantially on 21 January to Rs.67,100 per kg as the value of the U.S. dollar recovered.
    • On 22 January, silver prices increased yet again too Rs.71,500 per kg and closed the week at Rs.71,400 per kg on 23 January.

    January 2021 - Week 4 (24 - 31):

    • Silver price in Mumbai at the start of the fourth week of January was Rs.71,400 per kg. When compared to the closing price of the previous week, the price didn’t see any change.
    • The price of the white metal slipped in the commercial capital of the country over the first few days of the week. A kilo of silver was retailed for Rs.65,900 on 28th of January.
    • While silver rates recovered somewhat over the next two days, it slipped on the final day of the week and closed at Rs.69,800 per kg. The overall performance of silver witnessed a declining trend in the metropolitan city.

    Also Check Silver Price in Metro Cities

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

    Parameters Silver price (per kg)
    December 1 Rate Rs.64,600 per kg
    December 31 Rate Rs.72,300 per kg
    Highest Rate in December Rs.74,100 per kg on 21 December
    Lowest Rate in December Rs.63,400 per kg on 10 December
    Overall Performance Incline

    December 2020 - Week 1 (1 - 6):

    • Silver price in Mumbai opened the first week of December at Rs.64,600 per kg. The price charged for a kilo of the white metal was down by Rs.100 when compared to the closing price of the previous month.
    • The price of the white metal was on an upward curve over the next few days. A kilo of silver was retailed for Rs.67,500 on 4th December. This was the highest recorded price for the month till date.
    • Silver closed the opening week of the month at the same price as the rates didn’t see any change over the last two days of the week. The overall performance of the white metal witnessed an inclining trend in the rates in the financial capital of the country.

    December 2020 - Week 2 (7 - 13):

    • In Mumbai, the price of silver was Rs.63,910 per kg on 7 December and showed a fluctuating trend throughout the week. On 8 December, the price of the metal increased to Rs.65,500 per kg.
    • Silver rate in Mumbai decreased to Rs.64,400 per kg on 9 December and further declined by Rs.1,000 to Rs.63,400 per kg on 10 December as investors shifted to the equities market with a higher risk appetite.
    • On 11 December, the value of silver was Rs.63,410 per kg, dipping to Rs.63,200 per kg on the following day. On 13 December, silver prices closed at Rs.63,600 per kg, recording an overall weekly decline.

    December 2020 - Week 3 (14 - 20):

    • The price of silver at the start of the week was Rs.67,400 per kg. When compared to the closing price of the previous week, the price of the white metal remained unchanged in the metropolitan city.
    • Silver price in Mumbai slipped marginally on 15th December and was trading at Rs.67,300 per kg. The price of the white metal climbed in the commercial capital following that and recorded its highest price for the month till date on 18th December with a kilogram costing Rs.71,500.
    • The white metal closed the week at the same price as the rates saw no change on 19th and 20th December. Silver’s overall performance witnessed an inclining trend in the rates.

    December 2020 - Week 4 (21 - 27):

    • In Mumbai, the price of the white metal was Rs.70,700 per kg on 21 December and soon decreased to Rs.69,600 per kg on 22 December and further to Rs.66,900 per kg on 24 December due to an increased risk appetite amongst investors.
    • On Christmas Day, the price of the metal increased marginally to Rs.66,610 per kg. However, as investors awaited on the U.S. stimulus package announcement, the price of the metal increased to Rs.67,600 per kg on 26 December.
    • Investors held on to their investments on the last day of the week awaiting on further announcements and the metal closed the week at the same rate on 27 December.

    December 2020 - Week 5 (28 - 31):

    • Silver price in Mumbai at the start of the week was Rs.73,400 per kg. When compared to the closing price of the previous week, the price of the white metal witnessed an increase of Rs.2,200 for every kilogram.
    • The price of the white metal slipped in the metropolitan city on 29th and 30th December. There was a decline of Rs.4,600 over the two days.
    • The precious metal closed the week at Rs.72,300 per kg after the price increased on the final day of the year. Silver’s overall performance in the commercial capital of the country witnessed an inclining trend.

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

    Parameters Silver price (per kg)
    November 1 Rate Rs.60,100 per kg
    November 30 Rate Rs.59,100 per kg
    Highest Rate in November Rs.66,100 per kg on 5 November
    Lowest Rate in November Rs.59,100 per kg on 30 November
    Overall Performance Decline

    November 2020 - Week 1 (1 - 8):

    • Silver rate in Mumbai was Rs.60,100 per kg on 1 November and increased to Rs.61,700 per kg on 2 November. The price of the metal increased further to Rs.61,900 per kg on 3 November.
    • The price of the metal on 4 November dipped to Rs.61,200 per kg and on 5 November, due to various factors, the metal hit its highest price of the week at Rs.66,100 per kg and dipped to Rs.64,500 per kg on the following day.
    • On 7 November, the metal’s value increased to Rs.65,400 per kg and closed at Rs.65,410 per kg on the following day, recording an overall incline.

    November 2020 - Week 2 (9 - 15):

    • Silver rate in Mumbai at the start of the second week of November was Rs.65,400 per kg. There was a decline of Rs.10 for every kilogram when compared to the closing price of the previous week.
    • The price of silver slipped in the commercial capital on 10th November and was retailed for Rs.61,000 per kg. Silver rates fluctuated in Mumbai over the remainder of the week.
    • In Mumbai, silver rate closed the week at Rs.63,600 per kg with the overall performance witnessing an inclining trend.

    November 2020 - Week 3 (16 - 22):

    • Opening the week at Rs.63,610 per kg on 16 November, gold rate in Mumbai recorded an overall weekly decline, dipping to below the Rs.63,000 per kg levels at Rs.62,900 per kg on 17 November.
    • The price of the metal dipped further to Rs.62,900 per kg on 18 November and further to Rs.62,100 per kg on 19 November with the rise in the dollar value in the market.
    • On 20 November, the price of the metal was Rs.61,600 per kg and increased to Rs.62,300 per kg on 21 November, closing the week at the same price on 22 November.

    November 2020 - Week 4 (23 - 30):

    • In Mumbai, silver prices opened at Rs.62,300 per kg on 23 November and dipped to below the Rs.60,000 per kg level by 25 November at Rs.59,500 per kg. The metal’s price increased marginally on 26 November at Rs.60,050 per kg.
    • However, with risk appetite increasing amongst investors, the price of the metal dipped to Rs.59,600 per kg on 27 November and further to Rs.59,200 per kg on 28 November.
    • After holding steady at the same price on 29 November, the metal closed the last week and the month at Rs.59,100 per kg.

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

    Parameters Silver price (per kg)
    October 1 Rate Rs.60,700 per kg
    October 31 Rate Rs.61,000 per kg
    Highest Rate in October Rs.63,500 per kg on 21 October
    Lowest Rate in October Rs.60,210 per kg on 8 October
    Overall Performance Incline

    October 2020 - Week 1 & 2 (1 -11):

    • Silver price in Mumbai opened at Rs.60,700 per kg on 1 October and showed an overall inclining trend for the first week, increasing to Rs.61,210 per kg on 4 October. However, the price of the metal dipped to Rs.60,600 per kg on 5 October.
    • On 6 October, the metal’s price saw an incline to Rs.62,000 per kg and was back to being priced at Rs.60,600 per kg on 7 October due to mute global demand.
    • Silver rate on 9 October was Rs.60,600 per kg and increased to Rs.62,900 per kg on 10 October, closing the week at Rs.62,910 per kg on 11 October.

    October 2020 - Week 3 (12 - 18):

    • A kilogram of silver was retailed for Rs.62,920 at the start of the third week of October. When compared to the closing price of the previous week, there was an increase of Rs.10 for every kilogram.
    • The price of silver climbed to its highest for the month till date the next day when a kilo cost Rs.63,100.
    • For the remainder of the week, silver rates saw slight fluctuations. Silver price in Mumbai closed the week at Rs.61,700 per kg with the overall performance witnessing an inclining trend.

    October 2020 - Week 4 (19 - 25):

    • In Mumbai, a kilogram of silver was priced at Rs.61,350 per kg on 19 October and increased to Rs.62,000 per kg on the following day. As investors shifted to the bullion market with a lower risk appetite, the white metal hit its highest price of the month at Rs.63,500 per kg on 21 October.
    • However, silver rates started dipping after hitting its monthly high. The metal’s price dropped by Rs.500 to Rs.63,000 per kg on 22 October and further to Rs.62,600 per kg on 23 October.
    • On 23 October, the silver price dipped marginally by Rs.100 to Rs.62,500 and closed the week at the same price on 25 October.

    October 2020 - Week 5 (26 - 31):

    • In Mumbai, a kilogram of silver was priced Rs.61,800 per kg on 26th October. There was a drop of Rs.700 for every kilogram when the price of the precious metal was compared to the closing price of the previous week.
    • Over the week, the price of silver improved gradually in the commercial capital before dropping on the final day of the month.
    • Silver price in Mumbai closed the week at Rs.61,000 per kg with the overall performance witnessing an inclining trend.

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

    Parameters Silver price (per kg)
    September 1 Rate Rs.76,500 per kg
    September 30 Rate Rs.62,500 per kg
    Highest Rate in September Rs.76,500 per kg on 1 September
    Lowest Rate in September Rs.58,500 per kg on 24 September
    Overall Performance Decline
    • Silver rate in Mumbai opened the first week of the month at Rs.76,500 per kg and declined substantially throughout the week as the value of the dollar fluctuated in the international market.
    • The price of silver on 1 September was also its weekly high and on 3 September, as the dollar value recovered in the market, the silver price dropped and hit its weekly low at Rs.65,800 per kg on 3 September.
    • At the end of the week, silver price in Mumbai recovered further to below the Rs.68,000 per kg level and closed at Rs.67,210 per kg.

    September 2020 - Week 2 (7 - 13):

    • Silver rate in Mumbai opened the second week of September at Rs.67,220 per kg. There was an increase of Rs.10 when compared to the closing price of the previous week.
    • Silver rates fluctuated in the commercial capital over the week. A kilogram of the white metal was retailed for Rs.68,560 on 10th September.
    • In Mumbai, the price of silver in Mumbai closed the week at Rs.67,900 per kg. The overall performance of the white metal witnessed a declining trend in the rates.

    September 2020 - Week 3 (14 - 20):

    • Silver rate in Mumbai at the start of the third week of September was Rs.67,910 per kg. There was an increase of Rs.10 for every gram when compared to the closing price of the previous week.
    • The price of silver slipped in Mumbai after 15th September and was retailed for Rs.67,810 per kg on 18th September.
    • In Mumbai, silver rate closed the week at Rs.67,900 per kg with the overall performance witnessing a declining trend.

    September 2020 - Week 4 (21 - 27):

    • In Mumbai, silver prices opened at Rs.67,800 per kg on 21 September and dipped to Rs.61,300 per kg on the following day due to the rise in the dollar value in the international market.
    • On 24 September, the metal’s value declined further to hit its lowest of the month at Rs.58,500 per kg. On the next day, the price of silver increased marginally to Rs.59,300 per kg.
    • Silver rate, on 26 September, dipped marginally to Rs.59,000 per kg as investors shifted towards the equities market and the white metal closed the week at the same price, recording an overall decline.

    September 2020 - Week 5 (28 - 30):

    • In Mumbai, silver opened the fifth week of September at Rs.59,000 per kg. When compared to the closing price of the previous week, there was no change in the rates of the white metal.
    • The price of silver climbed in the commercial capital of the country over the next two days and closed the month at Rs.62,500 per kg.
    • Silver price in Mumbai recorded a declining trend over the month of September.

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

    Parameters Silver price (per kg)
    August 1 Rate Rs.65,010 per kg
    August 31 Rate Rs.66,370 per kg
    Highest Rate in August Rs.76,520 per kg on 8 August
    Lowest Rate in August Rs.65,010 per kg on 1 and 13 August
    Overall Performance Incline

    August 2020 - Week 1 (1 - 9):

    • In Mumbai, the silver rate was at Rs.65,010 per kg on 1 August and increased to Rs.65,410 per kg by 4 August. The rise in prices was mainly due to the lower risk appetite amongst investors.
    • With the rise in COVID-19 cases, the safe-haven demand for silver increased to a great extent and the metal crossed the Rs.70,000 per kg mark on 6 August at 71,510 per kg.
    • On 8 August, the silver rate in Mumbai hit record highs at Rs.76,520 per kg and dipped marginally on the last day of the week, closing at Rs.74,210 per kg on 9 August.

    August 2020 - Week 2 (10 - 16):

    • The price of silver in Mumbai at the start of the week was Rs.74,220 per kg in Mumbai. There was a minimal increase in the rates when compared to the price charged on the final day of the previous week.
    • Silver recorded its lowest price for the month on 13th August when a kilo cost Rs.65,010 in the metropolitan city.
    • Silver price in Mumbai improved gradually and closed the second week of August at Rs.68,010 per kg. The metal’s overall performance witnessed an inclining trend in the city.

    August 2020 - Week 3 (17 - 23):

    • Silver price in Mumbai opened the third week of the month at Rs.68,020 per kg and increased substantially to Rs.68,910 per kg on 18 August. The price of silver increased further on 19 August to Rs.71,110 per kg.
    • On 20 August, the price of silver in Mumbai dipped to below the Rs.69,000 per kg mark at Rs.68,110 per kg as the value of the dollar recovered in the market. On 21 August, silver prices dropped by more than Rs.1,000 to Rs.67,010 per kg.
    • On 23 August, the metal closed the week at Rs.67,110 per kg recording an overall decline.

    August 2020 - Week 4 (24 - 31):

    • A kilo of silver was retailed for Rs.67,120 at the start of the final week of August in Mumbai. There was a minimal increase in silver rates when compared to the price charged at the end of the previous week.
    • The price of silver fluctuated in Mumbai over the week. While the rates slipped over the first half of the week, it gained in the latter half.
    • Silver price in Mumbai closed the week at Rs.66,370 per kg. The overall performance of the metal witnessed an inclining trend in the metropolitan city.

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

    Parameters Silver price (per kg)
    July 1 Rate Rs.48,560 per kg
    July 31 Rate Rs.63,010 per kg
    Highest Rate in July Rs.66,060 per kg on 30 July
    Lowest Rate in July Rs.48,510 per kg on 5 July
    Overall Performance Incline

    July 2020- Week 1 (01 - 05):

    • The price of silver in Mumbai 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 silver 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 silver in Mumbai was Rs.48,610 per kg on 3 July and decreased further.
    • On 4 July, the price of silver in Mumbai 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.

    July 2020 - Week 2 (06 - 12):

    • In the city of Mumbai, the value of silver opened the second week of July at Rs.48,520 per kg on 6 July and showed an overall incline through the week. Increasing to Rs.49,610 per kg on 7 July boosted by increased safe-haven demand of the metal by investors, the price of silver was hovering close to hitting 7-year highs. With the rising number of new COVID-19 cases all over the world, the price of the metal increased, but not before dipping marginally to Rs.49,300 per kg on 8 July due to the recovery of the U.S. dollar in the market.
    • On 9 July, silver prices increased to Rs.50,030 per kg, crossing the Rs.50,000 per kg mark as the risk appetite dipped amongst investors and safe-haven demand rose yet again. The value of the white metal increased by more than Rs.1,000 in one day and was priced at Rs.51,910 per kg on 10 July.
    • However, on 11 July, as speculations amongst investors rose regarding an economic recovery, risk appetite amongst investors increased prompting them to shift towards the equities market. The rise in risk appetite was short-lived as the U.S. along with other countries showed the inclining trend of COVID-19 cases which increased safe-haven demand of the metal. Silver hit the highest price of the week at Rs.52,000 per kg on 12 July and closed at the same rate at the end of the week.

    July 2020 - Week 3 (13 - 19):

    • The price of silver in Mumbai at the start of the third week of July was Rs.52,010 per kg. There was a minimal increase in the rates when compared to the closing price of the previous week.
    • Silver price in the metropolitan city touched its highest for the month on 16th July when a kilogram was retailed for Rs.53,010.
    • Over the week, the rates of silver witnessed an inclining trend. The precious metal closed the week at Rs.52,910 per kg.

    July 2020 - Week 4 (20 - 26):

    • A kilogram of silver was retailed for Rs.52,290 in Mumbai on 20th July. Compared to the price charged on the final day of the previous week, the rates were up by Rs.10 for every kilo.
    • Over the week, the rates of silver shot up in the metropolitan city. Silver price in Mumbai recorded its highest rate for the month till date on 24th July with a kilo costing Rs.62,010 per kg.
    • Silver rates fell considerably the next day before recovering slightly and closing the week in Mumbai at Rs.61,210 per kg.

    July 2020 - Week 5 (27 - 31):

    • In Mumbai, silver rate opened at Rs.61,220 per kg on 27 July and increased to cross the Rs.64,000 per kg mark on the following day at Rs.64,710 per kg.
    • The metal’s value increased further to cross the Rs.66,000 per kg mark on 28 July and was priced at Rs.66,010 per kg. Silver rates increased to hit its highest on 30 July at Rs.66,060 per kg.
    • Silver prices in Mumbai on the last day of the week dropped to a great extent and closed the week and the month at Rs.63,010 per kg on 31 July.

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

    Parameters Silver price (per kg)
    June 1 Rate Rs.50,120 per kg
    June 30 Rate Rs.48,510 per kg
    Highest Rate in June Rs.50,160 per kg on 2 June
    Lowest Rate in June Rs.47,110 per kg on 16 June
    Overall Performance Decline

    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)

    Parameters Silver price (per kg)
    May 1 Rate Rs.42,530 per kg
    May 31 Rate Rs.50,100 per kg
    Highest Rate in May Rs.51,400 per kg on 25 May
    Lowest Rate in May Rs.41,010 per kg on 2 May
    Overall Performance Incline

    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)

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

    April 2020 - Week 1 (1 - 4):

    • 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)

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

    March 2020 - Week 1 (01 - 07):

    • 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)

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

    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)

    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.

    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.

    FAQs on Silver Rate in Mumbai

    1. What are the factors that determine the silver rate in Mumbai today?
    2. The silver rate today in Mumbai is influenced by many different factors such as the value of the dollar, crude oil prices, current political and economic events, government policies on gold or on import and export, as well as the prices of commodities and sales by central banks.

    3. Will today’s silver price in Mumbai change?
    4. Today’s silver rate in Mumbai is likely change with the change of factors such as the price of crude oil, the dollar value, price of commodities, as well as any change in the economic or political scenario.

    5. How do I get the best silver rate in Mumbai?
    6. You can get the best silver price in Mumbai by comparing the prices of silver in the reliable and leading silver retailers or jewelers in the city.

    7. Does the silver price in Mumbai guarantee the best quality of silver?
    8. The best quality silver is likely to have a higher rate than silver of a lower quality.

    9. What is the best quality silver for the best silver rate in Mumbai?
    10. The best quality silver that you can buy at the current silver price in Mumbai is sterling silver. Sterling silver is made up of just 7.5% copper and other metals while 92.5% is pure silver. You can find out the quality by testing it with a magnet as the best quality silver will not stick to the magnet.

    Read more on Silver

    News About Silver Rate in Mumbai

    • Yellow metal and silver record continuous declines in the domestic market

      The price of gold and silver have been consistently declining since the announcement of the Union Budget 2021. Gold prices, however, had seen an incline on 5 February by Rs.550. On 4 February, the price of gold had dipped to below the Rs.47,000 per 10-gram mark.

      Silver prices also saw a marginal drop in the market where on 1 February, the price of the metal was above Rs.74,000 per kg but by 4 February, the price had fallen to Rs.66,800 per kg.

      In Delhi, the price of gold was Rs.50,420 per 10 grams and silver was Rs.68,700 per kg. Gold prices in Kolkata was Rs.47,150 per 10 grams and silver was steady at Rs.68,700 per kg.

      07 February 2021

    • Silver prices rebound after a plunge

      There was a rebound in silver prices on 3 February 2021 after decreasing by 8% in the previous session. Spot silver increased by 1.4% to settle t $26.98 per ounce. Prices hit $30.03 on 1 February 2021, which was its highest since February 2013.

      03 February 2021

    • Gold prices see a drop of Rs.1,000 while silver prices show steady inclines

      Gold prices in the previous week had increased in the market due to a positive trend seen in the international market. Gold futures on the Multi Commodity Exchange increased marginally by 0.8% to Rs.49,330 per 10 grams.

      Silver prices as well increased by 3.2% to Rs.69,765 per kg due to a positive trend seen in the market. However, in the global markets, silver prices had increased by 4.7% to $27.06 per ounce. Gold prices had a lower rise by 0.4% to $1,849.8 per ounce.

      In India, silver prices had seen a jump of around Rs.3,000 per kg in a matter of 2 days due to the surge in the international market

      01 February 2021

    • Gold declines Rs.109; silver drops Rs.146

      Prices of gold on Thursday dropped Rs.109 to Rs.48,183 per 10 gram following muted global trends. Silver prices slumped Rs.146 to Rs.65,031 per kg in the previous trade.

      In the international market, gold dropped $1,840.79 per ounce, while silver remained flat at $25.12 per ounce.

      28 January 2021

    • Gold rates fall to its lowest in the month; silver prices hold steady

      Gold prices in the country saw a marginal decline for the third consecutive day while silver prices held steady. On the Multi Commodity Exchange, the price of the metal dipped by 0.14%. According to sources, the value of 22-karat gold fell to Rs.48,130 per 10 grams compared to its previous closing price of Rs.52,420 per 10 grams.

      Silver prices increased marginally by 0.3% to Rs.64,984 per kg. In the previous session, gold prices had dipped Rs.500 and silver prices had fallen substantially by Rs.1,700 per kg.

      The value of 22-karat gold in Delhi was Rs.48,130 per 10 grams and Rs.47,890 per 10 grams in Mumbai. In Chennai, the metal’s price was Rs.46,070 per 10 grams.

      18 January 2021

    • Gold and silver prices crash

      The prices of gold and silver dropped sharply in Indian markets, due to a slump in global rates as higher US bond yields and a rebound in US dollar created pressure on the precious metal. On MCX, February gold futures dropped Rs.2,050 to Rs.48,818 per 10 gram on Friday while silver futures fell Rs.6,100 or 8.8% to Rs.63,850 per kg.

      In global markets, spot gold fell 3.4% to settle at $1,849.01 an ounce, its first weekly decline in six weeks. Silver slipped 6.3% to $25.4234 an ounce after falling as much as 9.8%.

      12 January 2021

    • Gold rate shows a flat trend while silver prices climb

      Gold prices in the country showed a flat trend with the positive trend seen in the international market due to a weaker dollar. The silver rate also increased by 1%.

      Gold futures dipped marginally by 0.03% to Rs.50,025 per 10 grams compared to its previous closing price of Rs.50,039 per 10 grams. Silver futures were trading higher by 0.65% at Rs.68,537 per kg.

      In the international market, the price of gold showed a higher trend as the value of the dollar dipped in the market. Spot gold increased by 0.3% to $1,883.88 per ounce and gold futures had increased by 0.2% at $1,887.40 per ounce.

      04 January 2021

    • Gold price today at Rs 51,610 per 10 gm, silver trending at Rs 67,600 a kg

      Prices of gold today rose Rs.51,610 from Rs.51,600 per 10 gm, while silver traded at Rs.67,600 per kg.

      The price of gold in New Delhi for a 22-carat is Rs.48,790 per 10 gm, while in Chennai it dropped to Rs.47,310. In Mumbai, the price was Rs.48,730. The price of 24-carat gold in Chennai was recorded to be Rs.51,610 per 10 gm.

      Consumers in India avoided purchasing gold due to Khar Mass, a period from 15 December to 14 January, considered to be inauspicious.

      28 December 2020

    • Silver and gold prices show a negative trend in the market

      22-karat gold and 24-karat gold has seen a drop in price by Rs.50 on 10 December. The price of 22-karat gold was Rs.48,300 per 10 grams ad 24-karat gold was priced at Rs.49,300 per 10 grams. In Delhi, the gold rate increased by Rs.10. 22 karat gold was priced at Rs.48,770 per 10 grams and 24-karat gold was priced at Rs.53,200 per 10 grams.

      The gold rate had increased in Kolkata by Rs.1,470 to Rs.49,030 per 10 grams and 24-karat gold increased to Rs.51,370 per 100 grams.

      In Chennai, 22-karat gold priced at Rs.48,840 per 10 grams and 24-karat gold were at Rs.51,100 per 10 grams. In the international market, an ounce of gold was $1,839.60 per ounce.

      Silver prices dipped by Rs.11 to Rs.644 per 10 grams. In Delhi, silver was priced at Rs.64,400 per kg and was Rs.68,000 per kg in Hyderabad.

      11 December 2020

    • Silver prices trending at Rs.63,900 per kg; gold prices record an incline

      Gold prices increased on 7 December to Rs.52,650 per 10 grams and silver prices were trading at Rs.63,900 per kg. The price of gold had increased by almost Rs.100 from its previous closing price at Rs.51,640 per 10 grams.

      In Delhi, the price of 22-karat gold was Rs.48,060 per 10 grams and in Chennai, gold was priced at Rs.46,530 per 10 grams. On the Multi Commodity Exchange, the price of the metal was 49,340 per 10 grams and 24 karat gold was Rs.50,760 per 10 grams.

      07 December 2020

    • Gold prices today fall, a day after big jump; silver rates drop

      Prices of gold and silver in Indian markets fell today amid weak global cues. On MCX, February gold futures dropped 0.24% to Rs.48,449 per 10 gram while silver slipped 1% to Rs.62,559 per kg. The precious metals had seen a sharp growth in the previous session. Gold surged 1.4% or Rs.700 per 10 gram while silver had rose about Rs.3,000 per kg. Gold has been on a downward trend since hitting a high of Rs.56,200 in August.

      Among other precious metals, silver dropped 0.5% to $23.89 an ounce, while platinum fell 0.6% to $994.00 and palladium was down 0.4% at $2,397.00.

      03 December 2020

    • Silver prices hold steady; gold prices record marginal incline

      Gold prices increased marginally by Rs.10 from Rs.50,890 per 10 grams to Rs.50,990 per 10 grams. Silver prices were trading at RS.62,300 per kg.

      In New Delhi, the price of 22-karat gold increased by Rs.10 to Rs.49,160 per 10 grams and in Chennai, the price of the metal was Rs.47,610 per 10 grams, increasing by Rs.10. However, in Mumbai, the rate of the metal fell by Rs.40 to Rs.49,850 per 10 grams.

      On the Multi Commodity Exchange, gold futures for December delivery increased by 0.54% to Rs.50,260 per 10 grams. Silver futures showed an incline of 1.22% to Rs.62,260 per kg.

      22 November 2020

    • Gold prices drop by Rs.300; silver prices record a decline

      Gold futures for December were trading lower by 0.6% at Rs.50,460 per 10 grams. The price of the precious metal was down by Rs.306. Spot gold price in Delhi was Rs.51,500 per 10 grams.

      In the international market, December gold futures were trading at $1,876.2 per ounce and was down by $8.9.

      Silver futures for December was trading at Rs.62,959 per kg and recorded a decline of 0.4% when compared to its previous closing price. The price of the metal dipped by Rs.309 and investors may look to sell the metal at Rs.63,300 per kg.

      The silver price in Delhi was Rs.63,500 per kg and in the international market, silver prices were trading at $24.23 per ounce.

      18 November 2020

    • Gold rates remain steady at Rs.50,702 and silver price rise

      Gold rates had remained flat at Rs.50,702 per 10 gram in the city of Mumbai. This was due to the sluggish international market and the depreciation of the Indian Rupee. The price of 10 gram of 22-carat gold in Mumbai had been Rs.46,443 plus 3% GST. 24-carat 10 gram gold was being sold at Rs.50,702 plus the GST. The price of 18-carat gold was Rs.38,027 plus GST.

      The price of gold saw a drop in prices due to hope for a new vaccine.

      13 November 2020

    • Silver and gold prices decrease substantially

      Gold rates dipped substantially by Rs.662 to Rs.50,338 per 10 grams in New Delhi on 10 November 2020. In the previous session, the metal had closed at Rs.51,000 per 10 grams. Silver prices also decreased by Rs.1,431 to Rs.62,217 per kg.

      The dip in prices may result in higher buying during Dhanteras according to various sources. In the international market, gold prices are trading at $1,886 per ounce and silver prices at $24.31 per ounce.

      The price of gold saw a drop in prices due to hope for a new vaccine.

      12 November 2020

    • Gold and silver prices increase ahead of Diwali in the country

      On 9 November, the price of gold increased after a surge in the international market. On the Multi Commodity Exchange, gold rate in India increased to Rs.52,157 per 10 grams. Silver prices, as well, followed suit and increased to Rs.65,326 per kg.

      The value of 22-karat gold in Chennai was Rs.48,875 per 10 grams and Rs.53,165 per 10 grams for 24-karat gold. In Mumbai, the metal’s price was Rs.51,882 per 10 grams for 24-karat gold and Rs.50,872 per 10 grams

      In the National Capital Region, the price of 22-karat gold was Rs.50,135 per 10 grams and Rs.54,625 per 10 grams.

      9 November 2020

    • Silver futures increase tracking high spot demand

      The silver rates had risen by Rs.712 and reached Rs.61,577 per kg for the futures trade This is because all traders had widened their bets over a strong spot demand. When it comes to the Multi Commodity Exchange, the December silver contracts delivery had increased by Rs.712 (1.17%) and stood at Rs.61,577 per kg.

      3 November 2020

    • Gold prices today at Rs 54,120 per 10 gm, silver trends at Rs 63,000 a kg

      Price of gold prices today grew marginally to Rs.54,120 from Rs.54,100 per 10 gm yesterday, while silver was traded at Rs.63,000 per kg.

      On the MCX, December gold futures dropped 1.11% to Rs.50,764 per 10 gm, while silver December futures traded at Rs.62,698 per kg.

      Price of gold slipped Rs.95 to Rs.51,405 per 10 gram in New Delhi on Thursday due to a weak global trend and depreciation in the value of rupee, according to HDFC Securities. Spot gold dropped 1.2% to $1,901.16 per ounce, and U. S. gold futures fell 1.4% to $1,902.80.

      25 October 2020

    • Gold and silver prices drop marginally in the national market due to international trends

      Gold and silver prices dropped in the futures market due to a decline in the price of gold in the international market. On the Multi Commodity Exchange, gold futures dipped by 0.45% to Rs.51,100 per 10 grams. Silver futures declined by 1.2% to Rs.62,847 per kg.

      Gold and silver had increased in the previous session on the Multi Commodity Exchange by 0.7%. In the international market, gold traded lower due to uncertainties over the stimulus package to be released by the U.S. Federal Reserve.

      Spot gold dipped by 0.2% to $1,920.86 per ounce and silver prices dipped as well by 0.4% to $24.96 per ounce.

      21 October 2020

    • Gold prices facing resistance due to U.S. dollar value; silver prices increase

      After a sharp fall in gold prices on 13 October 2020, the price of the metal today was seen struggling in the markets. On the Multi Commodity Exchange, the gold futures for December were up by 0.1% to Rs.50,343 per 10 grams. On the other hand, silver prices increased by 0.3% to Rs.60,738 per kg.

      In its previous session, gold prices had decreased by Rs.850 and silver prices had fallen by more than Rs.2,500. A strong dollar value had affected the price of the yellow metal and in the international market, gold prices remained steady at the $,1900 per ounce levels.

      Spot gold was trading at $1,892.80 per ounce after a decline in the previous session by 1.6%. Silver prices increased by 0.2% to $24.22 per ounce.

      13 October 2020

    • Silver price trends at Rs.61,000 per kg

      Silver was trending at Rs.61,000 per kg on Friday while gold rates slipped. For every 10 grams of the yellow metal, Rs.53,340 was charged after the rates fell by Rs.520. On the Multi Commodity Exchange (MCX), October gold futures increased by 0.25 percent and was trading at Rs.50,175 for every 10 grams. Silver December futures were trading at Rs.60,519 per kg. In the international market, gold was quoted at $1,891 per ounce while silver was trading at $24 per ounce. It must be noted her that the price of gold jewellery varies across the country due to factors like excise duty, state taxes and making charges.

      9 October 2020

    • Marginal decline seen in gold prices; silver plummets by Rs.201

      Gold prices dropped marginally to Rs.51,372 per 10 grams, declining by Rs.26 in New Delhi as the weak global trend of the metal continued amidst rupee appreciation. Gold rates in its previous session had closed at Rs.51,398 per 10 grams.

      Silver prices dipped by more than Rs.200 to Rs.62,241 per 10 grams compared to its previous closing price of Rs.62,442 per 10 grams. The value of the rupee settled at 10 paise higher against the dollar at 73.76 and was supported by a positive trend in the domestic equities market.

      In the international market, gold was trading lower at $1,887 per ounce and silver was at $22.70 per ounce.

      1 October 2020

    • Prices of silver remain stable in India on 29 September 2020

      Silver futures prices on MCX remained stable in India and are at Rs.60,680 for a kg. In the international markets, the prices of the white metal gained by 2.78% and are at $23.60 for an ounce. Spot gold prices in India increased by Rs.10 and are at Rs.49,260 for 10 grams. In the global markets, the prices of spot gold increased and are at $1,883.70 for an ounce. Spot gold prices increased by 0.14%. The prices of 24 karat gold are at Rs.49,260 for 10 grams.

      29 September 2020

    • Silver rates jump to Rs.69,000 for a kg on 17 September 2020

      Silver futures prices for the month of December on MCX were at Rs.68,781 for a kg on 17 September 2020. Silver prices declined by Rs.517 and were at Rs.70,553 for a kg. In the previous session, the prices of silver were at Rs.71,070 for a kg. Gold rates were reduced and were at Rs.54,980 for 10 grams. In the previous session, the prices of gold closed at Rs.55,030 for 10 grams. Gold prices in India vary from state-to-state due to making charges, state taxes, and excise duty. Gold futures prices for the month of October increased by 0.11% and were at Rs.51,824 for 10 grams.

      17 September 2020

    • Gold price remains flat and silver prices reach Rs.70,000

      Gold price had been flat amid mixed global markets as the U.S. dollar had weakened ahead of European Central Bank's monetary policy decision. On the MCX, gold futures rose 0.32% (Rs.166) to Rs.51,568 per 10 grams. The silver futures on the MCX had increased by 0.87% (Rs.593) to Rs.69,036 per kg.

      Gold prices are still down to Rs.5,000 per kg from record highs of Rs.56,200 last month. The silver prices are down over Rs.10,000 per kg in a month.

      In the spot market, the gold price had risen by Rs.287 to Rs.52,391 per 10 gram.

      14 September 2020

    • Gold price today at Rs 54,110 per 10 gm, silver trends at Rs 65,600 a kg

      Prices of Gold today dropped to 54,110 from Rs.54,600 per 10 gram a day before, while silver fell to Rs.65,600 from Rs.67,200 per kg, according to a report by Good Returns website.

      In New Delhi, the price of 22-carat gold rose to Rs.49,600 per 10 gram, and in Chennai to Rs.48,770. In Mumbai, the price was Rs/49,340. The price of 24-carat gold in Chennai traded at Rs.53,200 per 10 gm.

      On MCX, October gold futures dropped by 0.16% to Rs.50,742 per 10 gram. Silver September futures stayed at Rs.64,717 per kg.

      Gold had closed at Rs.52,529 per 10 gram here previously. Prices of silver also dropped Rs 1,908 to Rs.69,176 per kilogram from Rs.71,084 per kilogram in the previous trade.

      In the international market, gold traded lower at $1,934 per ounce, while silver was remained flat at $27.24 per ounce.

      7 September 2020

    • Silver prices reduce to Rs.66,700 for a kg on 25 August 2020

      Silver futures prices for the month of September were reduced and were at Rs.65,569 for a kg. Similar to silver, the prices of gold reduced from Rs.55,610 for 10 grams to Rs.55,310 for 10 grams. The prices of the yellow metal in India vary from state-to-state due to making charges, state taxes, and excise duty. Gold futures prices for the month of October on MCX fell by 1.44% and were at Rs.51,269 for 10 grams. In the previous session, the prices of the yellow metal closed at Rs.53,084 for 10 grams.

      25 August 2020

    • Silver value increase by 3% and settles at the Rs.68,000 per kg range

      Silver futures in the country rose by more than 3% on 17 August tracking positive cues from the international market. On the Multi Commodity Exchange, silver futures for September delivery was trading at Rs.69,300 per kg at its strongest level. The value of the metal higher by more than Rs,2,000 compared to its previous close of Rs.67,171 per kg.

      Silver futures had settled at Rs.69,080 per kg for the day and had started on a negative trend, falling to Rs.52,113 per kg during the morning session. However, it recovered its early losses after an hour and a half of trade.

      In the international market, silver prices increased by 1.5% to $26.81 per ounce and spot gold was trading higher by 0.3% at $1,949.09 per ounce.

      17 August 2020

    • Gold prices hold steady; silver prices surge

      Gold prices were holding steady at Rs.52,701 per 10 grams on 14 August due to a mute trend in the international market amidst a weaker dollar. Silver prices, on the other hand, increased to cross the Rs.67,000 per kg mark at Rs.67,439 per kg.

      In New Delhi, the value of 22-karat gold increased and was Rs.51,150 per 10 grams and 24-karat gold was Rs.55,900 per 10 grams. In Chennai, the rate of 24-karat gold was Rs.55,500 per 10 grams and 22-karat gold was priced at Rs.51,050 per 10 grams.

      On the Multi Commodity Exchange, gold futures for October hit the Rs.52,823 per 10 grams mark, rising by 1% while silver futures for delivery in September surged by 6% and hit the Rs.70,000 per kg mark at Rs.70,690 per kg.

      In the international market, gold prices had increased marginally by 1% and still recovering from an almost 3-week low in the previous session. Spot gold was priced at $1,947.08 per ounce.

      14 August 2020

    • Gold rate edges to the Rs.55,000 per 10-gram mark; silver prices hit a new record

      On the Multi Commodity Exchange, gold futures hit a new record high on 5 August after it neared the Rs.55,000 per 10-gram levels. The metal’s price for October contracts was at Rs.54,910 per 10 grams which was higher by Rs.297 compared to its previous closing price.

      The surge in gold prices was majorly due to economic uncertainty as the United States Federal Reserve was expected to release additional stimulus packages to tackle the COVID-19 pandemic and its effect on the economy. Apart from this, a weak dollar also boosted gold prices.

      September contracts for silver also touched a high of Rs.70,223 per kg on the Multi Commodity Exchange and was trading higher by Rs.332 compared to its previous closing price.

      7 August 2020

    • Silver rates fell on Thursday and was trading at Rs.65,060 per kg

      The price of silver slipped in the country on Thursday. Silver September futures was trading at Rs.65,060 per kg after falling by Rs.294. It had hit a lifetime high of Rs.67,560 per kg last week. In the global market, the futures of the white metal were down by 0.9% and was trading at $24.20 per ounce.

      Gold prices also eased in the country on profit booking for the second session on Thursday. On the Multi Commodity Exchange (MCX), gold August futures were trading at Rs.53,020 for every 10 grams after the rates slipped by Rs.19. In the international market, Comex gold was trading at $1,957 per ounce after increasing by 0.21 percent. Spot gold was down by 0.3 percent to cost $1,964.70 per ounce while US gold futures rose by 0.3 percent to cost $1,959.20. It must be noted here that gold prices have increased by over 28% so far this year.

      30 July 2020

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