Silver Rate in Mumbai

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Silver Price in Mumbai

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

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

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 metal 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 prices 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 prices 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 metal falling to Rs.50,500 per kg on 13 September on declining orders from coin makers.
• 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.

Also Check Silver Price in Metro Cities

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

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)

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.

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

June 2019- Week 1 (1-9):

• Interest in bullion was on the rise as unstable equity markets rattled investors, which resulted in silver rate in Mumbai rising steadily after opening at a static Rs.39,400 per kg.
• Silver price in Mumbai climbed to Rs.39,600 per kg on 4 June as the threat of fresh trade sanctions against Mexico impacted global currencies, though poor local retail demand capped gains.
• Silver rose as a weak U.S. dollar increased demand for the metal, trading at Rs.39,800 per kg on 5 June before surging to Rs.40,300 per kg when the week ended on 9 June.

June 2019- Week 2 (10 - 16):

• The value of silver declined at the start of week 2 as the silver rate in Mumbai was recorded at Rs.39,900 per kg.
• As the US dollar began to decline in value over other currencies, the price of silver in Mumbai rose to Rs.40,100 per kg on 14 June.
• The dollar value then surged during the end of week 2, causing the price of silver to unconventionally rise to Rs.40,100 per kg on 16 June.

June 2019- Week 3 (17-23):

• Silver rates in Mumbai saw some fluctuations due to conflicting overseas cues after opening at a static Rs.40,100 per kg on 17 June.
• Continuing Sino-U.S. trade tensions reduced industrial offtake, with local retail demand also dropping as silver traded at Rs.40,300 per kg on 19 June.
• A drop in the dollar ahead of possible U.S. interest rate cuts boosted demand as silver rose to Rs.41,500 per kg on 21 June, with prices dropping marginally to Rs.41,300 per kg on 23 June.

June 2019- Week 4 (24-30):

• Silver price in Mumbai opened the week at Rs.41,200 per kg on 24 June and remained unchanged for a few days as local demand shore up prices.
• Fluctuations in overseas industrial offtake due to the rising U.S.-Iran tensions increased bullion offtake as the metal rose to Rs.41,400 per kg on 25 June before prices fell to Rs.40,800 per kg on 26 June.
• Prices fluctuated during the week on conflicting cues before settling at Rs.40,800 per kg on 30 June and recording a rise of 3.55% in overall price.

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

May 2019- Week 1 (1-5):

• Fluctuating overseas trends and weak local industrial offtake resulted in silver price in Mumbai falling steadily, despite opening at a steady Rs.40,500 per kg.
• Demand dropped as Asian industrial orders remained weak due to the ongoing Sino-U.S. trade talks, but the surge in the dollar rate prompted a steep silver rate in Mumbai to Rs.39,500 per kg on 3 May.
• Silver rates recovered towards the end of the week on fears of renewed tensions between Iran and the U.S. which increased bullion’s safe-haven appeal as the metal closed at Rs.40,200 per kg on 5 May.

May 2019- Week 2 (6-12):

• Weak overseas offtake due to volatile equity markets dented silver rate in Mumbai despite a weak U.S. dollar, as the metal traded at Rs.40,200 per kg when trading opened on 6 May.
• The rise in crude prices and tensions with Iran impacted global economic sentiment, which reduced interest in the industrial metal though pries briefly climbed to Rs.40,400 per kg on 8 May.
• Sluggish demand from local coin makers despite a low U.S. dollar rate saw silver price in Mumbai to dip to Rs.40,100 per kg when the week ended on 12 May.

May 2019- Week 3 (13-19):

• Weak overseas offtake due to volatile equity markets dented silver rate in Mumbai despite a weak U.S. dollar, as the metal traded at Rs.40,200 per kg when trading opened on 13 May.
• The rise in crude prices and tensions with Iran impacted global economic sentiment, which reduced interest in the industrial metal though pries briefly climbed to Rs.40,500 per kg on 15 May.
• Sluggish demand from local coin makers despite a low U.S. dollar rate saw silver price in Mumbai dip to Rs.40,200 per kg when the week ended on 19 May.

May 2019- Week 4 (20-26):

• A drop in local industrial offtake coupled with a rise in the U.S. dollar rate resulted in silver rate in Mumbai opening at a monthly low of Rs.39,200 per kg.
• Demand remained muted as coin makers also reduced orders, influenced by declining industrial output overseas, though silver price in Mumbai rose marginally to Rs.39,300 per kg on 23 May.
• Fears over the impact of the escalating U.S.-Iran tension bolstered bullion demand, as silver inched higher to end the week at Rs.39,400 per kg.

May 2019- Week 5 (27-31):

• Weak industrial demand and falling local coin maker demand saw silver price in Mumbai open unchanged at Rs.39,500 per kg on 27 May, despite strong overseas interest in the metal.
• A steady U.S. dollar rate dampened investor and local retail interest in bullion as silver dropped to Rs.39,100 per kg on 29 May, with local industrial offtake unable to keep prices steady.
• There was a marginal increase in bullion demand as markets reeled from news of a possible global recession, resulting in silver rate in Mumbai rising to Rs.39,400 per kg when the month ended on 31 May.

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

April 2019 - Week 1 (1-7):

• There was a drop in silver price in Mumbai as demand from coin makers and local industrial units fell due to rising U.S. dollar rates, despite the metal opening at Rs.40,600 per kg.
• Declining orders from overseas industrial units dented global silver prices as local offtake also fell, with silver rate in Mumbai lower at Rs.40,400 per kg from 2-4 April.
• Prices recovered marginally as a drop in the dollar rate boosted demand, with silver trading at Rs.40,500 per kg when the week came to a close on 7 April.

April 2019 - Week 2 (8-14):

• As interest in bullion rose on rising market uncertainty following the U.S. threat of further trade sanctions against Europe, silver rate in Mumbai opened higher at Rs.40,700 per kg on 8 April.
• Prices continued to climb as coin makers also increased demand on a weak U.S. dollar, as the metal traded at Rs.41,000 per kg on 9 April.
• A recovery in equity markets and steadily strengthening dollar rate saw silver price in Mumbai plunge to Rs.40,100 per kg on 12 April before recovering marginally to trade at Rs.40,300 per kg on 14 April.

April 2019 - Week 3 (15-21):

• Weak overseas cues dampened demand for bullion as silver rate in Mumbai opened at a static Rs.40,200 per kg on 15 April.
• A momentary rise in local industrial offtake resulted in silver rising to Rs.40,400 per kg on 17 April but a rise in the U.S. dollar rate and strengthening equity markets saw silver price in Mumbai drop to Rs.40,300 per kg on 18 April.
• Silver prices rose marginally to Rs.40,400 per kg on 19 April and remained stable for a few days before falling to Rs.40,300 per kg as the week drew to a close on 21 April.

April 2019- Week 4 (22-28):

• Silver rate in Mumbai saw a steep fall towards the middle of the week but prices were on a steady rise after opening at Rs.40,700 per kg on 22 April.
• Silver Price in Mumbai dropped to Rs.40,200 per kg on 24 April as weak overseas offtake and a sudden rise in the U.S. dollar rate impacted local demand before prices rose to Rs.40,500 per kg on 25 April.
• Prices continued to rise on steady demand from coin makers, resulting in the metal ending the week at Rs.40,700 per kg on 28 April.

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

March 2019 - Week 1 (1-10):

• Weakening demand from overseas industrial units and stagnate offtake from Asia resulted in silver rate in Mumbai falling after trading at Rs.42,700 per kg on 1 March.
• Silver price in Mumbai dropped to Rs.41,600 per kg on 5 March as the possibility of a Sino-U.S. trade deal boosted investor confidence in equities, as demand for bullion waned.
• Silver fell further to Rs.41,100 per kg on 8 March despite static investor growth in bullion, as fears of a global slowdown saw the U.S. dollar retreat slightly.
• The end of the week saw a marginal strengthening in silver rates, with the metal rising to Rs.41,600 per kg on 10 March as local offtake improved.

March 2019 - Week 2 (11-17):

• In spite of steady local industrial demand, silver prices in Mumbai fell on weak overseas cues after opening at Rs.41,500 per kg on 11 March.
• Local prices remained steady for a fee days despite a steady drop in overseas orders due to fluctuating markets and a resurgent dollar impacting offtake.
• Silver rate in Mumbai dropped to Rs.41,000 per kg on 15 March as local demand was unable to prop up prices after steep reductions in overseas orders, with prices remaining constant till the week ended on 17 March.

March 2019 - Week 3 (18-24):

• Silver opened the week at Rs.40,800 per kg on 18 March as a steady U.S. dollar had reduced offtake from coin makers and retailers but positive overseas cues boosted prices to Rs.40,900 per kg on 19 March.
• Demand for safe-haven assets due to market volatility as a result of uncertainty over Brexit boosted silver price in Mumbai to Rs.41,100 per kg on 20 March.
• Poor U.S. economic data and a halt to the Fed’s interest rate hikes fuelled fears of a U.S. recession as investors rushed to silver, boosting prices to Rs.41,300 per kg on 24 March.

March 2019- Week 4 (25-31):

• Poor overseas offtake and a strengthening U.S. dollar dented demand for silver in the last week though the metal opened the week at a stable Rs.41,400 per kg on 25 March.
• Silver rate in Mumbai dropped to Rs.40,800 per kg on 28 March on declining demand from coin makers before plunging to Rs.40,200 per kg on 29 March as retail offtake also slumped.
• Fears over a possible global recession led to a minor drop in the U.S. dollar rate as silver prices rose marginally to trade at Rs.40,600 per kg on 31 March.

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

February 2019 - Week 1 (1-10):

• Silver opened at Rs.43,700 per kg on 1 February in Mumbai on strong local industrial offtake which kept prices stable for a few days in spite of overseas fluctuations.
• The recovering dollar made importing the metal more expensive and resulted in a drop in demand from coin makers as silver price in Mumbai fell to Rs.43,200 per kg on 7 February.
• Silver rate in Mumbai rose marginally to Rs.43,300 per kg when the week ended on 10 February but demand remained static due to declining offtake from local industrial units.

February 2019 - Week 2 (11-17):

• Positive investor sentiment regarding silver kept prices from sliding too steeply during the week after the metal opened at Rs.43,300 per kg on 11 February.
• Poor economic data from Asia affected overall demand for the metal as silver price in Mumbai fell to Rs.42,700 per kg on 14 February.
• Volatile markets and a fluctuating dollar resulted in higher offtake from local industry and coin makers as silver rate in Mumbai rose to Rs.43,400 per kg when the week ended on 17 February.

February 2019 - Week 3 (18-24):

• Despite growing local industrial orders silver rates in Mumbai were volatile due to weak demand from Asian industry and a fluctuating dollar rate.
• Silver traded at Rs.43,600 per kg on 18 February, rising to Rs.44,000 per kg on 20 February as rising demand from coin makers also boosted sales.
• Investor interest in bullion dropped after indications of further interest rate hikes following the Federal Reserve meeting as silver traded at Rs.43,500 per kg on 22 February.
• Burgeoning interest from Asian industry after the successful trade talks between the United States and China saw prices rise to Rs.43,700 per kg on 24 February.

February 2019 - Week 4 (25-28):

• Reflecting trends seen across other cities, silver rates in Mumbai fell on declining demand from overseas and domestic industrial units despite opening at a strong Rs.43,800 per kg on 25 February.
• Uncertainty over the outcome of ongoing trade talks between the U.S. and China resulted in investors avoiding raising their stakes in bullion as silver prices dropped to Rs.43,500 per kg on 27 February.
• A recovering U.S. dollar and a more hawkish tone by the Fed Reserve as well as future interest rate hikes affected demand for silver as the metal’s price dropped to Rs.43,300 per kg on 28 February.

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

January 2019 - Week 1 (1 - 6):

• Despite declining industrial demand from Asia, silver prices in Mumbai rose as a weak dollar and the festival season boosted local demand.
• Silver was priced at Rs.41,500 per kg when trading opened and rose to Rs.41,800 per kg on 3 January, bolstered by increased orders from coin makers.
• The government shutdown in the U.S. saw global markets plunge and resulted in investors increasing stakes in bullion, as the metal rose to Rs.42,200 per kg on 4 January.
• Prices remained unchanged for the rest of the week and silver closed the week at Rs.42,200 per kg.

January 2019 - Week 2 (7 - 13):

• Strong overseas demand and rising orders from local industry bolstered silver rates in Mumbai, with the metal opening the week at Rs.42,200 per kg on 7 January.
• With the dollar trading low due to the impact of the continued U.S. government shutdown, local coin makers also increased orders as the metal’s value rose to Rs.42,400 per kg on 9 January.
• Prices jumped to Rs.42,800 per kg on 10 January on rising Asian industrial demand before settling at Rs.42,700 per kg when the week ended on 13 January.

January 2019 - Week 3 (14 - 20):

• Rising industrial demand at the start of the week kept silver rate in Mumbai stable before a steady drop in retail sales erased gains.
• The industrial metal traded at Rs.42,300 per kg on 14 January and rose to Rs.42,600 per kg on 15 January on strong overseas demand and a weak dollar.
• Silver price in Mumbai surged to Rs.42,900 per kg on 17 January as retail sales rose due to the festive season but demand soon dropped as Asian industry reduced orders due to economic slowdown projection from China.
• The end of the week saw a steep reduction in the price of silver, which dropped to Rs.42,100 per kg when trading closed on 20 January.

January 2019 - Week 4 (21-27):

• Despite conflicting cues and a stable dollar, silver price in Mumbai posted gains as volatile equity markets led to higher local industrial offtake.
• Silver traded at Rs.42,200 per kg when trading opened on 21 January before dropping to Rs.41,800 per kg on 22 January on weak overseas demand.
• Asian industrial orders continued to be poor but a rise in offtake from local coin makers saw silver rates edge up to Rs.42,200 per kg on 24 January.
• Volatile markets after the political crisis in Venezuela resulted in increased interest in bullion among investors as the metal ended the week at Rs.43,200 per kg on 27 January.

January 2019 - Week 5 (28-31):

• Turbulent equity markets and rising demand from industrial units as well as coin makers resulted in silver prices in Mumbai rising towards the end of the week after a static opening.
• The industrial metal traded at Rs.43,300 per kg on 28 January and fell briefly to Rs.43,200 per kg on 29 January on fluctuating demand from Asian industrial units.
• Fears over the economic impact of the ongoing constitutional crisis in Venezuela and Brexit rattled global markets and increased interest in safe-haven bullion as silver surged to Rs.43,900 per kg on 30 January.
• Prices remained unchanged as the month ended, with silver gaining 5.78% in value during the month on increased local and overseas offtake.

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.

Also Check Silver Price in NearBy Cities of Mumbai

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