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Today's Silver Rate in Mumbai
Silver Price in Mumbai
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.
Know - Today Gold Rate in Mumbai
Historical Trend of Silver Price in Mumbai
| Months | Lowest Silver Price Per Kg | Highest Silver Price Per Kg |
|---|---|---|
| November 2022 | 64,200 | 65,500 |
| October 2022 | 65,400 | 68,300 |
| September 2022 | 65,300 | 68,500 |
| August 022 | 65,200 | 68,600 |
| July 2022 | 65,300 | 68,550 |
| June 2022 | 65,200 | 68,500 |
| May 2022 | 63,400 | 69,500 |
| April 2022 | 68,800 | 75,200 |
| March 2022 | 70,000 | 77,600 |
| February 2022 | 64,900 | 70,600 |
| January 2022 | 64,300 | 69,300 |
| December 2021 | 64,600 | 66,300 |
| November 2021 | 66,500 | 71,700 |
| October 2021 | 63,700 | 70,300 |
| September 2021 | 63,000 | 69,600 |
| August 2021 | 66,600 | 73,100 |
| July 2021 | 71,400 | 75,000 |
Trend of Silver Rate in Mumbai for December 2022 (rates per kg)
| Parameters | Silver price (per kg) |
|---|---|
| December 1 Rate | Rs.69,800 per kg |
| December 6 Rate | Rs.70,800 per kg |
| Highest Rate in December | Rs.72,500 per kg on 5 December |
| Lowest Rate in December | Rs.69,800 per kg on 1 December |
| Overall Performance | Incline |
Trend of Silver Rate in Mumbai for November 2022 (rates per kg)
| Parameters | Silver price (per kg) |
|---|---|
| November 1 Rate | Rs.63,700 per kg |
| November 30 Rate | Rs.68,000 per kg |
| Highest Rate in November | Rs.68,500 per kg on 15 November |
| Lowest Rate in November | Rs.63,700 per kg on 1 November |
| Overall Performance | Decline |
Trend of Silver Rate in Mumbai for October 2022 (rates per kg)
| Parameters | Silver price (per kg) |
|---|---|
| October 1 Rate | Rs.62,000 per kg |
| October 31 Rate | Rs.63,000 per kg |
| Highest Rate in October | Rs.67,000 per kg on 5 October |
| Lowest Rate in October | Rs.60,500 per kg on 15 and 16 October |
| Overall Performance | Decline |
Also Check Silver Price in NearBy Cities of Mumbai
Silver as an Investment in Mumbai
Silver is considered to be a good option to hedge against inflation. Even in times of crisis, precious metals such as silver tend to have good resale value, and a decently large market to sell in. Silver is available both in physical form and as contracts on national exchanges. Silver can be bought and sold in the market any time you wish to, however when buying and selling products such as artefacts and ornaments, you should know that the resale value will be lower than the purchase value due to workmanship done on the silver before.
Physical silver: Physical silver is available in bullions including bars and ingots from the major dealers in the city. A point to note here is that bullions are generally available in larger quantities, and as such you should only buy from established players as they offer a certain security and guarantee of the quality of silver. Silver coins also form an integral part of silver purchases in Mumbai, with the smaller coins being easy to buy and sell. Coins are mostly available from private dealers and banks. Banks sell silver coins at a premium over market rates, with guarantee on the quality and quantity. Silver products such as jewelry, idols, silverware, glasses, and others are also popular in Mumbai, and can be purchased from the hundreds of stores spread throughout the city.
Silver contracts: Silver contracts can be purchased from one of the two exchanges namely MCX and NCDEX. These contracts are available for a few months in a year and offer silver in both bulk and small quantities (base weight is generally 1 kg). Silver contracts are not available as spot contracts, meaning that purchased silver will not be delivered right away.
FAQs on Silver Rate in Mumbai
- What are the factors that determine the silver rate in Mumbai today?
- Will today’s silver price in Mumbai change?
- How do I get the best silver rate in Mumbai?
- Does the silver price in Mumbai guarantee the best quality of silver?
- What is the best quality silver for the best silver rate in Mumbai?
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.
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.
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.
The best quality silver is likely to have a higher rate than silver of a lower quality.
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.
