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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 rates 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 October 2016 (rates per gram per Kg)
October '16 - Week 1 (1st to 7th)
- Silver traded at Rs.45,900 per kilogram on 11st October.
- Prices of the shiny metal fell this week as the dollar gained against a basket of currencies.
- Silver rates dropped to Rs.41,685 per kilogram by the end of the week.
- Domestic demand has not met expectations.
October '16 - Week 2 (8th to 14th)
- On 11th and 12th October, silver traded at Rs.41,800 per kilogram.
- Silver rates climbed this week as demand was high.
- A rise in demand could be attributed to positive global trends coupled with preparations for the festive season.
- As weak trends took over the global market, prices dropped on 14th October to Rs.41,895 per kilogram.
- Reduced offtake by industrial units and coin makers also contributed to a fall in silver prices.
Trend of Silver Rate in Mumbai for September 2016 (rates per Kg)
|1st September rate||Rs.45,225 per kilogram|
|30th September rate||Rs.45,750 per kilogram|
|Highest rate in September||Rs.47,820 per kilogram on 7th September|
|Lowest rate in September||Rs.45,600 per gram on 28th September|
September '16 - Week 1 and 2 (1st to 10th)
- Silver traded at Rs.45,225 per kilogram on 1st September.
- Following the footsteps of gold this week, silver rates rose considerably.
- Silver was seen trading high at Rs.47,820 per kilogram on 7th September.
- The week closed at Rs.46,835 per kilogram on account of global trends.
September '16 - Week 3 (11th to 17th)
- Silver prices felt the pressure of the global market trends and plunged this week.
- Silver traded at Rs.46,835 per kilogram on 11th September.
- Silver drifted on account of heavy unwinding from savvy and speculative traders.
- Prices reached Rs.45,370 per kilogram on 17th September, the lowest for the week.
September '16 - Week 4 (18th to 24th)
- Silver rates fluctuated this month, but the overall trend was an increase in prices.
- Silver traded at Rs.45,370 per kilogram on 18th September and advanced to Rs.47,535 per kilogram by 23rd September.
- Prices then remained constant till the end of the week.
- The rise in silver prices was backed by strong industrial buying.
- Speculative demand for the metal was also on the rise giving silver rates a boost.
September '16 - Week 5 (25th to 30th)
- Silver prices dropped this week as the there was a reduction in the offtake by industrials and coin makers.
- Silver trade at Rs.47,535 per kilogram on 25th September.
- Prices fluctuated as the global market was hit by a rising dollar.
- The week ended with silver trading at Rs.45,750 per kilogram.
|1st July rate||Rs.49,430 per kilogram|
|31st July rate||Rs.45,460 per kilogram|
|Highest rate in July||Rs.49,670 per kilogram on 1st August|
|Lowest rate in July||Rs.44,805 per kilogram on 29th August|
August '16 - Week 1 (1st to 7th)
- Silver prices dropped throughout the week in Mumbai, with small gains being offset by drops in the price as the week progressed.
- Silver traded at Rs.49,430 per kg on the 1st and at Rs.47,255 per kg on the 7th of August.
- The Dollar rose as positive economic data bolstered the equity market, leading to a drop in demand for silver.
August '16 - Week 2 (8th-14th)
- Silver traded at Rs.47,460 per kilogram on 8th August.
- There was an increase in the offtake by coin makers and industrialists leading to prices rising to Rs.48,595 per kilogram on 10th August.
- Prices declined slightly trading at Rs.47,750 per kilogram by the end of the week.
August '16 - Week 3 (15th-21st)
- Silver traded at Rs.47,750 per kilogram on 15th August.
- Following similar patterns as gold, silver prices fluctuated owing to both domestic and global trends.
- Silver climbed to Rs.47,940 per kilogram on 16th August, the highest for the week, and then dropped as there was a reduced offtake from industrialists.
August '16 - Week 4 (22nd-28th)
- Silver traded at Rs.45,800 per kilogram on 22nd August.
- Prices climbed on 23rd August to Rs.45,935 per kilogram as there was an increase in the appetite of domestic jewellers.
- Prices slowly declined towards the end of the week with silver trading at Rs.45,040 per kilogram on 28th August.
August '16 - Week 5 (29th-31st)
- Silver dropped through the week as the dollar gained on the back of strong U.S payroll data.
- Silver traded at Rs.44,805 per kilogram on 29th August.
- Prices were as low as Rs.45,460 per kilogram by the end of the week.
|1st July rate||Rs. 46,490 per kg|
|31st July rate||Rs. 48,970 per kg|
|Highest rate in July||Rs. 49,745 per kg on July 11|
|Lowest rate in July||Rs. 46,490 per kg on July 1|
July'16 - Week 1 and 2 (1st to 10th)
- Like gold, silver also soared through the week.
- Silver traded at Rs.3,112 and rose to Rs.3,246 on July 6th.
- The Brexit vote and expectations of more stimulus from the central banks contributed to high prices.
- Silver prices became constant when the U.S. released positive job data making the dollar stronger.
July'16 - Week 3 (11th to 17th)
- Silver rates declined marginally during the third week of July, with prices falling as the week progressed due to a strengthening market leading to lowered demand.
- Prices were recorded at Rs.49,745 per kg on the first day of the week and Rs.48,840 per kg on the last day of the week.
- A drop in demand from industrial units as well as market forces led to prices dropping towards the end of the week, with the difference in price between the first and last days of the week being Rs.905.
July '16 - Week 4 (18th to 24th)
- Like gold, silver rates also slipped this week.
- Silver traded at Rs.48,360 per kg on 18th July.
- The global market trends have had a direct effect on silver prices leading to a drastic fall in prices.
- By the end of the week, gold had experienced fluctuations everyday and finally settled at Rs.47,420 per kg.
July‘16 - Week 5 (25th to 31st)
- The value of silver stood at Rs.47,160 on the 25th of July, after which they fluctuated over the course of the next four days as marginal increases were written off by subsequent losses.
- On the 30th of July, silver prices per kg increased to Rs.48,970 and remained unchanged for another day, thus ending the month at the aforementioned rate.
|1st June rate||Rs.38,640|
|30th June rate||Rs.44,635|
|Highest rate in June||Rs.44,635 on 30th of June|
|Lowest rate in June||Rs.38,640 on 1st of June|
Jun'16 - Week 1 (1st to 5th)
- Silver rates remained steady with a slight path of inclination at the beginning of June.
- Silver traded at Rs. 38,640 on June 1st and at Rs. 39,755 on June 5th.
- The rates stayed on an inclined slope due to stable demand from the industrial users.
Jun'16 - Week 2 (6th to 12th)
- Silver traded at Rs. 39,755 per kg on the 6th of June.
- Prices shot up owing to demand and silver traded at Rs. 41,510 per kg on the 10th of June which was also the highest rate for the week.
Jun'16 - Week 3 (13th to 19th)
- Silver traded at Rs. 41,445 per kg on the 13th of June.
- Prices further rose up to Rs. 42,175 per kg on the 15th of June.
- Gold hit its highest for the week on 16th of June at Rs. 42,985 per kg.
- Silver closed the week at Rs. 42,235 per kg on the last day of the week.
Jun'16 - Week 4 (20th to 26th)
- Rate of silver was quite steady during the course of the week with a steady increase being noted towards the end.
- On the 20th, the price of silver was Rs. 42,140 per kg.
- The highest rate was seen on the 24th to 26th at Rs. 43,465 per kg
Jun'16 - Week 5 (27th to 30th)
- Silver rates fluctuated over the course of the week, with marginal losses being written off by subsequent gains.
- Prices were recorded at Rs.43,410 on the 27th of June and Rs.44,635 on the 30th of June.
- Increasing demand in addition to strengthening domestic as well as global cues drove prices higher as there was a difference of Rs.1,225 between the start and end of the last week of June.
|1st May rate||Rs. 42,590 per kg|
|31st May rate||Rs. 39,065 per kg|
|Highest rate in May||Rs. 42,675 per kg on May 2|
|Lowest rate in May||Rs. 39,065 per kg on May|
May'16 - Week 1 (1st to 7th)
- Silver rates fell over the course of the week, with small increases being written off by subsequent losses.
- Prices were recorded at Rs.42,675 on the 2nd of May and Rs.41,725 on the 9th of May.
- Low demand and domestic cues drove prices lower as there was a difference of Rs.950 between the start and end of the week.
May ‘16 - Week 2 (8th to 14th)
- Silver rates fell over the course of the week, with small increases being written off by subsequent losses.
- Prices were recorded at Rs.41,875 on the 8th of May and Rs.41,255 on the 14th of May.
- Low demand and domestic cues drove prices lower as there was a difference of Rs.620 between the start and end of the week.
May ‘16 - Week 3 (15th to 21st)
- Silver rates fluctuated over the course of the third week of May, with small increases being written off by subsequent losses.
- Prices were recorded at Rs.41,255 on the 15th of May and Rs.40,135 on the 21st of May.
- Fluctuating demand and unstable domestic cues drove prices lower as there was a difference of Rs.120 between the start and end of the week.
May ‘16 - Week 4 (22nd to 28th)
- Silver rates fluctuated through week 4 in Mumbai but remained above Rs. 39,000 per kg.
- Prices were recorded at Rs.40,135 on the 22nd of May and Rs. 39,365 on the 28th of May.
- Global market trends are responsible for the decline in silver rates with expectations of rate hikes and low intake from industrial units and coin makers.
May ‘16 - Week 5 (29th to 31st)
- There was a decrease in the rate of silver as the month progressed.
- Unstable domestic cues and also fluctuations in demand contributed to this loss.
- In the final week however, prices stayed above Rs. 35,000 per kg, closing at Rs. 39,065 per kg.
|1st April rate||Rs 36,780|
|30th April rate||Rs 42,590|
|Highest rate in April||Rs 42,690 on 29th|
|Lowest rate in April||Rs 36,000 on 4th|
|% Change||+ 15.8%|
Apr'16 - Weeks 1 & 2 (1st to 10th)
- Silver registered profits in the first two weeks of April as increased offtake and industrial demand, along with a weak dollar and firm global trends pushed rates up.
- Prices were Rs.36,050 on 1st and Rs.36,620 on 10th.
- Silver prices rose on back-to-back days through the weeks to register cumulative gains totalling Rs.570 till 10th of the month.
Apr ‘16 - Week 3 (11th to 17th)
- Silver saw appreciation in the third week of trading.
- Prices were Rs.37,115 on 11th and Rs.39,110 on 17th.
- Prices rose by an overall margin of close to Rs.2,000 over the week.
Apr ‘16 - Week 4 (18th to 24th)
- Silver gained value again in the fourth week.
- Prices were Rs.38,920 on 18th and Rs.41,115 on 24th.
- There was an overall gain of Rs.1,195 over the week.
Apr ‘16 - Week 5 (25th to 30th)
- Strong global cues resulted in an overall increase in rates over the week.
- The week started with silver trading at Rs 40,810, with prices steadily increasing.
- Prices peaked at Rs 42,690 on 29th.
- A slight fall in rates was witnessed on 30th, with silver ending the month at Rs 42,590.
|1st March rate||Rs.37,005|
|31st March rate||Rs.36,495|
|Highest rate in March||Rs.38,640 on 18th|
|Lowest rate in March||Rs.36,455 on 29th|
Mar'16 - Week 1 (1st to 6th)
- Silver declined at the start of March.
- Prices were Rs.37,005 on 1st and Rs.36,640 on 6th.
- Prices declined on 2nd and appreciated on 3rd before stabilising for the remaining days.
Mar'16 - Mar'16 - Week 2 (7th to 13th)
- Silver prices gained value in the second week.
- Rates were Rs.37,695 on 7th and Rs.37,710 on 13th.
- Silver posted a gain of Rs.15 in this week.
Mar'16 - Week 3 (14th to 20th)
- Silver gained marginal value again in the third week.
- Rates were Rs.37,650 on 14th and Rs.37,865 on 20th.
- Prices clocked a monthly high of Rs.38,640 in this week on 18th.
Mar'16 - Week 4 (21st to 27th)
- Silver declined in the fourth week substantially.
- Rates were Rs.37,930 on 21st and Rs.36,685 on 27th.
- Prices fell by Rs.1,245 over the seven days of this week.
Mar'16 - Week 5 (28th to 31st)
- Silver rates declined in the last four days also.
- Prices were Rs.36,570 on 28th and Rs.36,495 on 31st.
|1st February rate||Rs.34,970|
|29th February rate||Rs.36,295|
|Highest rate in February||Rs.38,640 on 12th|
|Lowest rate in February||Rs.34,970 on 1st|
Week 1 (1st to 7th)
- Silver gained value at the beginning of February.
- Prices were Rs.34,970 on 1st and Rs.36,925 on 7th.
- Silver managed to rise on all days and almost touched Rs.37,000 as it ended the week at Rs.36,925.
Week 2 (8th to 14th)
- Silver gained value again during the second week.
- Rates were Rs.36,950 on 8th and Rs.38,525 on 14th.
- Silver rose by an overall amount of Rs.1,575 through the week.
Week 3 (15th to 21th)
- Silver had a profitable third week.
- Prices were Rs.37,220 on 15th and Rs.37,930 on 21st.
- Silver gained Rs.710 over the week as prices fluctuated within the 37,000 range.
Week 4 (22nd to 29th)
- Silver prices were down in the last week of the month.
- Prices were Rs.37,615 on 22nd and Rs.36,295 on 29th.
- Silver was down for the most part, ending at Rs.36,295 by the end of the month.
4 th January rate
31 st January rate
Highest rate in January
Rs.35,565 on 28th
Lowest rate in January
Rs.33,295 on 13th
Jan '16 - Week 1 (4 th to 10 th )
2016 began positively for silver rates.
Rates were Rs.33,230 on 4th and Rs.33,865 on 10th.
Silver breached the 34,000-mark in the week and touched a high of Rs.34,220.
Prices settled at a healthy Rs.33,865 by 10th.
Jan '16 - Week 2 (11 th to 17 th )
There were more gains for silver in the 2nd week.
Rates were Rs.33,750 on 11th and Rs.34,335 on 17th.
Prices dropped to a month-wide low of Rs.33,295 on 13th before rallying by over a thousand rupees to Rs.34,335 on 14th.
Prices were stable at Rs.34,335 for the rest of the week.
Jan '16 - Week 3 (18 th to 24 th )
Silver rates appreciated again in the 3rd week.
Rates were Rs.34,115 on 18th and Rs.34,425 on 24th.
Silver rates fluctuated all through the week before settling at a higher rate of RS.34,425 by 24th.
Jan '16 - Week 4 (25 th to 31 st )
Silver clocked in more gains in the final week of January.
Prices were Rs.34,435 on 25th and Rs.34,930 on 31st.
During the course of the week, silver reached a monthly high of Rs.35,565 on 28th.
Prices lost some value in the last 3 days to end at Rs.34,930.
|Highest rate in December||Rs.35,050 on 5th and 6th|
|Lowest rate in December||Rs.33,050 on 18th|
- Silver prices appreciated in the 1st week of December.
- Prices were Rs.34,040 on 1st and Rs.35,015 on 7th.
- Silver was mostly positive through this week except on 3rd when prices dropped to Rs.33,660 and 7th when prices slid marginally to Rs.35,015 from Rs.35,050.
- Silver rates depreciated in the 2nd week.
- Rates were Rs.34,415 on 8th and Rs.33,670 on 14th.
- Silver slid to Rs.33,915 by 11th before stabilizing at Rs.34,010 till 13th.
- There was a loss of Rs.340 in silver value on 14th when prices touched Rs.33,670.
- Silver Rates were stable on the whole in the 3rd week.
- Prices were Rs.33,290 on 15th and Rs.33,900 on 21st.
- Prices didn’t breach the limits of Rs.33,000 and Rs.34,000 all through the week.
- Silver Rates depreciated by Rs.615 in the last few days of December.
- Prices were Rs.34,020 on 22nd and Rs.33,405 on 31st.
- Silver remained steady at a little over Rs.34,000 all through the 4th week, before dropping to Rs.33,490 on 29th and settling at Rs.33,405 for the month and year.
|1st November rate||Rs.37,670|
|30th November rate||Rs.33,940|
|Highest rate in November||Rs.37,670 on 1st, 2nd and 3rd|
|Lowest rate in November||Rs.33,940 on 30th|
- Silver Rates in Mumbai depreciated in the 1st week of November.
- Prices were Rs.37,670 on 1st and Rs.36,100 on 7th.
- Silver declined to Rs.36,200 on 4th and appreciated to Rs.36,450 on 5th where it stayed till 6th.
- Prices dropped by Rs.350 on 7th to settle at Rs.36,100.
- Silver lost value again in the 2nd week.
- Prices were Rs.36,100 on 8th and Rs.35,000 on 14th.
- Silver traded in the negative throughout the week except for a few days when it was stable at previous days’ rates.
- Rates dropped on 10th, 11th, and 13th.
- Silver Rates were stable overall in the 3rd week.
- Prices were Rs.35,000 on 15th and Rs.34,995 on 21st.
- Silver dropped to a week’s low of Rs.34,675 on 18th before recovering the losses through two days of positive trading on 19th and 21st.
- Silver Rates declined by Rs.1,045 in the last days of November.
- Prices were Rs.34,995 on 22nd and Rs.33,940 on 30th.
- Silver dropped to Rs.34,290 on 26th before gaining marginally to Rs.34,310 on 27th.
- Prices dropped again on 28th and 30th to end the month at Rs.33,940.
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 2015 is given below as:
Per kg silver price 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
|Silver Rate in Delhi||Silver Rate in Hyderabad||Silver Rate in Pune|
|Silver Rate in Kolkata||Silver Rate in Ahmedabad||Silver Rate in Lucknow|
|Also Know: Gold Rate in Mumbai|
Read more on Silver
- Facts About Silver
- How To Find Certified Silver
- Industrial Usage Of Silver
- Know About Silver Bars And Coins
- 7 Good Reasons To Invest In Silver
- Learn About the Silver Price in COMEX
News About Silver Rate in Mumbai
Silver Takes a Slight Dip while Gold Steadies
Gold has steadied on account of the falling US Dollar against an umbrella of major currencies, world stock markets have edged further and oil prices have seen losses as a result of failure by oil producers to agree an output freeze.
After an output freeze deal by OPEC and non – OPEC producers fell apart on Sunday, Brent crude futures dropped as low as 7 percent. However, due to a Kuwaiti workers' strike, the country’s output was slashed by more than half, thereby steadying the prices.
Spot gold dipped 0.2 percent at US$ 1, 233.35 an ounce. US futures for June delivery went up 0.03 percent at US$ 1, 235 an ounce. The US Federal Reserve previously raised their interest rates in December of last year, however, they have since slowed down the pace on their subsequent increases as a direct response to risk a slowdown in the global economy that could be more severe than anticipated. Charles Evans, the Chicago Fed President, on Friday said that the Feds are still on track for at least the next two increases for the rest of this year.
Bernard Dahdah, a Natixis analyst is of the opinion that gold prices will be likely to stay supported around US$ 1260 even in the second quarter, ahead of the rate increase by the US Federal Reserve which might take effect in July. Assets in the SPDR Gold Trust, which is the largest gold-backed exchange-traded fund in the world, rose towards its first increase in a week on Friday. Having said this, the physical demand for gold in key markets including India and China are being contained on account of higher gold prices.
Bullish bets on gold have been raised to the highest by money managers and hedge funds since the October of 2012. US Government data on Friday showed that in the week of April 12, the value of silver in relation to gold surged by the most in 2 and a half years. According to the UBS Wealth Management Research, a stabilization of the industrial application demand can allow silver to find a floor in 2016 with a 3 month futures forecast of US$16.20 an ounce.
Spot silver fell 0.1 percent at US$16.21 an ounce, platinum fell 1.1 percent to US$ 971.20 and palladium fell 0.1 per cent at US$ 565.
19th April 2016
Weak Global Market Drags Silver Down by Rs. 272
Silver prices on Thursday declined by 0.78 percent to Rs. 34,417 per kg in futures trading. The fall was attributed to the weak global market and profit-booking by traders indulging in speculation.
Silver for delivery in March fell by Rs. 272 per kg in business done for 8,429 lots. Silver for delivery in May saw a price decline of Rs. 245 (0.70 percent) to Rs 34,768 per kg, in a turnover of 123 lots.
Internationally, silver prices decreased by 0.74 per cent to $14.05 an ounce in London in early trade.
22nd January 2016