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.

Today's Silver price in Mumbai :

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

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

February 2020- Week 1 (1 - 9):

• Silver prices in Mumbai opened the first week of February at Rs.50,300 per kg on 1 February. On 4 February, the price of the metal dipped to Rs.49,800 per kg after remaining steady for 3 continuous days. This was due to investors awaiting on the developments on the measures to be taken by China and the United States of America to stabilise the economy.
• The price of the metal gradually decreased with China’s Central Bank cutting down the repo rates and letting an inflow of liquidity into the market in order to stabilise it. With reports of a possible vaccine coming in to combat the virus, risk appetite amongst investors increased. The price of the white metal dipped to Rs.49,600 per on 5 February.
• However, the effect of the measure on the economy was limited as the fears of the Coronavirus escalated on a global scale with an increasing number of deaths and more cases being reported. Shifting to the bullion market, the investors’ demand for the metal increased and silver closed the week at Rs.49,900 per kg on 9 February.

February 2020 - Week 2 (10 - 16):

• In Mumbai, silver prices stood at Rs.49,900 per kg on 10 February. There was no change in the rates of the white metal when compared to the previous week’s closing price.
• Over the next two days, silver prices dropped Rs.49,500 per kg. This was the lowest recorded price for the month in the financial capital. It was accounted to investors’ increased risk appetite following reports of decline in the number of new coronavirus cases.
• Silver prices in Mumbai closed the second week of February at Rs.50,000 per kg after increasing gradually over the week. The increase in the prices was accounted to investors betting on the safe-haven metal to cover against the economic impact of the coronavirus.

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

January 2020- Week 1(01 - 05):

• Silver price in Mumbai stood at Rs.50,300 per kg on 1 January and increased through the week due to various global factors even after opening at a decreased price by Rs.600 per kg compared to last month’s closing.
• The price of silver in Mumbai saw a constant fluctuation through the week due to a fall in the value of the dollar against the rupee. As the rupee increased, the price of silver increased as well. On 3 January, silver had increased by Rs.800 per kg to Rs.51,100 per kg.
• On 4 January, silver rate in Mumbai reduced marginally by Rs.100 per kg due to decreased offtake by industries and local jewellers even amidst a positive global trend. The rates closed the first week of January at Rs.51,000 per kg. The overall performance of silver in Mumbai was trending upwards.

January 2020- Week 2(06 - 12):

• Silver rate in Mumbai stood at Rs.52,300 per kg on 6 January, showing an increase by Rs.1,300 per kg when compared to the previous week’s closing price. Local demand and increased offset amongst coin makers resulted in an increase in prices early in the week. On 7 January, the price of silver dipped by Rs.1,000 per kg to Rs.51,000 per kg.
• The price of silver in Mumbai saw a constant fluctuation through the week due to geopolitical factors and to the rise in the value of the dollar against other currencies. The highest price of silver in Mumbai was on 8 January at Rs.52,600 per kg as investors awaited President Trump’s response to the attacks on U.S. soldiers in Iraq.
• As the U.S. wished to ease the tensions between the two countries, instead of escalating it, the price of the metal dipped in the second half of the week. On 11 January, silver price in Mumbai hit Rs.50,600 per kg and closed the week at the same price.

January 2020- Week 3(13 - 19):

• Silver price in Mumbai stood at Rs.50,400 per kg on 13 January, with a marginal decrease by Rs.200 per kg when compared to the closing price of the previous week. The price of the metal decreased on 15 January soon after the trade deal was signed by both China and the United States of America.
• After being constant on 15 January and 16 January, the price of silver in Mumbai increased by Rs.400 per kg to Rs.50,400 per kg on 17 January. Silver prices held strong amidst rising geopolitical tensions in the Middle East as a drone and military strike was responsible for the death of more than 100 soldiers.
• The price of silver in Mumbai remained steady as investors shifted to the bullion due to safe-haven appeal and closed the third week of the month at Rs.50,400 per kg.

January 2020- Week 4 (20 - 26):

• In Mumbai, silver price stood at Rs.50,700 per kg at the beginning of the fourth week of January. Compared to the previous week’s closing price, the rates of the white metal increased by Rs.300 for every kilogram.
• The rates of the white metal climbed to Rs.51,000 per kg as investors sought refuge in the safe-haven metal amid concerns regarding outbreak of coronavirus in China. Silver prices slipped the next day as they assessed the risk of the virus becoming a global epidemic.
• Over the week, the rates didn’t see much fluctuations and closed at Rs.51,000 per kg in the commercial capital of the country. The overall performance of the metal showed an incline in the prices.

January 2020- Week 5 (27 - 31):

• Silver prices in Mumbai opened the last week of January at Rs.51,300 per kg and showed a declining trend in its prices throughout this week. On 28 January, the price of the metal dipped to Rs.50,800 per kg as investors awaited on the developments regarding the rate cuts by the U.S. Federal Reserve.
• As the fears of the Coronavirus escalated on a global scale recording an increased number of cases and deaths, investors shifted to the bullion market, increasing its demand. The price of the metal on 29 January was Rs.51,000 per kg. However, due to poor local demand and decreased offset of the metal, the price of the metal dipped further.
• On 30 January, the price of the metal was Rs.49,200 per kg which was the lowest price of the week. Silver prices increased gradually, closing the month of January at Rs.50,200 per kg.

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

December 2019- Week 1 (1 – 8):

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

December 2019- Week 2 (9 - 15):

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

December 2019- Week 3 (16 – 22):

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

December 2019- Week 4 (23 - 29):

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

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

November 2019- Week 1 (01-03):

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

November 2019- Week 2 (04-08):

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

November 2019- Week 3 (09-17):

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

November 2019- Week 4 (18 - 24):

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

November 2019- Week 5 (25 - 30):

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

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

October 2019- Week 1 (1-6):

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

October 2019- Week 2 (7-13):

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

October 2019- Week 3 (14-20):

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

October 2019- Week 4 (21-27):

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

October 2019- Week 5 (28-31):

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

Also Check Silver Price in Metro Cities

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

September 2019- Week 1 (1-8):

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

September 2019- Week 2 (9-15):

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

September 2019- Week 3 (16-22):

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

September 2019- Week 4 (23-30):

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

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

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.

Also Check Silver Price in NearBy Cities of Mumbai

Silver as an Investment in Mumbai

Silver is considered to be a good option to hedge against inflation. Even in times of crisis, precious metals such as silver tend to have good resale value, and a decently large market to sell in. Silver is available both in physical form and as contracts on national exchanges. Silver can be bought and sold in the market any time you wish to, however when buying and selling products such as artefacts and ornaments, you should know that the resale value will be lower than the purchase value due to workmanship done on the silver before.

Physical silver: Physical silver is available in bullions including bars and ingots from the major dealers in the city. A point to note here is that bullions are generally available in larger quantities, and as such you should only buy from established players as they offer a certain security and guarantee of the quality of silver. Silver coins also form an integral part of silver purchases in Mumbai, with the smaller coins being easy to buy and sell. Coins are mostly available from private dealers and banks. Banks sell silver coins at a premium over market rates, with guarantee on the quality and quantity. Silver products such as jewelry, idols, silverware, glasses, and others are also popular in Mumbai, and can be purchased from the hundreds of stores spread throughout the city.

Silver contracts: Silver contracts can be purchased from one of the two exchanges namely MCX and NCDEX. These contracts are available for a few months in a year and offer silver in both bulk and small quantities (base weight is generally 1 kg). Silver contracts are not available as spot contracts, meaning that purchased silver will not be delivered right away.

Silver Price Trend in Mumbai

>Silver rates in Mumbai since the start of 2019 is given below as:

Silver price per kg in Mumbai at the start of the year was Rs.36,105. Prices crossed Rs.40,000 mark on 21st January, when the day end price for silver was Rs.40,511. Prices stayed above the level of Rs.37,000 over the first half of February, before sliding down to Rs.36,135 on 23rd February. Sub-37,000 prices continued over the next 30 days, until prices hit 37,838 on 23rd March. Prices saw a rally around the end of April to reach Rs.39,826, and peaked at Rs.43,342 on 18th May. Price per kg of silver in Mumbai on 16th June was Rs.38,732.

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