Silver Price in India

Last Updated 16th Jun 2019

Silver Rate Today, Silver Price in India

Silver 999 – Rs. Per Kg
Silver Rate Today 40,656
Average Rate – Last 30 days 39,625
Highest Rate – Last 30 days 40,248
Lowest Rate – Last 30 days 39,361

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Current Silver Rate in India

16th Jun 2019 Silver 999 - Rs. Per kg
India Silver Rate 40,656
Delhi Silver Rate 40,656
Ahmedabad Silver Rate 40,854
Bangalore 40,657
Chandigarh 40,656
Chennai 40,633
Hyderabad 40,661
Kolkata 40,668
Mumbai 40,642
Pune 40,656
Lucknow 40,854
Surat 40,849
Nagpur 40,849
Coimbatore 40,600
Jaipur 40,656
Bhubaneswar Cuttack 40,861
Patna 40,861
Pondicherry 40,600
Nashik 40,849
Mysore 40,857
Mangalore 40,656

Silver Price Trend in India

999 Silver Rates

Months Lowest Price 999 Silver - Rs. per Kg. Highest Price 999 Silver - Rs. per Kg.
June 2019 39,447 39,855
May 2019 39,437 40,759
April 2019 40,081 40,863
March 2019 40,647 43,573
February 2019 41,126 43,972
January 2019 41,463 43,852
December 2018 38,852 41,463
November 2018 39,133 41,462
October 2018 40,158 42,170
September 2018 39,856 41,145
August 2018 39,933 41,264
July 2018 41,242 42,864
June 2018 42,744 44,850
May 2018 42,352 43,859
April 2018 41,036 43,832
March 2018 41,082 41,744
February 2018 40,656 42,837
January 2018 41,623 43,072
December 2017 39,125 41,862
November 2017 41,262 43,335
October 2017 41,812 43,442
September 2017 42,333 44,812
August 2017 40,071 43,322
July 2017 38,142 41,442
June 2017 41,138 43,652
May 2017 40,312 43,325
April 2017 42,826 46,058
March 2017 41,056 47,256
February 2017 45,326 47,184
January 2017 41,839 44,926
December 2016 41,063 44,365
November 2016 43,242 48,256
October 2016 28,290 49,135
September 2016 48,524 51,028
August 2016 48,063 53,056
July 2016 49,586 52,765
June 2016 41,425 49,628
May 2016 41,436 45,572
April 2016 38,262 45,556
March 2016 37,924 41,042
February 2016 37,448 41,184
January 2016 35,321 37,935
December 2015 35,392 37,488
November 2015 36,135 39,194
October 2015 36,492 40,394
September 2015 36,886 38,356
August 2015 35,772 38,944
July 2015 36,042 38,372
June 2015 38,556 41,232
May 2015 39,436 43,336
April 2015 36,154 39,855
March 2015 35,216 39,066
December 0 43 41,428

Factors affecting silver price in India

The factors which affect the silverprice in India are listed below

  • Industrial demand – Silver has a very large industrial demand nowadays as it is used in numerous ways for making cell phones, touch screens, solar panels, and RFID chips. It is also used in medical industry which also accounts for more demand of silver. These factors largely affect the demand of silver in the industry which in turn affects the price of silver making it an expensive commodity.
  • Import duties – Silver is largely imported in India and the price of silver is directly affected by the import duty levied on it. A higher import duty on silver tend to increase its price in the market.
  • Gold prices – Usually, prices of gold and silver are closely linked. When there is rise in price of gold, the rate of silver increases and decreases with the fall in price of gold.
  • Oil prices – Mining is a capital-intensive process which is dependent on the price of oil. Hence, when oil prices increase, cost of mining silver also increases causing an increase in the current price of silver.
  • Trade deficits – Trade deficit is dependent upon the amount of imports, the greater the imported commodities, the more will be country’s trade deficit. As the trade deficit increases, the government introduces additional taxes such as silver imports which lead to increase in the rate of silver in India.
  • Silver standards – In India, silver is available in various purities and grades, but the purest form of silver is 99.9% silver which is known as ‘fine silver’. Fine silver is extensively used as a catalyst in electrical industry because high purity silver is very soft which cannot be used for making silver ornaments or jewellery. One of the most commonly used silver standards is the sterling silver, which has a purity of 92.5% and is considered to be the ideal purity for making silver jewellery and coins.

Exchange Trading Silver in India

Following are the three leading commodities exchanges, where a prospective investor can trade in silver

  • National Multi Commodity Exchange (NMCE)
  • National Commodity & Derivatives Exchange (NCDEX)
  • Multi Commodity Exchange (MCX)

FAQs on Silver Rates

In what form can I buy silver as an investment?

Silver as an investment is available in multiple forms such as silver bars, coins, ornaments, statues and as an electronic investment on various commodities exchanges. However, silver commodities in digital format are considered as the preferred form of investment.

How is silver commodity traded in India?

Silver commodity in India is traded in four contract types namely Silver Mini, Silver Micro, Silver 1000 and Silver Futures Contract.

Which is the best time to buy silver?

The best time for purchasing silver is when the price of silver metal is relatively cheaper and market conditions are favourable.

Where can I sell silver bullions in India?

Silver bullions in India (in the form of coins and bars) can be sold to authorised bullion dealers.

Will the bank levy a charge or premium if I buy silver from bullion dealers?

Yes, most banks will levy a premium on silver sold by the authorised bullion dealers which is dependent upon the market scenario at that time.

How much GST will be levied on silver?

GST rate of 3% will be levied on silver purchase with effect from July 1st, 2017.

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