Silver Price in India
Silver Rate Today, Silver Price in India
| Silver 999 – Rs. Per Kg | |
|---|---|
| Silver Rate Today | 40,656 |
| Average Rate – Last 30 days | 40,284 |
| Highest Rate – Last 30 days | 41,300 |
| Lowest Rate – Last 30 days | 39,500 |
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Current Silver Rate in India
| 23rd Sep 2018 | 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. |
|---|---|---|
| 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
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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