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Silver Price in India

Last Updated 24th Jun 2017

Silver Rate Today, Silver Price in India

  • Silver accounts for 20% of the imports in India
  • Silver is known as “White Metal” and is used in making jewellery or ornaments
  • It is considered as the ultimate form of money as it cannot be purchased in digital forms, like gold ETF’s
  • Investors prefer to buy silver as it is quite cheaper than gold
  • Silver has no counterparty risk as it does not require backing from any financial institution
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Current Silver Rate in India

24th Jun 2017 Silver 999 - Rs. Per kg
India 41,512
0.53%
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Delhi 41,512
0.53%
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Ahmedabad 41,512
0.53%
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Bangalore 41,559
0.53%
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Chandigarh 41,512
0.53%
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Chennai 41,566
0.61%
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Hyderabad 41,584
0.61%
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Kolkata 41,572
0.59%
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Mumbai 41,544
0.62%
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Pune 41,512
0.53%
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Lucknow 41,512
0.53%
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Surat 41,544
0.62%
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Nagpur 41,544
0.62%
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Coimbatore 41,600
0.73%
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Jaipur 41,512
0.53%
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Bhubaneswar Cuttack 41,572
0.59%
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Patna 41,572
0.59%
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Pondicherry 41,600
0.73%
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Nashik 41,544
0.62%
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Mysore 41,566
0.61%
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Mangalore 41,512
0.53%
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Silver Price Trend in India

999 Silver Rates

Months Lowest Price 999 Silver - Rs. per Kg. Highest Price 999 Silver - Rs. per Kg.
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

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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