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Silver Rate Today

Silver Rate in India

Last Updated 05th Jul 2020

05th Jul 2020 Silver 999 – ₹ Per Kg
Silver Rate Today 48,510
Silver Rate Jul 2020
Average Rate 49,045
Highest Rate 54,700
Lowest Rate 48,510

Check silver rates in your city below.

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Silver Price Today

05th Jul 2020 Silver 999 - ₹ Per kg
India Silver Rate 48,510 -0.10 %
Delhi Silver Rate 48,510 -0.10 %
Ahmedabad Silver Rate 48,510 -0.10 %
Bangalore 48,510 -0.10 %
Chandigarh 48,510 -0.10 %
Chennai 48,510 -0.10 %
Hyderabad 48,510 -0.10 %
Kolkata 48,510 -0.10 %
Mumbai 48,510 -0.10 %
Pune 48,510 -0.10 %
Lucknow 48,510 -0.10 %
Surat 48,510 -0.10 %
Nagpur 48,510 -0.10 %
Vadodara 48,510 -0.10 %
Coimbatore 48,510 -0.10 %
Jaipur 48,510 -0.10 %
Bhubaneswar Cuttack 48,510 -0.10 %
Patna 48,510 -0.10 %
Madurai 48,510 -0.10 %
Pondicherry 53,100
Nashik 48,510 -0.10 %
Mysore 48,510 -0.10 %
Mangalore 48,510 -0.10 %
Visakhapatnam 48,510 -0.10 %

Silver Price in India 2020

999 Silver Rates
Months Lowest Price 999 Silver - Rs. per Kg. Highest Price 999 Silver - Rs. per Kg.
July 2020 48,510 50,050
June 2020 47,100 50,160
May 2020 41,000 50,110
April 2020 39,940 42,700
March 2020 39,480 51,080
February 2020 48,000 51,500
January 2020 48,900 51,000

Silver Price in India 2019

999 Silver Rates
Months Lowest Price 999 Silver - Rs. per Kg. Highest Price 999 Silver - Rs. per Kg.
December 2019 46,650 49,350
November 2019 39,000 48,840
October 2019 45,750 48,950
September 2019 48,500 53,200
August 2019 44,522 49,160
July 2019 40,500 44,965
June 2019 39,447 41,052
May 2019 39,437 40,759
April 2019 40,081 40,863
March 2019 40,355 43,573
February 2019 41,126 43,972
January 2019 41,463 43,852

Factors affecting Silver Rates in India

The factors which affect the silver price 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.

Silver Measurements

Silver is measured in grams and ounces. Thus, if you go in the market to buy silver, it can be measured either in grams, kilograms, million ounces, troy ounces, short tonne, metric tonne, etc.

The fineness or purity of silver is measured in terms of the percentage of silver in the alloy. Fineness means the part of silver per 1000 parts. Thus, 925 fineness means 92.5% silver in the final product. Copper is the main sub-ingredient, which is added in silver coins to increase their durability.

Silver Demand in India

Silver is a precious metal and is also used heavily as an industrial metal. In the world, silver is demanded more for its industrial uses, whereas in India, demand for silver is more for jewelry and silverware.

Since India is not a high producer of silver, most of its silver demands are met through imports. India ranks 5th in terms of silver consumption throughout the world, and its major consumption comes from the rural population who view it as a precious metal to invest in. However, the demand for silver in growing economies has been on the rise, and India is no exception. This growing demand is for industrial use in view of which it is expected that in the next few years, the import of silver will rise in India.

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)

MCX (Multi Commodity Exchange)

In MCX silver is traded in 3 different contract types:

Silver Micro (SILVERMIC)

  • The maximum order size is 600kg.
  • The base value is 1kg.
  • Trading is done from Monday to Friday.
  • The minimum price movement (Ticket size) is Re. 1/kg.
  • The purity grade and fineness is 999.
  • The trading unit is 1 kg.
  • The daily price limit is 4%.
  • Upper limit position: for an individual investor its 60MT for all silver contracts, while for a member investing collectively for its client, 300MT or 15% of market wide open position.

Silver Mini (SILVERM)

  • The maximum order size is of 600kg.
  • The base value is 1kg.
  • Trading is done from Monday to Friday.
  • The minimum price movement (Ticket size) is Re. 1/kg.
  • The purity grade and fineness is 999.
  • The trading unit is 5 kg.
  • The daily price limit is 4%.
  • Upper limit position: for an individual investor its 60MT for all silver contracts, while for a member investing collectively for its client, 300MT or 15% of the market wide open position.

Silver 1000 (SILVER 1000)

  • The maximum order size is of 600kg.
  • The base value is 1kg.
  • Trading is done from Monday to Friday.
  • The minimum price movement (Ticket size) is Re. 1/kg.
  • The purity grade and fineness is 999.
  • The trading unit is 5 kg.
  • The daily price limit is 4%.
  • Upper limit position: for an individual investor, its 60MT for all silver contracts, while for a member investing collectively for its client, 300MT or 15% of market-wide open position.

NCDEX (National Commodity and Derivatives Exchange)

Under NCDEX there is only one contract type, Silver Futures Contract (SILVERHEDG)

  • The daily price limit is 4%.
  • The trading units is 30 kg.
  • The maximum order size is 1,500 kg.
  • Minimum price movement (TIcket size) of Re. 1/kg.
  • Trading happens from Monday to Friday.
  • Upper limit on positions; for all clients, it's 5% of market wide open for positions or 100MT, whereas, for a member investing collectively for its clients, it's 20% of market-wide open positions or 1000 MT.

FAQs

What is the cost of 10-gram silver?

The cost of 10-gram silver for today is ₹ 485.10

How do you measure silver?

Silver is measured in terms of grams and ounces. The popular measurement of silver is gram and kilogram.

What is the gold and silver rate today?

Gold rate today is ₹ 47,460 , and the rate of silver is ₹ 48,510 .

What is the price of silver per kg in India?

The per kg price of silver in India is ₹ 48,510 .

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.


Gold Loan News - Jul 2020
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