Silver Rates Today in India
Apart from industrial use, silver also finds usage in the jewellery sector. India is the world's biggest silver consumer and also a major importer of the precious metal. In other words, the demand for the precious metal also helps in supporting global prices. Besides import duties and other taxes, international prices also play a big role in determining domestic silver rates. Like gold, silver also is seen as an investment avenue. Here are latest silver prices in major Indian cities.
Find Silver price in your region
Silver Rate in Different Cities in India
Silver Rate for Last 15 Days
- June 05, 2023
- ?71901.00 -1098.00
- June 04, 2023
- ?72999.00 0.00
- June 03, 2023
- ?72999.00 0.00
- June 02, 2023
- ?72999.00 1142.00
- June 01, 2023
- ?71857.00 823.00
- May 31, 2023
- ?71034.00 34.00
- May 30, 2023
- ?71000.00 -550.00
- May 29, 2023
- ?71550.00 1145.00
- May 28, 2023
- ?70405.00 0.00
- May 27, 2023
- ?70405.00 0.00
- May 26, 2023
- ?70405.00 -436.00
- May 25, 2023
- ?70841.00 -1083.00
- May 24, 2023
- ?71924.00 -521.00
- May 23, 2023
- ?72445.00 -655.00
More on Silver
Silver is considered cheaper than gold. For example, if one gramme of silver Rs 61.40 today, you can buy 1 kg of the precious metal for Rs 61,400. But you will get a little over 10 gms of gold at this price depending on exchange rate.
Silver is always in higher demand than gold among the jewellers and industrial firms. This is because its usage is not just limited to jewellery items. It is also used by industrial and commercial firms to manufacture certain products. Since it is in high demand, the availability of this metal is diminishing. If you have invested in silver now, there are high chances that you will benefit financially if the prices skyrocket.
In India, the price of silver is determined by various factors including gold rates. If the gold prices go up, the rates of silver will also increase. Besides this, it is also easier to influence silver prices through large purchases.
Silver can be purchased through banks, jewellers and online agents. If you are purchasing silver from bank, the rates will be higher as the lender will have carried out purity checks and provides assurance to the buyer. This metal can also be bought by jewellers and through online agents.
The purity grade of fine silver is either 999.9, 999.5 or just 999. For silver alloys, jewellery and artefacts, the purity grade is 970, 925, 900, 835. Silver is not used in its purest form. The jewellers use Sterling silver which is 92.5 per cent silver and 7.5 per cent of other metal. India mostly meets its silver requirements through imports. Its production of the metal is not enough to meet its demands. Jharkhand, Gujarat and Rajasthan are some of the silverr producing states in the country.
Currently, the import duty on gold in India stands at ten per cent. The central government keeps on changing the import duty depending on the need to curb imports.
India imports silver from China, United Kingdom, European Union, Australia, and Dubai.
FAQs About Silver
Why should you invest in silver?
There are several reasons to invest in silver. Being a precious metal, it is always in demand in the jewellery markets in India. Since there is a huge demand for silver, the availabily of the metal is dropping. In future, the prices will rise resulting in profit for the investors who put their money into the metal now. Another important fact is that silver is cheaper than gold.
What are the factors affecting silver price in India?
In India, the price of silver is determined by factors like gold rates, industrial demand, bulk purchases, inflation etc.If the price of gold increases, the silver price will also increase. The industrial firms use silver for production of various commodities like jewellery, coins, medals etc.Also, it is easier to influence the silver market through large trades and purchases.
Where can we buy silver in India?
Silver can be purchased from banks, jewellers and online agents in India. The banks charge higher rates due to purity checks and assurance provided by them. The jewellers offer different products based on the weight. Silver can also be bought online with a number of companies providing a platform for online purchase.
What is the purity grade of silver ?
The purity grade of fine silver is either 999.9, 999.5 or just 999. For silver alloys, jewellery and artefacts, the purity grade is 970, 925, 900, 835, 800v
What is Sterling silver?
Silver is not used in its purest form. The jewellers use Sterling silver which is 92.5 per cent silver and 7.5 per cent of other metal.