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Silver Rate Today in India (Wednesday, May 31, 2023)

May 31, 2023
SILVER Rate in Mumbai₹726 / 10 gm

Today silver Price/gm in India (INR)

  • GMToday's PriceYesterday's PricePrice Change
  • 1₹72.6₹72.6₹0
  • 10₹726₹726₹0
  • 100₹7,260₹7,260₹0

Major Cities silver Rate Today

silver Rate in India for Last 10 Days (1 kg)

  • DatePrice
  • 2023-05-30₹72,600 (0)
  • 2023-05-27₹72,900 (150)
  • 2023-05-26₹73,050 (1000)
  • 2023-05-25₹74,050 (450)
  • 2023-05-24₹74,500 (500)
  • 2023-05-23₹75,000 (300)
  • 2023-05-22₹75,300 (0)
  • 2023-05-21₹75,300 (1000)

Historical Trend

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ONGC to invest Rs 1 trillion to become net zero by 2038
ONGC to invest Rs 1 trillion to become net zero by 2038

The country’s top oil and gas producer is preparing a roadmap for net zero emissions as part of Prime Minister Narendra Modi’s commitment to become a net zero country by 2070 to deal with climate change.

Silver Facts

Silver as a commodity in the Indian market is a reliable investment opportunity. Silver is both a functional and valuable metal. The metal is malleable, ductile, lustrous, and an excellent electrical conductor. In India, silver is usually imported rather than produced. This page is an all-inclusive place for you to read all about the prices of silver in various cities across India. The price of 1 gram of silver is ₹72.6 today and the price of 1 kilogram (silver bar) is ₹72,600 in India.

Factors Affecting the Price of Silver in India

  • Silver Rate: The price of silver usually goes in tandem with the upward or downward trend of gold. If the price of gold rises as a result of increased demand, silver usually follows suit. Similarly, any decrease in gold rates mostly results in a decrease in silver rates.

  • Fluctuation in the US Dollar Index: The US Dollar Index has an impact on silver prices. It means that a soaring US dollar can cause silver prices in India to drop, whereas a falling dollar causes silver prices to rise.

  • Import Duties: Because silver is imported into India, the silver price is directly related to the imposition of import duties. Higher import duties result in higher silver rates in India.

  • Oil Prices: Silver mining is a high-energy process. The day’s silver rate is influenced by oil prices, as oil is the world's primary source of energy. Imported silver requires a solid logistics platform that is supported by a steady supply of oil. Furthermore, fluctuations in the price of oil are responsible for the dynamic price of silver and gold.

  • Trade Deficit: The greater the value of imported commodities over exports, the greater the country's trade deficit. As the trade deficit gets wider, the government may take steps to reduce imports of those commodities. This affects silver prices as it is an imported commodity.

  • Industrial Demand: Silver is used in the production of a variety of commodities, including computers, televisions, medals, coins, and jewellery. These industries release new products almost every day, increasing demand for silver and causing prices to rise.

  • Inflation: Silver prices are also affected by trends in inflation, deflation, and devaluation, such as changes in the value of the US dollar. The price of silver rises when the value of the US dollar falls.

Measurement of Silver

The weight of silver is measured in grams and ounces. As a result, there are many different ways to measure silver when buying it at the market, including grams, kilograms, million ounces, troy ounces, short tonnes, metric tonnes, etc. The percentage of silver in an alloy determines its fineness or purity. The part of silver per 1000 parts is referred to as fineness. Consequently, 925 fineness denotes that the final product contains 92.5% silver. Copper is the primary sub-ingredient used to increase the durability of silver coins.

Demand for Silver in India

Silver is a precious metal, which is also widely used in industry. In the rest of the world, silver is more sought after for its industrial applications, whereas in India, silver is sought after for jewellery and silverware. Because India is not a large producer of silver, the majority of its silver needs are met through imports. India ranks fifth in the world in terms of silver consumption, with the rural population purchasing the majority of it as a precious metal to invest in. However, demand for silver has been increasing in emerging economies, including India.

Silver Production in India

India is a net importer of silver. India's silver production is insufficient to meet rising domestic demand. India is ranked 20th among silver-producing countries. Rajasthan, Gujarat, and Jharkhand are India's three major silver-producing states. India ranks third in terms of silver consumption. The United States and Japan are the world's largest consumers of silver. India imports silver from China, the United Kingdom, the European Union, Australia, and Dubai. Chinese Silver accounts for more than half of all silver imports into India. The major silver importing centre in India was Mumbai, but Ahmedabad and Jaipur are now on the list.

Why is Silver Cheap in India?

The silver price in India is reasonable, as it is only one-seventh the price of gold. The reason for the country's reasonable price is that silver imports are gradually increasing in comparison to gold imports. Aside from that, silver consumption has been consistent in the market because the purchase of silver is not limited to the price factor. Due to its wide range of applications, it is a popular metal in Indian markets. As a result, silver is a more common commodity in the Indian market than gold. Silver's familiarity in Indian households results in lower rates when compared to gold.

Sterling Silver

Silver in its purest form is not used to make jewellery. Sterling silver is frequently used by jewellers. It is made up of 92.5% silver and 7.5% other metals. Copper is commonly used because it increases the durability of silver. During the current economic downturn, sterling silver has been considered as an alternative to white gold. Before purchasing sterling silver, ask the jeweller or salesperson if they have accurate information about the sterling silver jewellery you wish to purchase. The price of sterling silver jewellery is determined by the item's details and design.

Gold vs Silver

Silver is more widely used in industry than gold. Silver is used in a variety of industrial applications, whereas gold is used in only 12% of them. Silver is required in modern life for biocides, electronics, solar panels, batteries, and a variety of other machines. Silver has a much smaller market than gold. Silver has a lower total annual supply than gold. The price of silver fluctuates. Because gold is primarily used as money, the yellow metal would be less affected by the recession. Silver kills bacteria in a safe and clean way, without compromising our immune system as antibiotics do.

Why is Silver a Good Investment Option?

  • Supply and Demand: Silver is in high demand in our country. Silver availability decreases as demand rises. Silver will be difficult to obtain in the future, and silver prices may drive up the limited supply. Long-term investors would be in a good financial position as a result.

  • Easy Storage: In comparison to gold, silver is easier to store. The NSEL offers a variety of tradeable e-silver products. It allows people to invest in silver without having to worry about storage.

  • Common Man's Gold: Silver is commonly referred to as "common man's gold." Purchasing silver is less difficult than purchasing gold. The price of silver continues to rise, and investors will have more options for investing in silver rather than real estate, bonds, and so on.

  • No Bank Accounts: In India, people find it difficult to invest in a variety of options due to unfamiliarity with banking. Silver is one of the best investments for them.

  • Liquidity: Silver can provide liquidity to investors in times of crisis. Silver metal can be converted into money in the event of a personal financial emergency. Silver will not lose value if the currency loses value.

Where Can One Invest in Silver in India?

In India, we can buy silver directly from a bank or a jeweller. In general, silver coins sold by banks are relatively expensive. It's because when we buy a silver coin from a bank, we have to pay additional fees for tamper-proof packaging and an assay certificate. Buying silver from a jeweller is more expensive than buying coins because it includes a 10% making fee (or more). It will include 15% melting charges at the time of resale, lowering the returns. Silver can be purchased on the commodity futures exchange. When you make a purchase, you can find out the exact MCX silver price. The length of contract size is relatively long on the commodity futures exchange. When it comes to silver trading, the smallest contract is traded in 1-kilogram increments and delivered in increments of 30 kilograms. Silver is a precious metal freely traded, so you can buy it both electronically and physically. You can bet on silver in the futures market if you want. There is currently no silver ETF in our country. Silver ETFs can only be purchased on the American market. Investors must have a global trading account in order to purchase silver ETF from the American market.

Silver Trading

The National Spot Exchange (NSEL) offers E-series products such as E-Gold and E-Silver, allowing people to trade or invest in silver in the same way they do in equities. Investors can purchase a minimum of one unit of silver equivalent to one hundred grams of silver in Demat form at real-time Indian prices that track international gold/silver prices. Investors must open a separate Demat account with one of the depositories in order to trade in NSEL. The depositories' names can be found on the NSEL website. The investor can purchase silver in the dematerialised form online after opening a Demat account. For silver, the e-series unit is 100 gm. By trading in NSEL, investors can convert their e-Silver into physical silver or cash.

Silver is traded as a commodity on three commodity exchanges in India:

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

Silver is traded in 3 contract types:

  • Silver Mini (SILVERM)
  • Silver Micro (SILVERMIC)
  • Silver 1000 (SILVER 1000)

  • Silver Futures Contract (SILVER HEDGE)

Frequently Asked Questions (FAQs)

How much is one gram of silver worth today?


How much is one kilogram of silver (silver bars) worth today?


Where can I buy silver bars in India?

Silver bars can be purchased in India from public sector banks, private sector banks, and jewellers.

What exactly is hallmarking?

Hallmarking is the process of officially recording and determining the metal content of gold/silver items. It is used as a guarantee seal that ensures purity and is recognised in many countries.

Is there any tax on silver purchases?

Yes, you must pay a levied service tax when you buy silver. If you pay in cash for silver bullion worth more than Rs. 5 lakh, you will be charged a 1% tax.

What are the benefits of purchasing silver coins from a bank?

Purchasing silver coins from a bank ensures the silver's quality and authenticity. Each bank purchase of silver comes with a quality certificate. The bank would sell the silver to you at the current market rate, reducing the possibility that you would overpay for the silver.

Which silver bullion is the best to buy?

While there is no 'best silver' to buy, there are some benefits to purchasing silver coins. They are inexpensive to transport and liquidate, making them an excellent investment. They are also easier to collect than silver bars, and junk silver coins can be purchased for less than the spot price.

In India, where can I sell my silver bullion?

Bullion (in the form of coins and bars) can be sold to authorised bullion dealers. Banks are not permitted to buy back bullion that they have sold.