Silver Rates in India Today - Live Prices

How silver rates in India are determined

The domestic silver rate begins with the international spot price quoted in US dollars per troy ounce. Global supply and demand, US dollar strength, and commodity market trends drive day-to-day movements in international spot silver.

India imports the vast majority of its silver. Customs duty, local taxes, and freight costs are added to the converted rupee price to establish regional benchmark rates published by bullion associations.

Treat the figures on this page as benchmark spot prices for 14 August 2026. Always confirm final counter rates with local dealers before making large silver purchases.

Reading a silver rate: per kg, per 10 g and per gram

Silver is quoted per kilogram in India, unlike gold, which is quoted per gram. Every other figure on this page is that one number divided down: per 100 g is the kilogram rate divided by ten, per 10 g by a hundred, and per gram by a thousand. Nothing else changes between them, so a quote that does not divide cleanly is a quote that has something else built into it.

Today's benchmark works out to ₹2,35,093 per kilogram and ₹235.09 per gram in Mumbai. Comparing a jeweller's per-gram quote against the per-gram figure here is the quickest way to see what you are being charged over the metal.

Older quotes are sometimes given per tola, an eleven-and-a-half gram traditional unit still used in parts of the bullion trade. One tola is 11.664 grams, so a tola of silver costs roughly 11.664 times the per-gram rate before any premium.

Silver purity: 999 fine, 925 sterling and hallmarking

Investment-grade silver is 999 fine, meaning 99.9% pure, and that is the purity the rates on this page refer to. Bars and coins sold for investment carry a 999 stamp along with the refiner's mark and, on larger bars, a serial number.

Sterling silver is 92.5% pure — the 925 stamp — with copper making up the rest to give it enough hardness for jewellery, cutlery and hollowware. A 925 article contains 7.5% less silver than a fine bar of the same weight, so its metal value is correspondingly lower even before making charges.

BIS hallmarking is mandatory for gold jewellery but remains voluntary for silver, so the absence of a hallmark on a silver article is common rather than a red flag. For anything bought as an investment, insist on an assay certificate or a hallmarked 999 stamp, and keep the tax invoice: both matter when you sell.

Industrial vs investment demand for silver

Unlike gold, which is primarily bought for jewelry and investment, around half of global silver demand comes from industrial applications including solar photovoltaic cells, electronics, automotive manufacturing, and medical devices.

Because industrial demand fluctuates with manufacturing activity and economic cycles, silver prices often experience higher percentage volatility than gold.

The gold-silver ratio and what it signals

The gold-silver ratio is simply the price of an ounce of gold divided by the price of an ounce of silver, and it tells you how many ounces of silver one ounce of gold will buy. Traders watch it because it moves in wide, slow swings rather than in straight lines.

Over the past few decades the ratio has travelled roughly between 40 and 100. A high reading is often read as silver being cheap relative to gold, and a low one as the reverse, but the ratio has stayed stretched for years at a time and is a poor timing signal on its own.

The reason the two metals drift apart is demand. Gold demand is dominated by jewellery, investment and central banks, while roughly half of silver demand comes from industry, so a manufacturing slowdown can pull silver down on a day when gold is flat.

Ways to buy silver in India

Bars and coins are the cheapest route to the metal itself. Premiums over spot fall as the unit gets larger, so a 1 kg bar carries a far smaller percentage premium than ten 100 g coins of the same total weight. Buy from a dealer who will also quote you a buy-back price, and keep the invoice.

Silver jewellery, payal and utensils are bought as much for use and for gifting as for value, and they carry making charges that a bar does not. Those charges are rarely recovered on resale, so an article bought mainly as a store of value is better bought as a bar.

Silver ETFs have been available in India since 2022 and hold physical silver against each unit, removing storage and purity risk entirely. They trade like any listed unit through a demat account and cost an annual expense ratio instead of a bar premium.

Futures on MCX — the 30 kg standard contract and the smaller 5 kg mini and 1 kg micro contracts — are leveraged instruments meant for hedgers and traders. They are not a substitute for buying metal, and a small adverse move can cost more than the position was ever expected to earn.

Retail vs wholesale silver rates

Wholesale silver rates reflect bulk trading among bullion dealers in quantities of 1 kilogram and above. Retail rates represent what walk-in customers are quoted and include local dealer margins.

Silver bars and coins usually carry a small bar premium of 2% to 8% over spot prices, which is significantly lower than the making charges applied to gold jewelry.

Storing silver and selling it back

Silver takes far more room than gold for the same value — a lakh of rupees buys a few grams of gold but several hundred grams of silver — which makes home storage and insurance a real consideration for anything more than a token holding. Bank lockers are insured for burglary by the bank only within limits, so check what your policy actually covers.

Silver tarnishes on contact with sulphur compounds in ordinary air. Sealed bars in their original assay packaging are best left unopened; coins and articles keep better in airtight bags with a desiccant than loose in a drawer. Tarnish is surface-level and does not reduce the silver content, but a scrubbed or polished bar sells at a discount.

Dealers buy back below the published rate, and the gap is wider on jewellery and utensils than on stamped bars. A 999 bar with its assay certificate and original invoice fetches the closest price to spot; unmarked articles are usually bought by weight after assaying, at the dealer's assessed purity.

Taxes on silver in India

Silver purchases attract 3% GST on the combined value of the metal and any bar premium or making charges.

Capital gains tax applies when selling physical silver. Holdings sold after 24 months are taxed as long-term capital gains at 12.5% without indexation.

How to use this page

The rates here are published at state level and refreshed every trading day, covering 678 cities. Pick your city from the picker at the top of the rate card and every figure on the page — the spot cards, the calculator and the city table — updates to the benchmark that applies where you are buying.

The spread across cities on 14 August 2026 runs from ₹2,35,070 in Kolkata to ₹2,35,150 in Delhi, a difference of ₹80 per kilogram. A gap of that size is a transport and margin difference, not a difference in the metal, and it is rarely worth travelling for.

Use the calculator on the rate card to price the weight you actually intend to buy, then treat the total as the floor of the conversation with a dealer. The 30-day chart higher up the page shows whether today's quote is high or low against the recent range, which is the more useful question than whether it moved this morning.