Silver Price Today in India

Updated on 30 May, 2024
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India is world’s second biggest consumer of gold, after China. Bulk of the gold requirement is met through imports and domestic bullion recycled locally. So apart from international prices, which is denominated in dollar, import duties and other taxes play a role in determining domestic gold rates. Bullion is seen as a hedge against inflation but bond yields and the dollar rate also have a bearing on the prices of the precious metal. Here are latest gold prices in major Indian cities.

Why is gold so precious in India?

Gold is considered a precious metal in India and around the world for a number of reasons:

Rarity: Gold is relatively rare, and it is estimated that all of the gold that has ever been mined would fit into a single cube that is about 21 meters on each side. This rarity contributes to its value.

Durability: Gold is a very durable metal and does not corrode or tarnish, which means it can be stored and preserved for long periods of time without degrading.

Malleability: Gold is very malleable, which means it can be easily shaped into a variety of forms. This makes it a popular choice for jewelry and other decorative items.

Use in industry: Gold has a number of industrial uses, including in electronics, dentistry, and aerospace

Cultural and historical significance: Gold has a long history of being associated with wealth and luxury, and it has played a significant role in many cultures around the world. In India, gold has a particularly strong cultural and religious significance and is often given as a gift at weddings and other special occasions.

Things to take care of while buying gold

Here are some things to consider when buying gold:

Quality and purity: It is important to ensure that the gold you are buying is of good quality and has the purity level that is advertised. You can check the purity of gold using a gold testing kit or by having it tested at a government-approved assayer.

Reputation of the seller: It is always a good idea to deal with reputable sellers when buying gold. You can ask for recommendations from friends or family, or do some research online to find a reputable seller.

Price: Gold prices can vary, so it is a good idea to shop around and compare prices at different sellers before making a purchase.

Return policy: It is always a good idea to find out the return policy of the seller in case you need to return or exchange the gold.

Certification: Consider purchasing gold that has been certified by a reputable organization, such as the Bureau of Indian Standards (BIS), to ensure its quality and purity.

How to test purity of gold?

There are several ways to test the purity of gold, each with its own set of advantages and limitations. One of the simplest methods is using a magnet. If the gold is impure, it is likely to contain metal alloys, which can cause the ornament to be attracted to a magnet. This method, however, is not foolproof and can only provide a rough indication of the purity of the metal.

Another popular method for testing gold purity is the acid test. This method involves using a specific type of acid and a touchstone to create a streak on the metal. This method is widely used and considered reliable, but it does require some skill and experience to perform accurately.

With the advancement of technology, today there are very sophisticated karat checking machines available in the market. These machines are imported by the large jewelers in the country and provide precise and accurate measurements of the gold's karat value. This is considered the most reliable method of testing gold purity.

When testing gold in Delhi it is recommended to use the authorized BIS centers which are certified and you can be assured of at least some purity of the metal. These centers are equipped with the latest technology to test gold, but in smaller towns, there may not be any such centers available. In such cases, you may have to rely on private centers with state-of-the-art machines to check the purity of gold.

Why do prices of gold and silver differ in different cities of the country?

The price of gold and silver in different cities in India is influenced by a combination of local and global factors, including transportation costs, local taxes, market conditions, economic conditions, and currency values.

Transportation costs: The cost of transporting gold and silver from one city to another can affect the price. If transportation costs are high, this can lead to higher prices for gold in the city it is being transported to.

Local taxes: Different cities may have different tax rates, which can affect the price of gold. For example, if a city has a higher tax rate on gold or silver purchases, the price of gold may be higher in that city compared to a city with a lower tax rate.

Market conditions: The supply and demand for gold in different cities can also vary, which can affect its price. If demand for gold or silver is high in a particular city, this can drive up its price.

Economic conditions: The economic conditions of a city can also impact the price of gold. If a city has a strong economy, demand for gold or silver may be lower, leading to lower prices.

Currency values: As mentioned earlier, gold and silver is priced in U.S. dollars, so changes in the value of the U.S. dollar can affect gold and silver prices. If the U.S. dollar weakens, gold or silver may become more expensive for buyers using other currencies.

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Silver Price in Metro Cities 30 May,2024

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      Silver Rate in Different Cities in India

      • City Name

      • 10g Price

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      • 1Kg Price

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      Silver Rate for Last 15 Days

      • Dates

      • 10g Price

      • 1kg Price

      • May 29, 2024
      • 934
      • 93400 2410.00
      • May 28, 2024
      • 910
      • 90990 1050.00
      • May 27, 2024
      • 899
      • 89940 90.00
      • May 26, 2024
      • 899
      • 89850 0.00
      • May 25, 2024
      • 899
      • 89850 -390.00
      • May 24, 2024
      • 902
      • 90240 -2740.00
      • May 23, 2024
      • 930
      • 92980 -170.00
      • May 22, 2024
      • 932
      • 93150 6690.00
      • May 21, 2024
      • 865
      • 86460 0.00
      • May 20, 2024
      • 865
      • 86460 -170.00
      • May 19, 2024
      • 866
      • 86630 170.00
      • May 18, 2024
      • 865
      • 86460 60.00
      • May 17, 2024
      • 864
      • 86400 1640.00
      • May 16, 2024
      • 848
      • 84760 600.00

      Silver as an asset

      ‘All that glitters is not gold’, sometimes it is silver. Silver is a beautiful precious white metal, one in the class of gold, platinum, and palladium. Silver has always been in demand because of its unique characteristics and relative scarcity.

      Beyond the ornamental value, silver has been used as a coinage metal since the times of the Greeks; their silver drachmas were popular trade coins. The ancient Persians used silver coins between 612–330 BC. Before 1797, British pennies were made of silver.

      In India, it was the Indus Valley Civilisation that started the usage of silver mainly in the ornaments such as hair beads, necklace etc. Though it was also hammered to form thin sheets which could have been used to garnish eatables such as sweets. Across the period of India’s recorded history, silver just like gold has been a sacred metal with its varied usage in deity worship, rites and rituals and, as an insignia of wealth and prosperity.

      Seventeenth-century Italian adventurer and traveler Giovanni Francesco Gemelli Careri once wrote, “India was the final destination for all the gold and silver that got exchanged through trade all over the world. The gold and silver amassed by the Europeans from the American continent reached Turkey and Persia and finally from there to Hindustan."

      Factors impacting price of silver:

      It is important to carefully examine a variety of various aspects in order to understand the pricing trends of silver. The analysis of silver pricing is complicated as some of the market phenomena that impact the price of silver interact inversely with one another.

      A number of factors impact the price of silver ranging from macroeconomic adjustments in the bullion market to seasonal microeconomic demand for the metal. Here are a few factors that determine the price of silver in the market.

      1. Supply and demand

      2. Industrial and technical factors

      3. Import and exchange rate

      4. Government policies

      5. Gold-silver ratio

      Silver bullion:

      Silver bullions include small silver bars, large silver bars and coins minted by government and private refineries. Silver bullion rounds are similar to coins but are produced by private mints and are not legal tender.

      Some investors purchase silver bullion to diversify their holdings or to act as a hedge against inflation. Others gather silver bullion as a store of wealth or for its aesthetic value.

      Silver Hallmarking:

      Hallmarking is the accurate determination and recording of the content of precious metals in metals like gold, platinum and silver. Thus, hallmarked metals are guarantee of metals being pure and fine.

      According to the BIS website, there are two principle objectives of the hallmarking scheme:

      1. To protect the buyer against adulteration

      2. To obligate the producer to maintain legal standards of fineness and purity.

      BIS launched the hallmarking scheme for silver in the year 2005. A lot of silver dealers have since then been issued with hallmark licenses for selling hallmarked silver artifacts and jewelry.

      In order to determine the purity of silver, hallmarking technique has been rolled out by the BIS, Bureau of Indian Standards, which is the organization responsible for Standardization, Certification and Quality.

      BIS was launched as a statutory organization under the Bureau of Indian Standards Act, 1986.

      In order to be certain that you are buying pure form of silver, there are a few signs that one should look for in the piece of jewelry or article to determine is authenticity-

      1. BIS mark- BIS Mark is one of the foremost marks of purity of silver. It is a sort of triangular symbol with a dot inside the triangle. This is the official logo of Bureau of Indian Standards or BIS.

      2. Purity grade: For fine silver, the purity grade is either of 999.9, 999.5 or just 999 For silver alloys, jewelry and artifacts, it is 970, 925, 900, 835, 800

      3. Year of making: This is denoted by the letter J for the year 2008

      4. Jeweler's identification mark: Jeweler’s identification mark is yet another technique to verify the purity of the metal.

      How can you test the purity of silver?

      Silver investors are greatly concerned about the purity of the metal since it has a huge bearing on the price on the metal. Out of many there are 3 ways to determine the purity of silver-

      1. Silver testing kit: There are many jewellery stores and online retailers that sell silver testing kits. In order to use a silver testing kit, you must first clean the silver object and then dab it lightly with the testing solution. Silver and the solution will react, and the colour of the solution will show how pure the silver is.

      2. Acid test: Apply a tiny drop of the suitable acid to the silver object, and then watch to see what colour the reaction takes. The purity of the silver will be revealed by the colour of the reaction.

      3. Professional appraisal: Using more accurate and precise techniques, such as spectroscopy or x-ray fluorescence, a professional will be able to ascertain the silver's purity.

      FAQs about Silver

      What are the factors that impact the price of silver?

      It is important to carefully examine a variety of various aspects in order to understand the pricing trends of silver. The analysis of silver pricing is complicated as some of the market phenomena that impact the price of silver interact inversely with one another.

      A number of factors impact the price of silver ranging from macroeconomic adjustments in the bullion market to seasonal microeconomic demand for the metal. Here are a few factors that determine the price of silver in the market.

      1. Supply and demand

      2. Industrial and technical factors

      3. Import and exchange rate

      4. Government policies

      5. Gold-silver ratio

      Supply and demand: The supply of silver is not constant as in its natural form silver is a scarce commodity, with just a few nations having generous reserves. This means we have to manage with the current quantity of the commodity out there in the market.

      Prices can change sharply if the demand and supply equation changes and are always an important factor when it comes to determining the rate of the metal.

      Industrial and technical factors: Unlike gold, more than 50% of demand for silver comes from industrial applications. Silver is widely used in mirrors, integrated circuits of computers, solar cells, photographic films, etc.

      The diversity of use of silver impacts the price of silver as newer technology that can substitute silver pulls down the demand while expansion of production of existing commodities enhances the demand. This change in demand pattern impacts the price of silver globally.

      Import and exchange rate: A substantial part of silver used in India is imported, making import duties an important factor in determining silver prices in the country.

      Silver rates are heavily dependent on how the US dollar performs since it is one of the commodities used for hedging. Any changes within the United States are bound to have an effect on silver prices, either directly or indirectly.

      Government policies: Government’s policies on trade of silver have a significant bearing on the price of the metal. The taxes levied and the tariffs awarded for trading in silver determine the spot price of silver which in turn has an impact on the products made using silver.

      Gold-silver ratio: There is a long-standing correlation between the prices of gold and silver, even if the true relevance of the gold-silver ratio is hotly contested. In general, silver prices will rise or fall in tandem with the price of gold. Some experts base their trading decisions on the GSR, buying or selling when silver is expensive or inexpensive in comparison to the current price of gold.

      The quantity of silver needed to buy one ounce of gold is known as the gold-to-silver ratio. Since it demonstrates that silver is fairly affordable relative to the ratio when it is high, many investors interpret this to suggest that silver is favored. On the other hand, a low ratio favors gold and may indicate that it is a good time to purchase the yellow metal. As the ratio falls, a lot of large-scale, knowledgeable investors could exchange their silver for gold. When this ratio reaches a peak above 80, it is considered as one of the finest "buy" signs for silver.

      What is the demand and supply scenario of silver in India?

      India is one of the largest markets for silver in the world, and it depends largely on imports to meet its demands. Over 50% of domestic silver demand is made up of the manufacturing of jewelry and silverware. In 2016, India consumed 160.6 million ounces (4,996 tonnes), which was a significant 16% of the world's silver demand.

      How can you get silver insured in India?

      You can insure your silver jewellery, coins, and other valuables in India against theft, loss, or damage. You can get insurance for your silver by speaking with an insurance provider and finding out about their options for covering valuable metals.

      How are silver assets taxed in India?

      Depending on how the silver is held, investments in silver are taxed differently in India. You won't pay capital gains tax when you sell silver that you own in the form of physical objects like silver jewellery, coins, or bars. But if you make money off the sale of the silver, it might be subject to income tax, depending on how much money you made and your tax bracket.

      You might be required to pay capital gains tax on your profits when you sell financial instruments you hold that contain silver, such as silver futures contracts or silver exchange-traded funds (ETFs).

      How much silver does India import?

      According to the data released by Directorate General of Commercial Intelligence and Statistics, silver imports in India for the FY-2022 are estimated to be around ₹244.54 billion rupees. This is a substantial provisional rise of approximately 75.6% from the previous year which was merely ₹59.6 billion.

      In terms of volume, India’s silver imports in 2020 and 2021 were 2,218 tonnes and 2,773 tonnes respectively, down from 5,969 tonnes in 2019.

      The country fulfills most of its silver requirements through imports, mainly from United Kingdom, Hong Kong, Russia, and China.

      YearValue of Silver imported (in billion Indian rupees)
      FY 2016244.40
      FY 2017123.30
      FY 2018207.25
      FY 2019261.89
      FY 2020191.62
      FY 202159.6
      FY 2022244.54
      Source: DGCI&S; Department of Commerce (India)

      How much silver does India export?

      According to the Department of Commerce, India’s silver exports fell drastically to just ₹363 billion in FY 2022 registering a fall of 89.29% against FY 2021. Considering the data of the last 8 years the export was relatively decent since from FY 2016 to FY 2020, the average value of exports was just ₹68 billion.

      Silver exports from India reached as high as ₹3,393 billion in FY 2020. India exports silver majorly to the United Kingdom, USA, Germany and Italy.

      YearValue of Silver imported (in billion Indian rupees)
      Source: DGCI&S; Department of Commerce (India)

      Which countries produce the highest quantities of silver?

      In 2021, the total amount of silver that was mined increased by 5.3 percent, totaling around 23,323 tonnes. The recovery in output following the COVID-19-related disruption in 2020 was the primary cause of this gain, which was the most notable annual growth in the supply of mined silver since 2013.

      Since primary silver mines are concentrated in nations where mining was severely impacted by COVID limitations in 2020, silver production from these mines increased by 10.2 percent.

      Here is the list of top 11 silver producing countries of the world for the year 2021.

      CountryProduction in tonnes (2021)Share in global production
      United States921.463.95
      Total Global production23322.94
      Source: Silver Institute, World Silver Survey 2022
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