Silver Rate Today in India: How Daily Silver Prices Move

What does "silver rate today" mean in India?

Silver rate today in India is the per-kilogram price of silver on a given trading day. The India Bullion and Jewellers Association (IBJA) publishes a morning and evening reference rate. The Multi Commodity Exchange of India (MCX) provides a live spot and futures price during the trading session.

Indian silver is quoted in three purities. The 999 grade is the investment standard, used for bars and coins. The 925 (sterling silver) grade is the jewellery standard. The 800 grade is used for older coins and some industrial fittings.

How daily silver prices are set in India

Daily silver prices in India follow a three-input chain.

• Global spot price. The London Bullion Market Association (LBMA) auction sets the US-dollar reference. Asian markets pick this up at the open.
• Rupee-dollar exchange rate. A weaker rupee raises the per-kilogram rupee price of silver even if the dollar price is steady. The Reserve Bank of India (RBI) publishes the reference rate every working day.
• Customs duty and GST. The Government of India levies a customs duty on imported silver, plus a 3% Goods and Services Tax (GST) on the sale price.

The MCX silver contract trades from 9:00 am to 11:30 pm IST. Its price reflects all three inputs in real time during these hours.

Why silver is more volatile than gold

Silver prices swing more sharply than gold prices because silver has a large industrial demand component. About half of global silver demand comes from electronics, solar panels, and other manufacturing, per estimates published by the Silver Institute. Gold demand is dominated by jewellery and central bank reserves, which move more slowly.

This split has two practical effects for Indian traders. Silver can rally on positive industrial news even when gold is flat. Silver can also fall faster than gold during a global manufacturing slowdown.

Where to check today's silver rate

Three categories of source publish the daily silver rate in India.

• Exchanges: The Multi Commodity Exchange of India (MCX) shows the live spot and futures price.
• Industry bodies: The India Bullion and Jewellers Association (IBJA) publishes morning and evening rates.
• Banks and refiners: Large refiners and some banks post an indicative retail rate each working day.

Silver rate today by city in India

Silver rate today in Hyderabad, Delhi, Mumbai, Chennai, and Bangalore can differ by a small amount even when the MCX silver futures price is identical across India. Three factors drive the city-wise gap.

• Local taxes: Some states levy additional duties or transit charges.
• Jeweller mark-ups: Making charges and wastage rates vary by region.
• Local demand: Wedding-season and festival demand differs across regions and tightens or widens retail spreads.

How traders take silver exposure in India

Indian investors have three main routes to silver exposure.

• MCX Silver and Silver Mini futures: Standard contracts of 30 kilograms and 5 kilograms, regulated by the Securities and Exchange Board of India (SEBI).
• Silver ETFs: Listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), introduced in India after SEBI issued framework guidelines in 2021.
• Physical silver: Bars and coins through authorised refiners and banks.

Gold-silver ratio: a market signal

The gold-silver ratio is the per-ounce gold price divided by the per-ounce silver price. Indian commodity traders watch this ratio as a relative-value gauge. A historically high ratio (above 80) is sometimes read as silver being undervalued versus gold. A ratio near 50 is often associated with phases of strong silver demand.