Silver, today.
For every Indian city.
Live silver prices, historical trends, and market context — in the cities you care about.
Indicative market price from our metals data provider. Final dealer prices may include GST, making charges, dealer margins, and other factors. Disclaimer
Today's Silver Rates
Indicative 999 purity rates per kg. Click a city for detailed trends and price changes.
What Governs Silver Prices in India
Import duty & DGFT policy
India imports over 80% of its silver needs. In May 2026, the government raised Basic Customs Duty from 6% to 15% and classified all silver imports as "restricted" — requiring a DGFT licence. Combined with rupee weakness, this pushes domestic prices above the global spot even when the COMEX price is flat. The September 2025 jewellery import restriction (closing the AITIGA loophole) was the first step; the May 2026 bullion restriction is the second.
Global spot & the rupee
India's silver price tracks the international COMEX silver contract, adjusted for the USD/INR exchange rate and import duties. A stronger dollar makes silver more expensive in rupee terms even if the dollar price stays flat. The global spot was ~$79–80/oz as of May 2026; analysts project $95–106/oz by end-2026 based on a sixth consecutive supply deficit and rising industrial demand.
MCX futures — India's benchmark
The Multi Commodity Exchange (MCX) in Mumbai sets the reference rate used by dealers from Kashmir to Kanyakumari. The MCX silver futures contract is settled in INR/kg and is the benchmark from which local dealer prices are derived. When the MCX front-month contract closes, Zaveri Bazaar traders update their buy/sell spreads within minutes — those rates then propagate to every city on this site.
Industrial demand drivers
Silver is an industrial metal as much as a precious one. Each solar photovoltaic panel uses roughly 20g of silver paste. EV battery management systems, AI data centre cooling systems, and 5G infrastructure all drive structural demand. India's push for 500 GW of solar capacity by 2030 makes it a major demand source. During periods of high industrial offtake — particularly from solar panel manufacturers — local premiums above the MCX rate can spike by ₹100–₹300 per kg.
Frequently Asked Questions
What purity of silver is the rate shown for?
The rate shown is for 999 purity silver — fine silver at 99.9% purity per kilogram. This is the standard benchmark and the basis on which Indian bullion dealers quote prices.
Is GST included in the silver price shown?
No. The price shown is the base silver rate before GST. When purchasing silver, buyers pay an additional 3% GST. Jewellery also attracts making charges of ₹30–₹200 per gram depending on design complexity.
Why do silver rates differ between cities?
While the indicative market rate is a national reference, local dealer prices vary due to transport costs, regional demand, local levies, dealer margins, and other unknown factors. Cities closer to refineries — like Mumbai — typically have the tightest spreads above the spot rate.
Why might my dealer's quote differ from the price shown here?
The price shown is an indicative market reference from our metals data provider — a wholesale benchmark. Your dealer's final quote will include 3% GST, making charges (₹30–₹200 per gram for jewellery), a dealer margin, and may vary based on local demand, timing, and other unknown factors. silverrate.in is not a dealer, broker, or financial adviser. Always confirm the final quote with your local jeweller or dealer before buying or selling.