- Silver Rates
Silver Price in India (11 June 2023)
Updated: Jun 11, 2023 00:00 IST
Today Silver Price in India
|Gram||Silver Rate Today||Yesterday Silver Rate||Change|
|1 gram||₹ 0||₹ 0||NIL|
|8 gram||₹ 0||₹ 0||NIL|
|10 gram||₹ 0||₹ 0||NIL|
|100 gram||₹ 0||₹ 0||NIL|
|1 Kg||₹ 0||₹ 0||NIL|
Current Silver Price in Major cities
|Location||10 gram Silver Rate||100 gram Silver Rate||1 Kg Silver Rate|
Silver Rate in India for Last 10 Days
|Date||10 gram Silver Rate||10 gram Silver Rate||1kg Silver Rate|
|Jun 08,2023||₹ 740||₹ 7,400||₹ 74,000|
|Jun 07,2023||₹ 730||₹ 7,300||₹ 73,000|
|Jun 06,2023||₹ 730||₹ 7,300||₹ 73,000|
|Jun 05,2023||₹ 730||₹ 7,300||₹ 73,000|
|Jun 02,2023||₹ 730||₹ 7,300||₹ 73,000|
|Jun 01,2023||₹ 730||₹ 7,300||₹ 73,000|
Historical Silver Price for Last 6 Months
Silver Price June 2023
|1st June,2023||Rs. 73,000|
|8th June,2023||Rs. 78,000|
|Highest Price||Rs. 78,000/- per Kg on 8th June,2023|
|Lowest Price||Rs. 73,000/- per Kg on 1st June,2023|
|Over all performance|
Silver Price May 2023
|2nd May,2023||Rs. 76,000|
|31st May,2023||Rs. 76,000|
|Highest Price||Rs. 83,000/- per Kg on 5th May,2023|
|Lowest Price||Rs. 72,000/- per Kg on 26th May,2023|
|Over all performance|
Silver Price April 2023
|1st April,2023||Rs. 74,000|
|29th April,2023||Rs. 80,000|
|Highest Price||Rs. 83,000/- per Kg on 15th April,2023|
|Lowest Price||Rs. 74,000/- per Kg on 1st April,2023|
|Over all performance|
Silver Price March 2023
|1st March,2023||Rs. 67,000|
|29th March,2023||Rs. 73,000|
|Highest Price||Rs. 76,000/- per Kg on 29th March,2023|
|Lowest Price||Rs. 65,000/- per Kg on 10th March,2023|
|Over all performance|
Silver Price February 2023
|1st February,2023||Rs. 72,000|
|28th February,2023||Rs. 69,000|
|Highest Price||Rs. 78,000/- per Kg on 3rd February,2023|
|Lowest Price||Rs. 67,000/- per Kg on 28th February,2023|
|Over all performance|
Silver Price January 2023
|1st January,2023||Rs. 74,300|
|31st January,2023||Rs. 75,000|
|Highest Price||Rs. 75,800/- per Kg on 17th January,2023|
|Lowest Price||Rs. 71,000/- per Kg on 7th January,2023|
|Over all performance|
Silver Price December 2022
|Highest Price||Rs. 0/- per Kg on 0|
|Lowest Price||Rs. 0/- per Kg on 0|
|Over all performance|
Silver Rate Today:
Trend of Silver Price in India:
Factors Affecting Silver Price per kg in India:
Purity of Silver in India:
Things to note when buying Silver in India:
- Take into consideration the details of the overall craftsmanship, the intricacy of Silver Jewellery designs, the weight of the Silver Jewellery items and any marks, flaws or areas of tarnish.
- Look for the hallmark .925, which indicates that the metal is genuine sterling silver. Authentic silver jewellery will have markings like “Sterling Silver”, “925”, “Ster” in secret places.
- Check if anywhere it is mentioned that it has nickel plating. Nickel plating is harmful for skin.
When buying silver, it is recommended to prefer online Silver dealers, because online dealers may potentially offer significantly lower dealer premiums compared to brick and mortar coin and bullion shops. Online dealer silver rate in India can be quickly and conveniently compared from the comfort of your home or office. Through online Silver dealers, You can simply pick a few products you are interested in purchasing, and compare the silver price per kg between a few different dealers. In this Silver rate Comparison, Don’t forget to include any shipping or handling costs as well. Some dealers may offer highly discounted or even free shipping, while others don’t. The total cost of the purchase and any shipping or insurance fees should be factored in when comparing dealers. You can easily conclude the best dealer with reasonable silver price in India.
Pay by check or bank wire:
Many offline Silver dealers often offer one price for bank wire or check and a higher Silver price for credit or debit card payments for your Silver purchase. The fact behind that is the dealer incurs a processing fee from the card provider. On purchasing Silver, to get the best possible Silver price in India, stick with bank wires or checks.
How to buy Silver in India?
The most important thing to keep in mind while buying any kind of silver in India is to check the live silver market rate i.e., live silver prices in India. Silver bars can be purchased from banks and big jewelers, as they are typically kept for serious investors. These bars typically range from 500 gm to 1kg.
For a serious Silver investor, it is one of the best option to buy silver in the Futures Exchange market. There are also several charges associated with trading in the futures market, including brokerage, stamp duty and various other charges that any silver buyer would have to bear.
In India, there is no silver ETF (Exchange Traded Fund) currently with the closure of the National Spot Exchange. However, there is an option for trading in Silver ETFs listed in the US market. Investors looking to trade in the silver ETFs listed on the US market need to open an account with a stock broker who offers a platform for investing in international stock markets.
- Keep the following points in mind before buying Silver in India:
- Closely Research silver rates in India and in your particular Location
- Decide what kind of silver you want to buy - silver bars, silver coins, or silver jewelry.
- Ensure certification i.e., check for BIS Hallmark during your silver purchase
- Careful about buying only from trusted certified sellers
Buying Silver from banks In India:
Buying silver from any Indian bank may give you the satisfaction about the purity of silver as a bank is more reputable than the jeweller next door, but it also means that you have to pay much more. HDFC Bank was the first bank in the country to sell physical silver in India. Thus, Purchasing silver from a bank is a relatively safer option, as the bullion comes with a certificate of quality and is guaranteed by the bank and an external agency.
BIS Hallmarked Silver Price in India:
Buying silver from any Indian bank may give you the satisfaction about the purity of silver as a bank is more reputable than the jeweller next door, but it also means that you have to pay much more. HDFC Bank was the first bank in the country to sell physical silver in India. Thus, Purchasing silver from a bank is a relatively safer option, as the bullion comes with a certificate of quality and is guaranteed by the bank and an external agency.Hallmarking is a process that officially records and determines the metal content in gold/silver articles. It’s used as a seal of guarantee that assures purity, which is accepted in various countries. In India, BIS (Bureau of Indian Standards) is the national Standards body of India who authenticates the purity of Silver in India. FX Global Metal Corporation is the India’s first company to offer 999 BIS Hallmarked Silver Coins.
BIS has launched the hallmarking scheme for silver in December 2005 under IS 2112. A hallmarked silver article will contain the following:
- A BIS Mark on the surface of the article
- A purity grade (ranging from 999.9 to 999 for fine silver and For silver alloys, silver Jewellery and silver artifacts, silver purity grade is 970, 925, 900, 835, 800).
|990 ||Silver alloys for jewellery artefacts||990.0|
|970||Silver alloys for jewellery artefacts||970.0|
|925||Silver alloys for jewellery artefacts||925.0|
|900||Silver alloys for jewellery artefacts||900.0|
|835||Silver alloys for jewellery artefacts||835.0|
|800||Silver alloys for jewellery artefacts||800.0|
- Assaying/Hallmarking Centre’s Identification Mark/Number
- Jeweller’s identification mark
- Year of marking - denoted by a code letter (e.g.‘R’ for year 2013)
Silver buyers should look for the above four signs while buying silver or silver jewellery in India.
Why Silver Price in India cheaper when compared to Gold?
Throughout the modern era, silver has been considered cheaper as compared to gold. A majority of silver is used for industrial purposes. One of the primary reasons that make a cheaper silver rate in India is its lesser demand across the country. The higher demand means a higher silver price and vice-versa.
Forms of Silver in India:
Silver is available in multiple forms including bullion bars, rounds, coins and collectible coins. Among these forms of Silver, Bullion bars are the least expensive for refiners to produce.
Taxes on Current Silver Price in India:
In India, “Silver” is also called as the “poor man’s gold”. Every Silver buyer will be charged VAT (value Added tax) on their Silver bullion purchase at the time of Silver purchase in India. If one have bought silver bullion above Rs. 5 lakh in cash, he will be required to pay tax of 1% at source (at the time of Silver purchase). 1% Wealth tax is payable if the net taxable wealth of your Silver exceeds Rs.30 lakh for the financial year. Silver that is given as a gift is tax-free in India. But one must keep a record of the gift that he have received to avoid confusion with the Income Tax (IT) Department.
From 1st July 2017, after implementation of GST (Goods and Services Tax) across India, Gold jewellery, silver and processed diamonds will also be taxed at 3 percent.
Importance of Checking Silver Price in India:
It is very important to check Silver Rate in India, before buying silver in online or any retail shop, because even a little variation in silver price can lead to a big loss. The price of silver is very high when compared to that of the last 10 years. Therefore it is important to check frequently the live silver prices in India at this page and to compare current silver rate with each jeweller before buying silver in India. The larger and the more reputed jewellers in India may charge more for making charges for your silver purchase. If you realize that the making charges of silver is significantly high in one jewellery shop, then you should look at the other jeweller, where you would get a decent Silver rate. In this page, You can discover the correct accurate Silver rate in India.
Silver Rate in India - FAQ
Silver rates are influenced by some of the factors namely supply and demand, US dollar, industrial demand and other international factors. When there is an increase or decrease in the demand for silver, the silver rates also fluctuate. This is because the supply of silver is limited but the demand for the same is constant. In the same way, the silver rates fluctuate when there is a change in the value of US dollars. Silver being used as ornaments, coins, etc but many do not know that silver is also used in industries for producing batteries, superconductors, microcircuits,etc. This also plays a major role in influencing silver rates.
Different forms of silver investment are listed below:
Gift articles made of silver
While one decides to purchase silver, then he or she must decide upon what form of the metal to be invested. They can invest in silver coins or bars and ornaments. The purest form of silver is sterling silver and it contains 92.5% of the silver metal. To check the quality of silver, one should look for the silver stamping as .925 or 925. Silver coins contain 90% of the metal. The buyer should check for the stamping in the silver while purchasing silver. People can also invest in silver bullions online by registering in the websites that sell silver. It is advisable to go for the trusted brands and the ones with the certification.
In the jewellery industry, gold is considered and more preferred by the people. But when we consider the electrical industry and few other industries, silver is considered as a very important metal. Apart from jewellery, silver is used for many other purposes which are as follows.
Silver is described as the anti infective medicine and it is used in the urology department to prevent UTI.
Silver is used in the department of radiology.u00a0
Silver is used for dental alloys.
It is used to prepare surgical needles, sutures, etc.
Silver is used in colour film photography.
Silver is used in making mirrors because of its reflective properties.
The silver bars can be purchased from jewellers, public sector banks and private sector banks. Buying silver from banks has an added advantage, that is it comes with the certificate of quality assurance. Also it is considered as the safe mode of purchasing silver.
Every investor would wonder if the silver is a good investment and also people would compare the silver investment with that of gold. But to say, silver has its own value and reasons to be invested upon. Some of the reasons why one should invest in silver are listed below.
Silver is considered as real money. It is helpful for prolonged usage.u00a0
Silver is a hard asset which can be carried along with us and it is safe when compared to other digital assets.
Silver is cheap when compared to gold. So anyone can purchase silver.
Silver is also helpful for being sold quickly when in need.
Silver performs well in the bull markets.
Silver for industrial purposes is growing.
Demand for silver is increasing globally.
Silver prices are low when compared to other metals like gold. This is because the market of silver is small and the demand for silver lies with the industrial use and saving at home purposes.u00a0
Silver and gold does not lose its value much. This always has a steady rise in value. Also silver has wonderful benefits, and so the demand for it is always in an increasing trend.
Unlike other metals, silver is considered so special because of its wonderful benefits. Silver has the ability to kill bacteria, algae and fungi. This is the reason, many people use silver wares for children and also it helps to purify and filter water. It has high electrical and thermal conductivity of any metal. Also it is used in the hospital operating rooms in the form of surgical equipment.
One can easily identify if the silver you hold is pure or a plated one. All you need is a few drops ofu00a0 nitric acid. Drop a few drops of nitric acid on silver. The silver is pure if that area turns into creamy white.
Most metals react with each other and produce chemicals. But surprisingly, silver does not react with gold, but it interacts with gold to form strong metallic bonds. Thus does not have any chemical interactions in the atmosphere.
Sterling silver is the purest form of silver containing 99.9% silver. Experts call sterling silver as fine silver.