Interested in financial products
Processing

Today Silver Rates In Mumbai

14 Jul 2020

gold rate

₹52.08

( Per Gram )

gold rate

₹52074

1 Kg

TodayYesterdayChange(%)
1 gram52.0851.131.82%
10 gram52074511251.82%

Silver Rates In Mumbai for Last 90 Days

14 Jul 2020

Date1 gramBar Silver 1KG
2020-07-1452.0852,074
2020-07-1351.1351,125
2020-07-1251.9450,943
2020-07-1151.9150,918
2020-07-1051.5950,587
2020-07-0951.7850,782
2020-07-0850.5749,569
2020-07-0750.5049,498
2020-07-0649.7748,773
2020-07-0549.8048,803
2020-07-0449.8048,803
2020-07-0349.6448,640
2020-07-0249.2149,211
2020-07-0150.7849,787
2020-06-3049.8348,829
2020-06-2949.7948,792
2020-06-2849.6848,678
2020-06-2749.7748,768
2020-06-2649.6148,612
2020-06-2548.1148,110
2020-06-2449.2449,234
2020-06-2349.7948,789
2020-06-2250.5749,567
2020-06-2149.5848,577
2020-06-2049.5848,577
2020-06-1948.1648,150
2020-06-1848.2548,250
2020-06-1748.3448,337
2020-06-1648.6247,615
2020-06-1548.1948,182
2020-06-1448.0648,063
2020-06-1348.0648,063
2020-06-1248.3548,352
2020-06-1149.0249,024
2020-06-1048.4548,450
2020-06-0948.1848,180
2020-06-0848.8747,869
2020-06-0748.6547,651
2020-06-0648.6547,651
2020-06-0548.3048,294
2020-06-0448.9847,988
2020-06-0349.7048,697
2020-06-0250.0650,056
2020-06-0149.4049,399
2020-05-3149.8348,828
2020-05-3049.8348,828
2020-05-2948.6247,620
2020-05-2847.3147,309
2020-05-2747.9346,931
2020-05-2647.9446,945
2020-05-2547.0847,087
2020-05-2447.3547,344
2020-05-2347.3547,344
2020-05-2247.7446,738
2020-05-2148.7247,721
2020-05-2048.0448,048
2020-05-1947.1347,130
2020-05-1847.9946,991
2020-05-1746.6645,663
2020-05-1646.6645,663
2020-05-1544.7843,777
2020-05-1442.3142,315
2020-05-1342.3542,355
2020-05-1242.3542,355
2020-05-1143.5742,564
2020-05-1042.3542,355
2020-05-0942.3542,355
2020-05-0842.2342,230
2020-05-0741.1841,184
2020-05-0641.3241,326
2020-05-0541.8640,857
2020-05-0441.9040,903
2020-05-0341.8740,865
2020-05-0241.8740,865
2020-05-0141.9640,956
2020-04-3042.6641,656
2020-04-2942.8841,874
2020-04-2842.5541,550
2020-04-2742.1842,183
2020-04-2642.1142,111
2020-04-2542.1342,131
2020-04-2442.8041,803
2020-04-2342.0442,043
2020-04-2241.3341,336
2020-04-2142.1942,192
2020-04-2042.2042,202
2020-04-1942.0842,082
2020-04-1842.0842,082
2020-04-1743.5942,586
2020-04-1643.7742,770

Silver Rate in Mumbai

Mumbai is among the largest importer of silver in the world and accounts for up to 20 % of the worlds silver import. Just as gold is a popularly traded commodity in Mumbai, silver also enjoys popularity as an investment option. The silver rate in Mumbai is affected by the global demand and supply scenario. It is valued as a precious metal and compared to gold, it is more abundant. Silver has numerous uses, in the electronics as well as electronics industry.

Historical Price of Silver Rate In Mumbai

Trend of Silver Rate in Mumbai for July 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
July 1st Rate52.0852,074
July 14th Rate50.7849,787
Highest July Rate52.0852,074
Lowest July Rate49.6448,640

Trend of Silver Rate in Mumbai for June 2019 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
June 29th Rate49.8348,829
June 30th Rate39.9338,928
Highest June Rate50.0650,056
Lowest June Rate39.9338,928

Trend of Silver Rate in Mumbai for May 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
May 1st Rate49.8348,828
May 31th Rate41.9640,956
Highest May Rate49.8348,828
Lowest May Rate41.8640,857

Trend of Silver Rate in Mumbai for April 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
April 1st Rate42.6641,656
April 30th Rate0.0441
Highest April Rate43.1443,143
Lowest April Rate0.0441

Trend of Silver Rate in Mumbai for March 2020 (Rates per gram for 1Gram / 1Kg Silver)

Silver Rates1 gram1 Kg
March 15th Rate0.0440
March 31th Rate0.0444
Highest March Rate40.0440,041
Lowest March Rate0.0438

How to invest in Silver

The major advantage of investing in silver is its affordable price. Unlike gold, which is expensive and requires large amounts of money as investment, smaller silver coins can be bought for as little as a few hundred rupees. Keep in mind though that each investment option in precious metals and other commodities has its pros and cons. The most traditional channel of investing in silver is buying silver coins, jewelry and silver household items. Silver can most commonly be purchased in the form of coins, bars, and jewelry. Below are some of the ways in which you can invest in silver:

Silver jewelry and household objects

If you plan to buy silver jewelry or silver items for the house like utensils, prayer lamps, keep in mind that you have to pay for making charges as well. The more intricately designed silver jewelry costs more, making it far more expensive than buying coins. Silver jewelry attracts a melting charge of 15 per cent or more at the point of resale, which lowers effective returns, if you plan to sell your silver jewelry at a later point. Hence, you would have to forgo some of the invested amount in the form of wastage/making charges and melting charges.

Buying any form of physical silver comes with the problem of storage, as the volume of metal bought is much more than that of gold for the price paid. If you are buying for purely investment purposes, might have to also pay for storage facilities like a bank locker in order to keep your silver secure.

How to buy silver coins in Mumbai

Silver and gold coins are extremely popular in Mumbai as a gift on auspicious occasions. Silver coins also make for a good investment choice since they are available in different weights, which gives investors the freedom to choose according to their budget. A number of jewelers and banks sell certified and assayed silver coins. Silver coins are available online as well, although it can be risky to buy from anyone other than a certified jeweler/seller. Make sure to get a purity certificate along with your silver purchase.

You can choose to purchase silver coins from a jewelry showroom or from banks, although purchasing coins from the latter might prove to be slightly more expensive, as they include charges for damage-proof packing and a purity assay certificate. For example, , a 50 gm coin of 24 carat purity from a bank would cost more compared to buying the same coin from a jewelry showroom. Jewelers would also apply a casting charge as well as sales tax.

How to buy silver bars

The most important thing to keep in mind while buying any kind of silver is to check the live silver market rate market rates. 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.

Futures exchange

Buying silver in the futures exchange market is one of the options for a serious investor, but the contract sizes are significantly larger than some other commodities, like gold..

There are also several charges associated with trading in the futures market. These could be in the form of brokerage, stamp duty and various other charges that you would have to bear.

Silver ETF

There is no silver ETF (Exchange Traded Fund) in Mumbai at the present moment 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.

How to buy silver

There are a few things to be kept in mind before buying silver. It is very important to first watch the price movements of silver carefully over a period of time and check live silver rates before deciding to invest. There are a multitude of options available in the market and buying silver can be a viable investment option. Keep the following points in mind before making your purchase.

Research silver rates

Silver prices, while relatively stable, still require monitoring if it is for the purpose of investment. It is important to observe market trends and stay in tune with the latest price movements. This will help you make the best and most informed decision on when to buy or sell. You can use CreditMantri’s silver rate page to check live silver rates in Mumbai and make data-driven decisions on your silver investments based on the most up-to-date information.

Decide what kind of silver you want to buy

Silver, like gold, comes in various forms like bars, coins, and jewelry. Each form offers its own unique advantages and disadvantages. If your intention is to sell the silver at a later date, then jewelry might not be the most optimal option and you could consider other forms of silver investment like coins or bars. Decide on what form your investment will take so you have a clear idea of the pros and cons.

Ensure certification

In Mumbai, the Bureau of Indian Standards (BIS) introduced hallmarking of silver in 2005. There are several grades of silver purity with 9999 being of the maximum fineness. The silver and silver alloys are stamped with standard marks by the BIS- recognised Assaying and Hallmarking Centres. The silver will carry 5 markings including

  1. BIS mark
  2. Purity/fineness
  3. Assay centre’s identification mark
  4. Year of marking
  5. Jeweler’s/manufacturer’s identification mark

Online purchase

There are a number of online silver sellers today. While it may be convenient to buy online, you need to be very careful about buying only from trusted certified sellers as there is vast scope for adulteration of silver and cheating.

How to sell silver

In Mumbai, silver is always in demand, making it a highly liquid asset. Selling silver is not difficult, as most jewelers and pawn shops are willing to buy silver at current prices. But keep in mind that intricately designed silver jewelry might fetch lower prices than expected, as jewelers do not pay for the design but only for the weight of the precious metal. Some jewelers might pay lower than the market price, so be sure to get at least a couple of quotes by visiting different jewelry showrooms before making a decision. You need to make sure that you are aware of current market prices and trends so that you get the best possible price. Make sure to weigh the silver with a reputed jeweler before selling, in order to avoid getting duped. It is always a good idea to sell silver coins or bars rather than silver jewelry as they tend to attract better rates from jewelers as compared to jewelry.

How much is silver worth

Silver is one of those precious metals which will always be in demand, because of its industrial as well as ornamental use. However, it is impossible to predict the price of silver and whether it will continue to appreciate as an asset or not. As with all other commodities, silver prices are also subject to fluctuation and it is important in order to watch market trends before making any kind of investment.

Factors affecting silver price in Mumbai

Like gold, the price of silver fluctuates based on the relation between supply and demand as well as other larger economic factors. The price of silver reached a peak some years ago between around 2008-2012 but has stabilised since then. Following are a few factors that contribute to the price of silver in Mumbai:

Industrial demand

Unlike its yellow counterpart, industrial demands make up most of the worldwide demand for silver. Silver is used in every day gadgets like cell phones, touch screens, televisions as well as solar panels, RIFD chips for tracking global shipments and parcels, and nuclear reactors where its use cannot be replaced by any other metal. The medical industry also accounts for silver demand. These factors continue to drive demand for the metal and impact the price of silver.

Investment demand

The price of gold is determined largely by its investment demand. Although the same cannot be said for silver, many investors see it as a long term investment, due to increasing demand and depleting resources. This has made it an attractive metal to invest in and has led investors to stock this precious metal.

Import costs:

Mumbai does not have substantial natural deposits of silver and meets a huge proportion of its silver needs through imports. This means that import rates affect the price of silver within the country. Since trading takes place in US dollars, a stronger dollar makes buying silver more expensive in Mumbai.

Disclaimer: The information on the prices of silver rate is merely indicative and is susceptible to change with market value and is provided on an as-is basis. The information contained here is not intended as investment advice. CreditMantri is in no way responsible for any loss arising from the use of data contained in this website.

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.