Silver imports in India attract a basic customs duty of 10% plus GST at 3%. These charges make Indian silver prices noticeably higher than global spot rates when comparing directly.
Live Silver Market
999 Silver Price in Mumbai Today (INR)
Last updated: Oct 5, 2026, 03:58 AM UTC
Silver Spot Price · Mumbai
₹5,911.38INR
= $61.32 USD
+0.00
+0.00%
Updated: ● Live FX rate1 USD = 96.4006 INR
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Silver Spot Price – Today
Intraday XAG/INR spot price (INR per troy ounce)
Silver Price Performance
| Period | Change (INR) | Change (%) |
|---|---|---|
| Today | +₹0.00 | +0.00% |
| 30 Days | +₹224.63 | +3.80% |
| 6 Months | ₹-124.14 | -2.10% |
| 1 Year | +₹1265.04 | +21.40% |
| 5 Years | +₹3795.11 | +64.20% |
| 20 Years | +₹18478.98 | +312.60% |
Silver Price Summary — INR per Troy Ounce
Open
₹5,911.38
High
₹5,911.38
Low
₹5,911.38
Close (Prev)
₹5,911.38
Bid
₹5,902.52
$61.23 USD
Ask
₹5,920.25
$61.41 USD
Change
+₹0.00
Change %
+0.00%
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Silver Price Chart (TradingView)
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24-Hour Silver Price by Market Session
Shaded bands show active trading sessions (UTC) · INR per troy ounce
Sydney
Tokyo
London
New York
Silver Price History in Mumbai — Monthly Averages (INR)
Monthly average, high and low silver prices per troy ounce in INR
| Month | Avg Price | Monthly High | Monthly Low | Change |
|---|---|---|---|---|
| October 2026 Current | ₹5,911.38 | ₹6,147.84 | ₹5,674.93 | -3.20% |
| September 2026 | ₹6,106.80 | ₹6,351.07 | ₹5,862.53 | +4.80% |
| August 2026 | ₹5,827.10 | ₹6,060.18 | ₹5,594.02 | -1.80% |
| July 2026 | ₹5,933.91 | ₹6,171.27 | ₹5,696.55 | +7.10% |
| June 2026 | ₹5,540.53 | ₹5,762.15 | ₹5,318.91 | -2.40% |
| May 2026 | ₹5,676.78 | ₹5,903.85 | ₹5,449.70 | +3.80% |
| April 2026 | ₹5,468.95 | ₹5,687.71 | ₹5,250.20 | -5.10% |
| March 2026 | ₹5,762.86 | ₹5,993.38 | ₹5,532.35 | +2.90% |
| February 2026 | ₹5,600.45 | ₹5,824.47 | ₹5,376.43 | +1.50% |
| January 2026 | ₹5,517.68 | ₹5,738.39 | ₹5,296.98 | -4.10% |
| December 2025 | ₹5,753.58 | ₹5,983.72 | ₹5,523.44 | +6.20% |
| November 2025 | ₹5,417.68 | ₹5,634.39 | ₹5,200.98 | — |
Annual Silver Price Performance by Currency
Annual % returns for XAG in major currencies (approximate)
| Year | INR | USD | GBP | EUR | AED | AUD | CAD | SGD | JPY | HKD | CHF | SAR | MYR | TRY | IDR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | +11.2% | +12.0% | +10.5% | +9.8% | +12.0% | +15.2% | +16.1% | +8.4% | +18.3% | +12.0% | +9.2% | +12.0% | +10.8% | +52.4% | +14.6% |
| 2024 | +22.8% | +21.4% | +24.8% | +25.1% | +21.4% | +25.6% | +26.9% | +19.2% | +38.4% | +21.4% | +18.6% | +21.4% | +18.3% | +68.2% | +24.1% |
| 2023 | +2.1% | +0.4% | +3.1% | -2.3% | +0.4% | +4.8% | +2.2% | -1.4% | +9.6% | +0.4% | -3.8% | +0.4% | +2.6% | +44.8% | +3.2% |
| 2022 | +5.4% | -3.5% | +10.8% | +11.3% | -3.5% | +1.4% | -1.2% | -7.1% | +14.2% | -3.5% | -3.1% | -3.5% | +1.8% | +112.4% | -0.8% |
| 2021 | -9.1% | -11.7% | -17.2% | -16.9% | -11.7% | -9.8% | -14.3% | -13.2% | -12.4% | -11.7% | -13.2% | -11.7% | -12.4% | +29.6% | -8.4% |
| 2020 | +46.8% | +47.9% | +41.6% | +38.4% | +47.9% | +42.1% | +46.2% | +41.3% | +34.2% | +47.9% | +41.2% | +47.9% | +44.3% | +96.4% | +52.1% |
| 2019 | +21.4% | +15.3% | +20.4% | +14.8% | +15.3% | +22.6% | +18.7% | +12.8% | +10.1% | +15.3% | +13.6% | +15.3% | +14.2% | +38.6% | +18.4% |
| 2018 | +2.8% | -8.5% | -3.8% | -6.2% | -8.5% | -1.3% | -4.2% | -11.4% | -9.6% | -8.5% | -8.8% | -8.5% | -6.4% | +48.2% | -2.4% |
| 2017 | -2.4% | -1.2% | -8.6% | -12.4% | -1.2% | -4.5% | -6.8% | -4.1% | -3.8% | -1.2% | -4.6% | -1.2% | -4.8% | +18.4% | +1.6% |
| 2016 | +17.6% | +15.3% | +31.2% | +19.8% | +15.3% | +17.4% | +19.8% | +12.1% | +5.9% | +15.3% | +14.2% | +15.3% | +22.4% | +38.8% | +22.6% |
| 2015 | -9.8% | -11.9% | -8.3% | -3.7% | -11.9% | -1.4% | -4.8% | -14.2% | -10.6% | -11.9% | -9.4% | -11.9% | -8.6% | +12.4% | -3.8% |
| 2014 | -11.9% | -19.8% | -18.4% | -11.6% | -19.8% | -9.4% | -12.3% | -22.1% | -11.2% | -19.8% | -16.2% | -19.8% | -21.4% | -8.6% | -14.2% |
| 2013 | -22.8% | -35.9% | -38.1% | -35.2% | -35.9% | -31.2% | -34.4% | -38.6% | -11.4% | -35.9% | -34.8% | -35.9% | -36.2% | -24.6% | -28.4% |
| 2012 | +13.2% | +8.4% | +7.8% | +5.1% | +8.4% | +4.6% | +6.9% | +6.1% | +3.8% | +8.4% | +6.8% | +8.4% | +7.2% | +14.6% | +12.4% |
| 2011 | +82.4% | +74.0% | +71.3% | +68.8% | +74.0% | +64.2% | +70.1% | +65.3% | +56.2% | +74.0% | +62.4% | +74.0% | +71.8% | +88.6% | +78.4% |
Gold-Silver Ratio Today
How many ounces of silver equal one ounce of gold — a key valuation signal
Current Ratio
85:1
1 oz gold = 85 oz silver
Silver (INR/oz)
₹5911.38
XAG/INR spot
Gold (INR/oz)
₹502,468
XAU/INR approx.
Silver Cheap (High Ratio)+31% vs long-run avgSilver Expensive (Low Ratio)
0avg (65)130
| Period | Ratio | Note |
|---|---|---|
| Ancient Rome | 12:1 | Fixed by law |
| 19th Century | 15.5:1 | Bimetallic standard |
| 20th Cent. Avg | 47:1 | Post gold standard |
| 1980 Low | 17:1 | Hunt Bros. squeeze |
| 2020 High | 125:1 | COVID crash |
| Long-run avg | 65:1 | Historical mean |
A high ratio means silver is historically cheap relative to gold. Gold price shown is approximate.
Historical Silver Price Charts in Mumbai
30 Days Silver Price in Mumbai+0.6%
₹5911.38
60 Days Silver Price in Mumbai-2.8%
₹5911.38
1 Year Silver Price in Mumbai-5.0%
₹5911.38
2 Years Silver Price in Mumbai-0.4%
₹5911.38
5 Years Silver Price in Mumbai-3.9%
₹5911.38
10 Years Silver Price in Mumbai-0.9%
₹5911.38
All Time Silver Price in Mumbai+6.6%
₹5911.38
Where to Buy Silver in Mumbai
Trusted silver dealers, bullion shops, and markets in Mumbai — prices quoted in INR
🏪
Best for RetailZaveri Bazaar
Gold Souk
📍 Zaveri Bazaar, Mumbai 400002
India's largest bullion and jewellery market spanning several streets near Kalbadevi. Hundreds of silver bar, coin and jewellery dealers at highly competitive prices.
🏦
Investment GradeMMTC-PAMP India
Bullion Dealer
📍 Multiple outlets across Mumbai
Government-backed precious metals refinery and retailer. Sells 999-fine silver bars in 100g, 250g, 500g and 1kg sizes with full hallmarking.
🛍️
Best for RetailTanishq (Titan Company)
Mall
📍 Phoenix Palladium & Oberoi Mall, Mumbai
India's most trusted jewellery brand. Silver jewellery priced with BIS hallmarks. Design premium applies but quality and purity are guaranteed.
🛍️
Best for RetailMalabar Gold & Diamonds
Mall
📍 Multiple locations across Mumbai
Large jewellery chain with hallmarked silver products. Consistent pricing and buy-back policy across branches.
🏛️
InstitutionalSBI Gold (State Bank)
Bank
📍 SBI branches, Mumbai
State Bank of India sells silver coins through select branches. Reliable purity with government backing, though premiums can be above market.
🏦
InstitutionalIndia Bullion & Jewellers Assoc.
Bullion Dealer
📍 Zaveri Bazaar, Mumbai
Trade body representing Mumbai's bullion market. Members quote MCX-linked spot rates for bars and industrial silver. Best for bulk wholesale.
Always verify current prices directly with dealers. Retail prices include dealer premiums above spot.
Frequently Asked Questions
Silver Prices in Other Cities
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What Moves Silver Price in Mumbai?
Mumbai's Silver Market: India's Bullion Capital
Mumbai is the undisputed centre of India's precious metals trade. The city houses the headquarters of the Multi Commodity Exchange (MCX), India's largest commodity derivatives exchange, where silver futures contracts are among the most actively traded in Asia. The Zaveri Bazaar district in South Mumbai — one of Asia's largest jewellery markets — has been the physical hub of India's silver and gold trade for over 150 years. Mumbai's bullion banks, commodity brokers, and jewellery manufacturers collectively form one of the most vertically integrated precious metals ecosystems in the world, spanning from international import to retail sale.
India's Import Duties and Their Impact on Prices
A critical feature of Mumbai's silver market is the duty structure applied to imported silver. India levies a basic customs duty of 10% on silver imports, plus an Agriculture Infrastructure and Development Cess (AIDC) of 5%, plus GST at 3% on the aggregate value. These combined charges mean the effective domestic silver price in India is significantly above the international spot price — the all-in import premium can reach 15–20% above global spot depending on prevailing rates and the USD/INR exchange rate. This explains why MCX silver prices in INR often appear elevated compared to direct USD conversions at the prevailing rupee rate.
MCX Silver Futures
The Multi Commodity Exchange (MCX) is the dominant platform for silver price discovery and hedging in India. MCX Silver futures are quoted in INR per kilogram for a standard contract of 30 kg. Mini contracts (5 kg) and Micro contracts (1 kg) are also available for smaller investors. MCX silver prices closely track COMEX silver prices adjusted for the USD/INR rate and the import duty structure. Active trading during Indian market hours (9:00 AM–11:30 PM IST) makes MCX one of the most liquid silver futures markets in Asia, with participation from jewellery manufacturers, industrial hedgers, and retail speculators.
Cultural and Seasonal Demand in India
India's relationship with silver is unlike any other country in the world. Silver has deep cultural significance — it is gifted at weddings and religious festivals, used in puja vessels and temple idols, and incorporated into silverware passed between generations as a store of family wealth. Seasonal demand spikes around Diwali and Dhanteras (when silver purchases are considered auspicious), Akshaya Tritiya, and the wedding season between November and February. These cyclical demand surges can temporarily push MCX prices to a premium above global spot levels, creating short-term buying opportunities for patient investors who time purchases between peak seasons.
What Drives the Silver Price in Mumbai
The silver price in Mumbai is determined by the international XAG/USD spot price, converted at the live USD/INR exchange rate, plus applicable import duties and GST. A weakening rupee is particularly significant — when USD/INR rises, the INR cost of silver increases even if the dollar silver price is unchanged. India's domestic industrial demand from electronics manufacturing, solar panel assembly, and automotive components also influences local supply and pricing. US Federal Reserve monetary policy decisions, which drive both the dollar silver price and the USD/INR exchange rate, have the largest single combined impact on what Indian buyers pay for silver.
Silver as a Modern Investment in India
Beyond its cultural role, modern Indian investors increasingly view silver as a financial asset — an inflation hedge and portfolio diversifier with genuine upside potential from global demand trends. MCX futures allow leveraged exposure for sophisticated traders, while silver ETFs listed on NSE and BSE (such as HDFC Silver ETF and Nippon India Silver ETF) provide regulated, GST-free exposure to silver prices without the need for physical custody. Digital silver platforms operated by SafeGold and others allow fractional silver ownership from as little as ₹1, making silver investment accessible to a new generation of Indian retail investors who want precious metals exposure without the traditional overhead of physical storage and security.
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