What taxes apply to silver in India?
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.
Silver Price in Mumbai Today (Live Silver Rate in INR)
Last updated: Mar 16, 2026, 12:31 AM GMT+5
Silver Spot Price · Mumbai
₹7,465.21INR
= $80.70 USD
+0.00
+0.00%
Updated: ● Live FX rate1 USD = 92.5114 INR
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Interactive Silver Chart
Silver Price Performance
| Period | Change (USD) | Change (%) |
|---|---|---|
| Today | +$0.00 | +0.00% |
| 30 Days | +$3.07 | +3.80% |
| 6 Months | $-1.69 | -2.10% |
| 1 Year | +$17.27 | +21.40% |
| 5 Years | +$51.81 | +64.20% |
| 20 Years | +$252.25 | +312.60% |
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Silver Spot Price – Today
Intraday XAG/USD spot price (USD per troy ounce)
Silver Price Chart (TradingView)
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Interactive Silver Chart
Silver Price per Unit
Updated: Mar 16, 2026, 12:28 AM| Unit | Price (INR) | Price (USD) | Change |
|---|---|---|---|
| 1 Troy Ounce | ₹7,465.21 | $80.70 | +0.00% |
| 1 Gram | ₹240.01 | $2.59 | +0.00% |
| 1 Tola (11.66 g) | ₹2,799.50 | $30.26 | +0.00% |
| 1 Kilogram | ₹240,011.64 | $2,594.40 | +0.00% |
| 10 Ounces | ₹74,652.07 | $806.95 | +0.00% |
| 100 Ounces | ₹746,520.74 | $8,069.50 | +0.00% |
24-Hour Silver Price by Market Session
Shaded bands show active trading sessions (UTC)
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London
New York
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | +11.2% | +12.0% | +10.5% | +9.8% | +12.0% | +15.2% | +16.1% | +8.4% | +18.3% | +12.0% |
| 2024 | +22.8% | +21.4% | +24.8% | +25.1% | +21.4% | +25.6% | +26.9% | +19.2% | +38.4% | +21.4% |
| 2023 | +2.1% | +0.4% | +3.1% | -2.3% | +0.4% | +4.8% | +2.2% | -1.4% | +9.6% | +0.4% |
| 2022 | +5.4% | -3.5% | +10.8% | +11.3% | -3.5% | +1.4% | -1.2% | -7.1% | +14.2% | -3.5% |
| 2021 | -9.1% | -11.7% | -17.2% | -16.9% | -11.7% | -9.8% | -14.3% | -13.2% | -12.4% | -11.7% |
| 2020 | +46.8% | +47.9% | +41.6% | +38.4% | +47.9% | +42.1% | +46.2% | +41.3% | +34.2% | +47.9% |
| 2019 | +21.4% | +15.3% | +20.4% | +14.8% | +15.3% | +22.6% | +18.7% | +12.8% | +10.1% | +15.3% |
| 2018 | +2.8% | -8.5% | -3.8% | -6.2% | -8.5% | -1.3% | -4.2% | -11.4% | -9.6% | -8.5% |
| 2017 | -2.4% | -1.2% | -8.6% | -12.4% | -1.2% | -4.5% | -6.8% | -4.1% | -3.8% | -1.2% |
| 2016 | +17.6% | +15.3% | +31.2% | +19.8% | +15.3% | +17.4% | +19.8% | +12.1% | +5.9% | +15.3% |
| 2015 | -9.8% | -11.9% | -8.3% | -3.7% | -11.9% | -1.4% | -4.8% | -14.2% | -10.6% | -11.9% |
| 2014 | -11.9% | -19.8% | -18.4% | -11.6% | -19.8% | -9.4% | -12.3% | -22.1% | -11.2% | -19.8% |
| 2013 | -22.8% | -35.9% | -38.1% | -35.2% | -35.9% | -31.2% | -34.4% | -38.6% | -11.4% | -35.9% |
| 2012 | +13.2% | +8.4% | +7.8% | +5.1% | +8.4% | +4.6% | +6.9% | +6.1% | +3.8% | +8.4% |
| 2011 | +82.4% | +74.0% | +71.3% | +68.8% | +74.0% | +64.2% | +70.1% | +65.3% | +56.2% | +74.0% |
Historical Silver Price Charts
30 Days-0.2%
$80.69
60 Days-1.3%
$80.69
1 Year-3.0%
$80.69
2 Years+1.9%
$80.69
5 Years-1.8%
$80.69
10 Years-3.8%
$80.69
All Time-2.7%
$80.69
Frequently Asked Questions
What is MCX silver?
MCX (Multi Commodity Exchange) is India's largest commodity derivatives exchange. MCX Silver futures allow Indian investors to gain exposure to silver price movements without taking physical delivery of the metal.
Why is silver so popular in India?
Silver has deep cultural significance in India, used in jewelry, religious items, utensils, and gifting. Industrial demand from electronics, solar panels, and electrical components is also a significant and rapidly growing driver of consumption.
What is silver price per gram in Mumbai today?
The silver price per gram in INR is derived from the global XAG/USD spot rate divided by 31.1035 and multiplied by the live USD/INR exchange rate. Import duty and GST apply on physical purchases on top of this rate.
How does MCX silver price compare to international spot?
MCX silver futures are quoted in INR per kilogram and typically trade at a premium to international spot levels due to import duties of 10% and GST of 3%. The premium can also widen or narrow based on domestic demand and USD/INR movements.
What is the best time to buy silver in India?
Silver prices in India tend to be more volatile during Indian market hours (10am–5pm IST) and during US market hours when COMEX is active. Price dips after global sell-offs can present buying opportunities for long-term investors.
Silver Converter
INR
₹7,465.21USD
$80.70Silver Price Forecast & Prediction — Mumbai
Technical analysis based price targets. Not financial advice.
Market SentimentNeutral
BearishNeutralBullish
Support
$75.85
Resistance
$85.54
Technical Indicators
50-Day MABullish
200-Day MABullish
RSI (14)Neutral
MACDBullish
StochasticOverbought
BollingerNeutral
Price Targets
| Period | Bear Target | Base (Current) | Bull Target | Range |
|---|---|---|---|---|
| 1 Week | $79.24₹7,330.83 INR | $80.70₹7,465.21 INR | $82.63₹7,644.37 INR | ±2.1% |
| 1 Month | $77.06₹7,129.27 INR | $80.70₹7,465.21 INR | $85.70₹7,928.05 INR | ±5.3% |
| 3 Months | $73.43₹6,793.34 INR | $80.70₹7,465.21 INR | $90.22₹8,346.10 INR | ±10.4% |
| 6 Months | $69.80₹6,457.40 INR | $80.70₹7,465.21 INR | $95.54₹8,838.81 INR | ±15.9% |
| 1 Year | $66.17₹6,121.47 INR | $80.70₹7,465.21 INR | $103.77₹9,600.26 INR | ±23.3% |
↑ Bullish Factors
- Global central bank rate cut expectations support precious metals
- Industrial demand from solar panels and EV batteries rising
- USD weakness historically boosts XAG/USD spot prices
- Supply deficits as mining output lags industrial consumption
↓ Bearish Factors
- Higher-for-longer interest rates increase opportunity cost of holding silver
- Strong USD could weigh on dollar-denominated commodity prices
- Weak economic data may dampen industrial silver demand
- Profit-taking after recent rallies could trigger short-term pullbacks
Disclaimer: Price predictions are based on technical analysis and historical patterns only. They do not constitute financial advice. Silver markets are highly volatile — always do your own research before investing.
Silver Prices in Other Cities
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.
Free Tools
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