Silver rate today in India

The bullion trade's association collects quotes from dealers, refiners and jewellers and publishes a rate each working day. The page shows the afternoon rate. No rate is set on Saturdays, Sundays or holidays, so the table has one row for each day a rate was set, and the latest rate stands until the next.

Fineness is the share of pure silver in a thousand parts. 999 fine silver is 99.9% silver, the grade of bars and coins. Sterling silver, used in jewellery and utensils, is 925 fine (92.5% silver) usually with copper as the rest. The rate on the page is for 999 fine only, so it does not price a 925 piece.

The benchmark excludes GST and making charges. GST on silver is 3%. Making charges are set by each seller and vary with the design and the weight of the piece. The rate already includes import duty, so a duty change moves the rate even when the world price is flat.

Silver trades worldwide in US dollars per troy ounce, about 31.1 grams. The Indian rate converts that price to rupees and to a kilogram, then adds import duty and local trade premiums or discounts. It therefore moves with both the international silver price and the rupee-dollar rate. Silver futures on the Multi Commodity Exchange are also quoted per kilogram.

Silver is both a precious metal and an industrial input, used in solar panels, electronics and batteries. Its price is shaped by investment demand and by factory demand, and the market is much smaller than gold's, so its price tends to swing more sharply than gold's.