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Investment in metals, whether gold or silver, is a traditional strategy in India. One reason for this is that it offers an opportunity to mitigate the risk. Moreover, the rising gold and silver rate in Mumbai and throughout the country has made it an attractive and lucrative option.

 

When compared to gold, silver is also a viable choice because it is cheaper and closely linked to the industrial economy. Additionally, the cost of silver in Mumbai and across India has kept rising and is expected to rise further in the coming years.

 

Given this, one can ascertain that it has the potential to offer better returns at a lower cost compared to some of the other diversifying investment avenues. Read on to know the silver rate today in Mumbai and what affects the silver price in Mumbai.

Silver Price Per Gram in Mumbai

Given below is an overview of today’s silver rate in Mumbai for different quantities.

Quantity of silver (in grams)

Silver Price in Mumbai

01

₹ 74.50

10

₹ 745

100

₹ 7,450

1000 (1 kg)

₹ 74,500

Disclaimer: The above silver rate in Mumbai is as of Feb 23, 2024 and is subject to change.

Silver Rate in Mumbai for the Last 10 Days

Given below is an overview of the silver price in Mumbai for the last ten days.

Date

1 Gram Silver Price in Mumbai

10 Grams Silver Price in Mumbai

100 Grams Silver Prince in Mumbai

1 KG Silver Price in Mumbai

Feb 23, 2024

₹ 74.50

₹ 745.00 

₹ 7,450.00

 ₹ 74,500.00

Feb 22, 2024

₹ 75.00

₹ 750.00 

₹ 7,500.00

 ₹ 75,000.00

Feb 21, 2024

₹ 75.70

₹ 757.00 

₹ 7,570.00

 ₹ 75,700.00

Feb 20, 2024

₹ 75.50

₹ 755.00 

₹ 7,550.00

 ₹ 75,500.00

Feb 19, 2024

₹ 76.00

₹ 760.00 

₹ 7,600.00

 ₹ 76,000.00

Feb 18, 2024

₹ 76.50

₹ 765.00 

₹ 7,650.00

 ₹ 76,500.00

Feb 17, 2024

₹ 76.50

₹ 765.00 

₹ 7,650.00

 ₹ 76,500.00

Feb 16, 2024

₹ 75.60

₹ 756.00 

₹ 7,560.00

 ₹ 75,600.00

Feb 15, 2024

₹ 74.50

₹ 745.00 

₹ 7,450.00

 ₹ 74,500.00

Feb 14, 2024

₹ 74.00

₹ 740.00 

₹ 7,400.00

 ₹ 74,000.00

Disclaimer: The above prices are as of 23, Feb 2024.  

Factors Impacting Silver Rates in Mumbai

The silver price today in Mumbai is affected by a number of factors. Understanding factors can help you assess the trend and make informed decisions. Given below are some factors that affect the silver rate in Mumbai:

  • Supply and Demand

The balance between supply and demand is one of the major factors affecting the per kg silver price in Mumbai today. If supply does not meet the demand or if the demand does not meet the supply, the silver prices will fluctuate.

If the demand is more and the supply is not adequate, the prices get driven up. Conversely, the prices will start falling when the demand does not meet the supply. 

This is also why oftentimes the price rises during the festive season, as many prefer purchasing silver during this period, driving up the demand.

  • Oil Prices

Another important factor affecting the silver rate in Mumbai today per 10 grams, or even a gram, is the oil prices. Why? Because mining silver requires a large quantity of oil.

Given this, the volatility of oil prices affects the silver price in Mumbai and across the country. This means that if the oil prices go up, the price of silver is likely to follow and vice versa.

  • Gold Rate

Given that gold is a safe haven for investors across the country, it is unsurprising that it affects today’s silver price in Mumbai. If there is an increase in the demand for the yellow metal, the demand for the white metal also generally increases. As such, the rise of the silver price generally follows the rise of gold prices

  • Policy and Guidelines

While the general public demand influences today’s silver rate in Mumbai and across India, the government also plays an essential role in it. This is because while central banks see and use yellow metal as a reserve, silver is used for transactions. 

As such, any changes in the policy or guidelines by the Reserve Bank of India affect the price of silver. For example, any changes in the import duty also influence the price of silver because silver gets imported into India.

  • Inflation

While gold is a popular option that investors rely on as it offers a hedge against inflation, silver is equally popular. A reason for this popularity is that both yellow and white metals are more likely to retain purchasing power and minimise loss from a dip in currency value. 

Given this, during inflation, you are more likely to see a hike in the silver rate in Mumbai and throughout India.

  • Dollar Fluctuations

Like gold, silver too is inversely affected by the changes in the US dollar. This means that when the dollar weakens, the price of silver goes up, and when it appreciates, the price goes down.

Given this, investors often track the fluctuations of the US dollar to anticipate the rise or drop of silver prices. This enables you to enter and exit the market at the ideal time and make the most of your finances.

  • Interest Rates

Like USD, silver prices also have an inverse relation with the interest rate. A reason for this is that the investment is silver generally from a long-term perspective. Given this, when the interest rates go down, the silver price goes up and vice-versa.

Read More

FAQs on Silver Rate in Mumbai

Before making a purchase, check the current silver rate in Mumbai, the form of silver most feasible for you, the quantity you need, and the purity with certification. This will enable you to make the best decision and make the most of your investment.

Commonly preferred forms of silver in Mumbai for investment include coins, bars, silverware, jewellery and ornaments, and bullions. All forms have certain additional costs that you need to bear, so be sure to check that before purchasing.

Yes, regardless of where you purchase it from, paying GST on silver purchases is mandatory. In Mumbai, the applicable GST rate is 3%.

Checking the prevailing cost of silver in Mumbai is crucial because it gives you an estimate of your returns. Doing this also helps you understand when is the best time to enter or exit the market and make informed decisions to keep your finances protected.

Yes, investing in silver in Mumbai is good for your investment portfolio. Moreover, the silver price in Mumbai has increased in recent years and is expected to increase further in the coming years. This points towards the potential of earning better returns.

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