Silver Prices in India is one of the most sought-after topics, as the metal plays a crucial role in jewelry, investment, and industrial applications. Understanding silver prices helps investors and buyers make informed decisions.
Why is Silver Important in India?
Silver is deeply rooted in Indian culture, used in religious ceremonies, wedding gifts, and investment portfolios. Its affordability compared to gold makes it an attractive option for many.
Current Silver Prices in India
Silver Rate in Major Cities
| City | Silver Price (per kg) |
|---|---|
| Mumbai | ₹1,00,500 |
| Delhi | ₹1,00,700 |
| Bangalore | ₹1,00,200 |
| Chennai | ₹1,01,000 |
| Kolkata | ₹1,00,300 |
Historical Price Trends
Silver prices in India have fluctuated significantly over the years due to economic and political factors.
Silver Prices in India Trends Table (Last 10 Years)
| Year | Silver Price (per kg) |
| 2015 | ₹36,000 |
| 2016 | ₹38,500 |
| 2017 | ₹41,200 |
| 2018 | ₹39,700 |
| 2019 | ₹43,000 |
| 2020 | ₹48,500 |
| 2021 | ₹67,000 |
| 2022 | ₹61,000 |
| 2023 | ₹74,500 |
| 2024 | ₹77,000 |
Silver vs. Gold – Which is a Better Investment?
| Factor | Silver | Gold |
| Affordability | More affordable | Expensive |
| Industrial Use | High | Low |
| Volatility | More volatile | Less volatile |
| Liquidity | Good | Excellent |
Best Places to Buy Silver in Delhi
If you’re planning to buy silver in Delhi, here are some trusted sources:
- Jewellery Shops: Trusted jewelers like Tanishq, PC Jeweller, and Kalyan Jewellers offer certified silver.
- Bullion Dealers: Local bullion markets such as Dariba Kalan in Chandni Chowk.
- Banks: Some banks sell silver coins but at slightly higher prices.
- Online Platforms: Websites like MMTC-PAMP, Amazon, and Flipkart provide doorstep delivery.
How to Check Purity of Silver?
Before buying silver, ensure its purity with these methods:
- BIS Hallmark: Look for the Bureau of Indian Standards (BIS) hallmark.
- Acid Test: Jewelers use a nitric acid test to verify authenticity.
- Magnet Test: Silver is non-magnetic; if it sticks to a magnet, it’s not pure.
Investment Opportunities in Silver
Silver is not just for jewelry; it’s also a great investment option. Here’s how you can invest:
- Physical Silver: Buying coins, bars, or jewelry.
- Silver ETFs (Exchange-Traded Funds): Investing in silver-backed financial products.
- Silver Futures and Options: Trading on commodity exchanges like MCX.
- Silver Mutual Funds: Investing in funds that hold silver assets.
Should You Buy Silver Today?
Silver prices in India are volatile, but if you’re looking for long-term investment, buying during price dips can be beneficial. Keep an eye on global trends and local demand before making a decision.
Conclusion
Silver remains a valuable asset in India, both culturally and financially. Understanding price trends and investment options can help investors make informed decisions.
FAQs
1. Why do silver prices fluctuate daily?
Silver prices change due to global market movements, inflation, and currency exchange rates.
2. Is investing in silver safe?
Yes, silver is a stable investment, but it can be volatile in the short term.
3. Where can I buy the best quality silver in India?
You can buy from reputed jewelers, banks, and online platforms offering hallmarked silver.
4. What is the GST rate on silver in India?
The current GST rate on silver is 3%.
5. Can I sell my silver jewelry at market rates?
Yes, but jewelers may deduct making charges and other fees.
TODAY’s GOLD PRICES IN INDIA