Silver Price Today in India
Updated 20 May 2026 · Per gram and per kg rates
Silver Price Mumbai — Last 30 Days (₹/gram)
Silver vs Gold
Silver trades at roughly 1/80th the price of gold (the gold-silver ratio). When this ratio rises above 80, historically silver has tended to outperform over the next year.
Unlike gold, silver has huge industrial demand — solar panels, EV batteries, electronics. This means silver can be more volatile than gold.
For Indian investors, Sovereign Gold Bonds (SGBs) don't exist for silver. Physical purchase + GST (3%) is the main route.
Silver Rate — City-wise (per gram)
| City | Per Gram | Per Kg | Change |
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What's driving silver prices in India in 2025?
Silver in India has two distinct demand drivers that often pull in opposite directions. On one hand, there's investment demand — silver bars, coins, and ETFs bought as a cheaper gold alternative. On the other, there's industrial demand from the solar sector, which has exploded in India post the National Solar Mission.
The rupee's movement against the dollar is the immediate driver of daily silver price changes — since global silver is priced in USD per troy ounce. India imports most of its silver (primarily from Mexico and Peru), so import duties and logistics costs also add a fixed premium over international rates.