Silver Rate by City
Per gram · Excludes GST
| City | Per Gram | Per 10g | Per KG | Change |
|---|---|---|---|---|
| Chennai | ₹191 | ₹1,911 | ₹1,91,100 | ▼ ₹4 |
| Mumbai | ₹191 | ₹1,911 | ₹1,91,100 | ▼ ₹4 |
| Delhi | ₹191 | ₹1,911 | ₹1,91,100 | ▼ ₹4 |
| Kolkata | ₹191 | ₹1,911 | ₹1,91,100 | ▼ ₹4 |
| Kochi | ₹191 | ₹1,911 | ₹1,91,100 | ▼ ₹4 |
Silver Rate — All Weights
National MCX rate · Excludes GST
| Weight | Silver Rate | Change |
|---|---|---|
| 1 Gram | ₹191 | ▼ ₹4 |
| 10 Grams | ₹1,910 | ▼ ₹39 |
| 100 Grams | ₹19,100 | ▼ ₹390 |
| 250 Grams | ₹47,750 | ▼ ₹975 |
| 500 Grams | ₹95,500 | ▼ ₹1,950 |
| 1 KG | ₹1,91,000 | ▼ ₹3,900 |
Where this silver price comes from
The figure above is the MCX rate for 999 fine silver, recorded twice on each trading day and shown both per gram and per kilogram. It is worth knowing that this site sources silver differently from gold: the gold benchmark is the IBJA published rate, while silver comes from the exchange. They are both national reference prices, but they are produced by different mechanisms, and we label every page with the source in use so you can tell them apart. The fallbacks we use if a feed is unavailable are described in how we calculate our rates.
Silver is conventionally quoted per kilogram in the Indian trade because the per-gram figure is small enough to be awkward — a rupees-and-paise number rather than a round one. Both are on this page; use whichever matches how you are being quoted.
Why silver moves more than gold
Two structural reasons, and neither is about sentiment.
The first is size. The silver market is far smaller by value than the gold market, so a given quantity of buying or selling moves the price further. The second is what silver is for. A large share of silver demand is industrial — it goes into electronics, solar cells and brazing alloys — which means the price responds to the manufacturing cycle as well as to investment flows. Gold has no comparable industrial pull. When those two sources of demand move in the same direction at once, silver travels a long way.
On top of that, silver carries the same currency exposure as gold: it is priced internationally in US dollars, so a weaker rupee raises the rupee price even when the dollar price has not moved.
The gold-to-silver ratio
The ratio is simply the gold price divided by the silver price, both per gram — how many grams of silver one gram of gold would buy. Traders watch it as a rough measure of whether the two metals have drifted apart from their usual relationship. You can work it out from this site directly: take the 24K gold rate per gram from the gold rate page and divide it by the silver rate per gram above. We deliberately do not publish a target or a "fair" value for the ratio — it has no fixed level, and any site that tells you it does is telling you something it cannot know.
Hallmarking on silver is voluntary
This is the single biggest practical difference between buying gold and buying silver in India, and it catches people out. Hallmarking of gold jewellery has been mandatory since April 2023. Silver hallmarking has not been made mandatory — as of 2026 it remains voluntary, so a silver piece with no BIS mark on it is not thereby irregular, and you cannot read the absence of a mark as a warning sign the way you can with gold.
Published accounts of the revised IS 2112 standard describe voluntary HUID-based hallmarking for silver having been introduced from 1 September 2025, under which a jeweller who chooses to hallmark must apply the BIS mark together with a purity grade such as 925 and a six-digit HUID. We could not load the BIS site directly to confirm this first-hand and have attributed it rather than stated it flatly — see the note in our published review queue. The practical consequence is the same either way: on silver, ask whether the piece is hallmarked, because the answer is not guaranteed to be yes.
Where a piece is hallmarked, the marks are read the same way as on gold. Our BIS hallmark and HUID guide covers how to check one and how to verify a HUID.
What you will pay over this rate
The same three additions as gold — making charges, GST and any separately billed wastage — but their proportions are different. Because the metal underneath is worth so much less per gram, a making charge levied per piece or per gram rather than as a percentage is a far larger share of a silver bill than of a gold one. On lightweight silver items it is entirely possible for the workmanship to cost more than the metal. The calculator in the sidebar will give you an estimate; what you will actually pay at a jeweller works through the arithmetic in detail.
What this page does not tell you
It does not tell you whether to buy. We publish the rate, the sources behind it and the recorded history, and we leave the decision alone — we are not licensed to advise and the question depends on circumstances we know nothing about. Nothing on this site is investment advice.