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Silver

Silver Price in Indian Rupees (INR) Today

Live silver rate in INR per kilogram, the standard MCX quotation. MCX silver futures and international spot prices with real-time USD/INR conversion.

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Data Methodology

Where does this price data come from?
Silver spot prices are aggregated from trusted market data sources tracking the primary global exchanges, with automatic fallback for redundancy. Prices are updated in real-time during market hours, ensuring you always see the latest data. All prices reflect the latest available mid-market spot rate.
How is the silver spot price determined?
The silver spot price is derived from the most actively traded futures contracts on COMEX (CME Group) and the London Bullion Market Association (LBMA). The spot price represents the current market price for immediate delivery, calculated from near-month futures contracts adjusted for carry costs. During off-hours, prices reflect OTC (over-the-counter) trading across global markets, providing continuous 24-hour price discovery.
How are prices converted to INR?
All base metal prices are quoted in US Dollars (USD). Prices shown in INR are converted using real-time exchange rates from trusted foreign-exchange data sources. Currency rates are updated multiple times per hour. The conversion is applied as: Price in INR = USD spot price x current USD/INR exchange rate.
How is the unit conversion calculated?
The standard trading unit for precious metals is the troy ounce (31.1035 grams). To calculate the price per kilogram, the troy ounce price is multiplied by 32.1507 (1,000 / 31.1035). Formula: Price per kg = Price per troy ounce x 32.1507.
When are precious metals markets open?
COMEX futures trade Sunday through Friday, 6:00 PM to 5:00 PM ET (23 hours per day with a 1-hour break). The London Bullion Market (LBMA) operates Monday to Friday with two daily fixings: AM fix at 10:30 AM London time and PM fix at 3:00 PM London time. Outside of formal exchange hours, precious metals continue to trade on OTC markets globally, meaning prices can move 24 hours a day, 5 days a week. Our data reflects these continuous market movements.

Understanding Silver Prices in India

The silver price in Indian rupees is determined by combining the international spot price (XAG/USD), the prevailing USD/INR exchange rate, and India's import duty of 15% (10% basic customs duty plus 5% Agriculture Infrastructure Development Cess, raised back from the 6% set in July 2024 effective May 13, 2026). This layered pricing means the domestic silver rate diverges significantly from the international dollar price, particularly during periods of rupee depreciation or changes in government duty policy.

Silver holds deep cultural significance in India. It is widely used for jewelry, utensils, religious items, and gifting during festivals and weddings. Major festivals such as Dhanteras, Diwali, and Akshaya Tritiya drive seasonal demand spikes, with millions of Indians purchasing silver coins, bars, and jewelry during these auspicious periods.

India's silverware tradition is centuries old. Silver remains the preferred precious metal for household items like plates, glasses, and decorative pieces in many regions.

The Multi Commodity Exchange (MCX) in Mumbai is the primary venue for silver price discovery in India. MCX silver futures are quoted in rupees per kilogram and are available in standard (30 kg), Mini (5 kg), and Micro (1 kg) contract sizes. MCX trading hours run from 9 AM to 11:30 PM IST on weekdays, covering Asian hours and overlapping with European and American market hours. The MCX price incorporates the international spot rate plus import duty premiums and reflects domestic supply-demand conditions.

India imports between 5,000 and 8,000 tonnes of silver annually, making it one of the world's largest silver consumers. Growing demand from India's expanding solar panel manufacturing sector is adding a significant industrial dimension to what has traditionally been a jewelry-driven market.

Silver ETFs on the NSE and BSE, offered by fund houses including ICICI Prudential and Nippon India, have gained popularity as a convenient, low-cost alternative to holding physical metal. ETFs allow investors to bypass import duties and GST charges.

MCX unit: Rupees per kilogram (standard contract: 30 kg)
Import duty: 15% (customs + AIDC, raised back from 6% in May 2026), same structure as gold
Annual imports: 5,000-8,000 tonnes, primarily for jewelry and industrial use
Solar sector: Growing solar panel manufacturing is driving significant new industrial silver demand
ETF access: Silver ETFs on NSE/BSE (ICICI Prudential, Nippon India) offer convenient investment access
GST: Physical silver purchases in India are subject to 3% GST

Data provided by MetalCharts, a free precious metals tracking platform offering real-time prices, interactive charts, historical data, and portfolio tools for gold, silver, platinum, palladium, and copper. Prices sourced from major global exchanges including COMEX, LBMA, and LME, updated continuously during market hours.

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Frequently Asked Questions

What is the silver price in India today?
The silver price in India fluctuates throughout the day based on MCX futures trading, international spot price movements, and the USD/INR exchange rate. Visit our India prices page for real-time silver rates in INR per kilogram and per gram. MCX silver trades from 9 AM to 11:30 PM IST on weekdays.
Why is silver quoted per kg in India?
Silver in India is quoted in rupees per kilogram because the metric system is standard and silver is much less valuable per unit weight than gold. The MCX silver contract uses kilograms as its unit (standard lot: 30 kg). International markets quote silver per troy ounce (31.1 grams), which converts to per-gram or per-kg prices for Indian comparison.
What is the MCX silver price?
The MCX silver price refers to silver futures contracts traded on the Multi Commodity Exchange in Mumbai. MCX silver is quoted in Indian rupees per kilogram and is available in standard (30 kg), Mini (5 kg), and Micro (1 kg) contract sizes. The MCX price includes the international silver price plus import duty premiums and reflects Indian market supply and demand conditions.
How does import duty affect Indian silver price?
India's silver import duty (15% including customs and AIDC, raised back from 6% on May 13, 2026) is added to the international price, creating a premium for domestic silver. For example, if international silver converts to INR 150,000 per kg, the import duty adds approximately INR 22,500, pushing the base price to around INR 159,000 before GST (3%) and dealer margins. Any changes to the import duty rate directly affect domestic silver prices.