Silver Price Today: Has silver become more expensive or cheaper? Find out today’s silver rate in your city..
Silver Price Today: Volatility in silver prices continues in India. As of the morning of October 16, the price of silver stands at ₹229,900 per kilogram. A day earlier, the price of silver in the Delhi bullion market had fallen by ₹6,000. In the international market, the price of spot silver is $57.09 per ounce.
Domestic prices are under pressure due to a strengthening rupee and low physical demand.
Trends in the International Market
According to data updated on October 16, gold futures on COMEX were trading at $4,177.50 per ounce, reflecting an increase of $7.40 or 0.18%. Meanwhile, silver futures were at $57.430 per ounce, showing a rise of $0.274 or 0.48%. Let’s take a look at the latest silver prices in major Indian cities as of October 16, according to data from Goodreturns:
Price of 1 kg of silver:
Delhi: ₹2,29,900
Mumbai: ₹2,29,900
Kolkata: ₹2,29,900
Chennai: ₹2,39,900
Lucknow: ₹2,29,900
Patna: ₹2,29,900
Jaipur: ₹2,29,900
Ahmedabad: ₹2,29,900
Pune: ₹2,29,900
Bengaluru: ₹2,29,900
Hyderabad: ₹2,29,900
Bhopal: ₹2,29,900
Chandigarh: ₹2,29,900
Noida: ₹2,29,900
Gurugram: ₹2,29,900
Why do domestic prices differ from international market prices?
International bullion prices are determined in US dollars, whereas domestic prices are influenced by the rupee-dollar exchange rate, import costs, duties, and local demand. According to PTI, the rupee strengthened for the fifth consecutive session on Thursday (October 15), closing at ₹95.05 against the US dollar—a gain of 12 paise.
Due to this strengthening of the rupee and a decline in physical demand, domestic gold and silver prices saw a softening, even as bullion prices in foreign markets showed an upward trend.
Consequently, an increase in gold and silver prices internationally does not necessarily mean an equivalent rise in Indian prices. A stronger rupee can dampen the impact of a rally in global bullion prices, while a weaker rupee can amplify that effect.
4 Ways to Identify Genuine Silver
Magnet Test: Genuine silver is not attracted to a magnet. If it sticks, it is fake.
Ice Test: Place ice on the silver. Ice melts rapidly on genuine silver.
Smell Test: Genuine silver is odorless. Fake silver may have an odor similar to copper.
Cloth Test: Rub the silver with a white cloth. If a black mark appears, it is genuine.
Disclaimer: This content has been sourced and edited from Money Control. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
