Silver Rate in Mumbai
24th May 2020
Today MCX silver price in rupees per 1 kg.
Today silver price in india is 48,360.00 rupees per Kg
Silver Rate in Mumbai Per Gram (INR)
|1 Gram||10 Gram||100 Gram||1 Kg||Change(%)|
Silver Rate in Mumbai
Mumbai is one of the leading patrons of silver in the country. The metal has an exceptional position in the business capital of India, with plenty of outlets dealing in silver in the city. The silver industry in Mumbai is thriving, with people demanding silver not only for ornamental purposes but also to make use of fashion and art.
The rate of silver in Mumbai is an amalgamation of multiple factors and is quite dynamic in nature. The price of silver Mumbai has maintained a downward movement since the beginning of the year, with the exception of January, where prices rose by 6.53%. The rate of silver diminished in February, April as well as May, when the downfall was recorded at 5.62%.
The current silver rate in Mumbai is in continuation of this trend. And while the prices of gold have increased in the earlier few months, silver has turned out to be an even more reasonable metal, leading to an incredible increase in its demands. We have given today’s silver rate in Mumbai for those who wish to buy the valuable metal.
Silver Rate in Mumbai for Last 10 Days
|24 May 2020||Rs. 48.36||Rs. 483.6||Rs. 48360.00||Rs. 483600|
|23 May 2020||Rs. 48.35||Rs. 483.5||Rs. 48350.00||Rs. 483500|
|22 May 2020||Rs. 48.25||Rs. 482.5||Rs. 48250.00||Rs. 482500|
|21 May 2020||Rs. 48.20||Rs. 482||Rs. 48200.00||Rs. 482000|
|20 May 2020||Rs. 49.00||Rs. 490||Rs. 49000.00||Rs. 490000|
Comparison for 1 Gram Silver Rates for Mumbai (In Rupees/Gram)
Historical Price of Silver Rate in Mumbai
Silver Price in Mumbai
Mumbai is one of the largest consumers of the silver in India. Silver shines ultra-bright in the financial capital of India. Mobile population and a wide variety of outlets selling silver have affected the silver rate in Mumbai. The city of dreams has always been one of the top port cities; the trade has witnessed robust growth in Mumbai for decades. Silver and Mumbai share a long history since a majority of trade was done in silver and gold in old times. Silver price in Mumbai is impacted by various factors and these factors are dynamic in nature.
Physical silver comes in various forms such as jewelry, ornaments and silverware. The silver industry of the financial capital of India takes pride in being one of the top players in India. While various local jewelers and traders offer various options for purchasing silver, silver bullions are quite popular in the Gateway of India. Silver bullions offer pure silver at the best price.
Silver finding a Steady Growth Amongst City Buyers
If a city happens to be the commercial capital of a country, then it will for sure have a customer base quite large. Mumbai is the perfect example of such a city in the Indian context. The silver price in Mumbai going up the graphs in a steady fashion tells a lot as to why silver has found a position of its own.
What Makes Silver a Precious Metal in Mumbai?
To have such a query answered, one does need to take a deeper perspective in the city’s life rather than merely brushing past the Mumbai silver rate. The city is teeming with outlets of every kind that is selling the metal. When the majority of its population happens to be racing against time to earn a living, it is the metal of silver that has a found a steady stream of buyers. The history for the rate of silver in Mumbai thus goes years in the past with the port city transacting majorly on the metal.
The modern day price of silver in Mumbai is fuelled by the use of the metal as various kinds of silverware, jewelry and ornaments. The sellers are a mix of large brands to that of local dealers and small stores.
Silver as an Investment in Mumbai
The silver metal is regarded as a shield against inflation. During a crisis, silver can offer a good resale value and has a fairly large trading market. Silver can be purchased in physical form and also as contracts on national exchanges. The shiny metal can be traded any time one wishes to. At the time of trading artifacts, ornaments etc., keep in mind that its selling price would be lower than the buying price due to the craftsmanship done on artifacts, ornaments etc.
Most investors keep a tab on the silver rate in Mumbai to plan their investment strategy.
Here are the popular forms of silver as an investment in Mumbai.
- Physical Silver - Physical silver can be purchased in bullions, bars & ingots from major silver dealers in Mumbai. Bullions are generally available in large quantities. For personal purposes, buy silver from established traders as only they will offer a guarantee of quality.
Silver coins are a popular form of silver purchases in this city. Silver coins are easy to purchase & sell in small quantities. Silver coins are available at private dealerships as well as banks. Banks offer silver coins at a higher price as compared to the market price. Silver products like idols, ornaments, silverware etc. can be bought from various stores spread throughout the city.
- Silver Contracts - You can purchase silver contracts from 2 exchanges- MCX & NCDEX. Generally, the base weight is 1 kilogram. Silver contracts aren’t available as spot contracts. It means purchased silver won’t be delivered right after the sale.
How Can You Make Silver Investments in Mumbai?
While the silver metal industry of Mumbai boasts having the largest players of India, various local traders and jewelers also offer various options to purchase silver. Silver bullions are a preferred option for purchasing silver in Mumbai. Bullions offer silver in its pure form at best price as compared to silver products such as jewelry, artifacts, etc. If the silver price in Mumbai is not that high, investors prefer investing in silver bars in order to fulfill their short-term as well as long-term investment goals.
Here are the various forms in which silver can be invested in Mumbai.
- Jewelry & Silverware - Purchasing silver ornaments is quite common in Mumbai. It allows people to have a substantial amount of investment as it offers them the flexibility of either selling it directly or melting silver to use it over & over again.
- Silver Coins - Silver coins can be purchased on the basis of weight ranging from 1 gram, 10 grams etc. Silver coins can be exchanged for cash by selling silver whenever needed.
- Silver Bars - Industrialists and investors, who make investments at large scale, opt for silver bars. Silver bars in large quantities are ideal for investors who wish to store huge quantities of silver metal. Silver bars offer the freedom of selling the accumulated silver or molding it into various forms.
- Commodity Futures Exchange - Buyers and professional investors can buy silver in large quantities directly through Commodity Futures Exchange.
If you are looking forward to buying silver in Mumbai, monitor the price of silver and only then plan to buy it. You can Google todays silver rate in Mumbai in order to keep an eye on the price of the silver metal.
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