Silver Price Today in Mumbai

Today's silver price in Mumbai is ₹233.5 per gram and ₹2,33,500 per kg for 999 fine silver. Prices are updated daily based on MCX silver futures and international LBMA spot rates, including applicable duties and GST.

Mumbai's Zaveri Bazaar runs a dedicated silver bullion desk alongside its gold trade, and the Bombay Bullion Association's daily silver rate is the reference price used by jewellers across Western India.

Maharashtrian and Gujarati households in Mumbai buy silver 'payal', 'kambar patta' (waist belts for children), and silver idols during Diwali and Dhanteras. Many families gift a silver coin to newborns as a first investment, a custom shared across Mumbai's diverse communities.

Buying tip: Mumbai's silver premium over the national base rate is usually smaller than its gold premium, since silver attracts lower per-unit making charges. Buying 999 fine silver coins from MMTC-PAMP or bank counters in Mumbai is generally cheaper than ornamental silver from retail jewellers.

Silver prices in Mumbai include Maharashtra state taxes and local dealer margins. GST of 3% is applicable on all silver purchases in India. For 925 sterling silver (used in most jewellery), the price per gram is approximately 7.5% lower than 999 fine silver. Always check for BIS hallmarking when buying silver jewellery.