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Silver Rate in Mumbai (22nd September 2021)

Sep 22, 2021
60.90 /Gram 1.10

Silver rates in Mumbai has been lacklustre in the last few years. Ever since the Lehman Brothers crisis erupted, SIlver rates shot-up after 2008 and there was a sustained rally. However, in the last few years, it has gone nowhere.Investors have preffered investing in equities, pushing shares to new highs through 2016 and 2017. However, in 2018, gold and silver prices in Mumbai saw some recovery as investors sold shares and purchased gold and silver.

Today Silver Price Per Gram/Kg in Mumbai (INR)

Gram Silver Rate
Today
Silver Rate
Yesterday
Daily Price Change
1 gram 60.90 59.80 1.10
8 gram 487.20 478.40 8.80
10 gram 609 598 11
100 gram 6,090 5,980 110
1 Kg 60,900 59,800 1,100

Silver Rate in Mumbai for Last 10 Days

Date 10 gram 100 gram 1 Kg
Sep 22, 2021 609.00 6,090.00 60900.00 1100
Sep 21, 2021 598.00 5,980.00 59800.00 -200
Sep 20, 2021 600.00 6,000.00 60000.00 0
Sep 19, 2021 600.00 6,000.00 60000.00 0
Sep 18, 2021 600.00 6,000.00 60000.00 -1600
Sep 17, 2021 616.00 6,160.00 61600.00 -1200
Sep 16, 2021 628.00 6,280.00 62800.00 -600
Sep 15, 2021 634.00 6,340.00 63400.00 200
Sep 14, 2021 632.00 6,320.00 63200.00 -200
Sep 13, 2021 634.00 6,340.00 63400.00 -800

Weekly & Monthly Graph of Silver Price in India

Historical Price of Silver Rate in Mumbai

  • Silver Price Movement in Mumbai, August 2021
  • Silver Rates 1 Kg
    1 st August rate Rs.67,900
    31st August rate Rs.63,500
    Highest rate in August Rs.68,000 on August 4
    Lowest rate in August Rs.61,700 on August 21
    Over all performance Falling
    % Change -6.48%
  • Silver Price Movement in Mumbai, July 2021
  • Silver Price Movement in Mumbai, June 2021
  • Silver Price Movement in Mumbai, May 2021
  • Silver Price Movement in Mumbai, April 2021
  • Silver Price Movement in Mumbai, March 2021

How is Silver Traded Across the Globe?

Silver rates in Mumbai are largely determined by rates prevailing across the globe. Wordwide the metal is traded through the recognised exchanges. We can either have spot price or forward contract price for silver. In the latter, prices are determined based on a forward contract.

Once the international prices of silver are determined, you would add the import costs, currency rates etc., and determine the silver rates in Mumbai.

How rates will move in 2018 is difficult to predict. Most of the time, we expect prices to remain steady. However, if there is a risk averse environment, we might see silver prices in Mumbai rallying. It is best to stay invested marginally in the metal.

Unknown Facts about Silver Metal

Silver metal is one of the first five metals to be ever discovered by mankind. Silver objects are known to be found as far back as 4000 BC. It is the first metal to be used as currency and during ancient Egypt. At one point in time, the value of silver was higher than gold. 

Silver metal is good for health. Often, we are heard of the phrase, born with a silver spoon in his or her mouth. It is often referred to as meaning that the child grew up wealthy. Due to the germ-killing properties of the metal, to date children are fed with silver spoons often in wealthier families. 

The word silver comes from the Anglo-Saxon word Seolfor. The word silver is one of the English words which has no possible rhyming word. The words silver and money are the same in fourteen languages or more.  

Silver is shiny when polished. The polished silver reflects 95% of the visible light spectrum and hence it is the most reflective metal. Due to its nature as the most reflective metal, it is used in the manufacture of mirrors. Its properties of reflection have made its usage in the making of microscopes, telescopes, solar panels and so on. 

Mexico is one of the leading producers of silver metal in the world. During 2017, it managed to produce around 5600 metric tons of metal. The second-largest producer of silver is Peru followed by China. 

Silver was used as a currency. Shiny metal was used a lot in currency during the previous era. In 1794, the first silver US dollar coin was minted. Few experts note that they were the first set of silver dollars minted anywhere across the globe. It became an instant hit and widespread that out of this, the idea of the coin was born of what the dollar should be. 

During the 2015 auction, one of these coins went for around $5 million. The silver coins minted in the U.S. before 1965 consisted of about 90% silver. The Kennedy era saw half a dollar minted in the United States of America during 1965 - 1969 consisted of 40% silver. 

The silver compound silver iodide is used for cloud seeding. The usage of silver iodide will lead the clouds to produce rain and it also tries to control hurricanes. 

Silver metal has the highest thermal conductivity. Out of all the elements in the periodic table, silver metal is the best conductor of electricity. The metal is used as the standard by which other conductors are measured. Out of 1 to 100, silver ranks 100 in terms of thermal conductivity. Gold ranks at 76 and copper at 97. 

Disclaimer: There maybe definitely a variance in rates and prices. GoodReturns.in has made every effort to ensure accuracy of information provided; however, Greynium Information Technologies Pvt Ltd, its subsidiaries and associates do not guarantee such accuracy. The rates are for informational purposes only. It is not a solicitation to buy, sell in precious silver. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates do not accept culpability for losses and/or damages arising based on silver information provided. Silver rates are the futures rates across all cities in India and hence there maybe price variation.

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