Gold and Silver Price in India: Latest Updates and Factors Influencing the Market

As of the latest update on July 8, 2023, the gold and silver prices in India are as follows:

Gold: ₹59,000.00 per 10 grams

Silver: ₹71,400.00 per 1 kilogram


In this article, we will explore the current gold and silver prices in India, discuss the factors that impact these prices, provide information on where to buy silver in India and explain various trading options for silver investors.



Gold and Silver Price


Gold and Silver Prices in India

Gold Prices

Gold rates in India fluctuate based on various factors. Here are the prices of different karats of gold per 10 grams:

Karat

Price (per 10 grams in INR)

24 Karat

₹59,000.00

22 Karat

₹54,083.00

20 Karat

₹49,167.00

18 Karat

₹44,250.00

16 Karat

₹39,333.00

14 Karat

₹34,417.00

12 Karat

₹29,500.00

10 Karat

₹24,583.00

Please note that these prices are subject to change and may vary based on market conditions.

Silver Prices

The price of silver is influenced by various factors, including international prices of the precious metal. In India, silver prices are closely linked to global market trends. When gold prices rise, silver prices also tend to rally. Conversely, when silver prices increase, gold prices generally follow suit. Other factors, such as interest rate movements and inflationary trends, also contribute to the per-gram silver rate in India 


Here are the current rates for different types of silver in India per gram:

Type

Price (per gram in INR)

Silver 999 Fine

₹71.70

Silver 925 Sterling

₹66.66

Silver 900 Coin

₹64.64

Silver 800 German

₹57.57

Factors Influencing Silver Prices

International Market Prices: Silver prices in India are influenced by global market trends and international prices of metal.

Correlation with Gold: Gold and silver prices often move in tandem. When gold prices rise, silver prices also tend to increase, and vice versa.

Supply and Demand: The imbalance between supply and demand affects the prices of silver. Lesser demand for silver worldwide contributes to its relatively lower price compared to gold.

Industrial Usage: Silver is widely used in various industries, such as electronics, due to its excellent conductivity properties. The industrial demand for silver plays a role in determining its price [2].

Where to Buy Silver in India

In India, silver can be purchased from banks or jewelers. However, it's important to note that silver coins from banks are generally more expensive due to additional charges, including tamper-proof packing and an assay certificate. Buying silver as jewelry is also costlier, as it incurs making charges of 10% or more. Additionally, a melting charge of 15% or higher may apply at the time of resale, reducing the effective returns [2].


Trading Options for Silver

Commodity Futures Exchange: Silver can be traded on the commodity futures exchange, where contracts are available in larger sizes. The smallest contract for silver is traded in units of 1 kilogram, delivered in minimum lots of 30 kilograms. Investors can trade silver in both physical and electronic forms on the futures market [2].

National Spot Exchange (NSEL): NSEL offers E-series products like E-Gold and E-Silver, allowing investors to trade or invest in silver similar to equities. The trading hours of NSEL are from 10 AM to 11:30 PM. Investors can buy a minimum of 1 unit of silver (equivalent to 100 grams) in demat form, which tracks international gold/silver prices in real time. To trade on NSEL, investors need to open a separate demat account with any of the depositories listed on the NSEL website. They can then buy silver online in dematerialized form

Silver ETFs: In India, there are currently no silver exchange-traded funds (ETFs) available. However, investors have the option to invest in silver ETFs listed on the US market. To do so, one must open an account with a stockbroker offering a platform for investing in global 

Conclusion

Gold and silver prices in India are subject to various factors such as international market rates, demand and supply, interest rates, and inflationary trends. Currently, the prices for gold and silver are ₹59,000.00 per 10 grams and ₹71,400.00 per kilogram, respectively