The today silver price in India is just under ₹2 lakh per kg. Neither IBJA nor MCX publishes on Saturday 24 or Sunday 25 October 2026, so the latest official benchmark is still Friday's: ₹1,94,415–₹1,95,027 per kg for 999 silver, before GST. That works out to about ₹194–195 per gram. Shop prices run about 13% higher once GST, making charges and dealer premiums are added. The next new rates come on Monday, 26 October.
Today silver price per gram, 10 g and per kg
We calculated the per-gram and 10 g prices by dividing each source's per-kg rate. Each row shows where the rate comes from and when it was set.
| Source / city | Per gram | 10 g | Per kg |
|---|---|---|---|
| IBJA benchmark, all-India (23 Oct, first rate, ex-GST) | ₹195.03 | ₹1,950.27 | ₹1,95,027 |
| IBJA benchmark, all-India (23 Oct, second rate, ex-GST) | ₹194.42 | ₹1,944.15 | ₹1,94,415 |
| MCX December futures (23 Oct, weekly close per Gujarat Samachar) | ₹195.60 | ₹1,956 | about ₹1,95,604 |
| Retail: Delhi, Mumbai, Bangalore, Kolkata, Chennai, Hyderabad, Kerala (Goodreturns, 25 Oct) | ₹220 | ₹2,200 | ₹2,20,000 |
| Retail: Hyderabad (Hyderabad Mail, 24 Oct) | ₹224.90 | ₹2,249 | ₹2,24,900 |
Goodreturns' retail rate has moved from ₹2,30,000 (15–21 October) to ₹2,25,000 (22 October) and ₹2,20,000 (23–25 October). Retail rates are still about ₹25,000 above IBJA and MCX. They seem to include a shop premium or to lag the market, so treat IBJA as the reference rate. For gold rates on the same IBJA basis, see our gold rate today city-wise tracker.
Why your jeweller's price is higher
IBJA and MCX quote raw 999 silver before any tax. A shop adds 3% GST, making charges (plus GST on those) and its own premium. Most cities start from the same base rate, and local premiums and taxes make the difference. Goodreturns now lists one rate for Chennai, Hyderabad, Kerala, Delhi and Mumbai, while Hyderabad Mail quotes ₹4,900/kg more in Hyderabad. Our Dhanteras guide to making charges, GST and HUID applies to silver too.
Why silver fell, and why it is moving with gold
- Oil shock: Brent reached about $113–114 after Houthi attacks on Saudi energy sites, on top of the Iran war that began on 28 February. That raises inflation fears.
- Rates staying high: US CPI and PPI came in hot. HDFC Sky reports markets pricing about a 76% chance of a Fed hike in December, and Vantage Markets, citing CME FedWatch, put it near 90%. Metals that pay no interest lose appeal when rates are high.
- Tech and AI selloff: Margin calls pushed funds to sell silver to raise cash, amid worries about debt-funded AI spending.
- Weak industrial demand: Roughly half of silver demand is industrial, so it fell harder than gold. Metals Focus expects industrial silver demand in 2026 to fall 3% to about 640 Moz, with solar the weak spot. The gold-silver ratio rose from about 69 to 73 this week.
- Weak rupee: At about ₹94.8 to the dollar on 22 October, the rupee softened the fall in Indian prices but didn't stop it.
What happens next: the Fed, then Dhanteras
New IBJA and MCX prices arrive on Monday, 26 October. The US Federal Reserve meets on 27–28 October and is expected to hold rates at 3.75–4.00%. Its tone on a possible December hike matters more for silver than the decision itself. US PCE inflation data follows on 29 October. Enrich Money's analysts see MCX support at ₹1.92–1.94 lakh, then ₹1.83–1.85 lakh, with resistance at ₹2.00–2.02 lakh. Their RSI reading of about 24 means silver looks oversold, but they still expect weakness in the near term. Those levels are one firm's forecast, not advice. We do not make buy or sell calls. The MCX December silver contract expires on 4 December.
If you are buying for Dhanteras on 6 November, ask for a hallmarked piece with a 6-digit HUID. You can check it in the BIS CARE app from BIS. Silver hallmarking is still voluntary. One trade report said it could become mandatory from October 2026, but we found no BIS notification confirming this, so treat it as unconfirmed. Traders can also check the Muhurat trading 2026 timings. More daily rate updates are on the KyunTrend homepage.
Sources
IBJA, MCX, the US Federal Reserve, Goodreturns, HDFC Sky, Gujarat Samachar, Inshorts, Hyderabad Mail, Vantage Markets, Money Metals, TaxGuru and ShubhPanchang. The full list is below this story. Spotted an error? Write to contact@arsachdeva.com and we'll correct it.