Silver prices in Mumbai are in line with the national average today, easing ₹10 per gram from yesterday’s close. Mumbai, as India’s primary bullion trading hub, sets the tone for silver pricing across most of the country. Here is a complete breakdown of today’s silver rates in the city.
Mumbai Silver Rate Today — March 18, 2026
| Quantity | Today (₹) | Yesterday (₹) | Change |
|---|---|---|---|
| 1 gram | 265 | 275 | -10 |
| 10 grams | 2,650 | 2,750 | -100 |
| 100 grams | 26,500 | 27,500 | -1,000 |
| 1 kg | 2,65,000 | 2,75,000 | -10,000 |
Rates are retail averages for Mumbai as of today. GST and making charges are not included and will be added at the point of purchase.
Mumbai — Where India’s Silver Price Begins
Just as with gold, Mumbai is the starting point for silver pricing across India. The city is home to India’s largest bullion market — Zaveri Bazaar in South Mumbai — where hundreds of dealers, refiners, and wholesalers trade silver daily, setting the benchmark that ripples out to every other city. MCX silver futures, also traded in Mumbai, are the most direct real-time reference for domestic silver prices and update continuously through the trading session.
Today’s Mumbai silver rate of ₹2,65,000 per kg is exactly at the national average, as expected. Cities like Chennai, Hyderabad, and Kerala quote slightly higher due to local demand premiums and logistics costs from Mumbai outward.
What Is Moving Silver Prices Today?
Silver is down ₹10 per gram today, a move that mirrors the mild softening seen in global spot prices. Silver’s dual identity — part precious metal, part industrial commodity — means it is sensitive to a wider range of global signals than gold. On the precious metals side, easing geopolitical tensions and a firmer US dollar are reducing safe-haven buying. On the industrial side, global manufacturing sentiment and demand signals from key silver-consuming sectors including solar energy, electronics, and electric vehicles all feed into the price.
India’s own silver import dynamics are also worth noting. The government’s ongoing jewellery import restrictions — which now extend to diamond-studded silver jewellery following the latest DGFT notification — are designed to protect domestic manufacturers, but do not directly affect the price of silver bullion, which continues to be imported freely for industrial and investment purposes.
Silver as an Investment — What Mumbai Buyers Should Know
Mumbai’s investor community is among the most active in India when it comes to silver as an asset class. Beyond physical silver, the city’s large base of market-savvy investors increasingly accesses silver through MCX futures, silver ETFs, and digital silver platforms — all of which are priced off the same underlying spot rate.
For physical buyers, silver coins and bars from trusted refiners and banks remain the cleanest investment format — they carry no making charges beyond a small premium over spot, and purity is guaranteed. Silver jewellery, while culturally popular, carries making charges and is harder to liquidate at full value compared to coins or bars.
The gold-to-silver ratio today stands at approximately 59.5, meaning one gram of gold buys roughly 59.5 grams of silver at current prices. This ratio is watched closely by precious metals investors as a long-term valuation signal.
Quick Buying Guide
For investment: Silver coins and bars from banks or certified refiners are the most efficient format. Check purity certification before purchasing. For jewellery: Factor in making charges, wastage if applicable, and 3% GST on the total value. Verify purity with a trusted jeweller — silver hallmarking, while increasingly common, is not yet universally mandatory in India.
Disclaimer: Rates are retail averages for Mumbai as of March 18, 2026. Actual prices may vary by jeweller. Not financial advice