Silver Market Update

Global Bullion Trends and Local Demand Drive Silver Prices in India

On March 15, silver prices in India remained stable, with minimal price movements in retail rates for Silver 999 Fine, Silver 925 Sterling, and Silver 900 Coin. However, silver witnessed volatility in the last few weeks due to developments surrounding the conflict between the US, Israel, and Iran.

Silver Purity Grades

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Silver is typically sold in different purity grades, with 999, 925, and 900 being the most commonly quoted in the retail market. While 999 silver represents the highest purity and is mainly used for bullion, 925 silver is widely used in jewelry, utensils, and decorative items. Meanwhile, 900 silver is most commonly known as "coin silver."

Current Silver Prices Across Major Cities

Mumbai

• Silver 999 Fine: ₹259,220/1 kg
• Silver 925 Sterling: ₹239,779/1 kg
• Silver 900 Coin: ₹233,298/1 kg

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New Delhi

• Silver 999 Fine: ₹258,770/1 kg
• Silver 925 Sterling: ₹239,362/1 kg
• Silver 900 Coin: ₹232,893/1 kg

Bengaluru

• Silver 999 Fine: ₹259,420/1 kg
• Silver 925 Sterling: ₹239,964/1 kg
• Silver 900 Coin: ₹233,478/1 kg

Kolkata

• Silver 999 Fine: ₹258,870/1 kg
• Silver 925 Sterling: ₹239,455/1 kg
• Silver 900 Coin: ₹232,983/1 kg

Ahmedabad

• Silver 999 Fine: ₹259,560/1 kg
• Silver 925 Sterling: ₹240,093/1 kg
• Silver 900 Coin: ₹233,604/1 kg

Chennai

• Silver 999 Fine: ₹259,970/1 kg
• Silver 925 Sterling: ₹240,472/1 kg
• Silver 900 Coin: ₹233,973/1 kg

Understanding Silver Purity

The grade of silver refers to how much pure silver is present in an item, measured in parts per thousand. Marks such as 999 or 925 indicate how much of the metal is genuine silver. The higher the number, the purer the silver.

Checking Silver Purity

To check silver purity before buying, buyers should:

• Inspect for purity stamps, hallmarks, assayer's marks, maker's marks, and date codes.
• Compare weight and price logically to ensure the silver's quality.
• Buy silver only from trusted sellers.

Home Tests for Silver

While laboratory testing is the most accurate way of determining a silver item's purity, a few quick checks can also help at home:

• Magnet test: Real silver is not magnetic.
• Ice test: Silver conducts heat extremely well.
• Tarnish test: Genuine silver oxidises over time.

However, for absolute certainty, jewellers can perform acid tests, density checks, or XRF analysis.