How we calculate silver prices

Data sources

Our server fetches and caches these sources, so every visitor sees the same numbers and the free sources are never overloaded. If a source fails, we fall back to the next one or show the last good value with its time.

The India silver rate

Rate per gram (999) = spot USD/oz × USD/INR ÷ 31.1035 × (1 + 15%) × (1 + 3%)

• 31.1035 is the number of grams in a troy ounce, the unit silver is priced in internationally.
• 15% import duty is 10% basic customs duty plus a 5% Agriculture Infrastructure and Development Cess on silver and gold bullion, in force since 13 May 2026 (Customs notifications 15–18/2026). From 24 July 2024 to 12 May 2026 it was 6%, and our history charts use the rate in force on each day.
• 3% GST applies on the duty-paid value.

Today that gives ₹218.32 per gram:

This is an import-parity benchmark: what a kilogram of silver costs to bring into India and sell with GST. MCX futures usually trade a few percent higher because they include the cost of carrying silver to the contract's expiry, and dealers add their own margin. We don't invent extra "city premiums".

Purity

Lower purities are priced on their silver content: 925 sterling = 92.5% of the 999 rate, 900 = 90%, 800 = 80%. Gold 22K = 91.6% and 18K = 75% of the 24K (99.9%) rate.

Shanghai prices and the premium

USD per oz = ¥ per kg ÷ USD/CNY ÷ 32.1507 · Premium = SGE in USD ÷ London spot − 1

The Shanghai Gold Exchange quotes silver before China's 13% VAT, as London does, so we compare them directly and do not subtract VAT. The SHFE figure is the exchange's main (most active) futures contract.

International pages

Country pages convert spot silver at the day's exchange rate into local units: gram, tola (11.6638 g), troy ounce and kilogram. Local VAT and dealer premiums are explained on each page rather than added, because they differ between investment bars and jewellery.

Limitations

• Prices are indicative benchmarks, not quotes. Always confirm with your dealer.
• Exchange rates are daily reference rates, so intraday currency moves aren't reflected.
• History uses COMEX front-month futures closes, which can differ slightly from London spot.
• Shanghai quotes are only available when the exchanges trade (Chinese business days).