All markets · 7 October 2026
Silver market today
London, New York, Shanghai and India side by side, converted to the same unit so you can see where silver is dear and where it is cheap.
- Four markets, one table
- Live Shanghai premium
- This week's drivers
Shanghai premium over London spot
+16.1%
+$9.57 per ounce · +¥2,066 per kg
- SGE in USD$69.00
- London spot$59.43
- COMEX$59.51
Updated 7 Oct 2026, 6:10 PM IST
Silver prices across markets
Local prices and the US-dollar-per-ounce equivalent. India includes 15% duty and 3% GST, so it isn't directly comparable.
| Market | Price | In USD / oz | Change |
|---|---|---|---|
| London spot OTC, global benchmark | $59.43 | $59.43 | −3.10% |
| COMEX futures New York, front month | $59.51 | $59.51 | −3.38% |
| Shanghai Gold Exchange Ag(T+D), CNY/kg | ¥14,890 | $69.00 | +0.60% |
| Shanghai Futures Exchange main contract, CNY/kg | ¥14,980 | $69.42 | +0.50% |
| India landed + GST, ₹/kg | ₹2,18,319 | incl. 18.5% taxes | −3.10% |
This week in silver
Silver slid about 4% on Monday 28 September as oil climbed back above $100 a barrel and traders priced in another rise in US interest rates, according to Yahoo Finance. Higher rates tend to lift the dollar and make metals that pay no interest less attractive.
It is a long way from January, when silver briefly traded above $120. Since the crash on 30 January the price has roughly halved from that peak, while China's premium over London remains wide (+16.1% today).
In India, prices are also shaped by policy: the 15% import duty in force since 13 May 2026 and the restriction on importing 99.9% silver bars from 16 May keep local rates well above the world price.
The past 12 months
Silver slides as oil tops $100
Silver fell about 4% as oil prices rose above $100 a barrel and markets priced in another US rate rise, according to Yahoo Finance.
Summer lows near $58
After a slow slide from spring, COMEX silver closed at $57.67 on 3 August, about half its January peak.
India restricts silver bar imports
The DGFT moved silver bars (HS 71069221, 99.9% purity or more, and 71069229) from "Free" to "Restricted": imports now need a government authorisation.
India raises import duty to 15%
Customs duty on gold and silver bullion rose from 6% to 15% (10% basic customs duty + 5% AIDC). With 3% GST, the tax load on imported silver is about 18.5%.
The biggest one-day drop on record
Silver plunged from its $121 intraday high to close near $85 (spot), its steepest one-day fall since 1980; gold fell about 9% the same day.
All-time high around $121
Silver touched about $121.58 an ounce intraday; gold also set a record above $5,300.
Silver crosses $100
COMEX silver closed above $100 an ounce for the first time, less than three weeks after crossing $80.
Silver above $60
The rally that began in the autumn carried silver above $60 an ounce.
Silver breaks $50
Silver closed above $50 an ounce, a level it had only briefly touched in 1980 and 2011.
Silver price chart
52-week high $115.08 (26 Jan 2026)low $46.56 (27 Oct 2025)1-year change +25.7%
Frequently asked questions
Which silver price is the "real" one?
All of them, for their own market. London spot is the global wholesale benchmark; COMEX futures are the most traded contract; Shanghai reflects China's domestic market; India's rate adds import duty and GST to the international price.
Why are Shanghai prices higher than London?
China restricts silver imports through licences and charges 13% VAT on physical metal, so domestic demand can push Shanghai above the world price. Today the SGE premium is +16.1%.
What is moving silver in September 2026?
Oil above $100 a barrel and expectations of a further US interest rate rise, which strengthen the dollar and make non-yielding metals less attractive, according to market reports.
Sources
Rules and figures checked on 29 September 2026. Live prices update on this page automatically.