India · year-wise since 2004 · 7 October 2026
Silver price history in India
How the price of silver has moved, year by year since 2004 and month by month for the last year, in US dollars and in rupees. From about $6.68 an ounce in 2004 to a record near $121.58 in January 2026.
- Last 12 months
- Year-wise table
- 20-year chart
- Duty changes
Silver rate in India today · 999 fine
₹218.32/ gram
−3.10% −₹6,991 per kg today
- 10 g₹2,183
- 100 g₹21,832
- 1 kg₹2,18,319
30-day trend
Includes 15% import duty and 3% GST. Excludes making charges.
Updated 7 Oct 2026, 6:10 PM IST
Silver rate in India: last 12 months
Per kg of 999 silver, from each day's international close and rupee rate, with the duty and 3% GST in force on that day.
| Month | Average | High | Low | Month end |
|---|---|---|---|---|
| October 2026 to date | ₹2,21,590 | ₹2,24,424 | ₹2,18,616 | ₹2,18,616 |
| September 2026 | ₹2,34,482 | ₹2,45,346 | ₹2,19,830 | ₹2,19,830 |
| August 2026 | ₹2,37,074 | ₹2,53,360 | ₹2,09,513 | ₹2,40,536 |
| July 2026 | ₹2,14,184 | ₹2,24,523 | ₹2,05,420 | ₹2,09,857 |
| June 2026 | ₹2,40,468 | ₹2,74,045 | ₹2,09,051 | ₹2,14,704 |
| May 2026 | ₹2,75,349 | ₹3,23,726 | ₹2,43,425 | ₹2,76,585 |
| April 2026 | ₹2,49,332 | ₹2,66,971 | ₹2,34,014 | ₹2,44,999 |
| March 2026 | ₹2,53,453 | ₹2,85,248 | ₹2,24,935 | ₹2,47,381 |
| February 2026 | ₹2,60,190 | ₹2,96,078 | ₹2,34,052 | ₹2,96,078 |
| January 2026 | ₹2,88,345 | ₹3,69,624 | ₹2,22,806 | ₹2,52,230 |
| December 2025 | ₹2,03,896 | ₹2,44,168 | ₹1,79,931 | ₹2,20,999 |
| November 2025 | ₹1,57,334 | ₹1,77,065 | ₹1,46,781 | ₹1,77,065 |
The last year in brief
Silver ended 2025 at $70.13 an ounce after a record-breaking year, hit its all-time high in late January 2026 and lost about a quarter of its value in a single day on 30 January. It has drifted lower since and trades at $59.43 today.
In India, tax changed the picture: import duty went up from 6% to 15% on 13 May 2026, adding about 8.5% to the Indian rate at the same world price. That is why the Indian price has fallen less than the world price since January.
Silver price history year by year
Yearly averages. "World price" is the international price in rupees, before Indian taxes. "India rate" adds the import duty in force each month and 3% GST (estimates, shown from 2020). "Change" compares year-end closes in US dollars.
| Year | Average (USD/oz) | World price, ₹ per kg | India rate ≈ ₹ per kg | Change in year |
|---|---|---|---|---|
| 2026 to Oct | $72.62 | ₹2,19,006 | ₹2,49,895 | −15.4% |
| 2025 | $40.12 | ₹1,12,819 | ₹1,23,175 | +142.3% |
| 2024 | $28.30 | ₹76,158 | ₹86,984 | +21.3% |
| 2023 | $23.39 | ₹62,099 | ₹73,299 | 0.0% |
| 2022 | $21.76 | ₹54,857 | ₹62,153 | +2.3% |
| 2021 | $25.14 | ₹59,744 | ₹67,809 | −11.4% |
| 2020 | $20.65 | ₹49,246 | ₹57,064 | +47.7% |
| 2019 | $16.16 | ₹36,659 | – | +15.5% |
| 2018 | $15.65 | ₹34,367 | – | −9.5% |
| 2017 | $17.02 | ₹35,627 | – | +7.1% |
| 2016 | $17.13 | ₹36,984 | – | +15.7% |
| 2015 | $15.66 | ₹32,240 | – | −11.5% |
| 2014 | $19.03 | ₹37,282 | – | −19.5% |
| 2013 | $23.75 | ₹44,354 | – | −35.9% |
| 2012 | $31.14 | ₹53,358 | – | +8.2% |
| 2011 | $35.25 | ₹52,549 | – | −9.8% |
| 2010 | $20.24 | ₹29,620 | – | +83.7% |
| 2009 | $14.70 | ₹22,741 | – | +49.3% |
| 2008 | $14.95 | ₹20,516 | – | −23.8% |
| 2007 | $13.38 | ₹17,688 | – | +15.4% |
| 2006 | $11.54 | ₹16,783 | – | +45.3% |
| 2005 | $7.32 | ₹10,371 | – | +29.6% |
| 2004 | $6.68 | ₹9,708 | – | – |
Twenty years of silver
- 2006–2008: silver doubled from the single digits as commodities boomed, then fell sharply in the 2008 financial crisis.
- 2011: a speculative peak, with the highest close of the year at $48.58, followed by four years of decline.
- 2020: the pandemic sent silver to $11.74 in March, then up to $29.25 by August.
- 2025: a record-breaking rally from $29.12 to $77.37.
- 2026: an all-time high in January, the biggest one-day crash in decades, and a slide since.
Silver import duty changes
Effective duty on silver bars (basic customs duty plus AIDC), used for the India figures above.
| From | Import duty | Structure |
|---|---|---|
| 13 May 2026 | 15% | 10% BCD + 5% AIDC |
| 24 July 2024 | 6% | Budget 2024: 5% BCD + 1% AIDC |
| 2 February 2023 | 15% | Budget 2023: 10% BCD + 5% AIDC |
| 2 February 2021 | 10% | Budget 2021: 7.5% BCD + 2.5% AIDC |
| 6 July 2019 | 12.5% | Union Budget 2019: 12.5% |
Why Indian prices differ from world prices
India imports almost all its silver, so the rupee price is the world price converted at the exchange rate, plus import duty and 3% GST. A weaker rupee and higher duty both push the Indian price up even when the world price is flat.
Between 2016 and 2026 the rupee weakened from about ₹67 to about ₹96.47 per dollar, which explains part of silver's rise in rupees.
Frequently asked questions
What was the silver price in India in 2020?
Silver averaged about ₹57,064 per kg in India in 2020. Internationally it averaged $20.65 an ounce; the Indian figure adds the 12.5% import duty then in force and 3% GST. It fell to $11.74 in March 2020 before rallying to $29.25.
What was the silver rate in 2024 in India?
About ₹86,984 per kg on average. Import duty was cut from 15% to 6% on 24 July 2024, which lowered Indian prices overnight even though the world price kept rising.
What was the silver price in 2025?
Silver averaged $40.12 an ounce in 2025, about ₹1,23,175 per kg in India, and rose +142.3% over the year as it broke above $50 for the first time in October.
What is the highest silver price ever?
Silver touched about $121.58 an ounce on 29 January 2026, its all-time high, and crashed the next day. Its highest daily close in 2026 was $115.08. The full story.
How much has silver gone up in 10 years?
Silver averaged $17.13 an ounce in 2016 and $72.62 so far in 2026. In rupees, before Indian taxes, that is a change of +492%, helped by a weaker rupee.
Where do these figures come from?
Daily COMEX silver futures closes and USD/INR rates from Yahoo Finance, averaged by month and year. India figures add the import duty in force at the time and 3% GST. They estimate the national benchmark, not a particular dealer's rate, and exclude making charges.
Sources
Rules and figures checked on 29 September 2026. Live prices update on this page automatically.