MUMBAI — The silver rate today moved by four hundredths of one percent, and it moved down. Over the same two sessions, the metal itself gained close to three percent in dollars.
The board says ₹2,49,900 a kilogram, one hundred rupees less than yesterday. It is also, to the rupee, the number this newspaper published as Monday’s silver rate. Monday has since been restated at ₹2,50,000. The counter has spent two days going round in a hundred-rupee circle.
Silver Rate Today, August 18, 2026: City-Wise Price Table
Today silver rate is ₹249.90 a gram, which is ₹2,499 for ten grams, ₹24,990 for a hundred grams, and ₹2,49,900 for a kilogram. That is the silver rate today Delhi quotes, and it is matched exactly in Mumbai, Kolkata, Bengaluru, Pune and Ahmedabad. The south is dearer. The silver rate today in Hyderabad is ₹2,54,900 a kilogram, and Chennai and Kerala are the same, a flat ₹5,000 premium.
| City | 10 grams (₹) | 100 grams (₹) | 1 kg (₹) |
|---|---|---|---|
| Delhi | 2,499 | 24,990 | 2,49,900 |
| Mumbai | 2,499 | 24,990 | 2,49,900 |
| Kolkata | 2,499 | 24,990 | 2,49,900 |
| Bengaluru | 2,499 | 24,990 | 2,49,900 |
| Pune | 2,499 | 24,990 | 2,49,900 |
| Ahmedabad | 2,499 | 24,990 | 2,49,900 |
| Chennai | 2,549 | 25,490 | 2,54,900 |
| Hyderabad | 2,549 | 25,490 | 2,54,900 |
| Kerala | 2,549 | 25,490 | 2,54,900 |
What the Silver Price Today Actually Did
Now the metal. Spot silver was near $64.68 an ounce on Sunday. By Monday it had gained 1.48 percent to $65.64, and by Monday evening in New York, which is Tuesday morning in India, it was quoted around $66.52. That is a rise of about 2.8 percent across two sessions and the highest level of this run.
The move is worth more than it looks because of what it did to the relationship with gold. Divide Tuesday’s gold price of $4,429.49 an ounce by silver’s $66.52, and the gold-to-silver ratio comes out near 66.6. On Monday, the same sum gave about 67.3. The ratio has tightened, which means silver outpaced gold rather than merely tracking it. That is the first session this week it has done so, and it matters because silver spent Monday doing the unusual thing of exactly matching gold’s move.
On the domestic exchange, Monday’s session was considerably livelier than the retail board let on. September silver reclaimed the ₹2.38 lakh mark, touching an intraday high near ₹2,38,500 before settling back toward ₹2,37,500. None of that reached the counter.
Why the Indian Silver Rate Barely Moves
The explanation is the same one that governs the gold rate, and it is worse in silver.
Indian retail rates are struck off association benchmarks against the previous session, then republished through the day and settled only after it. That produces two effects a buyer sees. The first is lag: a morning quote describes yesterday. The second is revision: the figure eventually recorded for a day is not always the figure quoted during it. Monday’s silver rate was ₹2,49,900 when this newspaper read it on Monday morning and is ₹2,50,000 now.
A hundred rupees on a kilogram is 0.04 percent, so neither the lag nor the revision costs a household much on its own. The problem is the ratio between the two numbers. The metal moved 2.8 percent. The board moved 0.04 percent, in the opposite direction. Whatever the Indian retail silver rate is tracking over a two-day window, it is not the price of silver.
The spread against the exchange makes the same point from the other side. At ₹2,49,900, the retail quote sits roughly ₹12,400 a kilogram above Monday’s September futures level, about 5.2 percent. Three points of that is the goods and services tax. The rest is dealer margin and fabrication, and unlike gold, where the equivalent gap resolves almost entirely to tax, in silver it does not. No Indian tracker publishes the arithmetic, and the association fixing, the exchange contract and the shop quote remain three separate numbers.
What Is Driving the Silver Price Higher
The dollar move has a clear cause. Traders have spent the week pricing out a September rate increase from the Federal Reserve after soft American data, and silver, which pays no yield, gains when the opportunity cost of holding it falls. Silver is up roughly 17 percent on the month and close to flat on the week, which is the signature of a metal that has made one large move recently rather than a steady climb.
Underneath, the supply story has not changed and is more equivocal than the headlines suggest. The Silver Institute counted 2025 as the fifth consecutive year of structural market deficit, at about 95 million ounces against mined supply running flat near 813 million ounces. The part cited less often sits in the same document: industrial demand was forecast to fall about 2 percent, and photovoltaic demand to ease around 5 percent, because manufacturers keep engineering silver out of each solar cell. The deficit persists because mine supply is not growing, not because industry wants more.
What cannot be established from here is whether the counter re-prices on Wednesday to catch up with a metal that has now moved for three sessions, or whether it continues to oscillate inside its hundred rupee band. There is no published revision log for any Indian rate tracker, so there is no way to know in advance which of today’s numbers will still be today’s number tomorrow.
For anyone buying this week, ask the shop which benchmark and which session its rate is struck from before agreeing to it. Our crude oil prices and gold rate coverage are published every morning alongside this one.
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