Silver prices declined on Dhanteras, reversing their recent upward trend after gaining for several consecutive sessions. The dip could offer some relief to buyers planning to purchase silver jewellery, coins or utensils on the festive occasion.
On the multi commodity exchange (MCX), silver futures contracts expiring in December fell 1.04% to ₹1,85,189 during Friday’s trading session. MCX silver futures rates also influence retails silver rates across India.
Today’s decline comes after both gold and silver surged amid hopes of improvement in geopolitical situations and reduction in crude oil prices.
Silver price in Chennai
In Chennai, 999 fine silver is priced at ₹1,86,020 per kg, while 925 sterling silver costs ₹1,72,069 per kg. Silver 900 coins are priced at ₹1,67,418 per kg, according to Indian Bullion Association’s (IBA) data as of 5:20 PM (IST) on Friday.
Silver rate today in Chennai
| Name | 1 Gram | 10 Gram | 100 Gram | 1 Kilogram | 1 Ounce | 1 Tola |
|---|---|---|---|---|---|---|
| Silver 999 Fine | ₹186 | ₹1,860 | ₹18,602 | ₹186,020 | ₹5,274 | ₹2,170 |
| Silver 925 Sterling | ₹172 | ₹1,721 | ₹17,207 | ₹172,069 | ₹4,878 | ₹2,007 |
| Silver 900 Coin | ₹167 | ₹1,674 | ₹16,742 | ₹167,418 | ₹4,746 | ₹1,953 |
| Silver 800 German | ₹149 | ₹1,488 | ₹14,882 | ₹148,816 | ₹4,219 | ₹1,736 |
Source: Indian Bullion Association’s (IBA) data
The difference in prices is largely due to the purity of silver. While 999 fine silver contains 99.9% pure silver, 925 sterling silver contains 92.5% silver, with the remaining 7.5% comprising other metals, usually copper. Similarly, 900 silver contains 90% pure silver.
The final price of silver items also depends on their weight and purity. Buyers should check the silver grade before making a purchase, as items with higher silver content generally come at a higher price.
What to keep in mind before buying silver today?
Before you rush to shop for silver to mark the auspicious day, it is important to keep the following things in mind:
- Check silver’s current rates: Always check the precious metal’s price before going to a jeweller. You can check retail rates of silver online on bullions.co.in or other such platforms.
- Check making or minting charges: These additional charges cover the cost of the product’s design and making and is usually added as a percentage of the value of the item. Always ask for the exact breakdown of the costs or else you may end up paying more.
Dhanteras marks the auspicious day on which people worship Lord Dhanvantari, Goddess Lakshmi and Lord Kubera. Many households also traditionally buy gold, silver, jewellery or other new items. People prefer to make these purchases, believing it brings wealth, good fortune and prosperity.