Silver Price Today –
14 May 2026
India’s silver crossed ₹3 lakh per kilogram for the first time after the government doubled import duty to 15%. Today’s national rate is ₹300/gram (₹3,00,000/kg). Globally, silver hit $87.40/oz — its highest in two months — and continues to outperform gold. Here is your complete, live update.
Silver Crosses ₹3 Lakh Per Kilogram in India for the First Time
On May 13, 2026, India’s silver crossed ₹3 lakh per kilogram — a historic milestone — for the first time in retail markets, after the government doubled import duty to 15%. MCX silver touched ₹3,01,000/kg intraday, up ₹22,400 (+8%) in a single session. Today (May 14), the rate has settled at ₹3,00,000/kg nationally after mild profit-booking — but the ₹3 lakh barrier, once broken, represents a structural reset of India’s silver price floor.
- Silver Rate Today India — ₹/gram, ₹/100g, ₹/kg
- City-Wise Silver Rates — 14 May 2026
- MCX Silver Rate Today — Levels & Technicals
- International Silver Spot Price (USD)
- Silver This Week — Day-by-Day Recap
- Import Duty Hike to 15% — Impact on Silver Buyers
- Top News Moving Silver Today
- Why Silver is Outperforming Gold Today
- Silver Price Forecast 2026
- Best Ways to Buy Silver in India Now
- Frequently Asked Questions (FAQ)
Searching for aaj ka chandi ka bhav? Today is a landmark day for silver in India. The metal has crossed ₹3 lakh per kilogram — a first in India’s retail bullion history — after the government’s shock import duty hike. Today’s rate is ₹300/gram (₹3,00,000/kg) nationally. Globally, silver hit $87.40/oz on May 14 — its highest level in two months — outperforming gold for the third consecutive session. And it is up a staggering 159.08% year-on-year, making it the best-performing major commodity over the past 12 months.
🪙 Silver Rate Today in India — 14 May 2026
Per Goodreturns data as of 14 May 2026: The national silver rate is ₹300 per gram and ₹3,00,000 per kilogram. In Mumbai, retail quotes show silver at ₹310/gram (₹3,10,000/kg), reflecting updated duty-inclusive pricing at jewellers. Delhi silver eased slightly to ₹300/gram from yesterday’s ₹310/gram after mild profit-booking. MCX silver is trading at approximately ₹2,98,500/kg — down 0.6% after yesterday’s extraordinary 5.9% surge.
Retail silver prices in India now reflect the 15% import duty — more than double the previous 6% rate. GST of 3% is charged additionally. Different cities and dealers show varying rates (₹300–₹330/gram) depending on when their stock was imported and local levies. Always buy from BIS-certified dealers. For investment purposes, Silver ETFs are not affected by the import duty hike — they track international spot prices. USD/INR today: ₹95.92.
🏙️ City-Wise Silver Rate Today — 14 May 2026
| City | ₹ per Gram | ₹ per 10g | ₹ per 100g | ₹ per Kg | vs. May 12 |
|---|---|---|---|---|---|
| Delhi | ₹300 | ₹3,000 | ₹30,000 | ₹3,00,000 | +₹20/g ▲ |
| Mumbai | ₹310 | ₹3,100 | ₹31,000 | ₹3,10,000 | +₹35/g ▲ |
| Chennai | ₹300 | ₹3,000 | ₹30,000 | ₹3,00,000 | +₹25/g ▲ |
| Kolkata | ₹300 | ₹3,000 | ₹30,000 | ₹3,00,000 | +₹25/g ▲ |
| Bengaluru | ₹300 | ₹3,000 | ₹30,000 | ₹3,00,000 | +₹25/g ▲ |
| Hyderabad | ₹300 | ₹3,000 | ₹30,000 | ₹3,00,000 | +₹25/g ▲ |
| Ahmedabad | ₹300 | ₹3,000 | ₹30,000 | ₹3,00,000 | +₹25/g ▲ |
| Pune | ₹300 | ₹3,000 | ₹30,000 | ₹3,00,000 | +₹25/g ▲ |
| Kerala | ₹310 | ₹3,100 | ₹31,000 | ₹3,10,000 | +₹30/g ▲ |
| Jaipur | ₹300 | ₹3,000 | ₹30,000 | ₹3,00,000 | +₹26/g ▲ |
| Lucknow | ₹300 | ₹3,000 | ₹30,000 | ₹3,00,000 | +₹25/g ▲ |
| Patna | ₹300 | ₹3,000 | ₹30,000 | ₹3,00,000 | +₹25/g ▲ |
*Indicative rates from Goodreturns as of 14 May 2026. Exclude 3% GST and making charges. Mumbai and Kerala show higher rates at ₹310/gram due to local levies and updated duty-inclusive quotes from jewellers. Some retail dealers quoting up to ₹330/gram. Verify before purchase.
📊 MCX Silver Rate Today — Levels & Technicals
MCX silver is in a “strong buy” technical posture per Investing.com’s daily signal. After yesterday’s extraordinary duty-driven 5.9% surge to ₹2,95,526/kg, silver is seeing mild profit-booking today, trading at ₹2,98,500/kg — down 0.6%. MCX silver touched a four-month high of ₹3,01,000/kg intraday on May 13 — the first breach of the ₹3 lakh level in India’s MCX history. The July contract is providing the primary liquidity.
Investing.com’s daily buy/sell signal for silver futures is currently rated “Strong Buy”. Silver futures are trading above the weekly VC PMI mean of $78.72, demonstrating “strong structural resilience” and “bullish price momentum following the breakout from the descending wedge formation.” The new support floor post-duty hike is ₹2,90,000/kg. A sustained close above ₹3,01,000 targets ₹3,05,000–₹3,10,000.
🌍 International Silver Spot Price — 14 May 2026
Globally, silver continues its remarkable outperformance. Silver futures (SI) were trading at $87.405/oz as of May 14 (Investing.com) — with an opening price of $88.155, suggesting strong early demand. Trading Economics confirmed silver hit $83.62/oz on May 15 — up 0.26% and +159.08% YoY. On May 13, silver climbed toward $88/oz — its highest in two months — outperforming all other precious metals, even as India raised import duty and hot US inflation reinforced rate-hike fears.
| Metric | Value | Context |
|---|---|---|
| Spot High (May 13, 2026) | $87–$88/oz | Highest in 2 months |
| SI Futures (May 14, Investing.com) | $87.405/oz | Strong Buy signal |
| SI Futures open (May 14) | $88.155/oz | Strong open |
| Spot (May 15, Trading Economics) | $83.62/oz | +0.26% |
| Spot (May 14, Goodreturns) | $86.8/oz | −1% intraday dip |
| Per Gram (USD) | $2.63–$2.81 | 999 fine silver |
| Per Kilogram (USD) | $2,683–$2,840 | International spot range |
| 1-Month Gain | +6.64% | Trading Economics |
| Year-on-Year | +159.08% | vs. May 2025 (~$32/oz) |
| % Below ATH ($121.67) | −27.2% to −31.3% | Range depending on source |
| Gold/Silver Ratio | ~53–54× | APMEX: ratio near 50× historically avg |
“Silver climbed toward $88 an ounce, reaching its highest level in two months and outperforming other precious metals as industrial demand prospects improved — despite India raising import tariffs on gold and silver to 15% from 6%.” — Trading Economics, May 13, 2026
📆 Silver This Week — Day-by-Day Recap
🇮🇳 Import Duty Hike to 15% — Full Impact on Silver Buyers
The import duty hike from 6% to 15% announced on May 13 has fundamentally changed India’s silver market. Here is the complete impact breakdown for each type of buyer and investor:
Silver jewellery and silverware prices have surged ₹25–₹35/gram in two days. At ₹300–₹310/gram, plus 3% GST and making charges of 15–30%, the total cost of silver jewellery has risen significantly. Consider sterling silver (925) as a slightly cheaper alternative, or explore silver jewellery exchange programs.
Silver ETFs (HDFC, ICICI, Nippon India) track international spot prices. The import duty does NOT directly affect ETF NAVs. ETF investors access silver at approximately $83–$87/oz (converted to INR at ₹95.92/USD) — significantly cheaper than ₹300/gram retail. ETFs remain the most cost-efficient silver investment route.
MCX silver’s extraordinary ₹22,400 single-day surge created windfall gains on existing inventory. New stock must now be imported at 15% duty — compressing margins unless retail prices rise further. Hallmarked silver dealers are updating prices daily. Some are already quoting ₹330/gram for delivery-grade bars.
As Geojit analysts warned for gold, a 15% duty creates strong incentives for illegal silver imports. India faced a similar challenge the last time precious metals duty was at 15%. Buy ONLY from BIS-certified dealers with HUID-stamped receipts. Avoid social media sellers, OLX listings, and unknown bullion dealers.
India’s solar panel, electronics, and EV component manufacturers who use silver as a raw material now face higher input costs. This may push some manufacturers to seek supply alternatives or accelerate silver recycling. However, silver’s irreplaceable electrical conductivity means substitution is limited.
Digital silver on PhonePe, Paytm, and Google Pay (backed by MMTC-PAMP/Augmont) uses pre-stocked vaults that were imported before the duty hike. In the short term, digital silver prices may lag retail. Monitor your platform’s price feed — it should converge with international prices, not domestic duty-inclusive retail rates.
📰 Top News Moving Silver Today
India’s government doubled the import duty on silver from 6% to 15% on May 13, 2026 — effective immediately. MCX silver zoomed ₹22,400 (+8%) in a single session to touch a four-month high of ₹3,01,000/kg. Retail prices followed, with some jewellers quoting ₹330/gram for delivery-grade silver. This is the highest domestic silver rate since January 2026, when silver’s global ATH was set.
Globally, silver climbed toward $88/oz — its highest level since mid-March 2026 — outperforming all other precious metals. Trading Economics confirmed silver’s 1-month gain of 6.64% vs. gold’s 1-month loss of 3%. Silver’s industrial demand story — solar panels, EVs, 5G, AI semiconductors — continues to provide structural support that gold lacks, especially when crude oil prices are elevated.
Trump’s two-day Beijing summit is producing significant headlines. Xi stated he had agreed to assist with Iran “with whatever” is needed — a potentially major de-escalation signal. However, Xi also warned that Taiwan disputes could risk conflict. Silver initially rallied on the Iran de-escalation news before paring gains on the Taiwan warning. Markets remain on edge for further developments.
SBI Research published a note on 14 May 2026 warning that the higher levy could “push domestic gold and silver prices further upward, reshape the structure of the physical bullion trade and add to pressure on India’s current account deficit.” The report said the duty may intensify “incentives for informal trade channels” and keep domestic prices elevated for weeks ahead.
⚡ Why Silver Is Outperforming Gold Today
Silver outperforming gold for three consecutive sessions is a significant technical and fundamental signal. Here is the full analysis:
60% of silver demand is industrial — solar, EVs, 5G, AI chips. When gold falls on rate-hike fears, silver holds because industrial buyers keep buying regardless of monetary policy. This creates an asymmetric floor that gold lacks.
Despite rate hike fears and dollar strength, global solar panel manufacturing continued to accelerate in Q1 2026. Each panel contains silver paste that cannot be substituted. EV production hitting new monthly records adds another structural bid.
The ratio has compressed to ~53–54× — near APMEX’s noted “historical average of 40–60.” When the ratio compresses, silver tends to outperform gold in subsequent sessions. Ratio traders are actively positioning for further compression toward 50×.
The domestic duty hike adds a unique India-specific bullish layer to silver. MCX silver hit ₹3 lakh for the first time — attracting speculative and investor attention that further amplifies the move. The duty-driven premium is now structural and persistent.
The Silver Institute’s confirmed 67 million ounce 2026 deficit means physical scarcity is real and growing. Every price rally is backed by genuine supply-demand imbalance, not purely speculative activity.
Xi agreeing to help with Iran creates optimism that the Strait of Hormuz may eventually reopen. Lower oil prices → lower inflation → faster energy transition to solar → more silver demand. Silver uniquely benefits from the peace deal scenario in a way gold does not.
🔮 Silver Price Forecast 2026 — Post Duty-Hike Outlook
The import duty hike has created a permanent premium layer in India’s domestic silver market. Even if global spot falls to $80/oz, India’s retail silver would remain above ₹2,75,000/kg at the new 15% duty rate. Here are the updated analyst targets:
| Institution | Silver Target (USD) | India (₹/kg) Post-Duty | Timeframe |
|---|---|---|---|
| LongForecast | $85.16 May-end; $100 Dec | ~₹2,95,000 / ₹3,46,000 | May-end / Dec 2026 |
| J.P. Morgan | $81 avg; $85 in Q4 | ~₹2,81,000 / ₹2,95,000 | Full year 2026 |
| Commerzbank | $90/oz year-end | ~₹3,12,000 | Dec 2026 |
| CoinDCX | $90–$106/oz | ~₹3.1L–₹3.7L | End 2026 |
| CoinCodex (next 7 days) | $94.55/oz | ~₹3.27L | By May 21 |
| Bear case | $70–$75/oz | ~₹2.43L–₹2.60L | If dollar spikes, demand collapses |
*India post-duty estimates at 15% import duty + 3% GST base, USD/INR ₹95.92. Pre-duty estimates were 8–10% lower. All forecasts are estimates, not guarantees.
Commerzbank’s $90/oz year-end target and CoinCodex’s near-term $94.55 projection both suggest silver has meaningful upside from current $83–$87 levels. At $90/oz with the new 15% duty structure and ₹95.92/USD, India’s retail silver would reach approximately ₹3,12,000–₹3,15,000/kg. The ₹3 lakh breach is a psychological confirmation that this level is now achievable and sustainable.
💼 Best Ways to Buy Silver in India — Post Duty-Hike Guide
- Silver ETFs (NSE/BSE) — #1 Recommended Post-Hike — HDFC Silver ETF, ICICI Silver ETF, Nippon India Silver ETF are backed by 99.9% physical silver in NSDL-approved vaults. They track international spot prices — NOT duty-inclusive retail prices. This means you access silver at approximately $83–$87/oz equivalent, not ₹300/gram. Zero making charges. Buy/sell like shares on Zerodha, Groww, Upstox. This is the most cost-efficient silver investment available in India today.
- Silver Mutual Funds (SIP) — No Demat Needed — DSP Silver ETF FOF, Aditya Birla Silver ETF FOF invest in Silver ETFs. Monthly SIP from any amount. No demat account required. Returns mirror ETF performance. Perfect for new investors wanting systematic accumulation without navigating the duty-inflated physical market.
- Digital Silver (MMTC-PAMP / Augmont backed) — Available on PhonePe, Google Pay, Paytm. Pre-stocked vaults may provide short-term pricing advantages. Digital silver prices should track international spot, not domestic duty-inclusive rates. Use only MMTC-PAMP or Augmont-backed platforms for safety.
- Physical Silver Bars & Coins — Now More Expensive — If you want physical ownership, buy only BIS Hallmark HUID-certified bars from MMTC-PAMP, India Post, or certified bullion dealers. Beware of grey-market sellers exploiting the duty hike. Always verify HUID numbers. Store in a bank locker. Note: You are now paying a 15% duty premium + 3% GST on top of international spot — factor this into your cost basis.
- MCX Silver Futures — For Advanced Traders Only — 30 kg standard lot or 1 kg Silver Mini lot. High volatility especially post-duty hike. MCX silver may swing ₹10,000–₹20,000/kg in a session. Not suitable for retail investors without futures experience. Useful for hedging existing physical silver holdings.
❓ Frequently Asked Questions
On 14 May 2026, silver in India is ₹300 per gram and ₹3,00,000 per kilogram (national average from Goodreturns). Mumbai and Kerala show higher rates of ₹310/gram. Some retail quotes show up to ₹330/gram reflecting duty-inclusive pricing. These are indicative rates excluding 3% GST and making charges.
Aaj 14 May 2026 ko chandi ka bhav ₹300 per gram aur ₹3,00,000 per kilogram hai. Mumbai aur Kerala mein ₹310/gram hai. Import duty 6% se 15% hone ke baad MCX silver ₹3,01,000/kg tak pahunchi — ek historic milestone. Ye rates indicative hain — 3% GST alag lagta hai. Sahi rate ke liye apne local dealer se confirm karein.
Silver crossed ₹3 lakh/kg for the first time because India doubled the import duty on silver from 6% to 15% on May 13, 2026. MCX silver surged ₹22,400 (+8%) in a single session. Retail prices followed the MCX upward. The duty hike was designed to curb bullion imports and reduce India’s current account deficit, which has widened due to high crude oil import costs from the US-Iran conflict.
For physical silver: prices are unlikely to fall back to pre-duty-hike levels (₹275/gram) unless the duty is reversed — which is unlikely in the near term. If you need silver for immediate use, the current ₹300/gram is the new normal. For investment: Silver ETFs are the smarter choice — they track international spot ($83–$87/oz) rather than duty-inflated domestic rates, making them significantly cheaper per unit of silver exposure. Allocate via monthly SIP for rupee cost averaging.
No — Silver ETFs are NOT significantly affected by the import duty hike. Silver ETFs (HDFC, ICICI, Nippon India Silver ETF) track international LBMA/IBJA silver prices, not domestic duty-inclusive retail prices. Their NAV is based on $83–$87/oz converted at today’s USD/INR rate of ₹95.92 — which is significantly cheaper than the ₹300/gram retail rate that includes 15% import duty. ETFs remain the most cost-efficient way to invest in silver in India.
CoinCodex’s 7-day forecast projects silver near $94.55/oz by May 21. LongForecast projects May-end at $85.16. Key catalysts this week: Trump-Xi summit developments (Iran deal progress = bullish silver), US retail sales data, jobless claims, and US University of Michigan inflation expectations. India’s domestic price will also respond to any reversal or extension of the duty hike. At ₹95.92/USD + 15% duty, a $90/oz global price would put India’s retail rate near ₹3,12,000/kg.
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