Silver Price Today –
12 May 2026
Silver hits $83.04/oz — its highest level since March 2026 — while gold falls. India’s silver rate holds steady at ₹275/gram (₹2,75,000/kg). MCX silver trading in the green at ₹2,63,010/kg. The white metal is diverging from gold in a big way today — here’s why.
Silver Surges While Gold Falls — A Rare Divergence Explained
On Monday May 11, gold fell over 1% as Trump rejected Iran’s peace proposal and crude oil surged 4.5%. But silver climbed above $81 simultaneously — a striking divergence. Silver’s industrial demand from solar, EVs, and AI creates a structural floor that gold lacks, making it resilient even on inflationary days when rate-hike fears weigh on gold.
- Silver Rate Today India — ₹/gram, ₹/10g, ₹/kg
- City-Wise Silver Rates — 12 May 2026
- MCX Silver Rate Today — Live Levels & Technicals
- International Silver Spot Price (USD)
- Silver Price This Week — Day-by-Day
- Why Silver Is Rising While Gold Falls Today
- Top News Moving Silver Today
- 🚨 CPI Data Today — Silver’s 3 Scenarios
- Silver Price Forecast 2026 — Expert Targets
- How to Buy Silver in India — Best Options
- Frequently Asked Questions (FAQ)
Looking for aaj ka chandi ka bhav? Today’s big story is silver’s remarkable divergence from gold. While gold slipped on Tuesday, silver hit $83.04/oz — its highest since March 2026, and MCX silver is trading in the green at ₹2,63,010/kg. India’s spot rate is steady at ₹275/gram (₹2,75,000/kg). Silver is now up 154.4% year-on-year — the best-performing major commodity over 12 months. CPI data releases today at 7 PM IST — the week’s biggest price trigger.
🪙 Silver Rate Today in India — 12 May 2026
On 12 May 2026, the silver price in India is ₹275 per gram and ₹2,75,000 per kilogram — unchanged for the third consecutive day, per Goodreturns data. Silver prices remained largely stable on Monday even as gold declined, reflecting silver’s resilience anchored to its industrial demand fundamentals. MCX Silver June futures closed at ₹2,62,250/kg on May 11, recovering smartly from the intraday low of ₹2,60,986 to close in the green. MCX silver July futures settled at ₹2,78,274/kg.
All rates are indicative and exclude 3% GST and making charges. MCX silver trades at a discount to spot rates due to futures pricing mechanics and import duties. Indian buyers pay approximately 15–18% above international spot due to 10.75% import duty + 3% GST. USD/INR today is ₹95.31 — a weaker rupee compared to last week (₹94.44), slightly elevating domestic prices.
🏙️ City-Wise Silver Rate Today — 12 May 2026
| City | ₹ per Gram | ₹ per 10g | ₹ per 100g | ₹ per Kg | vs. Yesterday |
|---|---|---|---|---|---|
| Delhi | ₹280 | ₹2,800 | ₹28,000 | ₹2,80,000 | Stable ↔ |
| Mumbai | ₹275 | ₹2,750 | ₹27,500 | ₹2,75,000 | Stable ↔ |
| Chennai | ₹275 | ₹2,750 | ₹27,500 | ₹2,75,000 | Stable ↔ |
| Kolkata | ₹275 | ₹2,750 | ₹27,500 | ₹2,75,000 | Stable ↔ |
| Bengaluru | ₹274.90 | ₹2,749 | ₹27,490 | ₹2,74,900 | Stable ↔ |
| Hyderabad | ₹275 | ₹2,750 | ₹27,500 | ₹2,75,000 | Stable ↔ |
| Ahmedabad | ₹275 | ₹2,750 | ₹27,500 | ₹2,75,000 | Stable ↔ |
| Pune | ₹275 | ₹2,750 | ₹27,500 | ₹2,75,000 | Stable ↔ |
| Kerala | ₹280 | ₹2,800 | ₹28,000 | ₹2,80,000 | Stable ↔ |
| Jaipur | ₹275 | ₹2,750 | ₹27,500 | ₹2,75,000 | Stable ↔ |
| Lucknow | ₹275 | ₹2,750 | ₹27,500 | ₹2,75,000 | Stable ↔ |
| Patna | ₹274.90 | ₹2,749 | ₹27,490 | ₹2,74,900 | Stable ↔ |
*Indicative retail rates from Goodreturns as of 12 May 2026. Exclude 3% GST and making charges. Silver prices have remained unchanged for 3 consecutive days at the retail level. Verify before purchase with your local bullion dealer.
📊 MCX Silver Rate Today — Live Levels & Technicals
On MCX, silver is outperforming gold today. MCX Silver June futures closed at ₹2,62,250/kg on May 11 (up 0.13%), recovering from an intraday low of ₹2,60,986 to finish in the green. The July contract settled at ₹2,78,274/kg (marginal −0.01%). Today, May 12, MCX silver is trading at approximately ₹2,63,010/kg — up 0.42% per Goodreturns live data, with an intraday high of ₹2,64,922/kg.
Kedia Advisory reported MCX Silver settled sharply higher by 2.08% at ₹2,58,540 in the previous session, “supported by easing inflation concerns after hopes” for US-Iran negotiations. In a separate session, MCX silver settled up 1.31% at ₹2,61,922. The ₹2,65,000 zone is immediate resistance — a sustained breakout above this level targets ₹2,68,000–₹2,70,000.
🌍 International Silver Spot Price — 12 May 2026
Silver hit $83.04 per troy ounce on May 11, 2026 — its highest level since March 2026 — per Trading Economics. This came just one day after silver closed at $80.32 on May 8. Silver futures (SI) are trading at $80.97/oz as of May 11 (Investing.com). Silver has surged +9.69% over the past 4 weeks and is up a stunning +154.4% year-on-year from approximately $32/oz in May 2025.
| Metric | Value | Context |
|---|---|---|
| Spot High (May 11, 2026) | $83.04/oz | Highest since March 2026 |
| Silver Futures (SI) | $80.97/oz | Investing.com, May 11 |
| Fortune spot (May 8) | $81.33/oz | +$48 vs year ago |
| Per Gram (USD) | $2.60–$2.67 | 999 fine silver |
| Per Kilogram (USD) | $2,595–$2,670 | International spot |
| 4-Week Gain | +9.69% | Trading Economics |
| Year-on-Year | +154.4% | vs. May 2025 (~$32/oz) |
| YoY USD gain | +$48+/oz | Fortune, May 8 |
| % Below ATH ($121.67) | −31.8% | APMEX ATH: Jan 29, 2026 |
| Gold/Silver Ratio | ~56.4× | Silver outperforming gold |
| May 2026 LongForecast avg | $82.99/oz | May avg; month-end $85.16 |
“Silver increased to $83.04 — the highest since March 2026. Over the past 4 weeks, Silver gained 9.69%, and in the last 12 months, it increased 154.4%.” — Trading Economics, May 11, 2026
📆 Silver Price This Week — Day-by-Day
⚡ Why Silver Is Rising While Gold Falls Today
The silver-gold divergence on May 11–12 is one of the most analytically interesting developments in precious metals this month. Here is the complete explanation:
60% of silver demand is industrial — solar panels, EVs, AI chips, 5G. This creates a structural price floor independent of geopolitical and monetary cycles. When gold falls on rate-hike fears, silver’s industrial bid holds it up.
Paradoxically, oil above $100/bbl accelerates the global pivot to solar and EVs — increasing demand for silver. Higher crude = stronger case for solar investments = more silver needed per panel. This uniquely benefits silver.
The ratio narrowed to ~56.4× — meaning silver is becoming relatively more expensive vs gold. Historically, when the ratio drops below 60×, silver tends to outperform gold in subsequent months. Traders are positioning accordingly.
Silver’s 6th straight annual supply shortfall (67 Moz projected) means every rally is backed by real scarcity. Unlike gold, silver cannot be “printed” — the deficit is physical and structural. This provides upward price momentum gold doesn’t have.
At ₹275/gram vs gold at ₹15,213/gram, silver is 55× cheaper per gram. As gold becomes inaccessible to retail Indian buyers (PM Modi’s appeal, high prices), silver attracts those budgets — supporting domestic prices.
Silver futures show “strong bullish momentum following the breakout from the descending wedge formation” (Investing.com). The market has tilted constructive above the $79.20 equilibrium pivot, with $83–$85 as next target zones.
📰 Top News Moving Silver Today
In a dramatic demonstration of silver’s resilience, the metal hit $83.04/oz on May 11 — its highest since March 2026 — even as Trump called Iran’s peace proposal “TOTALLY UNACCEPTABLE” and crude oil surged 4.5%. Gold fell 1%+ on the same news. Silver’s outperformance underscores its industrial demand story playing out independently of geopolitical cycles.
The Silver Institute’s annual World Silver Survey confirmed silver’s 6th straight year of supply deficits — projecting a 67 million ounce shortfall in 2026. JM Bullion notes: “near-term pressure from a firmer dollar and cautious Fed posture is being offset by a sixth consecutive annual supply deficit alongside relentless pull from solar, EV, 5G, and semiconductor manufacturers.”
While gold fell ₹22/gram on Monday, silver held steady at ₹275/gram for the third consecutive day. This price stability amid gold’s decline reflects silver’s industrial demand support and its relatively lower exposure to the rate-hike sentiment that weighed on gold. MCX silver recovered intraday losses to close in the green.
The April Consumer Price Index is the most important event for silver this week. LongForecast projects silver ending May at $85.16/oz — a 14.8% gain from the month’s opening. A hotter CPI would accelerate this move. A cooler reading may cause short-term profit-booking before the next leg higher toward $90/oz.
🚨 CPI Data Today — Silver’s 3 Scenarios (7 PM IST)
The April US CPI releases today at 8:30 AM ET (7:00 PM IST). Silver’s response will depend on which scenario plays out. Here is the complete playbook:
| Scenario | CPI Reading | Silver Reaction (USD) | MCX Silver Impact |
|---|---|---|---|
| Hot CPI 🔥 | Above 4.0% YoY | Silver surges as inflation hedge — push toward $85–$88/oz. Industrial + monetary demand confluence. | MCX targets ₹2,68,000–₹2,72,000/kg |
| In-Line CPI ➡️ | 3.6–4.0% YoY | Silver consolidates near $80–$83/oz. Orderly gains continue. | MCX holds ₹2,60,000–₹2,65,000/kg |
| Cool CPI ❄️ | Below 3.6% YoY | Short-term pullback to $76–$79 support zone. But industrial demand limits downside. | MCX tests ₹2,55,000–₹2,58,000 support |
MCX silver can swing ₹5,000–₹15,000 per kg within minutes of the CPI release at 7 PM IST. If you are planning a silver purchase today, consider completing it before 6:30 PM IST to avoid post-CPI volatility, or wait until Wednesday morning once the data impact is fully priced in.
🔮 Silver Price Forecast 2026 — Expert Targets
| Institution | Silver Target (USD) | India (₹/kg est.) | Timeframe |
|---|---|---|---|
| LongForecast | $85.16 month-end; $100.18 Dec | ~₹2,76,000 / ₹3,25,000 | May-end / Dec 2026 |
| J.P. Morgan | $81 avg; $85 Q4 2026 | ~₹2,63,000 / ₹2,76,000 | Full year 2026 |
| Commerzbank | $90/oz year-end | ~₹2,92,000 | Dec 2026 |
| CoinDCX | $90–$106/oz | ~₹2.9L–₹3.4L | End 2026 |
| CoinCodex | $94.55 (next 7 days) | ~₹3.07L | By May 18 |
| LongForecast June | $85.35/oz avg | ~₹2,77,000 | June 2026 |
| Bear case | $60–$65/oz | ~₹1.95L–₹2.1L | If dollar spikes sharply |
*India estimates at USD/INR ₹95.31. LongForecast May 2026 range: high $100.00, low $72.60, average $82.99. All forecasts are estimates, not guarantees.
LongForecast’s May 2026 model: High $100.00, Low $72.60, Average $82.99, Month-end $85.16 — a 14.8% gain from the month’s opening price of $74.18. At current levels of ~$81–$83, silver is already tracking above the monthly average with the month only half done. The $100 high scenario (if CPI is hot + peace deal fails + Fed hesitates) is still on the table within this month.
💼 How to Buy Silver in India — Best Options 2026
- Silver ETFs (NSE/BSE) — Best option for most Indian investors. SEBI-regulated, backed by 99.9% physical silver in NSDL-approved vaults. Buy and sell like shares on Zerodha, Groww, or Upstox. Zero making charges, full price transparency, no storage risk. HDFC Silver ETF, ICICI Silver ETF, Nippon India Silver ETF are the top choices. Ideal for monthly SIP accumulation.
- Silver Mutual Funds (SIP) — No demat account needed. DSP Silver ETF FOF, Aditya Birla Silver ETF FOF. Invest monthly via SIP from any amount. Returns mirror silver ETF performance. Perfect for salaried investors building a position over time via auto-debit SIPs.
- Physical Silver Bars & Coins — Buy 100g, 500g, or 1kg BIS hallmark HUID-certified bars from MMTC-PAMP, India Post, or certified bullion dealers. Best for those wanting tangible ownership. Store in a bank locker. Verify HUID number on every purchase for maximum resale value.
- Digital Silver (PhonePe / Paytm / GPay) — Buy from ₹1. Backed by physical silver in MMTC-PAMP or Augmont vaults. Easy entry for first-time investors. Note: Not yet fully SEBI-regulated — use only large, reputed platforms. Can be redeemed as physical silver anytime.
- MCX Silver Futures (Advanced) — For experienced traders only. 30 kg standard lot or 1 kg Silver Mini lot available. Allows leveraged exposure and hedging. High volatility risk — especially around today’s CPI release. Not suitable for retail investors without futures experience.
Never buy silver jewellery purely for investment — making charges of 15–30% make it highly inefficient. Avoid unverified dealers on social media or OLX. Always insist on a BIS Hallmark receipt with HUID number. For tax: silver held over 3 years is eligible for LTCG at 20% with indexation — verify current rules with your CA. Silver has higher volatility than gold — position size accordingly.
❓ Frequently Asked Questions
On 12 May 2026, silver in India is ₹275 per gram and ₹2,75,000 per kilogram across most major cities (Delhi and Kerala at ₹280/gram). Silver has remained unchanged for three consecutive days. These are indicative rates from Goodreturns, excluding 3% GST and making charges.
Aaj 12 May 2026 ko chandi ka bhav ₹275 per gram aur ₹2,75,000 per kilogram hai. Delhi aur Kerala mein ₹280/gram hai. Ye rate teen consecutive dino se stable hai. MCX silver ₹2,63,010/kg par trade ho raha hai. Ye rates indicative hain — 3% GST aur making charges alag se lagte hain.
Silver surged to $83.04/oz — its highest since March — while gold fell because: (1) silver’s 60% industrial demand (solar, EVs, AI) provides a structural floor independent of monetary policy; (2) oil above $100 accelerates the energy transition, boosting silver demand for solar panels; (3) silver broke out technically from a descending wedge; (4) the gold-silver ratio compressed to ~56.4×, attracting ratio traders who buy silver. These factors made silver the standout performer on a day when rate-hike fears hurt gold.
MCX Silver June futures are trading at approximately ₹2,63,010/kg — up 0.42% on 12 May 2026. The July contract closed at ₹2,78,274/kg. Key support is ₹2,60,986 (recent intraday low) and ₹2,58,000 (structural support). Resistance is at ₹2,64,922 (intraday high) and ₹2,68,000–₹2,70,000. The CPI data tonight (7 PM IST) will set the directional tone for the rest of the week.
LongForecast projects silver ending May at $85.16/oz with a high of $100/oz possible within the month. J.P. Morgan targets $85/oz in Q4. Commerzbank projects $90/oz by year-end. Today’s CPI will be a key trigger: a hot reading accelerates the timeline toward $85–$90 significantly. In India, $85/oz at ₹95.31/USD translates to approximately ₹2,60,000–₹2,76,000/kg depending on import duties.
Silver offers a different risk-return profile than gold today. At ₹275/gram (vs gold’s ₹15,213/gram), silver is far more accessible. Silver is also 31.8% below its January 2026 ATH vs gold at 16.5% below — offering more potential upside. Silver’s supply deficit, industrial demand growth, and compressed gold-silver ratio (~56.4×) provide structural support. However, silver is more volatile — it falls harder in downturns too. The ideal approach: hold both, with silver ETFs via SIP for long-term accumulation.
We’ll publish the full post-CPI silver & gold price impact analysis Wednesday morning. Join our WhatsApp Channel and Telegram for instant alerts at 7 PM IST when the CPI data drops tonight!