Silver Rate Today, May 18: What is the price of 1 kg 999 silver today?

Silver prices today have gained by a substantial ₹10,000 per kg. In the National Capital (Delhi), silver is retailing at ₹2.9 lakh/ kg. After the import duty hike last week, the Centre has with immediate effect imposed restrictions on imports of silver bars with 99.9% purity and other semi-manufactured silver products as part of its efforts to reduce import costs and support the rupee.

Notably, domestic silver supplies may tighten after import curbs.

Joyalukkas: 20 gm silver bar costs ₹6,922.

eBullion: Silver of 99.99% purity is priced at ₹275.47/ gm, up by ₹6.22.

Factors influencing silver price today

At the retail level, silver prices in India are expected to remain elevated, and include the impact of the duty hike as well as the supply premium.

Meanwhile, on the MCX, silver July futures after witnessing a significant fall, were trading with gains of ₹614 or 0.23% at ₹2,72,500 per kg. The initial sharp decline was seen as escalating tensions in the Middle East pushed crude oil prices higher, stoking inflation worries and a higher probability of a higher-for-longer interest rate regime.

Higher interest rates in the economy making bullion -being non-interest yielding- less appealing for consumers. `