Silver Price Today, August 31: Rates Near ₹2.42 Lakh Per Kg; Check Prices in Delhi, Mumbai and Other Cities

Silver prices remained in focus on Monday, August 31, 2026, after the precious metal recorded significant gains over the past month and year. According to the rates cited in the report, the price of 999 fine silver stood at ₹2,42,190 per kilogram at around 6:30 am, while 925 sterling silver was quoted at ₹2,24,026 per kilogram.

Silver has witnessed considerable price movement in recent sessions, making the latest rates important for buyers as well as investors tracking precious metals.

The price of silver can vary from one city to another because of local market conditions and other charges. Among the major cities listed in the report, Chennai had the highest quoted rate, while Delhi recorded the lowest.

Silver Gains More Than 11% in One Month

Silver has delivered a sharp rise over the past month.

According to the figures mentioned in the report, the price of 999 fine silver has increased by more than 11% in one month.

The longer-term movement has been even stronger. Over the past year, silver prices have risen by nearly 100%, meaning the metal's quoted value has approximately doubled during this period.

Such a steep increase has kept silver in focus among investors. However, past price appreciation does not guarantee that the metal will continue to generate similar returns.

Precious-metal prices can rise or fall rapidly depending on domestic as well as international factors.

Silver Price Today in Major Indian Cities

Silver prices are not necessarily identical across the country. Local demand, taxes, transportation expenses and other market-related costs can create differences between cities.

Here are the rates for 999 fine silver mentioned for major cities on August 31, 2026:

Among these cities, Chennai recorded the highest silver rate at ₹2,42,460 per kilogram.

Delhi had the lowest quoted price at ₹2,41,340 per kilogram.

The difference between Chennai and Delhi was therefore ₹1,120 per kilogram based on the rates provided.

How Much Does Silver Cost in Mumbai?

In Mumbai, the price of 999 fine silver was quoted at ₹2,41,760 per kilogram.

Mumbai is one of India's major bullion and jewellery markets, and precious-metal prices are closely tracked by traders, jewellers and consumers.

Actual prices charged by a retailer can differ from headline bullion rates because of applicable taxes, making charges and other costs, particularly when buying jewellery, utensils or finished silver products.

Silver Rate in Delhi on August 31

Delhi recorded a silver price of ₹2,41,340 per kilogram.

Among the six major cities included in the supplied data, this was the lowest quoted rate.

Consumers planning to make a large purchase should still check the prevailing local price before completing a transaction because bullion rates can change during the trading session.

Chennai Records Highest Rate Among Listed Cities

Silver was comparatively more expensive in Chennai, where the quoted price reached ₹2,42,460 per kilogram.

Hyderabad followed at ₹2,42,140 per kilogram, while Bengaluru's rate stood at ₹2,41,950.

Kolkata, meanwhile, recorded a price of ₹2,41,440 per kilogram.

These variations show why checking city-specific prices can be useful before purchasing the precious metal.

No Regular Domestic Bullion Trading on Sunday

The domestic bullion market did not witness regular trading on Sunday, August 30, according to the report.

As a result, there were no fresh regular closing rates for the day.

The previous trading session on August 28 had witnessed a notable correction in silver prices.

In Delhi's bullion market, 999-purity silver reportedly declined by ₹5,000 per kilogram to reach ₹2,45,500 per kilogram.

Before the decline, the metal had been priced at ₹2,50,500 per kilogram.

The movement illustrates the level of volatility that silver can experience even when its broader monthly or yearly trend remains strong.

Why Do Silver Prices Keep Changing?

Silver prices are influenced by several factors.

International precious-metal prices are an important factor because silver is traded globally. Changes in overseas markets can consequently influence domestic rates.

Demand and supply conditions can also affect prices. Silver is not used only for jewellery and investment purposes; its demand can come from multiple segments of the economy.

Currency movements and broader market conditions can further influence domestic bullion prices.

At the local level, taxes, transportation expenses, dealer margins and regional demand may result in different quoted prices across Indian cities.

This is why a silver rate displayed for Delhi may not necessarily match the rate available in Chennai, Mumbai, Hyderabad or another city at the same time.

Should You Buy Silver After the Recent Rally?

The sharp rise in silver prices may attract investors, but investment decisions should not be based solely on recent returns.

The metal has gained more than 11% over the past month and nearly doubled over a one-year period according to the data cited in the report. Such strong gains can also be accompanied by substantial volatility, as seen in the ₹5,000 decline recorded during the previous Delhi bullion session.

Anyone buying silver for investment purposes should therefore consider their investment horizon, financial objectives and ability to tolerate price fluctuations.

Those purchasing silver jewellery, coins, bars or other physical products should also remember that the final amount payable may differ from the basic bullion rate.

Check the Latest Local Price Before Buying

Silver prices can move during the day depending on changes in international markets, demand-supply conditions and other factors.

Rates may also vary between cities and individual sellers.

Therefore, anyone planning to buy silver on August 31 should check the latest price offered in their city before making the purchase.

With 999 fine silver hovering around ₹2.42 lakh per kilogram and prices showing strong gains over the past year, silver remains one of the closely watched precious metals. At the same time, recent fluctuations underline the importance of tracking current rates rather than relying only on previous closing prices.

Disclaimer: Precious-metal prices are subject to market fluctuations. The rates mentioned above are based on the data provided in the source and may change during the day. This article is for informational purposes only and should not be considered investment advice.