Silver Rate Today in Mumbai (Thursday, Aug 29, 2024)

Mumbai is the capital city of the Indian state of Maharashtra and the de facto financial centre of the country. As per the United Nations (UN), as of 2018, Mumbai is the second-most populous city in India after Delhi. It is also the eighth-most populous city in the world. It has a population of roughly 2 crore people (20 million). Being the financial centre, the demand for gold and silver here is too high.

Here, like in any other city in India, the price of silver is determined by several geo-political, economic, and other factors. It is also influenced by local and industrial demand, the value of the US dollar, and local taxes. In addition to having a massive demand for industrial usage, silver in this metropolitan area is also used for ornaments, jewellery, and investment purposes. During birthday parties, people use it for gifting purposes as well.

In India, this city is among the largest consumers of silver. Here, this "not so precious metal" is considered to be a good option to hedge against inflation or bad times. It can be bought and sold in the market any time one wants. The demand for it rises during weddings and festival seasons.