Silver price today — XAG/USD spot
Live silver spot in US dollars per troy ounce, with the per-gram and per-kilogram equivalents, the Indian silver rate and the gold/silver ratio. Derived from the same international quotes as the gold board, with the full formula published.
Silver $69.00 per troy oz · +1.30% on the session · last close
Spot source: Swissquote Bank · FX: Frankfurter (European Central Bank) (2026-08-21) · last close · how this is derived
Silver by unit
XAG is the ISO 4217 code for one troy ounce of silver, and XAG/USD is the international spot quote everything else here is converted from. The troy ounce is 31.1034768 grams, which is why none of the conversions below is a round number. Silver is quoted per ounce internationally, per kilogram in India, and per gram almost nowhere — a gram of silver is worth less than a cup of coffee, so the number carries no useful precision.
Silver in every market we quote
The same ounce, in each market's own currency and unit. India is a landed retail figure — it carries 6% import duty and a 1% trade premium, because that is what sits between an imported bar and a shop counter. Every other market here is a wholesale spot conversion that no dealer will sell at.
| Market | Rate | Unit | Basis |
|---|---|---|---|
| India | ₹2,27,289 | per kg | landed retail |
| United States | $69.00 | per troy oz | wholesale spot |
| United Kingdom | £50.53 | per troy oz | wholesale spot |
| Euro area | 58,98 € | per troy oz | wholesale spot |
| Mexico | $37.49 | per gram | wholesale spot |
| United Arab Emirates | AED 8.15 | per gram | wholesale spot |
Silver rate today in India
The Indian silver rate, in the units the trade there uses. Like the Indian gold rate, this is a landed retail figure and it excludes 3% GST, which is charged on metal value plus making charges at the counter.
Silver price for the last 10 days
Daily closes in dollars per troy ounce, with the Indian rupee equivalent per kilogram beside them. The rupee column converts each past dollar close at today's exchange rate, so it shows the movement in the metal rather than in the rupee — it is not a record of what silver cost in rupees on those days.
| Date | USD / oz | INR / kg | Change |
|---|---|---|---|
| 21 Aug 2026 | $68.43 | ₹2,25,425 | +2.30% |
| 20 Aug 2026 | $66.90 | ₹2,20,362 | +2.11% |
| 18 Aug 2026 | $65.52 | ₹2,15,813 | −0.29% |
| 17 Aug 2026 | $65.71 | ₹2,16,445 | +1.55% |
| 16 Aug 2026 | $64.70 | ₹2,13,138 | +0.04% |
| 15 Aug 2026 | $64.68 | ₹2,13,059 | +1.31% |
| 14 Aug 2026 | $63.85 | ₹2,10,312 | −2.64% |
| 13 Aug 2026 | $65.57 | ₹2,16,004 | +0.61% |
| 12 Aug 2026 | $65.18 | ₹2,14,700 | −1.45% |
| 11 Aug 2026 | $66.14 | ₹2,17,855 | +3.97% |
The gold/silver ratio
The ratio is gold spot divided by silver spot: how many ounces of silver one ounce of gold will buy. It is the oldest relative-value gauge in the metals trade — a high ratio says silver is cheap against gold by historical standards, a low one says the opposite. It is worth knowing what it is not: a ratio of two volatile prices is not a forecast, and it has spent long stretches well outside whatever range looked normal at the time. The live board tracks it continuously with a one-year average and high.
Why silver moves more than gold
Two reasons, and they compound. The silver market is a fraction of the size of the gold market, so the same flow of money moves the price further. And roughly half of silver demand is industrial — electronics, photovoltaics, brazing alloys, medical uses — which ties silver to the economic cycle in a way gold is not tied. Gold's demand is dominated by investment, jewellery and central banks; silver carries all of that plus a factory order book. In practice silver has run about two to three times as volatile as gold, in both directions.
Silver purity and hallmarks
The rates here are for 999 fine silver — 99.9% pure, the bullion standard for bars and coins. Sterling silver is 925 (92.5%), the traditional standard for tableware and much jewellery, and its metal value is exactly 0.925 of the 999 rate before any making charge. In India, BIS hallmarking is voluntary for silver, unlike gold jewellery where it is mandatory — see the BIS hallmarking FAQs for what the marks mean.
How this price is derived
International spot quotes in dollars per troy ounce, converted at the European Central Bank's daily reference rates, with India's 6% import duty and a 1% trade premium applied to the rupee figure only. Nothing here is hand-entered and nothing is smoothed. The methodology page lists every source, every constant and the date each was last checked — currently 2026-08-15.
Frequently asked questions
What does XAG/USD mean?
XAG is the ISO 4217 code for one troy ounce of silver. XAG/USD is the price of that ounce in US dollars — the international spot benchmark every other silver figure here is derived from, including the rupee price per kilogram.
Why is silver quoted per kilogram in India?
Because that is the unit at which the number is legible. Silver is around eighty times cheaper than gold by weight, so a per-gram figure is small change and a per-10-gram figure barely moves. Indian rate boards quote gold per 10 grams and silver per kilogram for the same reason.
What is the gold/silver ratio?
Gold spot divided by silver spot — how many ounces of silver an ounce of gold will buy. A relative-value gauge, not a forecast.
Why is silver more volatile than gold?
A much smaller market, so money moves it further, and about half its demand is industrial rather than investment — which adds the economic cycle as a second driver on top of the one gold has.
Does the Indian silver rate include GST?
No. Like every rupee figure on this site it is ex-GST. 3% applies on metal value plus making charges at purchase — the calculator applies both.
Rates are indicative and the Indian figure excludes GST. Read the methodology and the risk disclaimer.