The latest published IBJA Silver 999 closing rate available on the morning of 23 October 2026 was ₹199,777 per kilogram, dated 22 October. It excludes 3% GST and making charges. At the direct morning check, IBJA’s current-day table said rates would be uploaded soon, so this is the previous close, not a newly published 23 October AM rate.
That gives Indian buyers a dated starting point for comparing a silver quote while the next benchmark is pending. IBJA publishes separate opening and closing references. A rate labelled “today” on a live dealer page can therefore describe a different observation from the association’s most recent completed PM entry; the provider and timestamp belong next to the number.
Silver 999: one dated basis for comparison
| Measure | Value |
|---|---|
| 21 October PM · per kg | ₹206,783 |
| 22 October AM · per kg | ₹200,748 |
| 22 October PM · per kg | ₹199,777 |
| PM-to-PM change | −₹7,006 (−3.39%) |
| 22 October PM · per 10 g | ₹1,997.77 |
| 22 October PM + 3% only · per kg | ₹205,770.31 |
| 23 October AM | Not posted at the morning check |
IBJA benchmark, excluding GST and making charges. Unit conversions and percentage/GST examples are editorial calculations. The GST-only example excludes dealer premiums and is not a final retail quote.
The latest completed benchmark is from 22 October
IBJA’s 21 October PM rate was ₹206,783 per kg. Comparing PM with PM, the 22 October figure was ₹7,006 lower, a decline of about 3.39%. The 22 October AM rate was ₹200,748 per kg, making the same day’s AM-to-PM decline ₹971. These are two different comparisons, and neither measures a change in a 23 October rate that had not yet been posted.
The association’s methodology describes a physical-market reference assembled from participant quotes. The published values establish the size of the latest move, but the rate table does not identify why it happened. A claim about a specific currency move, policy decision or demand shock would need separate evidence; the price comparison alone cannot establish that cause.
Convert the unit before comparing a quote
At the ₹199,777-per-kg base, one gram works out to ₹199.777 and 10 grams to ₹1,997.77. Rounded to paise, that is ₹199.78 per gram. Keeping the unrounded base until the last step avoids building a rounding difference into a larger purchase comparison. The table below uses the same 999-purity reference throughout.
Adding only 3% to the one-kilogram base gives ₹205,770.31: ₹199,777 multiplied by 1.03. This is an illustration of the GST addition shown separately from the benchmark, not a shop’s final selling price. Making charges, a dealer’s premium and other applicable charges are not included. Compare a seller’s dated, itemised quote for the same purity and weight with that clearly defined base.
The next reference comes from a fresh physical-market poll
IBJA’s silver methodology says it polls tradable prices from 17 physical-market participants twice on business days, drops one highest and one lowest quote, and averages the remainder. It describes display times of around 12:05pm and 5:05pm in India’s local market time. Use the official AM/PM page linked below and check the date and Silver 999 column when the next entry appears; those approximate times are not a guarantee of a particular update minute.
For this morning’s comparison, the defensible reference is the 22 October PM value of ₹199,777 per kg, with its exclusions visible. The latest completed PM benchmark fell, but that does not determine today’s next rate or a retailer’s invoice. Matching date, purity, weight and included charges is what makes the number useful for a purchase comparison.
IBJA AM/PM table read directly and its silver methodology on PDF page 2 visually checked. Prices are dated benchmarks, not live retail quotes. Percentage, weight and 3%-only calculations use the stated base; no price forecast or cause of the move is asserted.
AI assisted with drafting and editing. This article is part of our preview edition. Editorial standards & corrections →