Silver Milan spot: today’s quotation

Today’s value

In the session of October 12, 2026 the Silver Milan spot index stands at 1,831.08 EUR/kg, a change of +0.9% on the previous session. The chart covers the last 64 sessions; the full multi-year history is available to FT Mercati subscribers.

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What it is

Silver Milan spot is one of the two historical bases of the Milan silver list — origin and spot — both quoted in euro per kilogram. It is the reference with which Italian jewellery, silverware and industry (electrical contacts, brazing alloys, catalysis) value the metal.

Unlike industrial metals, silver in Milan is quoted per kilogram, by tradition of the list and because of the unit value of the metal. The two bases are read together: anyone operating on the Italian silver market finds both in the list, each with its own history.

The two bases correspond to two different moments in the life of the metal. The origin base is the value recognised for silver going back to refining: it starts from the international price and takes account of the costs of recycling, i.e. transport, melting and any charges, which is why it is the lower of the two. The spot base is the FT Mercati silver fixing price made available on the Milan market, including transport premiums and any charges: it is the reference for buyers of refined metal and consistently quotes above the origin base.

How it is calculated

The index starts from the FT Mercati silver fixing, set at the time of the London auction and expressed in euro per kilogram: the spot base adds the transport premiums to Milan and any charges, the origin base takes account of the costs of recycling. Daily publication on trading days, with a continuous history.

From ASSOMET to FT Mercati: continuity of the series

Until 31 July 2026 this quotation was part of the "Milan prices" calculated and published by ASSOMET, the Italian national association of non-ferrous metal industries. Since 1 August 2026 FT Mercati has continued its calculation independently with the same criteria: the Silver Milan spot index is the continuation of the same series, with the full history preserved.

For those who use it in contracts nothing changes: monthly averages, year-on-year comparisons and price-revision clauses cross 1 August 2026 without a break. It is advisable to update the contractual reference to "FT Mercati Silver Milan spot index" and, for existing contracts, to share the transition with the counterparty.

What it is used for

Goldsmiths, silversmiths, refiners and industries using silver in contacts, brazing alloys and catalysts use it as the basis for purchases, for valuing stocks and for price-revision clauses in supply contracts.

The spot base is the reference for those who buy refined silver on the Milan market, in bars or grain, to process it: it is the price of ready metal, premiums and charges included.

Frequently asked questions

What is the Silver Milan spot index?

It is the reference quotation of silver (spot base) on the Milan market, calculated and published on every trading day by FT Mercati in EUR/kg. It continues the historical series published by ASSOMET until 31 July 2026, with the same criteria and the history preserved.

How is it calculated?

The index starts from the FT Mercati silver fixing, set at the time of the London auction and expressed in euro per kilogram: the spot base adds the transport premiums to Milan and any charges, the origin base takes account of the costs of recycling. Daily publication on trading days, with a continuous history.

Can I use it in contracts that referred to the ASSOMET prices?

Yes: it is the continuation of the same series, so averages and price-revision clauses keep working. It is advisable to update the reference to "FT Mercati Silver Milan spot index" and, for existing contracts, to share the transition with the counterparty.

Where can I find the full history?

The website shows the latest published value and the trend of the most recent sessions. FT Mercati subscribers have the daily values, the multi-year history and the tools for contractual use on the platform; you can start with a free trial.

What is the difference between silver origin and silver spot?

They are the two historical bases of the Milan list and look at two different moments in the life of the metal. Origin is the value of silver going back to refining: it starts from the international price and takes account of the costs of recycling (transport, melting, any charges), so it is the lower one. Spot is the FT Mercati silver fixing price made available in Milan, with transport premiums and any charges, and is the reference for buyers of refined metal. Both are quoted in euro per kilogram, every trading day.

Why is silver quoted in EUR/kg?

By tradition of the Milan list and because of the unit value of the metal: silver is quoted per kilogram in the two historical bases, origin and spot, while industrial metals and alloys are quoted in euro per tonne.

The Milan Indexes are calculated and published by FT Mercati and are reference values of the Italian market, not exchange prices. The value shown is that of the latest published session.