New Delhi, October 20 (Udaipur Kiran): After weeks of record highs, silver prices in India have started declining, with major bullion markets witnessing a steep correction. Over the past week, silver prices have fallen by more than ₹8,000 per kilogram on average. The sharpest drop has been recorded in Chennai and Hyderabad, where prices have plunged by nearly ₹17,000 per kilogram.
On October 15, silver prices in both cities had soared to around ₹2,07,000 per kilogram, but have now dropped to ₹1,90,000 per kilogram. In Delhi, silver is currently priced at ₹1,71,900 per kilogram, a similar level seen in Mumbai, Ahmedabad, Kolkata, Jaipur, Surat, and Pune. In Bengaluru, silver is trading at ₹1,79,900, while in Chennai and Hyderabad, it stands at ₹1,89,900 per kilogram.
According to bullion market expert Mayank Mohan, the recent decline follows a period of sharp gains driven by global market fluctuations, reduced silver supply in the London International Silver Market, and surging industrial demand. “At one point, international silver prices had neared $60 per ounce. Strong festive demand in India and rising gold prices also pushed small investors to prefer silver, leading to a 40% year-on-year increase in silver coin sales,” he said.
Mohan added that after such rapid growth, profit booking was inevitable. “With supply conditions stabilizing in the London market, global silver prices fell by around 6% this week, marking the steepest weekly drop in the past six months. The completion of festive buying in India further contributed to the local market correction,” he explained.
Tarkeshwar Nath Vaishnav, CEO of TVN Financial Services, echoed the view that volatility in the London market was the main trigger behind the sharp rise and subsequent fall. “On October 9, a sudden supply crunch created panic in the global silver trade. Sellers pulled back, buyers bid aggressively, and prices shot up to record highs. Now that supply is returning to normal, prices are cooling down globally — and the impact is clearly visible in Indian bullion markets,” he said.
The week-long correction has brought significant relief to traders and consumers alike, with silver now trading ₹8,000 to ₹17,000 per kilogram lower than last week’s highs.
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Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
