The crash in silver prices deepened further in Friday’s trade, with the December delivery contract on the Multi Commodity Exchange (MCX) plunging another ₹10,577 per kg. The contract broke below the ₹1.80 lakh mark to hit the day’s low of ₹1,79,600 per kg.
The white metal was last seen trading around these levels in December. Friday’s losses widened its October decline to nearly ₹45,000 per kg, putting it on track for its biggest monthly fall of 2026.
Silver, which enjoyed an uninterrupted bull run in 2025, has given up more than 50% of those gains as rising crude oil prices and persistent inflation concerns reinforced expectations of US interest rate hikes.
Similarly, gold prices extended their decline for a third consecutive session in trade, falling another ₹4,347 per 10 grams to hit the day’s low of ₹1,38,249, their lowest level since late March. In October, prices have retreated by ₹10,787 per 10 grams, following a decline of ₹5,400 in September.
From its record high of ₹4,20,048 per kg, silver has lost 57% of its value. The sharp correction follows a 170% surge in silver prices in 2025. Gold has also witnessed a steep decline, falling ₹42,321 per 10 grams from its record peak of ₹1,80,779.