Silver Prices Crash: MCX Silver Hits Lower Circuit, Falls Below Rs 2 Lakh; Will Silver Continue To Fall Ahead?

The MCX silver price witnessed one of its darkest days on March 23, as it nosedived below the Rs 2 lakh mark and crashed by at least 12% in a single day. Silver had also touched its lower circuit of Rs 2.06 lakh before extended its losses to near the Rs 1.99 lakh mark. However, at the closing bell, silver managed to recover some of its early losses and settled near the Rs 2.20 lakh mark. Does that mean silver is going to recover ahead or is this a calm before a new storm?

MCX Silver Price Today:

MCX silver with May 2026 expiry, closed at Rs 2,19,134 per 1 kg, down by Rs 7,638 or 3.4%. During the trading session, MCX silver had crashed by at least Rs 27,129 or 11.96% to hit an intraday low of Rs 1,99,643 per 1Kg.

At the intraday low, silver has nosedived by nearly 55% from its peak of Rs 4,39,337 per 1Kg that was recorded in late-January 2026. At the closing prie, silver has dropped by over 50%.

Silver Rates In India:

At the same time, silver prices in India dropped by Rs 15,000 in 1Kg to Rs 2.30 lakh, and was down by Rs 1,500 to Rs 23,000 in 100 grams. Silver plunged by Rs 150 to Rs 2,300 in 10 grams. Silver has fell by over 22% so far in March.

Why Silver Prices Are Falling?

As per Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth, gold and silver prices declined despite geopolitical tensions-an otherwise counterintuitive move-highlighting the dominance of macro factors such as a stronger dollar and rising rate expectations.

He added, "With crude oil sustaining at elevated levels, inflation concerns have resurfaced, reinforcing the "higher-for-longer" interest rate narrative globally. This, in turn, reduces the attractiveness of non-yielding assets like gold, keeping bullion under pressure."

MCX Silver Price Outlook:

As per Ponmudi R, CEO of Enrich Money, here are the silver rates outlook in India:

A breakout above Rs 2,20,000 could lead to a recovery toward Rs 2,24,000-Rs 2,28,000. On the downside, a breakdown below Rs 2,12,000 could accelerate losses toward Rs 2,08,000-Rs 2,10,000, with further support near Rs 2,00,000-Rs 2,05,000.

Overall, the bias remains negative amid ongoing macro and geopolitical uncertainty.

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