Silver Rate In India Crashes By 1,90,000 From Peak Ahead Of Dhanteras; Silver Prices In Cities, Buy Time?

Just as Dhanteras and Diwali are nearing, silver rates in India are falling. In fact, on October 23, 2026, the 999 purity silver reached Rs 2.20 per 1 kg, which is a crash of Rs 1.90 lakh from its peak of Rs 4.10 lakh in January 2026. In general terms, silver, which is a precious metal, sees a huge demand for buying during festivals like Diwali because for Indians, they are auspicious moments for prosperity and long-term growth. Silver has almost halved in October from its peak.

Silver Rates In India

On Friday, silver price stood at Rs 2.20 lakh per 1Kg, down by Rs 5000. This the second consecutive day when silver has fallen by Rs 5,000.

Meanwhile, 100 grams and 10 grams silver rates stood at Rs 22,000 and Rs 2,200, registering a decline of Rs 500 and Rs 50. Further, 8 grams silver dipped by Rs 40 to Rs 1,760 and 1 gram silver is lower by Rs 5 to Rs 220.

MCX gold is outperforming domestic silver and declining less than COMEX gold, as silver faces greater pressure from concerns over industrial demand and global growth. Meanwhile, the rupee's 0.4% decline on Thursday to around 94.82 against the US dollar is providing a partial cushion to domestic gold prices by offsetting some of the weakness in international markets, as per Ponmudi R, CEO of Enrich Money.

Also, as per Trading Economics, silver remained under pressure from rising oil prices, which heightened inflation concerns and strengthened expectations that interest rates could stay elevated for longer. However, growing doubts about the sustainability of AI investments, a key driver of US economic growth, prompted markets to scale back expectations for further Federal Reserve rate hikes, potentially providing some support for precious metals.

Following the deep sell-offs, silver price has crashed by Rs 1.90 lakh or 46.34% from its peak level. Silver had touched an all-time high of Rs 4.10 lakh per 1Kg on January 29, 2026.

Silver Rates In Top Cities:

1Kg silver price is at Rs 2.25 lakh mark in cities like Chennai, Hyderabad and Kerala, while 1Kg silver is available at Rs 2.20 lakh in cities like Delhi, Kolkata, Mumbai, Bangalore, Pune, Ahmedabad, Kerala and Vadodara.

City	10 Gram	100 Gram	1 Kg
Chennai	₹2,250	₹22,500	₹2,25,000
Mumbai	₹2,200	₹22,000	₹2,20,000
Delhi	₹2,200	₹22,000	₹2,20,000
Kolkata	₹2,200	₹22,000	₹2,20,000
Bangalore	₹2,200	₹22,000	₹2,20,000
Hyderabad	₹2,250	₹22,500	₹2,25,000
Kerala	₹2,250	₹22,500	₹2,25,000
Pune	₹2,200	₹22,000	₹2,20,000
Vadodara	₹2,200	₹22,000	₹2,20,000
Ahmedabad	₹2,200	₹22,000	₹2,20,000

How Dhanteras and Diwali Influence Gold and Silver Demand?

Dhanteras is traditionally considered an auspicious occasion for purchasing gold, silver and other valuable assets. For generations, Indian households have associated precious metal purchases with prosperity, financial security and long-term value. During the festive season, demand generally comes from three important categories, as per Shree Ambica Touch jewelry website.

Household and jewellery purchases: Families purchase gold and silver jewellery for festive celebrations, weddings and traditional occasions.

Bullion purchases: Gold and silver coins and bars attract buyers seeking standardised precious metal products.

Investment-oriented purchases: Investors may increase their exposure to precious metals as part of a diversified financial strategy.

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