New Delhi, October 22 (Daily Kiran): After hitting record highs ahead of Diwali and Dhanteras, silver prices have now taken a sharp downturn across major bullion markets in India. Over the past few days, silver has seen an average decline of more than ₹20,000 per kilogram.
In Delhi, silver prices plunged by ₹8,000 in a single day, falling to ₹1,63,900 per kilogram. Similar price levels were recorded in Mumbai, Ahmedabad, Kolkata, Jaipur, Surat, and Pune, where silver traded around ₹1,62,900 per kilogram. In Bengaluru, the price stood at ₹1,63,900 per kilogram, while in Patna and Bhubaneswar, it dropped to ₹1,62,000 per kilogram.
The sharpest correction has been witnessed in Chennai and Hyderabad, where silver prices have fallen by as much as ₹27,000 per kilogram from their recent highs. On October 15, silver had surged to an all-time high of ₹2,07,700 per kilogram in these cities but has now slipped to around ₹1,80,000 per kilogram.
Experts Cite Profit Booking and Stabilised Supply
According to bullion market expert Mayank Mohan, the sharp rally in both international and domestic silver prices earlier this month has now led to heavy profit booking by investors and traders.
Mohan explained that supply constraints in the London international silver market, which had caused prices to soar, have now largely eased. “With profit booking and supply stabilising, international silver prices have fallen nearly 8 percent in the past two weeks,” he said.
The combination of falling global prices and the end of festive-season demand in India has triggered a significant correction in the local bullion markets.
Market analysts believe that silver may continue to face pressure in the near term unless fresh industrial or investment demand emerges
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
