Silver commodity is facing a trial period at the markets as the commodity is trading 53 percent below their all-time high. The metal is reacting to the Middle
East tensions and persistent inflation, driven largely by elevated energy costs, fuel expectations of tighter monetary policy, weigh on bullion. On January 28, 2026, Silver hit a record high of nearly $117 per ounce. Fast forward to October 23, and the metal has fallen more than 53 percent to trade just above $54 per ounce. Spot silver on the Multi Commodity Exchange (MCX) surged to a high of Rs 3,79,983 per kilogram on January 29 and hit a low of Rs 1,94,170 on October 23. Previously, the metal hit a low of Rs 2,04,383 on March 23. Further, in the futures market, domestic silver was trading at Rs 1,95,500 per kilogram on October 26 (09:48 IST) for December 4 delivery.
Silver Price Timeline: January’s Record High to October’s Crash
Silver prices on the MCX witnessed a sharp rally in January 2026, with the metal touching a record high of Rs 3,79,983 per kilogram on January 29. However, prices reversed sharply after reaching the peak, marking the beginning of a volatile period for the precious metal.
In February, indicative Indian retail silver rates fell from Rs 3,67,000 per kg on February 1 to Rs 2,71,900 on February 19, reflecting a significant correction. The downward trend continued into March, when retail prices declined from Rs 3,12,000 per kg on March 1 to Rs 2,23,922 on March 23.
In April, indicative retail silver prices ranged between Rs 2,30,484 and Rs 2,43,675 per kg. The metal staged a partial recovery in May, with prices rising from Rs 2,33,000 per kg on May 1 to Rs 2,67,260 on May 31.
The recovery proved temporary, as prices fell again in June, declining from Rs 2,65,386 per kg on June 1 to Rs 2,14,100 on June 24.
In July, retail silver prices ranged between Rs 2,16,191 and Rs 2,28,300 per kg. By October 23, MCX silver had fallen to a low of Rs 1,94,170 per kg, down Rs 1,85,813, or approximately 48.9%, from its January 29 peak.
