Silver fell Rs 8,300 to Rs 1,90,200 a kilogram in Delhi on Friday, its lowest level in nearly 11 months, as global prices dropped about 4% to near $50 an ounce. Gold also fell Rs 1,300 to Rs 1,45,200 per 10 grams.
At a glance
- Silver was last at these levels on December 10, 2025, when it was quoted at Rs 1.92 lakh per kilogram.
- Global silver fell to its lowest level since November, about $50 an ounce.
- Silver is heading for a monthly fall of more than 16%, Kotak Neo said.
Background
Delhi bullion prices from the All India Sarafa Association include all taxes and follow global prices and the rupee. Silver is used both as an investment and in industry, so it tends to fall harder than gold when growth worries and higher interest rates hit metals.
What happened
Silver fell Rs 8,300 to Rs 1,90,200 per kilogram in Delhi on Friday from Rs 1,98,500 a day earlier, according to the All India Sarafa Association, Moneycontrol reported. It was last trading at these levels on December 10, 2025.
Gold of 99.9% purity fell Rs 1,300 to Rs 1,45,200 per 10 grams. The fall extends a slide that took silver below Rs 2 lakh a kilogram earlier this week.
Why prices fell
Global silver dropped 4% to about $50.12 an ounce, while spot gold slipped below $4,000. Stronger-than-expected US growth, a hotter inflation reading and higher oil prices kept the door open to another Fed rate rise this year, said Kaynat Chainwala of Kotak Neo.
Silver is falling faster than gold because of extra worries about industrial demand, said Gaurav Garg, head of research at Lemonn.
What it means
Silver is heading for a monthly fall of more than 16%, against more than 4% for gold, Chainwala said. Investors have favoured US Treasuries as a safe haven during the recent sell-off, limiting money flowing into metals.
For Indian buyers, silver is now Rs 8,300 a kilogram cheaper than a day earlier, ahead of Diwali next week.
Our read
Outlook: bearish. Fed hike expectations and industrial demand worries are pushing silver to its lowest in nearly 11 months.
What to watch
- Whether global silver holds near $50 an ounce.
- US data that could change expectations of a December Fed hike.
- Festive silver buying in India around Diwali.
For information only, not investment advice.
Silver price in India
metalscost.com India reference price as of 2026-11-01.
Detailed analysis
Timeline
- 2025-12-10: Silver was last near today's level in Delhi, at Rs 1.92 lakh per kilogram.
- 2026-10-30: Silver falls Rs 8,300 to Rs 1,90,200 per kilogram in Delhi.
Demand Drivers
Concerns about industrial demand are pushing silver down faster than gold.
Interest Rates
Strong US growth and hotter inflation have raised expectations of a December Fed hike.
What could lift prices
- Lower prices could lift festive buying in India around Diwali.
- Silver has already fallen more than 16% this month.
What could weigh on prices
- Expectations of a December Fed hike are weighing on precious metals.
- Investors are preferring US Treasuries as a safe haven.
Country impact
| Country | Impact | Reason |
|---|---|---|
| India | High | Delhi silver fell to its lowest level in nearly 11 months. |
| United States | Medium | Fed rate expectations are driving the sell-off. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Silver Jewellery & Silverware | Positive | Lower silver prices cut costs for jewellers and buyers before Diwali. |
Who gains, who loses
- Silver buyers in India: Silver is Rs 8,300 a kilogram cheaper than a day earlier.
- Silver investors: Silver is heading for a monthly loss of more than 16%.
Other ways this could play out
- If the Fed signals no December hike, silver could rebound from near $50.
- If industrial demand worries deepen, silver could fall further.
Price risks
- A hawkish Fed would add more pressure on silver.
- A broader market sell-off could force more metal sales.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
India
United States