New Delhi, October 22 (Udaipur Kiran): After a record-breaking rally ahead of Dhanteras and Diwali, silver prices across India have entered a sharp correction phase. Over the past few days, the precious metal has seen an average decline of more than ₹20,000 per kilogram, with major bullion markets reporting steep losses.
In Delhi, silver prices fell by ₹8,000 per kilogram in a single day, dropping to ₹1,63,900 per kg. Similar trends were seen in other key markets including Mumbai, Ahmedabad, Kolkata, Jaipur, Surat, and Pune, where silver traded around ₹1,62,900 per kg. In Bengaluru, prices stood at ₹1,63,900 per kg, while Patna and Bhubaneswar recorded rates of approximately ₹1,62,000 per kg.
The steepest fall, however, was recorded in Chennai and Hyderabad, where silver has plunged by ₹27,000 per kg from recent highs. On October 15, silver prices in both cities had surged to ₹2,07,700 per kg, but have since corrected sharply to around ₹1,80,000 per kg.
Profit Booking and Global Trends Trigger the Fall
According to bullion market expert Mayank Mohan, the recent surge in silver prices had led to heavy profit booking in both domestic and international markets. “Following an aggressive rally, traders began offloading their holdings. At the same time, the supply shortage in London’s international silver market that had persisted for the past two weeks is now largely resolved,” he said.
As a result, global silver prices have fallen by nearly 8%. The combined effect of international price correction, profit-taking, and the end of festive season demand has driven a sharp fall in India’s local bullion markets as well.
Experts believe silver may stabilise once the current phase of profit booking and supply correction concludes, but short-term volatility is likely to persist given the recent price swings.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
Silver Prices Continue to Slide; Chennai Sees ₹27,000 Drop from Peak
