Silver Price Today: Silver Crashes Rs 8,590 per kg to a 7-Month Low, Gold at 2-Month Low on Fed Hike Fears and Oil
- October 23, 2026
- Posted by: Ankit Jaiswal
- Category: News
Silver price today fell below Rs 2 lakh per kg on MCX. The December contract dropped Rs 8,593 to Rs 2,00,575 on 22 Oct, its lowest in seven months, and traded near Rs 1,95,702 at about 12:30 PM on 23 Oct, down 1.95% from Rs 1,99,599. MCX gold fell Rs 2,300 to Rs 1,43,600 per 10 grams on 22 Oct, a two-month low, and was near Rs 1,42,355 today.
Quick Answer
Silver price today is under pressure because traders fear that the US Federal Reserve could raise interest rates again after hotter inflation data and higher energy prices. MCX silver fell Rs 8,593 per kg, about 4.1%, to a seven-month low on 22 Oct and has slipped a further 1.95% today. Gold is at a two-month low alongside the silver price today, with MCX gold down about 1.6% on 22 Oct and 0.67% more today. Silver is down about 10% and gold about 3.3% so far in October, according to BusinessToday.
The silver price today is a surprise for many investors, because the usual idea is that war and oil spikes lift precious metals. This time the opposite is happening. Higher oil raises inflation worries, inflation raises the chance of higher rates, and higher rates make non-yielding metals less attractive.
This article on silver price today gives the latest levels, the reasons for the fall, the gold and silver comparison, the global cues and the points to watch. It is educational and not a recommendation to buy or sell.
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Silver Price Today: MCX Levels
| Silver price today: MCX contract | Previous close | Price at about 12:30 PM, 23 Oct | Change |
|---|---|---|---|
| Silver Dec futures (per kg) | Rs 1,99,599 | Rs 1,95,702 | Down Rs 3,897 or 1.95% |
| Silver Mini Nov futures (per kg) | Rs 2,01,869 | Rs 1,97,664 | Down 2.08% |
| Silver Micro Nov futures (per kg) | Rs 2,01,883 | Rs 1,97,753 | Down 2.05% |
| Gold Dec futures (per 10 grams) | Rs 1,43,309 | Rs 1,42,355 | Down Rs 954 or 0.67% |
The silver price today ranged from Rs 1,92,800 to Rs 1,98,320 for the December contract, after opening at Rs 1,96,587. The day low is about 3.9% below the seven-month low close of Rs 2,00,575 recorded on 22 Oct (my calculation). Note that MCX futures prices are for a specific contract and differ from spot rates quoted by jewellers, which include other charges and taxes.
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How Silver Fell on 22 Oct: The Seven-Month Low
| Silver price today: 22 Oct move | Figure |
|---|---|
| MCX silver (December) | Down Rs 8,593 per kg to Rs 2,00,575, a seven-month low |
| Implied previous level | About Rs 2,09,168 (my calculation) |
| Fall in percent | About 4.1% (my calculation) |
| Spot silver | Down 4.51% to $55.105 an ounce |
| MCX gold | Down Rs 2,300 to Rs 1,43,600 per 10 grams, a two-month low |
| Spot gold | Down 2.27% to $4,047.39 an ounce |
| Gold futures | Down 2.11% to $4,062.25 |
| October to date | Gold down 3.3%, silver down 10% |
Silver fell about twice as hard as gold on 22 Oct, which is normal for the silver price today in a rate scare. Silver has both an investment side and an industrial side, so it falls faster when rate fears rise and demand worries grow. BusinessToday attributed silver’s sharper decline to investment and industrial demand concerns and to higher borrowing costs. Copper futures also fell 2.76% the same day.
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Why Is Silver Price Today Falling? Fed Fears and Oil
- Fed rate hike fears. Markets expect the Fed to hold rates at its meeting on 27 and 28 Oct, but a hike in December remains a concern, as BusinessToday reported. Recent US consumer and producer inflation readings were hotter than expected.
- Higher oil. Brent crude settled at $113.17 on 22 Oct and touched $114.70 today. Higher energy prices can add to inflation, which supports the case for higher rates.
- Middle East tension without safe-haven buying. Renewed attacks on shipping in the Strait of Hormuz and Houthi attacks on Saudi Arabian infrastructure would normally lift gold. This time the rate effect has been stronger, and BusinessToday notes that safe-haven demand may not be enough to start a recovery.
- A weak risk mood. Wall Street’s tech sell-off on 22 Oct and falling Indian indices today show that investors are selling many assets and not only metals.
Caution: These are the reasons reported by the media. Markets move on many factors, and a quick fall can reverse if the Fed signals patience or if oil retreats.
How to Read MCX Silver Price Today
MCX silver price today is quoted per kilogram for a futures contract with a fixed expiry, here 4 Dec. Smaller contracts, such as Silver Mini and Silver Micro, track the same metal in smaller lots and show slightly different prices because they expire on different dates. When people ask for the silver price today in a shop, the rate includes import duty, GST and the retailer’s margin, so it will not match the MCX screen.
In India the rupee also matters. Silver is priced in dollars globally, so a weaker rupee raises the rupee price even when the dollar price is flat. The move on 22 Oct came with a fall in spot silver of 4.51% to $55.105, so the global price drove most of the Indian fall.
Silver Price Today Versus Gold: The Ratio
| Silver price today: comparison | Figure |
|---|---|
| Spot gold | $4,047.39 an ounce |
| Spot silver | $55.105 an ounce |
| Gold to silver ratio | About 73 (my calculation) |
| Gold fall in October so far | About 3.3% |
| Silver fall in October so far | About 10% |
The gold to silver ratio shows how many ounces of silver equal one ounce of gold, and a higher ratio means silver is weaker against gold. A ratio near 73 after a 10% fall in silver this month suggests that silver is losing ground to gold, but the ratio on its own does not say whether either metal is undervalued. I give it as context and not as a signal.
Global Cues Behind Silver Price Today
Goldman Sachs raised its December Brent forecast to $90 from $85, citing a risk premium of just over $20 a barrel, and the current price is well above that forecast. On 22 Oct, the S&P 500 fell 1.2% and the Nasdaq fell 2.6%, and the 10-year Treasury yield dropped to 4.97% from 5.13%. A lower yield would normally help gold and silver, so the fall in metals shows that expectations about the Fed matter more than the daily yield.
I did not find dollar index levels in the sources I read, so I do not describe the dollar’s role. The rupee also affects the silver price today on MCX, because a weaker rupee raises the rupee price of a dollar-priced metal, and I do not have a verified rupee level for today.
Silver Price Today: What Should Investors Do?
| Silver price today: investor type (my reading) | Points to weigh |
|---|---|
| Long-term investor | Metals are a diversifier, but a 10% monthly fall shows the volatility of silver; staggered buying through ETFs or other routes has less timing risk than a single purchase |
| Short-term trader | The silver price today broke below Rs 2 lakh and the next test is the day low of Rs 1,92,800; a position size that allows for large daily swings is important |
| Cautious investor | Waiting for the Fed meeting on 27 and 28 Oct and for oil to settle gives more information than a bet on a bounce |
This is an educational view and not advice. Silver price today can reverse sharply in either direction, and futures trading magnifies gains and losses through margin, so a plan with a stop loss is more important than a forecast.
What to Watch Next on Silver Price Today
- Whether MCX silver closes below Rs 2 lakh per kg and tests the day low of Rs 1,92,800
- The Fed meeting on 27 and 28 Oct and any hint about a December hike
- Brent crude near $114 and the next US inflation readings
- Spot gold around $4,050 an ounce and spot silver around $55
- Industrial demand signals from copper and other metals
Conclusion
Silver price today is near Rs 1,95,702 per kg on MCX after a seven-month low of Rs 2,00,575 on 22 Oct, and gold is at a two-month low near Rs 1,42,355 per 10 grams. Fed hike fears, hot inflation and oil near $114 are weighing on both metals and on the silver price today. Check live prices before using the silver price today and decide on your own horizon.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Why is silver falling today?
Ans. MCX silver fell Rs 8,593 per kg to a seven-month low of Rs 2,00,575 on 22 Oct and slipped a further 1.95% to about Rs 1,95,702 on 23 Oct. Fed rate hike fears after hot inflation data and higher oil are the main reasons reported.
What is the MCX silver price today?
Ans. The December contract traded near Rs 1,95,702 per kg at about 12:30 PM on 23 Oct, down 1.95% from Rs 1,99,599. The day range was Rs 1,92,800 to Rs 1,98,320.
What is the MCX gold price today?
Ans. The December contract traded near Rs 1,42,355 per 10 grams, down 0.67% from Rs 1,43,309. On 22 Oct gold fell Rs 2,300 to Rs 1,43,600, a two-month low.
Why is gold not rising despite the Middle East tension?
Ans. Fears of a Fed rate hike and higher yields are outweighing safe-haven demand. BusinessToday notes that higher-for-longer rates are a headwind for precious metals.
How much have gold and silver fallen in October?
Ans. Gold is down about 3.3% and silver about 10% so far in October, according to BusinessToday.
When is the next Fed meeting?
Ans. The Fed meets on 27 and 28 Oct 2026. Markets expect it to hold rates, but a December hike is a concern.
Should I buy silver after the fall?
Ans. That depends on your horizon and risk profile, and this article is not advice. Silver is volatile, and prices can fall further if rate fears grow.
Is this article investment advice?
Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.
