Silver Prices at 2026 Lowest, Rs 2,23,500 Away From Record High: Right Time to Buy for Good Returns? Target Price Per Kg

The silver price has dropped about 13.4% in October alone, from Rs 2,25,877 on 1 Oct to Rs 1,95,709 (my calculation), and over 22% from the August 2026 peak of Rs 2,48,800 per kg. A fall of this size attracts buyers who missed the rally, and it also warns that the reasons behind it have not gone away.

This article covers the price data, why silver fell, the support levels analysts watch, the price targets per kg that I could verify, ways to invest and the risks. It is educational and not advice.

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Silver Price Today: Where MCX and COMEX Stand

Silver price: measure (MCX December futures, about 12:10 PM)	Reading
Last price	About Rs 1,95,709 per kg
Previous close (23 Oct, data provider)	Rs 1,95,719
Day range	Rs 1,95,092 to Rs 1,97,168
23 Oct low	Rs 1,92,149
Silver record high (29 Jan 2026)	Rs 4,20,048
Distance below record high	About Rs 2,24,339 or 53.4% (my calculation)
August 2026 peak	Rs 2,48,800
COMEX silver	Around $54 per ounce

The headline quotes the MCX silver price near Rs 1,96,625 per kg and a gap of Rs 2,23,500 to the record. At the 12:10 PM price the gap is slightly wider, about Rs 2,24,339 (my calculation), because silver ticked lower during the morning. News reports quote Rs 1,92,800 as the Friday close, which is a late-evening level, so the numbers differ by session timing and by contract.

The MCX silver price closed below Rs 2 lakh per kg on 23 Oct for the first time since December 2025, according to one report, after a one-day fall of about Rs 6,800, or roughly 3.4%. The metal has now lost more than Rs 32,000 over about ten sessions.

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How Far Has the Silver Price Fallen in October?

Silver price: December futures close (data provider)	Rs per kg
1 Oct	2,25,877
9 Oct	2,25,755
14 Oct	2,08,338
19 Oct	2,09,828
22 Oct	1,99,599
23 Oct	1,95,719
26 Oct (about 12:10 PM)	1,95,709

The silver price fell sharply on two days. On 14 Oct the contract lost about Rs 10,900 in one session, or 4.9%, and on 22 Oct it lost about Rs 9,600, or 4.6% (my calculation). Volume on those days rose to 4.0 lakh and 4.2 lakh units against about 2.1 lakh on a normal day, which points to heavy selling in the silver price and not a thin market.

Why the Silver Price Fell

Silver price driver	What reports say
Crude oil	Brent near $110 to $115 per barrel, close to its four-year high, revived inflation worries
US inflation data	Hotter than expected consumer and producer inflation
US rates	CME FedWatch, as cited in one report, put the odds of a December hike at 81% and an October hike at 9%
Dollar and bond yields	A stronger dollar and higher yields raise the cost of holding silver, which pays no interest
Industrial demand	Weaker expectations for solar panel and technology demand as borrowing costs rise
Imports	India issued permits for about 6,500 tonnes of silver imports over six months, which may ease domestic supply pressure

The silver price sits between two roles. As a precious metal it benefits when investors fear inflation, and as an industrial metal it depends on factory demand. Higher Brent crude and the expectation of a Fed rate hike hit both sides of the silver price at once, because they lift yields and also threaten demand.

Gold also fell about 0.29% on Friday and is near a three-month low of Rs 1.40 lakh per 10 grams, so the move is a broad precious metals correction and not a silver-only story. Silver, however, has fallen more than gold because of its industrial exposure, so it is more volatile.

Silver Price Target Per Kg: What Analysts Say

Silver price level or view (as reported)	Detail
Augmont (Renisha Chainani)	Break below $54.5 (about Rs 2,00,000) could take silver toward $50 (about Rs 1,80,000 to Rs 1,85,000) in 10 to 15 days; sees $50 to $55 as an accumulation zone and a possible rebound of 10 to 15%
Anuj Gupta, SEBI-registered analyst (via NewsBytes)	Accumulation range of Rs 1,78,000 to Rs 1,85,000 per kg, valid only if silver holds above Rs 1,70,000
Trend recovery level	Silver needs to hold above $62 for the broader uptrend to resume
Bonanza (Nirpendra Yadav)	No price level; points to the dollar, bond yields, industrial demand and domestic premiums as the drivers
Tata Mutual Fund	Says current levels are a much better entry point than at the start of 2026 for investors who missed the rally

These are views and not forecasts. A 10% rebound in the silver price from Rs 1,95,709 would take silver to about Rs 2,15,300 and a 15% rebound to about Rs 2,25,100 (my calculation), while a fall to the Rs 1,78,000 to Rs 1,85,000 zone would be a further drop of about 5.5% to 9.0% (my calculation). The silver price target per kg therefore depends on which of these scenarios plays out.

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Technical Levels for the Silver Price

Silver price: indicator (daily, December futures)	Reading
14-day RSI	About 18.2, deeply oversold
50-day average	About Rs 2,25,157, 13% above the price (my calculation)
SuperTrend	Down; upper band Rs 2,11,955, lower band Rs 1,79,750
Bollinger bands	Upper Rs 2,37,283, middle Rs 2,16,007, lower Rs 1,94,731
MACD	Minus 8,972 against a signal of minus 6,998, negative

The silver price is trading at the lower Bollinger band and an RSI of 18 is a very low reading, which often comes before a bounce. The trend, however, is still down, and a close above the SuperTrend upper band near Rs 2,11,955 would be the first sign of a reversal. Support lies near Rs 1,92,149 (the 23 Oct low), Rs 1,85,000 and Rs 1,79,750, and resistance near Rs 1,99,600, Rs 2,09,800 and Rs 2,11,955. These are indicator readings and not forecasts.

Events That Can Move the Silver Price This Week

Event	Date
US Federal Reserve policy meeting	27 and 28 Oct 2026
US PCE inflation data	29 Oct 2026
European Central Bank meeting	Thursday, 29 Oct 2026

A hawkish Fed message can push the dollar and yields up and silver down, while a softer tone can trigger the bounce that the RSI suggests. Anyone planning to buy may prefer to wait for the Fed outcome and the PCE number than act ahead of them, but that is a choice for each investor.

How Investors Can Gain Exposure to Silver

Route	Points to check
Silver ETFs and silver fund of funds	Expense ratio, tracking error and how the fund holds silver
MCX futures	Margin calls, borrowed exposure and expiry; this is for experienced traders only
Physical silver	Making charges, purity and storage cost; resale can carry a discount

Staggered buying of silver, such as spreading purchases over several weeks, is one way investors manage the risk of picking the bottom. Whether to use it depends on your goals and risk tolerance.

Risks Before You Buy Silver

1. Trend risk. The silver price trend is down and analysts flag a possible drop to Rs 1,80,000 to Rs 1,85,000.
2. Rate risk. A Fed hike in December is priced at 81% in one report, which weighs on non-yielding metals.
3. Demand risk. Weaker solar and technology demand can cut industrial use.
4. Volatility. Silver moved about 4.9% in one session on 14 Oct, so position size matters.
5. Supply risk. Fresh import permits can add supply in India and reduce the domestic premium.

Conclusion

The silver price is at its 2026 low and more than 52% below the record, which is why many investors ask whether it is the right time to buy. Analysts cited here see an accumulation zone near Rs 1,78,000 to Rs 1,85,000 per kg and a possible rebound of 10% to 15%, while the Fed meeting on 27 and 28 Oct and a downtrend keep the risk high. Check the facts and decide according to your own risk profile.

Frequently Asked Questions

What is the silver price today in India?

Ans. MCX December silver futures traded near Rs 1,95,709 per kg around 12:10 PM on 26 Oct 2026, and the headline quotes about Rs 1,96,625. COMEX silver is near $54 per ounce. Prices change through the day, so please check a live quote.

Why is the MCX silver price falling?

Ans. Reports cite higher crude oil with Brent near $110 to $115, hotter US inflation data, a stronger dollar, higher bond yields, expectations of Fed rate hikes and weaker industrial demand. India's permits for about 6,500 tonnes of imports may also ease domestic supply pressure.

What is the silver record high?

Ans. The silver record high is Rs 4,20,048 per kg, set on 29 Jan 2026. At about Rs 1,95,709 the silver price is roughly 53% below it. The August 2026 peak was Rs 2,48,800 per kg.

What is the silver price target per kg?

Ans. Analysts cited in news reports see an accumulation zone of Rs 1,78,000 to Rs 1,85,000 per kg, a possible dip toward $50 per ounce and a rebound of 10% to 15% afterwards. These are views and not forecasts, and one analyst says the view fails below Rs 1,70,000.

Is it the right time to buy silver?

Ans. This article does not give a recommendation. The silver price is deeply oversold, with an RSI near 18, but the trend is down and the Fed meets on 27 and 28 Oct. Investors with a long horizon sometimes stagger purchases, and it is worth reading the risks above.

How can I invest in silver?

Ans. Common routes are silver ETFs and fund of funds, MCX futures and physical silver. Each has costs and risks, such as expense ratios, margin requirements and making charges, so please compare them before you invest.

Is this silver price article investment advice?

Ans. No. This article is educational. Prices, levels and views, including the MCX silver price, come from news reports and data providers and may change. Commodity prices are volatile, so please check the facts and your own risk profile before you invest.

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.