Silver Rate Today Slips Below Rs 2 Lakh Near an 11-Month Low: Should You Buy?

Silver rate today has become a talking point because the metal has dropped sharply from a record run, and many investors who missed the rally are asking whether the fall is a chance or a warning. A Rs 2 lakh mark is a round number that traders watch closely, so a move below it draws attention.

This article on silver rate today covers the MCX and Comex prices, the fall from the peak, the support and resistance levels from Kedia Advisory, the gold comparison, the factors behind the move and what to weigh before buying. It is educational and not a recommendation to buy or sell.

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Silver Rate Today: MCX and Comex Prices

Silver rate today: market	Level on 23 Oct 2026
MCX December silver, previous close	Rs 1,99,599 per kg
MCX December silver, open	Rs 1,96,587 per kg
MCX December silver, morning (about 10 AM)	Rs 1,96,031 per kg, down about 1.8%
MCX December silver, afternoon (about 1:13 PM)	Rs 1,96,191 per kg, down 1.71%
Weekly low on the December contract (week of 19 Oct)	Rs 1,92,800 per kg
Comex silver	$54.04 per ounce, down about 1.7%

Silver rate today has stayed in a tight band of about Rs 1,96,000 for most of the session, so the move below Rs 2 lakh is holding. Silver rate today also shows a small gap between the morning and afternoon prints, which suggests sellers have not pushed it much lower. The weekly low of Rs 1,92,800 is only about 1.7% under the afternoon price, which makes it the next level traders will watch (my calculation). The morning figures are from Business Standard and the afternoon figure is from exchange data on a market terminal.

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How Far Has Silver Fallen From the Peak?

Silver rate today: reference	Level	Gap from today (my calculation)
MCX year high	Rs 4,20,048 per kg	About 53% below
Comex year high	$121.79 per ounce	About 56% below
Kotak Neo reading on 16 Oct 2026	Rs 2,13,100 per kg	About 8% above today
Kotak Neo reading on 1 Oct 2025	Rs 1,44,566 per kg	About 36% below today

Silver rate today looks low against the peak, but it is still higher than a year ago, and that mix of a deep fall and a higher base is why opinions on silver rate today differ so much. According to Kotak Neo, silver rose about 155% by January and has since fallen about 53% from the high, so the metal has given back most of its rally and still stands above its October 2025 level. The headline's 11-month low could not be matched against a source I could verify, so treat that phrase as the headline's claim.

Why Silver Rate Today Is Falling

1. Long unwinding. Open interest on MCX fell about 4.27% to 19,038 contracts while the price dropped, which suggests traders are closing long positions, according to Kedia Advisory.
2. Global equity sell-off. Falling stock markets have led investors to sell assets across the board, including metals.
3. Crude oil above $100. High oil prices lift inflation worries, which can support a stronger dollar and higher yields.
4. Rate hike expectations. Silver pays no interest, so higher rates reduce its appeal against bonds and deposits.
5. Currency and duty effects. Kotak Neo notes that the rupee moved from about 88.71 to 95.05 to the dollar and that import duty was raised from 6% to 15% on 13 May 2026, both of which affect domestic silver prices.

These are the reasons reported by market sources and my reading of them, and no single factor explains the whole move. Silver rate today in India depends on the Comex price, the rupee and the import duty together, which is why the domestic price can move differently from the global one.

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Caution: Intraday commodity prices change every minute. Check the live MCX price before placing any order, and remember that futures trading magnifies gains and losses.

Silver Rate Today: Support and Resistance Levels

Silver rate today: MCX level (Kedia Advisory)	Price per kg
First support	Rs 1,96,940
Second support	Rs 1,94,290
First resistance	Rs 2,04,130
Second resistance	Rs 2,08,660

Silver rate today of about Rs 1,96,000 is already under the first support of Rs 1,96,940, which means the next test is Rs 1,94,290 and then the weekly low of Rs 1,92,800. On the upside, a close back above Rs 2,04,130 would be the first sign of recovery. These levels were issued earlier in the day and can be revised as the price moves. A trader using silver rate today for short-term decisions would normally check the live quote and not rely on a morning note.

Silver Rate Today and the Gold Comparison

Silver rate today: gold comparison	Figure
MCX December gold	Rs 1,42,307 per 10 grams, down about 0.7%
Comex gold	$4,032.50 per ounce
MCX gold year high	Rs 1,80,779 per 10 grams, so gold is about 21% below it
Gold to silver ratio on MCX (my calculation)	About 73
Gold to silver ratio on Comex (my calculation)	About 75

Gold has fallen about 21% from its year high, while silver has fallen about 53%, so silver rate today shows a much deeper correction. Silver rate today swings more than the gold rate because silver is a smaller market and has heavy industrial demand alongside investment demand. A gold to silver ratio near 73 means one gram of gold buys about 73 grams of silver.

What Moves MCX Silver and Silver Rate Today

Silver rate today: driver	How it affects MCX silver
Comex silver price	MCX silver follows the global price, converted into rupees
Rupee exchange rate	A weaker rupee raises the domestic price even if the global price is flat
Import duty	A higher duty adds to the landed cost, so MCX silver can trade at a premium to global levels
Industrial demand	Solar panels, electronics and electric vehicles use silver, so factory activity matters
Investment demand	Coins, bars and exchange traded funds react to price trends and to the outlook for gold
Interest rates and the dollar	Higher yields and a stronger dollar usually weigh on silver

Silver rate today is therefore a mix of global and local factors. Anyone tracking MCX silver should watch Comex, the rupee and policy news together, because a move in one can offset a move in another. When MCX silver falls while Comex is steady, the cause is usually local, such as the rupee or the duty.

Industrial demand gives silver a floor that pure investment metals do not have, but it also makes the price sensitive to global growth worries. In a sell-off, the market tends to focus on the second point, which explains why silver rate today can fall faster than gold even when the long-term demand story is intact. MCX silver contracts also carry margin requirements that magnify gains and losses, so sharp daily moves can trigger forced selling.

Should You Buy Silver Now?

Silver rate today: investor type (my reading)	Points to weigh
Long-term investor	A deep fall from the peak can look attractive, but silver has no earnings and its price depends on global demand, rates and the dollar
Short-term trader	The price is below the first support, so many traders wait for a close above Rs 2,04,130 before looking for a recovery
SIP-style buyer	Spreading purchases across several weeks can reduce the risk of buying at one bad level
Cautious investor	Limiting silver to a small share of the portfolio keeps a volatile asset from dominating returns

This is an educational view and not advice. Anyone asking whether silver rate today is a buying chance should first decide how long they can hold. Silver rate today can fall further or rebound, and neither outcome is certain, so decide based on your own goals and risk tolerance.

What to Watch Next on Silver Rate Today

1. The MCX price against Rs 1,94,290 and the weekly low of Rs 1,92,800
2. A recovery above Rs 2,04,130 as a first sign of strength
3. Comex silver near $54 and the dollar index
4. Crude oil near $100 and global rate expectations
5. Any change in import duty or the rupee

Conclusion

Silver rate today is near Rs 1,96,000 per kg on MCX after slipping below Rs 2 lakh, about 53% under the year high, with long unwinding, a global sell-off and rate worries behind the fall. Support sits near Rs 1,94,290 and resistance near Rs 2,04,130. Weigh your horizon and risk before acting.

Frequently Asked Questions

What is the silver rate today in India?

Ans. MCX December silver traded at about Rs 1,96,031 per kg in the morning and Rs 1,96,191 per kg around 1:13 PM on 23 Oct 2026, down about 1.7%. Comex silver was near $54.04 per ounce.

Is silver at an 11-month low?

Ans. The headline describes it that way, but I could not verify the claim from a source I could check. The price is about 53% below the MCX year high of Rs 4,20,048 and about 36% above the Kotak Neo reading of Rs 1,44,566 on 1 Oct 2025.

Why is the silver rate falling today?

Ans. Reported factors are long unwinding with open interest down about 4.27%, a global equity sell-off, crude above $100 and rate hike expectations. The rupee and import duty also affect the domestic price.

What are the silver support and resistance levels?

Ans. Kedia Advisory gave support at Rs 1,96,940 and Rs 1,94,290, and resistance at Rs 2,04,130 and Rs 2,08,660. The price was already under the first support level when the levels were published.

How does silver compare with gold today?

Ans. MCX December gold was near Rs 1,42,307 per 10 grams, about 21% below its year high of Rs 1,80,779. Silver is about 53% below its peak, so it has fallen much more. The gold to silver ratio is about 73.

Should you buy silver now?

Ans. That depends on your horizon and risk tolerance. Silver is volatile, has no earnings and depends on global demand, rates and the dollar, so many investors limit it to a small share of a portfolio. This is educational and not investment advice.

What should investors watch next for silver?

Ans. Watch the MCX price against Rs 1,94,290 and Rs 2,04,130, Comex silver near $54, crude oil, rate expectations, the rupee and any change in import duty.

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.