Silver Price Today, Oct 10: Futures Drop Below Rs.1.5 Lakh; Check Latest Rates

Silver futures in India have dipped below the Rs.1.5 lakh per kilogram mark, signaling a sharp pullback after touching record highs earlier this week. On the Multi Commodity Exchange (MCX), the December contract fell by Rs.705 to settle around Rs.1,47,029 per kg, reflecting volatility after days of steady gains. Earlier in the week, silver futures had reached an all-time high of Rs.1,53,388 per kg before profit booking set in.

Analysts say the fall in prices is largely driven by investors booking profits after the recent rally. Contracts for the coming months, including March and May, also registered declines of nearly 0.4 percent, while July and September futures saw drops of up to 3 percent.

Despite this correction, domestic silver prices remain strong across several cities due to sustained industrial and festive demand. In Delhi, silver is currently trading near Rs.1,70,000 per kilogram, with similar rates seen in Mumbai, Chennai, and Kolkata. Local variations are influenced by regional demand, transportation costs, and stock availability in bullion markets.

Experts attribute the earlier surge in silver prices to global uncertainty, industrial demand, and its appeal as an inflation hedge. As silver crossed the $50 per ounce mark in international markets, domestic prices followed suit, leading to a surge in investor interest. However, the sharp climb also made the market ripe for short-term corrections, which is now evident.

Another factor drawing attention is the widening gap between futures and spot prices. Traders are closely watching whether this difference will narrow in the coming days, especially as physical delivery and supply constraints become more pronounced. Some bullion suppliers have reportedly paused fresh orders due to limited availability and price instability.

Looking ahead, silver’s price movement will likely depend on global cues such as industrial recovery, currency fluctuations, and inflation trends. If demand from the electronics and solar sectors remains steady and global uncertainty persists, silver could regain upward momentum.

For now, the slide below Rs.1.5 lakh indicates a temporary cooling phase after a remarkable rally, though experts warn that volatility in precious metals may remain high in the weeks to come.