₹1 lakh in silver at the January peak is worth about ₹47,750 now: What Dhanteras buyers should know
Silver is down about 52% from its January peak but still up about 22% from a year ago. Ahead of Dhanteras, here is what changed, why prices fell and what buyers should check.
- Nov 3, 2026,
- Updated Nov 3, 2026 1:39 PM IST
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MCX silver hit about ₹3,79,983 a kg on 29 January and traded near ₹1,81,450 on the evening of 2 November, a fall of about 52%. Yet silver 999 was quoted near ₹1,82,230 on 2 November, against ₹1,48,860 a year earlier. That is a gain of about 22%. Your result depends on when you bought.
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Someone who put ₹1 lakh into silver at January's peak would be looking at about ₹47,750 today, before charges and taxes. This is only an illustration using the two MCX prices above. Physical silver, ETFs and futures all behave a little differently, and buyers pay different costs.
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Silver pays no interest, so high yields hurt it. The US Federal Reserve kept rates at 3.75-4.00% in late October, but two officials wanted a hike. Analysts also point to a stronger dollar and the US 10-year yield, which stood at 4.93% on 30 October.
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Silver's market is smaller and more volatile. Part of its demand is industrial, so growth worries hit it too. Analysts also cite leveraged positions being sold quickly during the slide. By late October, an ounce of gold bought about 79 ounces of silver, against about 46 at January's peak.
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On 2 November, some reports showed silver near ₹1.82 lakh a kg while city rate lists showed about ₹2 lakh. Futures, bullion quotes and retail rates are different prices. Retail bills can also add taxes, making charges and a dealer margin, so compare the final amount, not the headline rate.
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Ask for the purity, weight and each charge separately. Check how the seller calculates the buyback price, and keep the bill. Nobody can promise where prices go next. Analysts' views changed quickly this year, so buy for a clear reason, not because the price looks lower than January's.