Silver prices recorded a significant decline on 19 November, marking one of the steepest single-day corrections seen in recent weeks. According to the latest market data, silver became cheaper by as much as ₹5,000 per kilogram compared to the previous session. The price, which stood at ₹1,66,900 per kilogram in Delhi a day earlier, slipped to ₹1,61,900 per kilogram on Wednesday. A similar trend was visible across other major cities, with Chennai witnessing a price cut of nearly ₹3,000 as rates eased to ₹1,69,900 per kilogram.

This fall marks the third consecutive day of weakness in the silver market, raising fresh questions about what is driving the sudden correction in a commodity known for its steady upward movement in recent months.

The downward trend in silver has been particularly prominent in northern and southern regions. Cities such as Delhi, Mumbai, Patna, and Lucknow all reported a drop to ₹1,61,900 per kilogram. In contrast, southern metros like Chennai and Hyderabad continued to trade at the higher bracket of ₹1,69,900 per kilogram, reflecting an almost ₹8,000 difference between various parts of the country.

A few weeks ago, silver prices had surged to record highs—hovering around ₹2,06,000 per kilogram in Chennai and close to ₹1,98,000 per kilogram in Delhi. However, the current correction indicates that the metal has moved significantly below those peak levels.

Below are the prevailing rates for one kilogram of silver as of Wednesday, 19 November:

This vast difference between regions can be attributed to local taxes, transportation costs, and varying demand levels in different markets.

Interestingly, the fall in prices comes at a time when overall demand for silver in industrial sectors is surging. Traditionally, silver has been widely used for jewellery, cutlery, and religious artefacts. However, technological advancements have pushed demand far beyond these conventional uses.

Modern industries are increasingly relying on silver for:

• Mobile phones and electronic components




• Semiconductor and computer chip manufacturing




• High-precision electronic gadgets




• Solar panel production

Silver’s superior conductivity and reflective properties make it an essential component in renewable energy technologies, particularly solar energy systems. With countries accelerating their clean energy transitions, the global requirement for industrial silver has grown substantially.

Market experts note that the long-term trajectory for silver remains positive. Over the last year, prices have steadily increased, supported by industrial consumption and growing investor interest. Analysts believe that if demand in sectors like electronics and solar continues to expand at the current pace, silver may witness another upward trend in the months ahead—despite short-term fluctuations like the current dip.

The ₹5,000 drop in a single day highlights the volatility in silver prices, driven by global cues, investor behaviour, and local demand patterns. While the immediate trend shows weakness, broader market sentiment remains optimistic due to robust industrial demand. Investors and consumers are keeping a close watch on the movement, anticipating potential price swings as the festive and year-end season approaches.