Mumbai, Oct 18: Silver futures on the Multi Commodity Exchange (MCX) saw its biggest intraday correction, dropping 16,715 points from the session high to the low, nearly 10 per cent from their peak, before recovering to close with modest gains.
Silver futures reached a session high of ₹1,70,415 per kilogramme, before slipping to an intraday low of ₹1,53,700 on Friday, as global safe-haven demand eased, and finally closed at ₹1,57,300, an increase of 0.44 per cent from the previous close.
Indian futures experienced a significant decline following a global sell-off, where US spot silver dropped by as much as 6 per cent during the day, marking its largest single-day drop in six months.
Even as silver recovered slightly to close down 4.75 per cent globally, after peaking at $54.63 and settling at $51.86 an ounce, analysts labelled the magnitude of correction was unprecedented. Analysts linked the pullback to reduced safe-haven demand as market anxieties diminished.
Analysts said that the easing of US credit concerns and China-US trade tensions following remarks from President Donald Trump played a significant role in the correction.
Stability in regional bank results, easing of liquidity crunch in silver in the London market and increasing bond yields pressured non-yielding assets such as precious metals.
MP Financial Advisory Services said earlier this week that despite gold reaching record levels, cultural demand will sustain gold ownership in India, and silver’s function as an industrial input may drive its price over $50 per ounce.
“Thanks to industrial demand, silver has the required merits to cross over the $50 mark this time,” the report said.
Silver prices rose from $24 an ounce to approximately $47 ounce from November 2022 to October 2025, bolstered by industrial demand in solar panels, electronics, and electric mobility. (IANS)
