Silver Rate In India Crashes After 6-Day Rally Of Rs 46,000: Will Silver Price Fall Or Rise Ahead?

Silver rates in India crashed for the first time in six days. On January 16, 1Kg silver dropped by Rs 3,000 and pulled away from its all-time high of Rs 2.92 lakh mark. The outlook for silver remains bullish and the target of Rs 3 lakh is nearer than expected. In January month so far, silver prices continued to outperform gold with gains of a whopping 23%. Meanwhile, gold is up by 6.2% so far in 16 days of the month.

Silver Rates In India:

1Kg silver price plunged by Rs 3,000 to Rs 2,92,000, while 100 grams and 10 grams silver slipped by Rs 300 and Rs 30 to Rs 29,200 and Rs 2,920 respectively. Also, 8 grams silver is down by Rs 24 to Rs 2,336 and 1 gram edged lower by Rs 3 to Rs 292.

In some cities like Chennai, Hyderabad and Kerala, 1Kg silver is already above Rs 3 lakh mark to Rs 3,06,000 as of January 16. In other cities like Mumbai, Delhi, Kolkata, Bengaluru, Pune and Ahmedabad, 1kg silver is at Rs 2,92,000.

Prior to this decline, 1Kg silver surged by a whopping Rs 46,000 from January 10th to 15th. Yesterday, silver was at its all-time high of Rs 2.95 lakh.

Silver Prices Prediction:

As per Ponmudi R, CEO of Enrich Money, here are the outlook for COMEX silver and MCX silver which will have a certain effect in silver rates in India.

Spot Silver Price Outlook:

COMEX Silver is holding firm near the $90 mark after scaling lifetime highs around $93.70. Prices remain comfortably above short- and medium-term moving averages following a strong breakout, indicating continued buyer dominance. Structural demand from solar energy, electric vehicles, AI infrastructure, and electronics, along with safe-haven flows, continues to underpin silver's strength.

The previous session's Hanging Man candlestick pattern formation suggests near-term profit booking, but sentiment remains constructive with support emerging across higher levels. The $85 zone may witness intermittent consolidation, while a sustained move above the $86-$88 band could trigger an impulsive rally toward $93-$97. Strong medium-term support is placed in the $80-$83 range. Looking into 2026, silver remains structurally bullish with medium-term targets beyond $100, driven by persistent supply deficits and accelerating industrial consumption.

MCX Silver Price Outlook:

MCX Silver is trading near Rs2,87,000 after posting recent highs around Rs2,92,960, firmly entrenched in a strong bullish channel. The price action reflects aggressive absorption on dips, positioning silver as a high-beta outperformer within the precious metals space. Sustained strength above Rs 2,90,000 keeps the upside trajectory intact.

A clear breakout beyond Rs2,92,000 could pave the way toward Rs3,00,000 and higher levels. On the downside, any corrective move below Rs2,85,000 may test the Rs2,80,000 zone, where fresh buying interest is expected to emerge.

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