New Delhi, 01 January (H.S.): Domestic silver markets opened the first day of 2026 on a marginally softer note on Thursday, with spot prices declining by ₹1,000 to ₹1,400 per kilogram across key trading centers.
Despite the pullback, silver remained above ₹2.50 lakh per kilogram in Chennai and Hyderabad, trading between ₹2,38,700 and ₹2,56,900 per kilogram in various bullion hubs nationwide.
City-Wise Price Snapshot
In Delhi, silver traded at ₹2,38,900 per kilogram. The same price prevailed in Mumbai, Ahmedabad, and Kolkata at ₹2,38,700. Meanwhile, Jaipur, Surat, and Pune saw quotes at ₹2,39,000 per kilogram; Bengaluru at ₹2,39,200; and Patna and Bhubaneswar at ₹2,38,800.
Hyderabad recorded a ₹1,400 drop to ₹2,56,800 per kilogram, while Chennai-where silver commands the highest premium-fell ₹1,400 to ₹2,56,900 per kilogram.
Notably, Chennai prices had peaked at ₹2,75,000 per kilogram as recently as December 28.
Factors Behind the Correction
Silver prices surged over 180 percent throughout 2025, fueled by global demand and geopolitical tensions, with London spot silver hitting a record $83.62 per ounce.
However, profit-taking from record highs, increased international supply, easing geopolitical risks, and higher margins on futures trading triggered a late-year selloff. Chicago Mercantile Exchange (CME) raised margins on COMEX and other platforms by nearly 25 percent, increasing requirements from $20,000 to $25,000 per contract, prompting large traders to unwind positions.
Capex Gold and Investments CEO Rajiv Dutta noted that this margin hike forced traders to liquidate holdings, exerting downward pressure on global and domestic silver prices.The correction reflects a healthy consolidation after 2025’s remarkable rally.