By BullScreen Editorial Team 
Silver prices have plunged nearly 45% in the past three months, wiping out over ₹1.87 lakh per kilogram from their January peak, as volatility and global uncertainties shake the precious metals market.
The metal had surged to a record ₹4,24,316 per kg on the Multi Commodity Exchange (MCX) in late January, driven by geopolitical tensions, US Federal Reserve rate uncertainty, and global tariff concerns. However, by April 28, silver was trading near ₹2,37,000 per kg, down about 2% from the previous session, pressured by a strong US dollar and ongoing West Asia conflict impacting global energy markets.
Data shows sharp fluctuations throughout April, with three-month futures swinging between ₹2,31,348 and ₹2,57,142 within just 10 days, highlighting intense market instability.
Commodity experts say silver is currently in a “chaotic correction phase” rather than a sustained uptrend. While geopolitical tensions typically push prices higher as investors seek safe-haven assets, easing tensions often trigger profit booking and price declines.
Analysts note that silver becomes attractive once markets stabilise and industrial demand particularly from solar, electric vehicles, and electronics begins to recover. Long-term projections remain optimistic, with some estimates placing silver in the $85–$100 per ounce range by 2026.
According to Augmont Bullion, silver is testing key support near $73 per ounce (around ₹2,35,000/kg). A sustained drop below this level could push prices toward $70.
Experts advise caution, noting that silver behaves more like a risk asset during volatile periods. While the long-term outlook remains bullish, investors may consider staggered buying strategies.