Silver loses its shine! After dazzling Dhanteras rally, white metal tumbles 18% - check current rates and what’s next

After dizzying Dhanteras rally, silver prices have crashed 18 percent in just seven days. As per data by price tracking site Goodreturns, the rate of the white metal is hovering at Rs 1.5 lakh per kilo in India today (October 25, 2025). The current levels show a steep fall from the highs of Rs 2 lakh per kilo at the time of Dhanteras on October 18.

Silver is not alone. Similar to the price trends of white metal, gold has also tumbled in lest 10 days. As per the latest Bloomberg data, spot gold fell 0.3% to close at $4,113.05 an ounce at 5 p.m. in New York, bringing the weekly loss to 3.3%. Silver, which reached a record last week above $54 an ounce, dropped, translating into a weekly loss of more than 6%.

On the Multi Commodity Exchange (MCX), silver futures (FUTCOM SILVER 05DEC2025 contract) were trading at Rs 1,47,470 per kg, after hitting an intraday high of Rs 1,48,450 and a low of Rs 1,45,080.

The contract opened at Rs 1,46,501, marking a decline of Rs 320 or 0.22%. The total traded volume stood at 19,105 lots, with an open interest of 20,311 and a turnover of Rs 8,40,820.90 lakh.

Here's look at the latest silver prices across major Indian cities:

The recent fall in the silver prices come after the sizzling rally that saw the white metal breaching the Rs 2 lakh per kg mark in several Indian cities. One of the key reasons apart from the robust festive demand in India was the historic squeeze in London. Due to spurt in the industrial demand, there was a marked shortage in the supply of physical silver. The chart below shows how the silver rates experienced meteoric highs:
While the prices have tumbled, investors still have strong interest in the precious metals. Both silver and gold have been traditionally seen as the ‘safe haven investments’ especially in uncertain times.

Vikram Dhawan, head of commodity and fund manager at Nippon India Mutual Fund, told ET that 'broader asset allocation story remains intact.'

Echoing the sentiments, Motilal Oswal Financial Services analyst Manav Modi said, "The planned summit between the US President Donald Trump and the Russian President was postponed. Uncertainty remains over a possible meeting between Trump and Chinese President Xi Jinping. So, any dips could trigger fresh buying interest due to ongoing global uncertainties. Prices of precious metals may fall further, giving the chance to consumers to buy them. But fundamentals of both metals remain strong."

Meanwhile, a PTI report said that Tata Mutual Fund has resumed fresh investments in its Silver ETF Fund-of-Fund scheme (FoF. Earlier, lump-sum investment, switch-in into the scheme, and fresh registration of systematic investment plan (SIP) and systematic transfer plan (STP) into the scheme were suspended from October 14.The temporary pause was a precautionary measure taken amid elevated silver premiums and tight supply.