Silver prices today: Spot price dips 8.35% in a week; check rates in your city

The Augmont Bullion report predicts silver prices to consolidate between $70 (Rs 2,23,000) and $76 (Rs 2,42,000) after the sharp rally and sell-off this week.

• Silver spot price rose 2.22 percent in a day but fell 8.35 percent in a week
• Recent margin hikes triggered forced liquidations and a sharp sell-off in silver
• Silver expected to consolidate between $70 and $76 after recent volatility

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The spot price of silver on January 2 stood at $72.58 per ounce as of 8:11 am IST, representing a gain of 2.22 percent in a day and a decline of 8.35 percent in a week.

The domestic futures price of silver on MCX stood at Rs 2,40,349 per 1 kilogram of 999 purity. on Friday (9:11 am IST).  That's a gain of 1.9 percent from its previous close at Rs 2,35,873. The price has dipped almost 5.44 percent from its peak performance at Rs 2,54,174 as recorded on December 29.

Why is silver down?

The Augmont Bullion report, published on January 1, 2026, stated that following a parabolic run that saw silver reach a high of $84 on December 30, the market experienced a severe correction, losing more than 15 percent of its value in just 48 hours.

"The upheaval started in earnest during the holiday-shortened trading week in late December. On December 26, 2025, the CME Group published Advisory No. 25-393, which raised the initial margin for March 2026 silver futures from $22,000 to $25,000," the report added.

The CME Group acted again, seeing a potential systemic danger as volatility indicators reached levels not seen in almost a decade. On December 30, 2025, the exchange announced a second, more severe increase, raising margins by 30% to $32,500 per contract.

When the New York floor opened on the last day of the year, a tsunami of forced liquidations hit the tape. Investors who had entered the market at $80 were confronted with margin calls they could not satisfy, triggering a cascade sell-off that wiped billions of dollars in paper riches in a matter of hours, the report stated.

Check out below to see the prices of 1 kilogram of 999 purity silver.

Source: Indian Bullion Jewellers Association – 18:30 rate session as on Jan. 1, 2026.

City-wise silver prices in India Today

Silver rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.

Source: Goodreturns

Outlook: Will silver regain momentum this week?

The Augmont Bullion report predicts silver prices to consolidate between $70 (Rs 2,23,000) and $76 (Rs 2,42,000) after the sharp rally and sell-off this week.