Domestic buyers are grappling with falling equity markets, higher oil prices, and climbing borrowing costs, which have severely dampened festive retail momentum. Investment-grade silver has suffered the most, with demand for bars and coins collapsing completely at major retail chains. Titan Co.’s Shaya brand saw festive sales rise by just 25% to 30%, falling drastically short of its 80% to 100% projection. In response, retailers are offering temporary discounts of up to 50% and expanding lower-priced inventory under ₹2,000 to entice cautious shoppers.
Key points
Global pressures including a stronger U.S. dollar and elevated bond yields continue to dr…: Global pressures including a stronger U.S. dollar and elevated bond yields continue to drive down silver prices.
Domestic macroeconomic headwinds such as falling stock markets and higher interest costs…: Domestic macroeconomic headwinds such as falling stock markets and higher interest costs are deterring festive retail purchases.
Retailers are pivoting toward deep promotional discounts and lower-cost items under ₹2,00…: Retailers are pivoting toward deep promotional discounts and lower-cost items under ₹2,000 to revive lagging consumer interest.
Sources checked by our analysis pipeline: 1
Bengaluru: Silver’s plunge from a record high has failed to revive festive demand in India, as broader economic pressures and fears of further price drops keep consumers from buying. While demand for investment items like coins and bars has collapsed, consumer interest in jewellery continues to hold up.
The price slump comes as the government issued permits on 22 October for about 6,500 tonnes of silver imports over the next six months, equivalent to nearly 93% of the more than 7,000 tonnes imported in 2025. The approvals ease restrictions introduced in May, when the government required prior authorization for silver imports, and tightened in June to cover silver grain and powder. The government had also raised import duties on gold and silver from 6% to 15%, effective 13 May 2026 to curb precious-metal imports and ease pressure on foreign-exchange reserves.
The additional supply is expected to ease domestic shortages and premiums, even as demand remains weak. Silver futures on the Multi Commodity Exchange (MCX) fell 3.5% to ₹1,92,800 per kg on 23 October 2026, down nearly 55% from a record…
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