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Business & Stocks Livemint Markets & Economy • Oct 23, 2026

Silver Rate Today Drops Below ₹2 Lakh as MCX Futures Crash Over ₹4,500 Amid Higher Energy Costs and Rate-Hike Concerns

💡 Key Takeaways

•Silver futures contract for December 2026 expiry on the MCX crashed over ₹4,500 on Friday.
•Prices slipped below ₹2 lakh per kg due to higher global energy costs and persistent rate-hike concerns weighing on the market.
•Analysts identify potential technical support levels around ₹1,80,000 to ₹1,85,000 following the sharp correction.

NEW DELHI [NCRBuzz Wire] — ### Silver Prices Breach Key Threshold

**Domestic silver futures experienced a sharp downward correction, with December 2026 contracts on the Multi Commodity Exchange (MCX) crashing by over ₹4,500.** This movement drove prices below the ₹2 lakh per kilogram threshold for the first time since December 2025, completely wiping out gains accumulated through the 2026 trading cycle.

### Macroeconomic Drivers and Market Pressures

**Higher global energy costs and persistent rate-hike concerns have acted as primary catalysts for the ongoing sell-off.** Market participants note that these broader economic factors have weighed heavily on precious metals, leaving current prices more than 50% below the record levels seen in January. Analysts are actively monitoring technical charts, identifying potential support zones between ₹1,80,000 and ₹1,85,000 per kilogram as trading activity remains volatile.

### Investor Outlook and Technical Support

**Market analysts emphasize that domestic trajectories continue to reflect international pricing trends and currency fluctuations.** While the correction has raised caution among retail investors, institutional observers are evaluating whether the current support range will stabilize the downward momentum or if further adjustments will occur in upcoming sessions.

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🏛️ Background Context

Precious metals trading in India is heavily influenced by international COMEX pricing, rupee-dollar exchange rate fluctuations, global energy costs, and monetary policy adjustments by central banks.

💡 Citizen & Commuter Quick Explainer (FAQ)

Q1: What was the exact price crash for silver futures on MCX?

Silver futures for December 2026 expiry crashed by over ₹4,500 on Friday, slipping below the ₹2 lakh mark.

Q2: What is the current status of domestic silver rates in India?

Domestic silver rates have touched an 11-month low and fallen below ₹2 lakh following strong downward correction.

Q3: Which exchange and contract expiry are affected by this correction?

The correction is reported on the Multi Commodity Exchange (MCX) for the December 2026 silver futures contract.

Verified Wires: Livemint Markets & Economy Original Wire Dispatch ↗

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