MCX silver futures fall over ₹4,400/kg intraday, easing from record levels

Silver August futures hit an intraday low of ₹2,29,711 per kg on MCX and were down ₹3,514, or 1.5%, at ₹2,30,493 per kg. Despite the pullback, silver remains up 104.78% year on year, keeping cost pressure elevated for jewellery and silverware retailers.

— Source published Wed, 19 Aug, 2026, 12:24 IST · First seen Wed, 19 Aug, 2026, 14:23 IST · Source NDTV Profit

What happened

Multi Commodity Exchange of India (MCX) · Indian silver futures fell over Rs 4,400 per kg on MCX, while spot silver also declined. Prices remain up 104.78%

Key facts

  • Silver August futures fell over Rs 4,400 to an intraday low of Rs 2,29,711 per kg
  • Silver August futures traded 1.5% or Rs 3,514 lower at Rs 2,30,493 per kg at 12:15 p.m.
  • Spot silver fell 0.29% to $63.22 per ounce
  • Silver 999 fine was Rs 2,32,280 per kg
  • Silver 925 sterling was Rs 2,15,784 per kg
  • Silver prices gained 104.78% over one year from Rs 1,13,920 per kg on Aug. 19, 2025
  • Gold futures were Rs 1,53,953
  • 24K gold was Rs 1,54,570 per 10 grams
  • Spot gold rose 0.54% to $4,358.12 per ounce

Why this matters

Sustained silver-cost inflation reinforces the value of hedging, supplier diversification and potential partnerships or acquisitions that strengthen sourcing resilience and product-margin mix.

What to watch

  • Whether MCX silver holds below ₹2,30,000/kg for multiple sessions or rebounds toward record levels.
  • Changes in international silver prices, US dollar direction and INR/USD movement.
  • Retail footfall, average selling price and grams sold in silver jewellery versus prior weeks.
  • Dealer premiums, availability of fabricated silver products and changes in making charges.
  • Festive and wedding-season advance bookings, especially in value-oriented and lightweight segments.
  • Promote lightweight, lower-ticket silver jewellery and gifting categories rather than high-grammage products.
  • Increase daily price communication across stores and digital channels to convert consumers during pullbacks.
  • Tighten inventory cover and replenish in smaller batches until volatility subsides.
  • Review hedging, supplier price-lock and customer advance-booking policies to reduce margin exposure.
  • Use exchange, installment and old-silver buyback offers to offset affordability pressure.