Global silver prices have dropped over 53% since January 2026
Silver's had a rough year: prices have crashed over 53% since January 2026.
An ounce that cost nearly $117 in January now goes for just above $54.
In India, silver dropped from ₹3.85 lakh per kilogram to ₹1.91 lakh by late October.
US rates, oil inflation, strong dollar
The main culprits: higher US interest rates, inflation (thanks to rising oil prices), and a stronger dollar making silver less attractive globally.
Plus, India imports most of its silver, so global swings hit hard here.
Still, investors actually put more money into silver ETFs in September than before, showing some folks think silver's long-term story isn't over yet.
India approves 6,500 MT silver imports
To help balance the market and tackle supply issues, the Indian government just allowed new imports of 6,500 metric tons of silver over six months, raising the possibility of easing domestic supply constraints and narrowing local premiums.