MCX silver falls to ₹178,900 per kg, world price down $11.90 in a month
MCX silver is at ₹178,900 per kg, and the world price is down about $11.90 an ounce in a month. Here is what is known about why.
Event: November 2, 2026
Primary source: November 2, 2026
Published here: November 2, 2026 at 04:20 AM UTC
Read: 2 min
What happened
Silver has fallen sharply. On Friday, October 30, spot silver dropped 6.06% to $49.015 an ounce. As of November 2, the world price is about $48.94, down $11.90 from a month earlier. On MCX, silver is at ₹178,900 per kg, down ₹10,000 on Friday. On the IBJA bullion market it lost ₹13,000 over the week.
Why it matters to you
Silver reacts to market fear more than gold does. A tech stock selloff forced investors to close positions, and US rates are expected to stay high. It is the same wave that pushed gold to a one-year low.
What to check and watch
Watch tech stocks and expectations for the Fed rate: they drove the move. The sources give no weekly change for MCX. This is an overview, not advice.
Where it’s happening
LIVEDrag to spin. Green dots: the exchange is trading right now (regular hours, holidays not counted). Shadow: where it is night now. Borders: Natural Earth, quakes: USGS. Layer idea: God’s Eye View (MIT).
What happened. On Friday, October 30, silver fell 6.06% and traded near $49.015 an ounce in late US trading, according to Kitco. CNBC says it dropped below $50 for the first time since November 2025. The Vietnamese outlet Thế giới tiếp thị gave a price of about $48.94 on November 2, down $11.90 from a month earlier.
What it means in India. AajTak reports silver on MCX at ₹178,900 per kg. It lost ₹10,000 on Friday. The January record on MCX was ₹420,000 per kg, so the price is now ₹242,000 below it. On the bullion market, IBJA lists 999-purity silver at ₹182,000 per kg, down ₹13,000 over the week. The sources we opened do not give a weekly or monthly change for MCX itself.
Why it is falling. Kitco ties the drop to a tech-led stock selloff in the US that added to liquidation across precious metals. Silver lost more than gold because worries about industrial demand weighed on it too. CNBC adds that higher energy prices and persistent inflation strengthened expectations that US rates will stay high. Commerzbank analysts suggest the sharp selloff may have triggered forced selling and margin calls, and call the drop exaggerated.
Physical demand. CNBC says demand in Asia is subdued: Indian buyers are delaying purchases and Chinese demand is muted.
The link to gold. We have already reported that gold hit a one-year low after a hot US inflation reading and a hawkish Fed. Silver is following the same path, only with bigger swings. Live silver data is on https://freekonomist.com/commodities/silver/ and gold is on https://freekonomist.com/commodities/gold/.
Confirmed facts
- On Friday, October 30, 2026, spot silver fell $3.150, or 6.06%, and traded near $49.015 an ounce.[1]
- Silver dropped below $50 an ounce for the first time since November 2025.[2]
- On November 2 the world silver price was quoted at about $48.94 an ounce, $11.90 lower than a month earlier.[4]
- On MCX, silver trades at ₹178,900 per kg, down ₹10,000 on Friday.[3]
- The January record on MCX was ₹420,000 per kg, and the current price is ₹242,000 below it.[3]
- On the bullion market, 999-purity silver listed by IBJA is ₹182,000 per kg, down ₹13,000 over the week.[3]
- Kitco links the drop to a tech-led stock selloff that added to selling across precious metals, and to concerns about industrial demand.[1]
- Higher energy prices and persistent inflation strengthened expectations that US rates will stay high.[2]
- Commerzbank analysts suggest the sharp tech selloff may have triggered forced selling and margin calls, and call the metals drop exaggerated.[2]
- Physical demand in Asia is subdued: Indian buyers are delaying purchases and Chinese demand is muted.[2]
- The widening gold-silver ratio reflects silver's greater sensitivity to worsening risk sentiment.[1]
Implications
- ConfirmedThe silver drop is happening alongside a stock selloff and rising expectations of high US rates.
- Our readingSilver reacts to market fear more than gold because part of its demand is industrial. This is our reading.
- Our readingThe weekly and monthly change on MCX will differ noticeably from the world price because of the rupee exchange rate and local conditions. This is our reading.
Still unknown
- The weekly change in the world silver price in dollars
- The monthly change in MCX silver in rupees
- Whether the stock selloff continues and how that affects metals
Who it affects
World, India. People tracking silver on MCX and worldwide, and silver buyers in India
Sources
- Kitco: Gold falls below $3,900, silver tumbles as Wall Street selloff triggers liquidation - Kitco PM Report October 30, 2026 · media
- CNBC: Gold hits one-year low, silver drops below $50 as higher-for-longer rate view firms October 29, 2026 · media
- AajTak: Silver Coin Rate: एक चांदी का सिक्का कितने का? हफ्तेभर में ₹13000 हुई सस्ती November 1, 2026 · media
- Thế giới tiếp thị (VietNamNet): Giá bạc hôm nay 2/11: Bạc giảm gần 12 USD/ounce trong một tháng November 2, 2026 · media
Cover: Freekonomist graphic, a symbolic image, not a photo of the event. This is a news explainer, not financial advice.
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