Silver Rate Today, October 19, 2026: Silver prices in India have witnessed significant fluctuations, with the precious metal becoming cheaper in the domestic market after a sharp decline over the past week. On Monday morning, October 19, silver was quoted at approximately ₹2,29,900 per kilogram in several major Indian cities.

According to the latest reported figures, silver prices declined by around ₹13,500 per kilogram during the previous week. However, the futures market showed a modest recovery, with silver contracts on the Multi Commodity Exchange (MCX) rising by ₹758, or 0.36%, to ₹2,11,418 per kilogram.

Despite this improvement, silver futures remain considerably below the record levels reported earlier this year.

The changing prices have attracted attention from investors, jewellery buyers and traders, particularly during the festive season when demand for precious metals traditionally increases.

Here is a detailed look at silver prices in Delhi, Mumbai, Jaipur, Chennai, Hyderabad and other major cities, along with the factors influencing the market.

Silver Price Today: What Is the Latest Rate on October 19?

The domestic retail price of silver was reported at ₹2,29,900 per kilogram on October 19, 2026.

However, prices vary depending on the city, dealer, product type and applicable charges.

In Chennai, silver was quoted at ₹2,39,900 per kilogram, approximately ₹10,000 higher than the rate reported in most other major cities.

Meanwhile, the MCX silver futures price stood at ₹2,11,418 per kilogram, compared with the previous trading session's closing level of ₹2,10,660.

The difference between retail silver prices and futures quotations is important because the two figures represent different markets and pricing arrangements.

Silver Rate Today: City-Wise Prices in India

The following table shows the indicative retail silver rates mentioned in the supplied report.

Note: The supplied article is dated October 19 but introduces this city-wise table as October 16 data. Therefore, these figures should be treated as indicative reported rates, not independently verified live prices for October 19. The 10-gram values are calculated from the quoted kilogram rates.

Silver Prices in Delhi, Mumbai and Kolkata

In Delhi, the reported retail price of silver stands at ₹2,29,900 per kilogram.

The same indicative rate is listed for Mumbai and Kolkata.

At this price, 100 grams of silver would cost approximately ₹22,990 before any additional applicable charges.

Consumers buying silver jewellery, coins or decorative items may pay more than the quoted metal value because of making charges, taxes and retailer margins.

Chennai Silver Price Higher Than Other Major Cities

Chennai has the highest reported silver price among the 15 cities included in the supplied data.

The price of one kilogram of silver in Chennai is listed at ₹2,39,900.

This is ₹10,000 more than the ₹2,29,900 rate quoted for Delhi, Mumbai, Jaipur and several other cities.

Local demand, market quotations and dealer pricing can contribute to differences between cities.

However, buyers should compare actual quotations from reputable dealers rather than assuming that every retailer in a city will offer the same rate.

Jaipur, Lucknow, Patna and Hyderabad Silver Rates

The supplied report lists silver at ₹2,29,900 per kilogram in Jaipur, Lucknow, Patna and Hyderabad.

The same indicative rate applies to Ahmedabad, Pune, Bengaluru, Bhopal, Chandigarh, Noida and Gurugram.

These figures provide a useful reference for buyers planning to purchase silver during the festive season.

Nevertheless, actual prices may change during trading hours, making it important to verify the rate immediately before purchasing.

MCX Silver Price Today: Futures Rise by ₹758

While retail silver prices have weakened over the past week, the futures market recorded a modest increase in the reported trading session.

Silver futures on MCX rose by ₹758 per kilogram, representing a gain of approximately 0.36%.

The price increased from the previous close of ₹2,10,660 to ₹2,11,418 per kilogram.

Another bullion-market quotation mentioned in the report placed silver at ₹2,11,840 per kilogram.

International spot silver was quoted at approximately $57.52 per troy ounce.

These prices should not be treated as interchangeable.

MCX futures reflect exchange-traded contracts with specific settlement and expiry conditions, while retail bullion quotations can include different costs and market premiums.

Silver Becomes More Than ₹2 Lakh Cheaper Than Its Reported Record High

One of the biggest developments highlighted in the report is the sharp difference between current silver futures prices and the record high reportedly reached earlier in 2026.

According to the supplied figures, silver futures touched ₹4,20,048 per kilogram in January 2026.

Compared with the reported current futures price of ₹2,11,418, the decline amounts to ₹2,08,630 per kilogram.

Reported MCX silver futures comparison

January 2026 peak

₹4,20,048

Reported latest price

₹2,11,418

Decline from reported peak

49.7%

Approximately ₹2.09 lakh per kg below the reported high. Figures are based on the supplied article and have not been independently verified.

This represents a decline of approximately 49.7% from the reported peak.

However, the comparison concerns futures prices rather than the retail silver quotations listed in the city-wise table.

It also does not establish that silver will return to its previous high or continue falling.

Why Are Silver Prices Under Pressure?

Several international economic developments can influence silver prices.

1. US Inflation and Interest Rate Expectations

Higher inflation in the United States can affect expectations about future interest rate decisions by the Federal Reserve.

If investors expect interest rates to remain elevated or rise further, precious metals may face pressure because they do not generate regular interest income.

However, the relationship between interest rates and silver prices can vary depending on broader economic conditions.

2. Movement in the US Dollar

Silver is internationally traded in US dollars.

A stronger dollar can make dollar-denominated commodities more expensive for buyers using other currencies, potentially influencing demand.

Conversely, a weaker dollar can sometimes support precious metal prices.

3. Global Industrial Demand

Silver is used in electronics, solar panels, electrical equipment and various industrial applications.

Changes in manufacturing activity and industrial demand can therefore influence its market value.

4. Profit Booking and Market Volatility

After substantial price increases, traders and investors may sell their holdings to realise profits.

Such selling can contribute to short-term declines, especially in futures markets where prices can move rapidly.

What Are the Important Silver Price Levels to Watch?

The supplied report cites market commentary suggesting that the $50–$55 per ounce range could act as an important support area for international silver prices.

It also identifies $60 per ounce as a level that traders may monitor for signs of renewed upward momentum.

However, these are technical-market reference levels, not guaranteed price targets.

Silver may move above or below them depending on market conditions, currency fluctuations and changes in investor sentiment.

What Should Buyers Check Before Purchasing Silver?

Silver buyers should pay attention to purity, weight and the final purchase price.

Pure silver is commonly sold with a fineness of 999, indicating approximately 99.9% silver content.

Sterling silver generally has a fineness of 925, meaning it contains 92.5% silver, with the remaining portion made up of other metals.

Jewellery buyers should also examine making charges and applicable GST.

Obtaining a proper invoice and checking purity markings can help buyers understand what they are paying for.

For investment purchases, comparing the total acquisition cost and resale conditions is equally important.

Silver Price Outlook: Is This the Right Time to Buy?

The latest reported figures show a mixed picture for silver.

Domestic retail prices have declined over the past week, while the cited MCX futures contract recorded a modest daily recovery.

The metal also remains substantially below its reported January 2026 futures peak.

However, silver prices are highly volatile and can respond quickly to changes in global economic conditions.

Buyers purchasing silver for jewellery or personal use should focus on purity and the total retail cost.

Investors should consider their financial objectives, risk tolerance and investment horizon rather than making decisions solely because prices have fallen.

As of the supplied October 19 report, silver is quoted at ₹2,29,900 per kilogram in most listed Indian cities and ₹2,39,900 in Chennai, while MCX futures are reported at ₹2,11,418 per kilogram.

These quotations should be confirmed through current market sources before any transaction.

Disclaimer: This article is based on the supplied October 19, 2026 report. The reported prices, January futures peak and market commentary have not been independently verified in real time. Precious metal investments involve price risk, and readers should consult a qualified financial adviser before making investment decisions.