Silver is 41% below its January 2026 peak

Down 41%

Silver closed at ₹1,98,730 per kg on Monday 22 June 2026. Its highest close was ₹3,38,545 on 26 January. That is a fall of 41.3% in five months.

At its worst, on 11 June, silver closed at ₹1,96,449, 42.0% below the peak and its lowest close since 22 December 2025. To get back to the January high from here it would need to rise 70.4%.

Every figure is the international price (the COMEX futures close) converted to rupees at that day's dollar rate, as charted on our gold and silver price page. It is before import duty and GST.

How it got here

The fall was not one slide. It came in a crash, a recovery, a second leg down and a second recovery that failed.

• The crash. On 30 January silver lost 31.54% in one session, from ₹3,37,456 to ₹2,31,023, the largest one-day fall in our series by a wide margin.
• Two rebounds. Silver climbed back to within 20% of its peak twice, at the end of February and again on 13 May. Both times it turned down within days; after 13 May it lost 13.1% in two sessions.
• The second leg. From 13 May to 11 June it fell 28.1%, to a new low for the year.

Four of the five worst sessions in the series fall in 2026: 30 January (−31.54%), 12 February (−9.65%), 5 February (−9.37%) and 15 May (−9.11%). The fifth was 31 December 2025 (−9.49%).

Deeper than anything before it

Our silver series starts in September 2021. In that time silver has had eight falls of 10% or more from a high:

The current fall is the deepest by more than nine points. The nearest was 2022's, which took 123 sessions to reach bottom and another seven months to get back to the old high.

The run that came before

The fall is large because the rise before it was larger. On 31 December 2024 silver stood at ₹79,820 per kg. By the January 2026 peak it had more than quadrupled, up 324%. In 2026 alone, from 31 December 2025 to the 26 January peak, it rose 67.3%.

So the fall, deep as it is, has not undone the run. Silver is still 149% above where it stood at the end of 2024, and 98.4% above its level a year ago (₹1,00,148 on 20 June 2025). For 2026 so far it is down just 1.8%, from ₹2,02,417.

Gold has fallen too, but less than half as far. On 22 June gold was ₹1,26,828 per 10 grams, 19.4% below its own peak of ₹1,57,381 on 29 January.

What this does not tell you

A deep fall is not a cheap price. Silver has had a 42% fall and a 324% rise inside eighteen months. Neither tells you where it goes next.

Recovery times in the table are history, not a schedule. They range from a few weeks to more than a year.

Spot is not what you pay. Silver funds and ETFs track the domestic price, which includes import duty, and charge an expense ratio. Physical silver adds GST and costs more to store per rupee than gold.

Where to go from here

The gold and silver price page has today's silver rate and the five-year chart. For May's swings, see gold and silver in May 2026; for how silver moved against gold, the gold-silver ratio in May 2026.

On keeping a volatile holding in proportion, see asset allocation and rebalancing and debt and gold as shock absorbers.