Gold and silver prices have risen significantly over the past few years. Whenever prices fall, people are usually happy. Recently, silver prices have declined.

Silver prices recorded a decline.

Gold and silver prices fluctuate daily. The skyrocketing prices of gold and silver over the past few years have been a sight to behold. Therefore, when either metal experiences even a slight decline, consumers are delighted. Meanwhile, on Monday, September 28th, silver prices have declined.

On Monday, the price of silver on the Multi Commodity Exchange (MCX) fell by more than ₹7,000, pushing it below the ₹2,28,000 mark.

What is the price of 1 kg of silver?
On Monday, September 28, 2026, at around 12:36 pm, the December silver futures contract on MCX was trading at ₹2,27,494 per kg. This was a decrease of ₹7,202, or 3.07%, from the previous closing price of ₹2,34,696. This means that the current price of 1 kg of silver is ₹2,27,494.

What is the reason for the sharp decline?
The decline in silver prices in the domestic market is primarily due to widespread selling of precious metals. Rising oil prices are fueling inflation. The prices of many commodities, including food and beverages, are steadily increasing. The US Federal Reserve Bank has also announced a near-term interest rate hike.

In such a situation, higher interest rates and Treasury yields put pressure on precious metals, as they do not yield any interest. A strong US dollar makes metals denominated in dollars more expensive for buyers holding other currencies. This is why silver prices have been declining recently. There is uncertainty about whether these prices will rise further or fall in the future.