Silver has always held a special place in Indian households—whether as jewellery, coins, or a long-term investment. Over the last decade, silver prices in India have witnessed sharp ups and downs, influenced by global markets, inflation, industrial demand, and economic events.
If you are an investor, trader, or simply curious about silver price trends in India, this detailed analysis of the last 10 years of silver prices will help you understand where silver has been—and where it may be headed. Let’s dive deep into the data, the “why,” and the “what next” of silver prices in India.
The 10-Year Snapshot: Silver Price Data (2014–2026)
To understand where we are going, we must look at where we started. The following table highlights the average annual prices (approximate) for 1 kg of silver in the Indian retail market.
| Financial Year | Average Price (per Kg) | Major Trend |
|---|---|---|
| 2014–15 | ₹40,558 | Post-2011 Crash Correction |
| 2015–16 | ₹36,318 | Decade Low Period |
| 2016–17 | ₹42,748 | Demonetization & GST Impact |
| 2017–18 | ₹39,072 | Stability & Low Volatility |
| 2018–19 | ₹38,404 | Pre-Pandemic Lull |
| 2019–20 | ₹42,514 | Early COVID-19 Volatility |
| 2020–21 | ₹59,283 | Safe-Haven Surge |
| 2021–22 | ₹65,426 | Post-Pandemic Inflation Hedge |
| 2022–23 | ₹61,991 | Interest Rate Hike Pressure |
| 2023–24 | ₹72,243 | Industrial Demand Explosion |
| 2024–25 | ₹89,131 | Solar & EV Sector Boom |
| 2025–26 (Jan) | ₹3,59,374 | The Great Silver Squeeze |
Data Source: Compiled from RBI Handbook & MCX Market Reports.
Silver Price Last 10 Years in India Graph
Silver Price History (India)
10-Year Trend Per Kg (₹) | 2014 – 2026
Decoding the Decade: A Story of Three Phases
1. The “Sleepy” Years (2014–2019)
Following the massive global commodity crash of 2012, silver spent nearly five years in a “sideways” pattern. Prices hovered between ₹35,000 and ₹42,000. During this time, investors largely ignored silver in favor of a booming Indian stock market. It was a period of accumulation for the “smart money.”
2. The Pandemic Pivot (2020–2022)
When the world locked down, silver woke up. Initially, industrial demand crashed because factories were shut. However, the massive “money printing” (stimulus) by global central banks triggered inflation fears. Like gold, silver became a “safe haven.” We saw prices jump from the ₹40k range to over ₹60k in a matter of months.
3. The Industrial “Squeeze” (2023–2026)
This is where the story gets wild. As the world pushed for “Net Zero” emissions, silver became the “New Oil.”
- Solar Energy: Every solar panel requires silver for its conductive paste.
- Electric Vehicles (EVs): EVs use almost double the silver of internal combustion engine cars.
- AI Hardware: High-performance chips and data centers rely on silver’s superior conductivity.
By 2025, a massive supply deficit (where we use more than we mine) caused prices to decouple from gold and skyrocket to historic levels, peaking above ₹4 lakh in late January 2026 before seeing a healthy correction.
Key Factors Driving Silver Rates in India
Understanding silver prices isn’t just about supply and demand. In India, several unique levers pull the strings:
- US Dollar & Rupee Exchange Rate: Since India imports most of its silver, a weakening Rupee makes silver more expensive for us, even if global prices stay flat.
- Import Duties: The Indian government frequently adjusts the Basic Customs Duty (BCD) on silver. Any hike in tax instantly reflects in your local jeweler’s price list.
- Industrial Demand vs. Jewelry: Globally, over 50% of silver is used in industry. In India, wedding season demand still creates short-term “spikes” during months like November and May.
- Silver ETFs: The introduction of Silver Exchange Traded Funds (ETFs) in India has made it easier for retail investors to buy “digital silver,” increasing liquidity and demand.
Expert Tip: Is it Still a Good Time to Invest?
As of February 2026, silver has seen a sharp 20–25% correction from its peak. Many experts view this as a “healthy reset.”
“Silver is no longer just a precious metal; it’s a strategic mineral. While short-term volatility is high, the structural deficit in mining means the long-term floor has moved significantly higher,” says a leading commodity analyst.
Strategies for Indian Investors:
- Avoid Lump Sums: Given the current volatility, use a “SIP” approach (Systematic Investment Plan) via Silver ETFs or digital silver.
- Check Purity: Always insist on 999.0 fineness for investment bars and 92.5 (Sterling) for jewelry.
- The Gold-Silver Ratio: Keep an eye on this ratio. Historically, when the ratio is high (over 80), silver is considered “cheap” compared to gold.
Disclaimer: Precious metal investments carry market risk. Historical performance does not guarantee future results. Please consult with a certified financial advisor before making large investment decisions.
