Silver fell below 2 lakh rupees per kg on the MCX on October 23, with the December futures contract down over 1.7% to around 1,95,800 to 1,96,170 rupees per kg. The main causes were a heavy sell-off in global technology and AI stocks, which forced institutional investors to liquidate precious metals to cover losses elsewhere, along with inflation worries from high crude oil prices and a stronger US dollar weighing on industrial demand. Silver hit an all-time high of 4,20,048 rupees per kg on the MCX in January 2026. GJC Chairman Rajesh Rokde said the drop gives festive buyers substantial relief on silver ornaments, coins and utensils, and local jewellers in Nagpur report rising footfall and advance inquiries ahead of Dhanteras and Diwali.
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Related tickers and likely impact
PAXG/USDT
• NeutralPAX Gold
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $1.8B |
| Close on 10/23/2026 | 4,003.77 |
| Change that session | -0.80% |
XAUT/USDT
• NeutralTether Gold
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Real-world assets |
| Market cap | $3.4B |
| Close on 10/23/2026 | 3,994.18 |
| Change that session | -0.89% |
XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 10/23/2026 | 3,995.78 |
| Change that session | -0.72% |
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