Silver Price Plummets 2.08% in One Month Amid Interest Rate Expectations

The silver price in India has dropped by ₹2,35,000 per kg on October 2, 2026, following a correction of about ₹20,000 in just one month. The current rate stands at ₹235 per gram and ₹2,350 for 10 grams. This decline represents a 2.08% drop from the previous rate of ₹2,40,000 per kg.

The precious metals market is being pulled in several directions due to changes in interest rates, currency fluctuations, and industrial demand. Investors are closely monitoring interest rate expectations, as they can impact the U.S. dollar and demand for gold and silver. The decline in rupee value may cause the cost of importing bullion to rise in India, even with stable global prices.

According to Reuters, spot gold dropped more than 6 percent in September, but rebounded slightly into October following its sharp drop during the month of September. The latest fall is notable as silver has risen dramatically over the longer term, moving from much lower levels in 2023-24 to ₹2.40 lakh per kg in September before the correction.