Silver Price Today, November 2, 2026: Silver prices in India have continued their downward movement at the beginning of the new trading week, offering some relief to buyers ahead of Dhanteras and Diwali. On Monday morning, November 2, the price of silver stood at ₹1,99,900 per kilogram across several major Indian cities, including Delhi, Mumbai, Chennai, Kolkata and Jaipur.

The latest decline comes after a sharp correction in the precious metal's value. Silver reportedly became cheaper by approximately ₹20,000 per kilogram during the previous week, attracting the attention of jewellery buyers and investors.

Despite the lower prices, market analysts are advising caution. Experts believe silver could experience further volatility because of international market conditions, movements in the US dollar and changing investor sentiment.

Silver Price Today: Rates Fall Below ₹2 Lakh Per Kilogram

Silver has witnessed considerable price fluctuations throughout 2026. According to the reported market figures, the metal reached a record level of approximately ₹4 lakh per kilogram in January before experiencing a substantial correction.

By November 2, the reported domestic price had declined to ₹1,99,900 per kilogram, representing a significant fall from that earlier peak.

The recent decline has brought silver back into focus for people planning to purchase jewellery, coins, utensils and other silver products during the festive season.

However, a sharp fall in prices does not necessarily indicate that the market has reached its lowest point.

Investors should consider both domestic and international market developments before making major purchases.

Silver Rates on November 2, 2026: Check Prices in 10 Major Cities

According to the reported rates for Monday morning, silver was priced at ₹1,99,900 per kilogram in the following cities.

Note: Prices are indicative rates reported on the morning of November 2, 2026. Actual retail prices may vary depending on purity, GST, dealer margins and other applicable charges.

Silver Price Falls by ₹20,000 in One Week

The precious metals market has experienced notable selling pressure in recent sessions.

During the previous week, silver prices reportedly declined by around ₹20,000 per kilogram in India.

The correction has attracted buyers who were previously waiting for more affordable prices before the festive shopping season.

Silver is commonly purchased during Dhanteras and Diwali because of its traditional and cultural significance. Many households prefer buying silver coins, ornaments and utensils during this period.

However, investors and consumers should distinguish between purchasing silver for personal use and buying it purely for investment purposes.

For jewellery and festive purchases, factors such as product quality, purity and making charges are important. Investment decisions, meanwhile, require closer attention to price trends and market risks.

International Silver Price Slips to $49 Per Ounce

Weakness in international markets is another important development affecting silver prices.

According to the reported figures, spot silver was trading near $49 per troy ounce in the global market.

The decline below $50 per ounce is considered significant because traders often monitor major round-number price levels when assessing market sentiment.

A sustained movement below this level could indicate continued weakness in silver prices.

However, market direction cannot be determined by a single price level alone. Trading volumes, global economic developments and demand from investors and industries can also influence prices.

Could Silver Become Even Cheaper?

Market experts believe further corrections cannot be ruled out.

Nirpendra Yadav, Senior Research Analyst at Bonanza Portfolio, has indicated that silver could face additional downward pressure if international prices remain below the $50-per-ounce level.

The assessment suggests that investors should monitor whether silver stabilises or continues trading at lower levels.

Silver prices can be particularly volatile because the metal serves two important purposes: it is used as an investment asset and is also consumed by several industries.

Changes in industrial demand, investment flows and international economic expectations can therefore affect its value.

For investors considering a substantial purchase, understanding this volatility is essential.

Should You Buy Silver Before Dhanteras and Diwali?

The decline in silver prices may appear attractive to buyers planning festive purchases.

However, market analysts recommend avoiding large investments solely because prices have fallen.

Instead of committing an entire investment amount at once, buyers may consider spreading purchases over different periods, depending on their financial goals and risk tolerance.

Experts also suggest watching for signs of price stability and renewed buying interest before making major investment decisions.

For people buying silver coins, utensils or jewellery for traditional purposes, the decision may depend more on personal requirements and budgets than on short-term market movements.

Consumers should also compare prices across authorised jewellery retailers and verify purity before completing a purchase.

What Factors Could Influence Silver Prices in the Coming Days?

Several international developments may determine the direction of silver prices in the near term.

Movements in the US Dollar Index are particularly important because precious metals are generally priced internationally in dollars.

A stronger dollar can make dollar-denominated commodities more expensive for buyers using other currencies, potentially affecting demand.

Geopolitical tensions, including developments involving the United States and Iran, may also influence investor behaviour.

Additionally, US employment data, unemployment figures and non-farm payroll reports can affect expectations about American monetary policy.

Changes in interest rate expectations may influence demand for precious metals, including silver and gold.

As a result, investors should follow both domestic prices and major international economic announcements.

Gold Price Today: Yellow Metal Also Becomes Cheaper

Silver is not the only precious metal experiencing weakness.

Gold prices also declined at the beginning of the week.

On November 2, 2026, the reported price of 24-carat gold in Delhi stood at ₹1,39,020 per 10 grams.

During the previous week, 24-carat gold reportedly became cheaper by as much as ₹3,700 per 10 grams, while 22-carat gold recorded a decline of up to ₹3,400.

International gold prices also experienced a reported fall of approximately 2.9%.

The simultaneous decline in gold and silver prices has created an opportunity for buyers to review their purchasing plans, although analysts continue to recommend caution because of market uncertainty.

What Should Silver Buyers Keep in Mind?

Before purchasing silver, consumers should check the latest market rates and understand the difference between quoted bullion prices and actual retail costs.

Silver jewellery and decorative products may carry additional charges, while coins and bars can have different premiums depending on the seller.

Buyers should request a proper invoice, confirm the metal's purity and compare prices from reliable dealers.

Investors should also remember that precious metal prices can rise or fall sharply over relatively short periods.

A lower price today does not guarantee an immediate recovery or future profits.

Silver Price Outlook: What Happens Next?

The silver market remains under pressure after the recent correction.

With domestic prices reported at ₹1,99,900 per kilogram and international spot silver trading near $49 per ounce, investors are closely watching whether prices stabilise or decline further.

The upcoming festive shopping period may support retail demand, but international market movements are likely to remain an important influence on prices.

The key takeaway: Silver has become significantly cheaper ahead of Dhanteras and Diwali, with reported prices falling below ₹2 lakh per kilogram in major Indian cities. While the correction may benefit festive buyers, investors should remain cautious and avoid assuming that prices have reached their lowest level.