From ₹3,500 to ₹2.8 Lakh: 42 Years of India’s Silver Price History (1983–2026) Trending
From ₹3,500 to ₹2.8 Lakh: 42 Years of India’s Silver Price History (1983–2026) Trending
| Period | From (₹/kg) | Current (₹/kg) | CAGR |
|---|---|---|---|
| 3 Years | 61,991 | 2,80,991 | 65.5% |
| 5 Years | 42,514 | 2,80,991 | 45.9% |
| 10 Years | 40,558 | 2,80,991 | 21.4% |
| 20 Years | 11,829 | 2,80,991 | 17.2% |
| ~42 Years | 3,506 | 2,80,991 | 10.9% |
Silver was once the common man’s gold. Today, it’s the industrial age’s secret weapon.
From jewellery and rituals to solar panels and electric cars, silver’s story runs alongside India’s own – emotional, evolving, and electric.
And the data – spanning four decades of RBI records – reveals how the “second metal” quietly became a first-choice investment and strategic resource.
Silver Price History in India (1983–2026): Year-Wise Data
| Period / Date | Silver Price (₹/kg) |
|---|---|
| Silver Price in 1983–84 | ₹ 3,506 |
| Silver Price in 1984–85 | ₹ 3,594 |
| Silver Price in 1985–86 | ₹ 3,918 |
| Silver Price in 1986–87 | ₹ 4,247 |
| Silver Price in 1987–88 | ₹ 5,539 |
| Silver Price in 1988–89 | ₹ 6,367 |
| Silver Price in 1989–90 | ₹ 6,842 |
| Silver Price in 1990–91 | ₹ 6,761 |
| Silver Price in 1991–92 | ₹ 7,332 |
| Silver Price in 1992–93 | ₹ 7,078 |
| Silver Price in 1993–94 | ₹ 6,348 |
| Silver Price in 1994–95 | ₹ 6,692 |
| Silver Price in 1995–96 | ₹ 7,221 |
| Silver Price in 1996–97 | ₹ 7,165 |
| Silver Price in 1997–98 | ₹ 7,352 |
| Silver Price in 1998–99 | ₹ 7,855 |
| Silver Price in 1999–00 | ₹ 8,067 |
| Silver Price in 2000–01 | ₹ 7,868 |
| Silver Price in 2001–02 | ₹ 7,447 |
| Silver Price in 2002–03 | ₹ 7,991 |
| Silver Price in 2003–04 | ₹ 8,722 |
| Silver Price in 2004–05 | ₹ 10,681 |
| Silver Price in 2005–06 | ₹ 11,829 |
| Silver Price in 2006–07 | ₹ 19,057 |
| Silver Price in 2007–08 | ₹ 19,427 |
| Silver Price in 2008–09 | ₹ 21,248 |
| Silver Price in 2009–10 | ₹ 25,321 |
| Silver Price in 2010–11 | ₹ 37,290 |
| Silver Price in 2011–12 | ₹ 57,316 |
| Silver Price in 2012–13 | ₹ 57,602 |
| Silver Price in 2013–14 | ₹ 46,637 |
| Silver Price in 2014–15 | ₹ 40,558 |
| Silver Price in 2015–16 | ₹ 36,318 |
| Silver Price in 2016–17 | ₹ 42,748 |
| Silver Price in 2017–18 | ₹ 39,072 |
| Silver Price in 2018–19 | ₹ 38,404 |
| Silver Price in 2019–20 | ₹ 42,514 |
| Silver Price in 2020–21 | ₹ 59,283 |
| Silver Price in 2021–22 | ₹ 65,426 |
| Silver Price in 2022–23 | ₹ 61,991 |
| Silver Price in 2023–24 | ₹ 72,243 |
| Silver Price in 2024–25 | ₹ 89,131 |
| Silver Price on 16 Oct 2025 (MCX Spot) | ₹ 1,69,095 |
| Silver Price on 9 Dec 2025 (MCX Spot) | ₹ 1,78,861 |
| Silver Price on 12 Jan 2026 (MCX Spot) | ₹ 2,55,625 |
| Silver Price on 28 Jan 2026 (MCX Spot) | ₹ 3,59,374 |
| Silver Price on 4 Feb 2026 (MCX Spot) | ₹ 2,80,991 |
Note: Chart is illustrative; spot prices are not part of RBI annual averages.
Silver prices surged sharply in late January 2026 as several forces converged simultaneously. Global supply conditions were already tight, while demand strengthened across solar power, electronics, and other electrification-related applications. Against this backdrop, rising global uncertainty increased investor demand for precious metals.
The resulting imbalance drove a rapid price surge, with intraday trading during late January briefly approaching the ~ ₹4 lakh per kg level. Such moves are characteristic of silver markets, where relatively limited liquidity can amplify price reactions during periods of concentrated demand.
Prices have since moderated to around ₹2.8 lakh per kg as of 4th February 2026, reflecting a typical post-spike adjustment rather than a reversal in the underlying drivers of demand.
Compared with other asset classes, silver markets are relatively narrow. When buying pressure emerges simultaneously from industrial users and investors, prices tend to adjust sharply rather than gradually, resulting in heightened short-term volatility.
In India, the impact was further magnified by currency dynamics. A weaker rupee increased the domestic cost of globally priced silver, accelerating the pace of the move during this brief period.
Viewed over the long term, this episode fits into a broader structural narrative. Silver has risen from ₹3,506 per kg in 1983 to levels that briefly approached ~ ₹4 lakh per kg in 2026, underscoring a shift in perception from a largely cyclical metal toward one with growing strategic and industrial relevance.
In India, cultural demand also provides a stabilising layer. Silver’s widespread use in jewellery, gifting, and religious practices tends to reinforce domestic interest during periods of global price strength.
The numbers tell a story of steady transformation – from ₹3,506/kg in 1983 to ₹2,80,991/kg as of 4th Feb 2026.
CAGR (1983– 04 Feb 2026, updated): ~10.9% annually
Based on the latest MCX spot price of ₹2,80,991/kg as of 4 February 2026, silver’s long-term CAGR from 1983 works out to ~10.9% annually, highlighting the power of long-term compounding despite short-term volatility.
₹1 lakh invested in silver in 1983 would be worth roughly ₹85–90 lakh today based purely on price appreciation, before accounting for storage, taxes, or form of holding.
What Drove Silver’s Incredible Transformation
1980s: Savings You Could Hold
In a semi-closed India, with few banks and fewer options, silver wasn’t luxury – it was security.
Rural families saved in silver coins and ornaments; farmers sold it during droughts and bought it after harvests.
This was the era of trust over transactions.
Prices rose steadily from ₹3,506/kg (1983–84) to ₹6,760/kg (1990–91).
Average annual growth: ~10–12%.
1990s: The Silent Years
Economic liberalization opened India’s markets but dimmed silver’s shine.
Gold and equities gained attention; silver drifted.
Prices moved marginally – from ₹6,760/kg to ₹8,066/kg by 1999–2000 – a meagre 1.8% annual growth.
Yet this period laid the groundwork for something bigger:
- Silver imports became easier.
- Industrial applications began rising globally.
- India started integrating into global commodity cycles.
Silver was waiting for its next act.
2000s: The Boom Decade
Silver finally woke up – and this time, the world noticed.
China’s manufacturing surge, the weak US dollar, and global commodity speculation turned it into a market star.
Then came the 2008 global financial crisis, which cemented its status as a safe-haven asset.
As people moved their money into safer assets, silver prices jumped – climbing from ₹7,868/kg in 2000–01 to ₹25,321/kg by 2009–10, nearly three times higher in just ten years. But what truly changed silver’s path was technology.
electronics, medical applications, and early renewable technologies absorbed rising quantities of industrial silver.
The metal had entered the digital economy – quietly, but firmly.
2010s: The Wild Ride
Silver entered its most volatile decade.
From a record ₹57,316/kg in 2011–12, it plunged below ₹40,000 by 2015, before stabilizing around ₹42,000–₹45,000/kg.
Why the chaos?
- Global slowdown post-2012.
- Decline in industrial demand.
- Strengthening US dollar.
Yet every dip only reloaded future gains.
When uncertainty or inflation rose, silver’s comeback was sharper than gold’s.
It wasn’t a steady climb – it moved in sharp ups and downs.
2020s: The Energy Metal Era
If gold belongs to vaults, silver belongs to the future.
Today, over 50% of global silver demand comes from industry – not jewellery.
Its role in solar panels, EVs, batteries, semiconductors, and 5G hardware makes it indispensable to the clean energy revolution.
In India, the story is even stronger:
- Solar mission → skyrocketing demand.
- EV production → electrical-grade silver usage.
- Electronics manufacturing → new industrial consumption base.
That’s why, over just three years, silver prices in India surged from ₹61,991/kg (FY 2022–23), briefly approaching the ₹4 lakh/kg level in late January 2026, before moderating to around ₹2,80,991/kg as of 4 February 2026 , a sharp rise amplified by strong global industrial demand, tightening supply, and rupee depreciation.
Silver isn’t just shining; it’s fueling India’s next economic chapter, from solar panels to semiconductors and EV components.
Silver Price History in India: CAGR Returns for Last 5, 10, 20 & 42 Years
| Period | From (₹/kg) | To (₹/kg) | CAGR |
|---|---|---|---|
| ~42 Years (Structural) | ₹3,506 | ₹2,80,991 | ~10.9% |
| 20 Years (Industrial era) | ₹11,829 | ₹2,80,991 | ~17.2% |
| 10 Years (Modern cycle) | ₹40,558 | ₹2,80,991 | ~21.4% |
| 5 Years (Recent trend) | ₹42,514 | ₹2,80,991 | ~45.9% |
While gold compounds more steadily over time, silver’s returns are more cyclical, with momentum phases such as 2006–2011 and 2020–2025 producing outsized gains.
Beyond Jewellery: The Silver You Don’t See
Silver is now woven into daily life in ways most Indians never realize:
| Usage | Description | Share of Global Demand |
|---|---|---|
| Solar Energy | Conductive paste in photovoltaic cells | ~18 – 20% |
| Electronics & EVs | Circuits, connectors, and battery cells | ~25 – 30% |
| Medical & Hygiene | Antibacterial coatings, surgical instruments | ~5 – 10% |
| Jewelry & Silverware | Traditional and ornamental demand | ~25 – 30% |
| Investment (Coins/Bars/ETFs) | Bullion and speculative holdings | ~10 – 20% |
From temples to tech labs, silver’s versatility defines its future value.
Insight: The Metal That Mirrors the Market
Gold shines in crises. Silver shines in creation.
When uncertainty strikes, silver rises. When innovation grows, silver rises faster.
That’s why silver’s chart is a pattern of spikes – each aligned with a moment of global change:
- 2008 : Global financial crisis
- 2011 : Quantitative easing and monetary expansion
- 2020 : Pandemic shock followed by a green recovery
It’s less about glitter, more about gears.
The Investment Lens: Patience Pays, Volatility Tests
For Indian investors:
- Gold builds stability.
- Silver builds opportunity.
But silver demands timing.
It’s cyclical, not constant – which means investors who accumulate slowly during lulls see exponential rewards later.
The right mix?
80:20 Gold-to-Silver for balanced, inflation-hedged growth – but the appropriate allocation ultimately depends on market cycles, volatility, and individual risk tolerance.
Illustrative allocation for diversification; not investment advice.
Or for the bold – pure silver ETFs or silver bonds over 5–7 years.
The silver of tomorrow will be more about demand data than decorative design.
The Future: From Ornament to Engine
Silver’s journey from about ₹3,500/kg in the early 1980s to around ₹2.8 lakh/kg by early 2026 unfolded over more than four decades.
The next ₹1 lakh leap might not take decades this time.
Why?
- Global silver supply is tightening.
- Renewable energy demand is soaring.
- Industrial substitution is limited – there’s no “cheap silver.”
- India’s import reliance ensures rupee depreciation amplifies returns.
At current levels of around ₹2.8 lakh/kg, a continuation of silver’s long-term 9–10% compound growth rate would, on a purely mathematical basis, imply prices in the ₹4–5 lakh/kg range by 2030.
This is a scenario-based mathematical illustration, not a price forecast or investment recommendation. Actual outcomes will depend on industrial demand trends, global supply dynamics, currency movements, and broader commodity cycles.
Still, silver’s journey is cyclical – rewarding patience more than prediction.
The Symbol and the Signal
Silver’s story is emotional – and essential.
It’s the metal that anchored rural savings, decorated festivals, powered the digital age, and now fuels India’s renewable revolution.
From the anklet to the anode, silver never lost relevance – it just changed purpose.
The next generation of Indian investors may realize that the most futuristic metal was always right in front of them – shining quietly in their mothers’ silver bangles.
Data Sources :
- RBI Handbook of Statistics (1983–2024 averages)
- RBI Handbook of Statistics on the Indian Economy, 2024-25
- Spot price: MCX India (as of 16 October 2025, 9 December 2025, 12 January 2026, 28 January 2026, 4 February 2026)
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