Silver prices crashed over 50% from their peak ahead of Dhanteras, leaving investors confused. MCX silver futures traded at ₹1,93,413 per kg on October 26. Ajay Kedia said, "a 50% decline as rare," suggesting gradual accumulation. However, Manav Modi warned that prices could fall further as volatility continues to impact markets.

Silver prices have fallen more than 50% from their peak ahead of Dhanteras. Should investors buy now or wait for prices to fall further? Here's what market experts Ajay Kedia and Manav Modi of Motilal Oswal Financial Services say.

Silver prices have crashed more than 50% from their peak ahead of Dhanteras, leaving investors wondering whether to buy now or wait for a further correction. Ajay Kedia, director of Kedia Advisory, sees the sharp fall as an opportunity to accumulate silver gradually. However, Manav Modi, commodities analyst at Motilal Oswal Financial Services, cautions that prices could fall further. Here is what the two market experts say about silver's outlook and whether investors should buy now or wait.

Silver price today

MCX silver futures for December were trading at ₹1,93,413 per kg at 7:30 pm on October 26.

Why silver prices crashed over 50%

According to Kedia, silver has experienced extreme volatility in 2026. MCX silver plunged 54.10% from its January peak of ₹4,20,048 per kg to ₹1,92,800 per kg on October 23, 2026. International silver prices corrected 56.04% from $121.64 to $53.47.

Kedia attributed the reversal in silver's traditional safe-haven appeal to the US-Iran conflict and rising inflation risks. With Brent crude trading above $110, he said concerns about inflation had increased expectations of US Federal Reserve rate hikes, putting pressure on bullion prices.

He also pointed to weakness in equity markets and a 37% decline in UAE property transaction volumes during early March as signs of broader investor caution and liquidity pressures.

Ajay Kedia on silver prices

Kedia believes the correction could offer investors an opportunity to accumulate silver gradually.

Responding to whether investors should buy silver after the sharp fall, Kedia said they could consider doing so, describing a 50% decline as rare.

He said silver's structural fundamentals remain supportive, with nearly 50% of demand linked to industrial applications and persistent supply deficits.

Kedia identified $50 as a crucial support level for international silver prices. He added that the metal could potentially recover towards $90-$100 by next Dhanteras as geopolitical pressures ease, although volatility may persist.

Motilal Oswal's silver price outlook

Manav Modi of Motilal Oswal Financial Services expects silver to remain volatile over the next six to 12 months. He said its direction would depend largely on US interest-rate expectations, the dollar and industrial demand.

"Silver could hover around $50-$65 range any break either side could decide further direction of the metal," Modi said.

The outlook suggests that silver's next move will depend on whether prices remain within this range or break decisively above or below it.

Should you buy silver now or wait?

Modi said the correction has improved entry levels but warned that prices could fall further. He advised new investors against committing their entire investment amount at once.

Instead, he recommended staggered purchases to reduce the risk of investing the full amount just before another decline.

Modi also advised investors to keep silver as a measured part of a diversified portfolio, taking into account their investment horizon and risk appetite. He cautioned against using leverage to invest in the metal.

Investors should also consider the differences between physical silver, exchange-traded funds (ETFs) and other investment platforms, as costs, liquidity and tracking can vary.

Key factors that could drive silver prices

The outlook for silver will depend on several factors over the coming months.

* US interest rates: Expectations of Federal Reserve rate hikes could put pressure on bullion, while changes in rate expectations could influence investor demand.

* The US dollar: Movements in the dollar are another factor that could influence silver prices.

* Industrial demand: Industrial applications account for nearly 50% of silver demand, according to Kedia, making this an important factor for the metal's outlook.

* Supply deficits: Persistent supply deficits could support silver prices over the longer term.

* Geopolitical developments: Changes in tensions surrounding the US-Iran conflict could affect inflation expectations and demand for safe-haven assets.