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Silver prices in India have continued to witness strong volatility, with rates rising sharply over the past week despite recent corrections in the bullion market.

According to the latest market updates, silver prices have increased by nearly ₹5,000 per kilogram on a weekly basis. As of the morning of May 17, 2026, silver is reportedly trading around ₹2,80,000 per kilogram in several major cities across the country.

Silver Prices Witness Sharp Weekly Movement

Although silver has gained significantly during the week, the market also saw heavy correction recently.

On May 15, silver prices in Delhi bullion markets reportedly dropped by:

• ₹21,600 per kilogram
• Around 7.3% in a single session

Following the correction, silver prices fell to nearly ₹2,75,000 per kilogram.

Market experts attribute this sharp decline mainly to:

• A stronger US dollar
• Heavy profit-booking by investors after rapid price increases

Why Silver Prices Remain Volatile

Analysts say several domestic and international factors are influencing precious metal prices.

Key Reasons Behind Price Fluctuations

• Geopolitical tensions
• Global inflation concerns
• Rising crude oil prices
• Currency fluctuations
• Supply chain uncertainty

Reports suggest concerns linked to the Strait of Hormuz and unresolved tensions involving Iran continue to create uncertainty in global energy markets.

Any disruption in oil and gas supply routes may increase inflationary pressure worldwide, pushing investors toward safe-haven assets such as gold and silver.

International Silver Prices Stay Elevated

In international markets, spot silver prices were reportedly trading near:

• $78.21 per ounce

Global precious metal prices continue to react strongly to:

• US economic policy
• Interest rate expectations
• Dollar movement
• Geopolitical developments

Latest Silver Rates in Major Indian Cities

Here are the latest reported silver prices for May 17, 2026:

City Silver Price Per Kg (₹)

Delhi	₹2,80,000
Mumbai	₹2,80,000
Ahmedabad	₹2,80,000
Chennai	₹2,90,000
Kolkata	₹2,80,000
Hyderabad	₹2,80,000
Jaipur	₹2,80,000
Bhopal	₹2,80,000
Lucknow	₹2,80,000
Thiruvananthapuram	₹2,90,000

Among major cities, Chennai and Thiruvananthapuram currently have some of the highest silver prices.

Government Tightens Silver Import Rules

The government has also announced stricter rules regarding silver imports.

According to reports:

• Silver imports have now been moved from the “free” category to the “restricted” category
• Importers may now require government licenses for importing certain silver products

The Directorate General of Foreign Trade (DGFT) reportedly issued the notification with immediate effect.

The revised policy also covers:

• Silver mixed with gold
• Silver combined with platinum

Certain Units Exempted From Restrictions

The import restrictions reportedly will not apply to:

• 100% Export Oriented Units (EOUs)
• Special Economic Zone (SEZ) units

However, the condition remains that imported goods should not be sold in the domestic market.

Import Duty on Gold and Silver Also Increased

Earlier this month, the government reportedly increased import duty on:

• Gold
• Silver

The import duty was raised from:

• 6% to 15%

With additional taxes like IGST included, the effective duty is now reportedly above 18%.

Experts believe the move is aimed at:

• Reducing non-essential imports
• Controlling foreign exchange outflow
• Managing trade deficit pressure

Silver Imports Surge Sharply

According to commerce ministry data mentioned in reports:

• Silver imports more than doubled in April
• Imports reportedly reached around $411 million

For FY 2025–26:

• Silver imports reportedly rose nearly 150%
• Import value reached approximately $12 billion

In volume terms:

• Imports increased around 42%
• Total imports reportedly touched 7,334.96 tonnes

Investors Remain Cautious Amid Volatility

Market experts say silver may continue to remain highly volatile in the coming weeks because of:

• International uncertainty
• Commodity market fluctuations
• Global inflation fears
• Currency movements

Investors are generally advised to:

• Track market trends carefully
• Avoid panic buying
• Diversify investments properly
• Invest according to long-term financial goals

Silver continues to attract attention both as an industrial metal and a traditional investment asset during periods of economic uncertainty.