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Silver prices witnessed a major decline on Tuesday, May 19, bringing relief to buyers planning purchases of jewellery, coins, utensils, and investment bars. According to the latest bullion market update, silver rates dropped by ₹5,000 per kilogram in early trading, taking the national average price down to ₹2,85,000 per kg.

With this decline, the price of 10 grams of silver has come down to nearly ₹2,850–₹2,860 in several parts of the country. The correction comes after recent volatility in precious metal markets driven by international geopolitical tensions, crude oil prices, and changes in import duty policies.

Why Did Silver Prices Fall Today?

The bullion market remained volatile due to multiple global and domestic developments. Internationally, investors continued monitoring tensions involving Iran and fluctuations in crude oil prices. Although gold received support from safe-haven buying, silver prices weakened slightly in global markets.

At the international level, spot silver reportedly slipped around 0.28% to nearly $77.22 per ounce. Meanwhile, stronger US dollar movement also limited upward momentum in precious metals.

Despite the fall in silver prices today, analysts believe import duty hikes and rupee weakness may keep domestic rates elevated in the coming weeks.

Latest Silver Rates in Major Indian Cities

Here are the latest city-wise silver prices for May 19, 2026:

South Indian cities such as Chennai, Hyderabad, and parts of Kerala continue to record higher silver prices compared to North Indian states.

Gold Prices Also Witnessed Volatility

Gold prices remained unstable throughout the trading session. MCX gold initially slipped sharply before recovering due to fresh buying at lower levels.

Analysts say gold prices are currently receiving support from:

• Rising crude oil prices
• Geopolitical tensions in West Asia
• Weakness in the Indian rupee
• Increased safe-haven demand globally

However, a stronger US dollar is limiting sharp gains in bullion prices.

Import Duty Hike Impacting Bullion Market

The Indian government’s recent decision to raise import duty on gold and silver from 6% to 15% is also having a noticeable effect on domestic prices.

According to market estimates, every imported silver bar now carries a significantly higher cost burden due to the revised tax structure. Experts believe this could make silver jewellery, coins, and utensils more expensive for retail buyers in the near future, even if international prices soften.

Rupee Weakness Supporting Domestic Prices

The Indian rupee has also weakened sharply against the US dollar, touching record low levels during recent sessions. Higher crude oil prices and global uncertainty have increased pressure on the currency market, indirectly supporting domestic bullion prices.

Because precious metals are largely imported, a weaker rupee increases overall import costs, keeping gold and silver rates elevated in India.

Should Buyers Purchase Silver Now?

Market experts believe silver may continue witnessing sharp fluctuations in the short term. While today’s decline has created a buying opportunity for some investors, volatility is expected to remain high due to geopolitical uncertainty and changing global demand trends.

Buyers planning long-term investments or wedding-related purchases may closely monitor price movements over the next few sessions before making large purchases.