In the last five trading days, the silver price moved downward for the first time. In the Indian market, it pulled back from 40 lakh rupees per kilogram to 39.5 lakh rupees—this is an expected correction after the previous strong rally.

In fact, this seems to be a simple technical correction. The combined pressure from profit-taking and the dollar’s rebound has weighed on the silver price. The interesting part is that gold also entered a similar correction phase during the same period—showing the overall competitiveness of the precious metals sector. Silver bars in cities were also marked lower, but overall prices are still high since the start of the month.

Some traders may find this worrying, but analysts consider the current silver price movement not a structural break, but normal consolidation after a strong rise. Monthly and yearly gains are still significant. The market will look at technical support levels—this is where the next direction will be determined.