Silver Price History in India (₹)
Silver in rupees, from the NAV of a silver ETF. Silver ETFs in India began in 2022, so the history is short.
Price history
Month-end values, on a log scale (equal distances are equal percentage changes). Hover a year-end point for its value.
About Silver (domestic, ₹)
Silver in rupees, from the NAV of a silver ETF. Silver ETFs in India began in 2022, so the history is short.
What it means for investors. Silver is both a precious and an industrial metal and has been much more volatile than gold. Short histories say little about long-run behaviour.
Tracks the domestic price of silver in rupees, after fund costs.
Returns over time
| Series | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Max fall | Data to |
|---|---|---|---|---|---|---|---|---|
| Silver (domestic, ₹) | 51.3% | 44.1% | n/a | n/a | n/a | n/a | −45% | 1 Oct 2026 |
Annualised (CAGR) for periods of a year or more, ending on each series' latest date. “n/a” means the series does not go back that far. Max fall: the largest fall from a previous peak over the whole history.
AMFI NAV history (daily NAV file; earlier history via mfapi.in, which republishes AMFI NAVs), stored and cleaned by MFIC. Proxy: ICICI Prudential Silver ETF (total return after fund costs (proxy)). Data 25 Jan 2022 to 1 Oct 2026. Latest level: India Bullion and Jewellers Association, excluding GST and making charges. Returns use the fund NAV history, which includes dividends.
Calendar-year returns
| Year | Return |
|---|---|
| 2026 to 1 Oct | −3.8% |
| 2025 | 161.7% |
| 2024 | 16.7% |
| 2023 | 2.0% |
| 2022 part year | 11.5% |
Over 3 complete calendar years since 2023, Silver (domestic, ₹) rose in 3. Best: 2025 (+161.7%). Worst: 2023 (+2.0%).
Year-end to year-end, from AMFI NAV history (daily NAV file; earlier history via mfapi.in, which republishes AMFI NAVs), stored and cleaned by MFIC.
Falls from peak and recovery
| Peak | Bottom | Fall | Months down | Back to peak | Months to recover | Events in the fall |
|---|---|---|---|---|---|---|
| Jan 2026 | Mar 2026 | −44.6% | 2 | not yet | — | — |
| Oct 2025 | Oct 2025 | −19.9% | <1 | Dec 2025 | 1 | — |
| Mar 2025 | Apr 2025 | −10.6% | <1 | Jun 2025 | 2 | US tariff announcement |
| Oct 2024 | Dec 2024 | −13.5% | 2 | Mar 2025 | 3 | — |
| May 2024 | Aug 2024 | −16.2% | 2 | Oct 2024 | 2 | General election results 2024; Union Budget 2024 |
| May 2023 | Oct 2023 | −12.1% | 5 | Apr 2024 | 6 | — |
| Jan 2023 | Mar 2023 | −14.6% | 2 | Apr 2023 | 1 | — |
| Mar 2022 | Sep 2022 | −28.1% | 6 | Jan 2023 | 4 | RBI off-cycle rate hike |
Each fall of 10% or more from a previous high, measured on daily data. The 8 deepest are shown. “Back to peak” is the first date it regained the previous high.
Rolling returns: the range of outcomes
| Holding period | Periods | Median | Worst | Best | Middle half | Positive |
|---|---|---|---|---|---|---|
| 1 year | 46 | 27.3% | −5.2% | 249.8% | 13.8% to 53.7% | 98% |
| 3 years | 22 | 39.1% | 11.4% | 68.1% | 21.4% to 46.4% | 100% |
Every holding period starting at a month-end in the history (overlapping). Annualised for periods over a year.
How it has moved with other assets
| Compared with | Correlation | Months |
|---|---|---|
| Nifty 50 | −0.02 | 56 |
| Gold (domestic, ₹) | 0.76 | 56 |
| 10-year G-Sec (bond fund) | −0.02 | 56 |
| USD/INR | 0.12 | 56 |
| S&P 500 (in ₹) | 0.17 | 56 |
Correlation of monthly returns over the months both series have: +1 moves together, 0 unrelated, −1 opposite. Relationships change over time.
Silver and gold, year by year
| Year | Silver (₹) | Gold (₹) |
|---|---|---|
| 2026 to 1 Oct | −3.8% | 11.7% |
| 2025 | 161.7% | 71.5% |
| 2024 | 16.7% | 19.6% |
| 2023 | 2.0% | 13.5% |
| 2022 part year | 11.5% | 13.8% |
Silver and gold ETF NAVs (AMFI).
Questions
- What has Silver (domestic, ₹) returned over the long run?
- Calculated from ICICI Prudential Silver ETF, Silver (domestic, ₹) returned 51.3% over the year to 1 Oct 2026, and 44.1% a year over 3 years. Past returns do not indicate future returns.
- What was the biggest fall in Silver (domestic, ₹)?
- In the data available from Jan 2022, the largest fall from a previous peak was −44.6%, from Jan 2026 to Mar 2026; it had not regained that peak by 1 Oct 2026. There were 8 falls of 10% or more, 2 of them 20% or more.
- How often has Silver (domestic, ₹) been positive over one year?
- Across 46 one-year periods starting at month-ends, 98% were positive; the range was −5.2% to 249.8%.
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