Silver Price Today –
18 May 2026
Silver is nursing serious wounds after a brutal 10.61% crash on May 15 — its worst single session in months. Today’s spot price of $75.91/oz (+0.21%) is a modest start to recovery. India’s national rate is ₹279.90/gram, with Delhi at ₹290/gram. The big story: UBS slashed its 2026 silver demand forecast by 25%. Is this a temporary setback or a structural shift? Here is the complete analysis.
UBS Slashes 2026 Silver Demand Forecast by 25% — And Cuts Deficit Estimate by 77%
In the most significant analyst revision of 2026, UBS strategists sharply lowered their full-year silver investment demand forecast from over 400 million ounces to 300 million ounces, citing softer-than-expected industrial demand and rising mine supply. Even more dramatic: UBS projected the global silver market deficit to narrow significantly to just 60–70 million ounces — compared with their earlier estimate of roughly 300 million ounces. This single report triggered a wave of institutional selling that amplified silver’s May 15 crash to −10.61%.
- Silver Rate Today India — ₹/gram, ₹/10g, ₹/kg
- City-Wise Silver Rates — 18 May 2026
- MCX Silver Rate Today — Live Levels
- International Silver Spot Price (USD)
- Silver’s Brutal Week — What Happened Day by Day
- UBS Forecast Cut — Should You Be Worried?
- Top News Moving Silver Today
- Bulls vs Bears — The Case for Both Sides
- Silver Price Forecast 2026 — Updated Targets
- How to Buy Silver in India Now
- Frequently Asked Questions (FAQ)
Looking for aaj ka chandi ka bhav? After last week’s bloodbath — silver’s worst single session in months — the metal opens Monday at $75.91/oz, up a modest 0.21%. India’s national rate is ₹279.90/gram (₹2,79,900/kg) while Delhi trades higher at ₹290/gram. The key questions today: Was UBS right to slash their forecast? Is silver’s bull run over? And is this a buying opportunity — or a falling knife? Here is the full, honest analysis.
🪙 Silver Rate Today in India — 18 May 2026
Per Goodreturns data as of 18 May 2026: The national average silver price is ₹279.90 per gram and ₹2,79,900 per kilogram. Delhi and Ahmedabad show higher rates at ₹290/gram (₹2,90,000/kg). Hyderabad is at ₹289.90/gram. Zerodha Fundhouse’s live silver tracker shows MCX-linked silver at ₹2,62,978/kg — reflecting the futures price which trades at a discount to retail due to delivery mechanics and duty structure.
Delhi’s retail silver rate (₹290/gram) is higher than the Goodreturns national average (₹279.90/gram) because of local bullion association pricing, transport costs, and higher physical demand in the capital. India’s 15% import duty remains in effect, making domestic prices 18–22% above international parity. USD/INR: ₹95.83. Exclude 3% GST and making charges from all rates shown.
🏙️ City-Wise Silver Rate Today — 18 May 2026
| City | ₹ per Gram | ₹ per 10g | ₹ per 100g | ₹ per Kg | Source |
|---|---|---|---|---|---|
| Delhi | ₹290 | ₹2,900 | ₹29,000 | ₹2,90,000 | Goodreturns |
| Hyderabad | ₹289.90 | ₹2,899 | ₹28,990 | ₹2,89,900 | Goodreturns |
| Ahmedabad | ₹290 | ₹2,900 | ₹29,000 | ₹2,90,000 | Goodreturns |
| Kerala | ₹290 | ₹2,900 | ₹29,000 | ₹2,90,000 | Goodreturns |
| Mumbai | ~₹279.90 | ~₹2,799 | ~₹27,990 | ~₹2,79,900 | National avg |
| Chennai | ~₹279.90 | ~₹2,799 | ~₹27,990 | ~₹2,79,900 | National avg |
| Kolkata | ~₹279.90 | ~₹2,799 | ~₹27,990 | ~₹2,79,900 | National avg |
| Bengaluru | ~₹279.90 | ~₹2,799 | ~₹27,990 | ~₹2,79,900 | National avg |
| Pune | ~₹279.90 | ~₹2,799 | ~₹27,990 | ~₹2,79,900 | National avg |
| Jaipur | ~₹279.90 | ~₹2,799 | ~₹27,990 | ~₹2,79,900 | National avg |
| Lucknow | ~₹279.90 | ~₹2,799 | ~₹27,990 | ~₹2,79,900 | National avg |
*Rates sourced from Goodreturns city-specific pages and national average as of 18 May 2026. Exclude 3% GST and making charges. Delhi, Ahmedabad, Hyderabad, and Kerala show higher rates at ₹289.90–₹290/gram. Verify before purchase with your local bullion dealer.
📊 MCX Silver Rate Today — Live Levels
MCX silver is recovering from its recent lows. Zerodha Fundhouse’s live silver tracker shows ₹2,62,978/kg — a futures-based price that reflects international spot after duty mechanics. Investing.com shows silver futures at $77.547/oz with today’s trading range of $76.09–$84.38/oz — a wide range reflecting extreme volatility as the market digests the UBS report and the hot US inflation data.
Today’s silver futures trading range of $76.09–$84.38 represents an $8+ swing in a single session — extraordinary volatility. This reflects the tug-of-war between the UBS demand cut (bearish), hot US inflation data (bearish via rate hikes), Gulf drone attacks (bullish via safe-haven), and ongoing industrial demand (structural bull). Silver is in genuine price-discovery mode right now. Position sizing carefully and consider splitting any purchase across multiple days.
🌍 International Silver Spot Price — 18 May 2026
Trading Economics confirms spot silver rose to $75.91/oz on May 18 — up 0.21% from the previous day. This follows the metal’s brutal −10.61% crash on May 15 (when USAGOLD recorded silver at $77.52/oz, down $9.21 on the day). The 7-day data from GoldPricez.com tells the story of an extraordinary week: silver began at $80.34/oz, surged to a weekly high of $87.51/oz, before crashing to a low of $75.78/oz — a range of nearly $12 in just seven days.
| Metric | Value | Context |
|---|---|---|
| Spot (May 18, Trading Economics) | $75.91/oz | ▲ +0.21% today |
| SI Futures (Investing.com) | $77.547/oz | Today’s range $76.09–$84.38 |
| 52-week range (Investing.com) | $32.235 – $121.785 | ATH Jan 29, 2026 |
| May 15 crash (USAGOLD) | $77.52 (−$9.21, −10.61%) | Worst single session in months |
| 7-day high | $87.51/oz | (GoldSilverAI peak) |
| 7-day low | $75.78/oz | Recent bottom |
| 7-day average | $81.65/oz | Current below 7-day avg |
| 7-day change | −$4.35 (−5.42%) | From $80.34 a week ago |
| 1-month change | −4.76% | Trading Economics |
| Year-on-Year | +134.61% | Trading Economics |
| % Below ATH ($121.67) | −37.7% | APMEX ATH: Jan 29, 2026 |
| Gold/Silver Ratio | 58.9:1 | USAGOLD: spiked from 53.6 in 24 hrs |
📉 Silver’s Brutal Week — What Happened Day by Day
“Silver’s dual monetary and industrial identity made it the session’s hardest-hit major metal on May 15. The gold/silver ratio widened to 58.9:1 — a sharp reversal from 53.6:1 just 24 hours prior — as silver was hit disproportionately by rate-hike fears which target its monetary role, while UBS simultaneously cut demand forecasts for its industrial role.” — USAGOLD Daily Precious Metals Market Report, May 15, 2026
🏦 UBS Forecast Cut — Should You Be Worried?
The UBS forecast revision is the most significant institutional silver call in 2026. Here is the complete breakdown of what UBS said and why you should — and should not — be alarmed:
What UBS Actually Said
- Investment demand cut: Full-year 2026 silver investment demand lowered from >400 million oz to 300 million oz — citing softer industrial demand and rising mine supply.
- Deficit estimate cut: Global silver market deficit narrowed to just 60–70 million oz from a prior estimate of ~300 million oz — a 77% reduction in projected shortfall.
- Reason: “Softer industrial demand” — possibly reflecting concerns that rate hikes could slow manufacturing, EV, and solar deployments globally. Plus “rising mine supply” — some new mines coming online.
Why This Should NOT Panic Long-Term Investors
Even at the revised 300M oz forecast, silver investment demand remains at historically elevated levels. Trading Economics notes: “silver remains supported by stronger industrial demand expectations tied to electronics, solar panels, and other applications.” Solar panel deployments globally hit a new record in Q1 2026.
Even at UBS’s revised 60–70 million oz shortfall, 2026 marks the SIXTH consecutive year of silver supply deficit. Above-ground inventory drawdown continues. JM Bullion confirms: the Silver Institute still pegs the 2026 shortfall at 46.3M oz, while UBS estimates 60–70M. Both agree: the deficit is real.
The Silver Institute projects a 46.3M oz deficit (JM Bullion reference). UBS projects 60–70M oz deficit. Both are bearish compared to earlier 2026 forecasts, but both still show a structural supply shortfall. The dispute is about magnitude, not direction.
Silver at $75.91/oz is 37.7% below its January 2026 ATH of $121.67. Even accounting for the UBS demand revision, this represents a significant discount to what the market considered fair value just 4 months ago. APMEX confirms this is the nominal record from January 2026.
Global solar capacity additions hit 450+ GW in 2025 and are accelerating in 2026. Each GW of solar capacity requires approximately 80–100 tonnes of silver. This demand is contracted years in advance and cannot simply disappear because of one UBS report.
USAGOLD’s insight applies to silver too: in every prior tightening cycle since 1971, precious metals’ bull-cycle peaks came 6–18 months AFTER the final rate hike. If Warsh hikes and tips the US into stagflation, silver — with its industrial + monetary dual role — historically outperforms gold in that environment.
📰 Top News Moving Silver Today
UBS strategists slashed full-year 2026 silver investment demand from over 400M oz to 300M oz and cut the deficit forecast from ~300M oz to 60–70M oz. The report cited “softer industrial demand” and “rising mine supply” as key reasons. The timing — coinciding with hot US inflation data and Warsh’s Fed confirmation — amplified the selling pressure, triggering a cascade that pushed silver down 10.61% in a single session.
USAGOLD documented the May 15 selloff as a “synchronized risk-off event” — blistering US inflation data (CPI 3.8% + PPI biggest spike since 2022) simultaneously crushed equities, bonds, and commodities. Silver was the hardest-hit major metal, falling $9.21 in a single day. The gold-silver ratio spiked from 53.6:1 to 58.9:1 in just 24 hours — meaning silver underperformed gold dramatically. Silver held below $76 on Monday as the selloff persisted into the new week.
Fresh drone attacks in the Gulf over the weekend pushed oil higher and silver found modest safe-haven support — contributing to today’s +0.21% gain. However, the safe-haven effect is weaker for silver than gold because UBS’s demand cut has raised questions about silver’s near-term industrial demand prospects, reducing silver’s natural floor compared to previous weeks.
India’s silver rates have stabilised below the post-duty-hike peaks. Delhi at ₹290/gram and national average at ₹279.90/gram represent a significant retreat from the ₹310–₹330/gram levels seen immediately after the May 13 import duty hike to 15%. The combination of international price decline and duty-hike demand destruction has brought India’s silver price to a more stable level, though still significantly above pre-duty rates of ₹275/gram.
⚖️ Bulls vs Bears — The Complete Case for Both Sides
Silver is at a genuine crossroads. Here is the most balanced assessment of where it goes from here:
🐻 The Bear Case (Why Silver Could Fall Further)
- UBS demand cut is significant: 300M oz vs 400M oz is a 25% reduction. If this reflects real industrial demand softness (manufacturing slowdown, delayed EV/solar deployments), the structural support many bulls relied on is weaker than thought.
- Gold/Silver ratio at 58.9× — silver has room to fall further relative to gold before it’s truly “cheap” on a historical basis (ratio was 53.6 just a week ago — a rapid widening).
- Hawkish Fed: Kevin Warsh with a 50% December hike probability means the dollar remains strong, keeping silver priced in USD under sustained pressure.
- Stronger dollar = lower silver: DXY at 98.6 (2-week high) — a further rise to 100+ would push silver toward the TradingView bear case of $66–$60/oz.
- India import demand collapse: India’s record $200+ discount for gold and similar dynamics for silver mean the world’s largest physical silver consumer is buying far less than usual.
🐂 The Bull Case (Why Silver Could Bounce Hard)
- 37.7% below ATH is a historically deep correction: Even accounting for UBS’s revised forecasts, silver at $75.91 is deeply discounted from $121.67. A return to just $90/oz = +18.6% from here.
- Deficit still exists in 2026 (6th year): Both UBS (60–70M oz) and Silver Institute (46.3M oz) project a supply shortfall. Mine supply cannot be scaled quickly — structural scarcity remains.
- Industrial demand is structural, not cyclical: Solar panel manufacturing, EV production, and AI semiconductor demand for silver’s conductivity cannot be paused because of one quarter of soft data.
- Stagflation = precious metals’ best environment: High inflation + slowing growth historically produces silver’s strongest multi-year bull runs. If Warsh’s hikes cause a US recession without taming energy-driven inflation, silver outperforms everything.
- TradingView analysts project $90–$140: Multiple technical analysts on TradingView identify $90 as next target with $140 possible by year-end if bull structure resumes.
The UBS revision is a near-term demand headwind, not a structural reversal. Silver at $75.91 — 37.7% below its ATH, in its 6th consecutive supply deficit year, with global solar and EV deployments continuing to accelerate — represents a contrarian accumulation opportunity for long-term investors. But the path to recovery will be volatile, and short-term traders should wait for a confirmed close above $83 before aggressive buying. The PMI data on Thursday May 21 is this week’s key trigger.
🔮 Silver Price Forecast 2026 — Updated Targets
| Institution / Source | Silver Target (USD) | India (₹/kg) Post-Duty | Timeframe |
|---|---|---|---|
| Commerzbank | $90/oz | ~₹2,97,000 | Year-end 2026 |
| J.P. Morgan | $81/oz avg; $85 Q4 | ~₹2,67,000 / ₹2,80,000 | Full year 2026 |
| CoinDCX | $90–$106/oz | ~₹2.97L–₹3.5L | End 2026 |
| TradingView ($90) | $90/oz | ~₹2,97,000 | If $83 resistance broken |
| TradingView ($140) | $140/oz | ~₹4.6L | Year-end bull case |
| UBS (revised) | 300M oz demand, 60–70M oz deficit | ~₹2.5L–₹2.7L | Full year 2026 |
| Bear case (TradingView) | $66–$60/oz | ~₹2.18L–₹1.98L | If DXY rises to 100+ |
💼 How to Buy Silver in India — Smart Strategy for This Volatile Moment
- Silver ETFs via Monthly SIP — Best Strategy for Volatile Markets — HDFC Silver ETF, ICICI Silver ETF, Nippon India Silver ETF. Rather than trying to call the bottom (is it $75? $72? $66?), set up a monthly SIP. You automatically buy more when prices are lower. ETFs track international spot prices — NOT India’s duty-inflated retail prices — making them significantly cheaper per unit of silver exposure. Zero making charges. SEBI regulated. This is the right approach during extreme volatility.
- Silver Mutual Funds — No Demat Needed — DSP Silver ETF FOF, Aditya Birla Silver ETF FOF. Monthly SIP from any amount. No demat account required. Returns mirror ETF performance. Perfect for investors who want systematic silver accumulation without navigating today’s duty-inflated physical market and extreme price swings.
- Wait for $83 Confirmation Before Lump Sum — For those considering a one-time lump sum purchase, TradingView analysts widely identify $83/oz as the key resistance level. A confirmed close above $83 (corresponding to MCX ~₹2,74,000/kg) would signal the bull structure has resumed. Buying before that confirmation means accepting higher near-term risk. The PMI data Thursday (May 21) could provide the catalyst.
- Physical Silver Bars — For Long-Term Holders Only — Buy only BIS Hallmark HUID-certified bars from MMTC-PAMP, India Post, or certified dealers. India retail at ₹279.90–₹290/gram includes 15% import duty and 3% GST — significantly above international parity. Best for investors wanting tangible holdings with a 3–5 year horizon. Store in a bank locker.
❓ Frequently Asked Questions
On 18 May 2026, the national average silver price is ₹279.90 per gram (₹2,79,900/kg), per Goodreturns. Delhi, Ahmedabad, and Kerala show higher rates at ₹290/gram (₹2,90,000/kg). Hyderabad is at ₹289.90/gram. MCX silver via Zerodha Fundhouse tracks at ₹2,62,978/kg. All rates exclude 3% GST and making charges.
Aaj 18 May 2026 ko chandi ka national average bhav ₹279.90 per gram aur ₹2,79,900 per kilogram hai. Delhi mein ₹290/gram hai. Goodreturns ke mutabiq 10 gram chandi ki kimat approximately ₹2,799 hai. International silver $75.91/oz par trade kar raha hai — pichle hafte ke bhaari 10.61% crash ke baad ek choti si +0.21% ki recovery. Ye rates indicative hain — 3% GST alag lagta hai.
Silver fell 10.61% on May 15 — its worst single session in months — due to a perfect storm of bearish factors: (1) US CPI hit 3.8% (2-year high), (2) US PPI posted its biggest monthly spike since 2022, (3) Kevin Warsh was confirmed as hawkish Fed Chair with markets now pricing a 50% December rate hike probability, (4) UBS simultaneously slashed silver demand forecasts by 25% and cut deficit estimates by 77%, and (5) the Dollar Index rose to 98.6. USAGOLD described it as a “synchronized risk-off selloff” that hit silver harder than gold due to its dual monetary-industrial identity.
The UBS revision is a near-term headwind but not a bull market killer. Key perspective: (1) Even at 60–70M oz, 2026 is still the 6th consecutive supply deficit year; (2) Solar panel and EV manufacturing demand for silver is structural and contracted years ahead — it cannot disappear due to one report; (3) Silver at 37.7% below its January ATH may already price in the UBS revision; (4) Historical precedent shows precious metals peak 6–18 months AFTER the final rate hike — Warsh’s hawkishness may create near-term pressure but ultimate bull market catalyst. The UBS cut is a reason for caution, not panic.
Silver at ₹279.90–₹290/gram is significantly below the post-duty-hike peaks of ₹300–₹330/gram and 37.7% below the January global ATH. For long-term investors (3+ year horizon): a monthly SIP in Silver ETFs is the ideal approach — you don’t need to time the bottom. For short-term traders: wait for a confirmed close above the $83/oz resistance internationally (MCX ~₹2,74,000/kg) before buying aggressively. Thursday’s PMI data (May 21) will be a key directional trigger this week.
The gold-silver ratio is currently 58.9:1 — meaning it takes 58.9 ounces of silver to buy one ounce of gold. This spiked from 53.6:1 just one week ago as silver dramatically underperformed gold. Historically, the ratio averages 40–60×. APMEX notes: “In recent years, the ratio has shown us that it takes anywhere from 70 to 100 ounces of silver to buy one ounce of gold. Historically, the ratio has ranged from 40 to 60 ounces.” At 58.9×, silver is near the low end of recent historical range — which some contrarian investors interpret as silver being relatively fairly valued vs. gold, with potential to outperform gold if the ratio reverts toward historical norms.
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