Can silver price hit ₹2.84 lakh/kg as rates in free fall ahead of 2026 Dhanteras, Diwali? Levels, target, stop loss - Livemint

AI desk brief

Silver sold off sharply as a stronger US dollar and uncertainty over the Fed’s Oct. 28 decision pushed MCX silver down more than 2% to ₹1,91,516/kg, while international spot silver fell 2.1% to $52.77/oz. The piece flags ₹1.90 lakh/kg as key MCX support and ₹2.02 lakh/kg as immediate resistance; short-term traders are being told to avoid chasing rebounds and to watch for a potential further dip toward ₹1,92,500 with stops around ₹1,98,000.

Near-term sentiment remains fragile ahead of the FOMC and Oct. 29 PCE inflation data, with the market also weighing the inflationary impulse from Brent above $116/bbl and the risk that this keeps policy restrictive for longer. That said, analysts still see a constructive longer-term backdrop from AI-related industrial demand and persistent supply deficits, with some projecting silver could reach $75-$80/oz, or about ₹2.84 lakh/kg, in 2H27.