Silver's Shine Fades: ₹10,000 Drop, HSBC Forecasts Steep Decline by 2029

• Silver prices plummeted by ₹10,000 in a single day, with MCX March 2026 futures dropping to an intra-day low of ₹2,40,605 per kg.
• HSBC's report indicates silver's recent rally is losing steam, with prices reaching unsustainable levels amidst high volatility.
• The bank forecasts silver prices to fall significantly, from an average of $68.25/ounce in 2026 to $57.00/ounce in 2027 and further to $47.00/ounce by 2029.
• Weakening industrial demand, sluggish jewelry purchases, and increasing supply from mine production and recycling are contributing to the price pressure.
• Investors are advised to exercise caution and understand market signals due to expected volatility and changes in demand-supply dynamics.

Why It Matters: Silver faces significant price drops and a bleak long-term outlook due to shifting demand-supply dynamics.