The Upstox article accurately reports a substantial correction in silver prices in India, with the white metal experiencing a crash of ₹12,500 per kilogram on Thursday, January 8, 2026. This significant decline pushed silver prices down to approximately ₹2,43,500 per kg, after reaching a lifetime high of ₹2,56,000 per kg in the preceding session. The sharp downturn also saw silver futures for March delivery on the Multi Commodity Exchange (MCX) fall by about 5.8% to an intraday low of ₹2,36,044 per kg. Concurrently, gold prices also experienced a slip, though less dramatically, with February delivery futures declining by 1.13%. This notable market movement was primarily attributed to global profit-booking, which set in after a record-setting rally for precious metals in late 2025. Furthermore, the annual rebalancing of major commodity indexes, realigning fund allocations based on last year's price performance, contributed significantly to the selling pressure in silver. While international spot silver markets also recorded declines, the extent of the price drop was more pronounced in the Indian domestic markets, indicating a rapid contraction of India's earlier premium. HSBC anticipates continued fluctuations in the silver market into 2026, citing weakening industrial demand and subdued jewelry purchases despite an increase in mine production. The event underscores heightened volatility within the precious metals segment, with current silver prices in India (as of January 9, 2026) showing a slight recovery to around ₹2,49,000 per kg in some cities after the dip.