Mumbai, 29 December: On the first trading day of the week, silver with March delivery on the Multi Commodity Exchange (MCX) set a new record by reaching ₹2,54,174 per kilogram, marking the highest level ever recorded. Silver prices surged over 4 percent, while gold saw a slight decline.
As of 10:47 AM, March delivery silver was trading at ₹2,48,718 per kilogram, up 3.72 percent or ₹8,931 from the previous levels. Meanwhile, February delivery gold slipped marginally by ₹24 or 0.02 percent to ₹1,39,849 per 10 grams.
Despite a sharp fall in global silver prices earlier, silver had previously crossed $84 per ounce in the spot market, setting a new high. Following the peak, investors booked profits, causing silver to drop nearly 8 percent from its highest point, ending its seven-day winning streak.
In the international market, silver futures rose by 7 percent to $82.67 per ounce during early trade. On Friday, silver had surged 11 percent, marking its biggest single-day gain since 2008.
Experts attribute the rapid rise in silver prices partly to supply shortages in October and reduced trading activity due to holidays, which led to increased price volatility. Market availability of silver remains low, and quick fund withdrawals have sustained the upward momentum.
Unlike gold, which has a large reserve of around $700 billion in the London gold market available for use if needed, silver lacks significant stockpiles, according to market experts.
Silver prices have risen about 180 percent so far in 2025. With three trading days remaining in the year, if the current pace continues, this could be silver’s best year since 1979, when prices soared more than 200 percent.
Rahul Kalantari, Vice President of Commodities at Mehta Equities Limited, stated that silver prices are supported by a weakening dollar index, anticipated interest rate cuts by the US Federal Reserve, and rising global tensions. The dollar index has fallen for the fifth consecutive week.
He also noted that new tensions between the US and Venezuela are prompting investors to turn to precious metals like gold and silver as safe havens.
Additionally, China’s proposal to ban silver exports starting January 2026 has contributed to the price rise. Global uncertainty is driving investment in precious metals.
According to experts, silver may find support between ₹2,37,170 and ₹2,38,810, while resistance levels are seen between ₹2,41,810 and ₹2,43,470.
My name is Ganpat Singh Choughan. I am an experienced content writer with 8 years of expertise in the field. Currently, I contribute to Udaipur Kiran & Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
