Silver price today: After languishing for most of the session on Friday, December 12, a sharp spurt was visible in silver prices on the MCX, which drove the commodity past the ₹2,00,000 mark for the first time.
MCX gold also scaled a fresh peak of over ₹1,34,720 per 10 grams in the afternoon session.
MCX Silver futures touched a record peak of ₹2,01,388 per kilogram, rising 1.2%, or ₹2,446, from its last closing price. Meanwhile, MCX gold February futures hit a record high of ₹1,34,966 per 10 grams, jumping by ₹2,497, or 1.9%, over its previous close.
Around 5:45 pm, MCX gold February futures were 1.7% up at ₹1,34,740 per 10 grams, while MCX silver March futures were 1% up at ₹2,00,933 per kg.
What is driving gold, silver prices?
Gold prices have been rising this year on increased uncertainties over global economic growth due to US tariffs and geopolitical conflicts. Aggressive buying by central banks, robust inflows in gold ETFs, and expectations of US Federal Reserve rate cuts are the other key drivers behind the sharp rise in gold prices.
The silver prices have been on a sharp uptrend, driven by strong industrial demand, tight supply from shrinking stockpiles, and increased investor interest. Various other factors, like the US Fed rate cuts and geopolitical risk, have further amplified its appeal.
Domestic spot gold has jumped by 70% this year so far, while spot silver has surged by 115% in the same period.
"Gold is extending its constant rise as uncertain markets and expectations of rate easing keep the interest in haven assets intact. The markets still have a mild stiff note as traders move with caution in anticipation of important US data," said Aksha Kamboj, Vice President at India Bullion and Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures.
"Silver rises further due to encouraging industrial production trends and a weakening dollar. The momentum remains positive, with anticipation of growing industrial and clean energy demand," said Kamboj.
According to Kamboj, investors may choose to increase their exposure to gold slowly during mild dips to avoid entering at overheated levels.
"In 2026, a positive bias in gold markets can be expected with slow global growth and central bank purchases," said Kamboj.
For silver, Kamboj suggests investors should consider tactical investments due to sharp fluctuations in prices.
"In 2026, silver would demonstrate relatively stronger performance, particularly with the acceleration of industrial production and development in clean energy," said Kamboj.
Experts believe that precious metals may experience some correction due to their sharp gains.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, believes silver prices could correct by even 50% next year, but currently, there is no catalyst for such a fall. Currently, Trivedi suggests waiting for a 7–10% correction before buying silver.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
