Silver Price Today LIVE: Silver rebounds but still down 2% from record high; check spot prices in Delhi, other cities

After silver soared past ₹2,50,000 on the Multi Commodity Exchange (MCX) for the first time on Monday, December 29, the white metal has cooled off, dropping by over 5% during the evening trade.

According to data available on MCX, Silver March futures fell 5.7% to settle at ₹2,25,954 per kg at around 8:00 pm on Monday, which is a steep fall from an earlier record high of ₹254,174 per kg in the morning session. Read here

US-based CME Group, which operates major derivatives exchanges such as CME, COMEX, CBOT, and NYMEX, on Friday evening raised the margin required to trade to $25,000 per contract, effective Monday, from $20,000.

China, the world’s second-largest producer of silver, is set to restrict silver exports from January 1 through a state licensing mechanism.

The Chinese measures effectively roll over previous policies and were first announced by the Ministry of Commerce on October 30. Although the country ranks among the top three global producers of silver—largely as a by-product of industrial metals—it is also the world’s largest consumer and therefore not a major exporter.

Today’s sharp fall in the white metal also comes amid easing geopolitical tensions, which removed the extra risk premium.

U.S. President Donald Trump said on Sunday that he and Ukrainian President Volodymyr Zelenskiy were “getting a lot closer, maybe very close” to an agreement to end the war in Ukraine.

After gaining ₹16,000 per kg on Friday, silver rates extended their record-breaking run into Monday as well. Contracts for March delivery gained another ₹14,400 per kg to cross the ₹2.5 lakh mark for the first time, reaching ₹2,54,174.

However, prices later retreated sharply, crashing ₹22,464 per kg to hit the day’s low of ₹2,31,710.

Indian retail investors witnessed the sharpest intraday swing of 2025 in silver-exchange traded funds (ETFs) on Monday, as prices reacted to China's export restrictions and the increase in margins on the white metal by the world's most diverse derivatives marketplace, CME Group, over the weekend. Read more here

On the global front, the March 2026 contract of silver retreated sharply from its record levels. On the Comex, the white precious metal declined by USD 3.49, or 4.51 per cent, to USD 73.71 per ounce. Earlier in the session, silver futures breached the USD 80-per-ounce mark for the first time, reaching a record USD 82.67 per ounce, up by USD 5.47, or 7.09 per cent.

With a three-digit return already in 2025, the doors for higher price targets remain open as price remains in unchartered territory. A note of caution for investors who want to enter at current prices, the excessive price volatility can lead to meaningful correction as has happened in previous market crash of Silver.

With underlying volatility, we expect Rs150000 per kg to be the base price wherein we will see the price correction might happen and the upside potential can be around Rs. 275000/kg respectively in 2026.

— Prathamesh Mallya, DVP Research - Non Agri Commodities and Currencies at Angel One Ltd

MCX Silver surged to a record high last week as prices moved towards the ₹2,40,000 level. The metal rallied by more than 15% during the week, marking its best weekly gain on record. The RSI is above the 90 level, signalling exceptionally strong upside momentum. Additionally, prices are comfortably trading above the 9- and 60-week EMAs, confirming a bullish trend. We expect prices to head higher towards the ₹2,50,000 mark in the short term as long as the ₹2,20,000 level remains intact on the downside.

Recommendation:

We recommend buying MCX Silver around ₹2,30,000, with a stop-loss below ₹2,22,000 and targets of ₹2,50,000 and ₹2,55,000.

Silver remained the center of attention during the session. After scaling a high of 254,853 on the MCX, silver prices witnessed profit-taking and declined by around 1.38%, reflecting cautious sentiment in the precious metals space.

Experts believe best choice depends on the investment horizon, risk appetite and financial goal. On a period comparison of the bullish rally, Gold is already in a 10-Year bull run and Silver close to 5 ½ Year rally calling for a lot of catch-up.

Conversely for Silver, during economic downturns, industrial demand can drop sharply, causing prices to fall more dramatically than gold. Rally in silver is considered more tenable and likely to outperform gold in the near term, although it comes with higher volatility. It’s the price inelastic, smaller market size and inelastic supply feature supporting Silver fundamentally.

NS Ramaswamy, Head of Commodity & CRM, Ventura, told Mint that silver prices can further surge by 18% from present levels, as the white metal tends to perform better during periods of strong global economic growth with significant industrial use.

The basic reason for rising silver prices can be attributed to the structural changes that have enabled the white precious metal to match gold as a safe-haven. The combination of technology, physics and geopolitics causes this structural change.

The US-Venezuela conflict has put pressure on the silver exports of the world's two largest suppliers, Peru and Chad. So, this is not a price production game but a big structural shift towards silver prices

In the last week, frictions in Venezuela — where the US has blockaded oil tankers — and strikes by Washington on Islamic State in Nigeria have also added to the haven appeal of metals. With silver inventories near their lowest on record, there’s a risk of supply shortages that could impact multiple sectors.

Historically, silver has tended to outperform gold during the later stages of a precious metals bull cycle. With gold trading near record highs, any further normalisation of the gold-silver ratio could drive a sharp repricing.

"If the gold-silver ratio, which has already compressed significantly in 2025, continues to move toward historical super-cycle levels of 30:1 to 40:1, a move toward $100 becomes mathematically plausible," said Ravinder Sharma, Senior Commodity Research Analyst at SMC Global Securities.

The current gold-silver ratio stands at approximately 60, indicating strong outperformance of silver prices. The gold-silver ratio measures the number of units of silver required to purchase one unit of gold. To buy one gram of gold, one currently needs 60 grams of silver. Historically, the ratio hovers around 90.

"The projections of interest cuts from the US and a weakening dollar index, combined with an increase in geopolitics, are pushing safe-haven investments and speculation," Aksha Kamboj, Vice President for India Bullion and Jewellers Association.

"The role of silver is not only as a hedge tool in an unstable economic scenario but also a key industrial metal in today's energy transformation landscape, which cannot be undermined. If such factors continue, the price may very well touch the triple digits in 2026," said Aksha Kamboj, Vice President for India Bullion and Jewellers Association.

Many factors that drive gold prices also move silver. But silver has an additional driver- industrial demand. The metal is a crucial element for many emerging industries.

"Physical inventories across major trading hubs such as London and the COMEX have declined meaningfully, and expectations that China may curb silver exports from early 2026 could further tighten global availability. Industrial demand remains another powerful driver," said Ravinder Sharma, Senior Commodity Research Analyst at SMC Global Securities.

Aksha Kamboj, Vice President for India Bullion and Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, also pointed out that the demand for silver has led to supply deficits and a lack of adequate inventories due to mine production not aligning with demand and industrial demand from solar panels, EV cars, semiconductors, and energy investments.

"Silver has been in a multi-year supply deficit — global mine output has lagged demand, and above-ground inventories are declining. Structural tightness on the physical market could support much higher prices if deficits deepen," said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

“The prevailing consensus for 2026 currently places silver in the range of $70 to $85 per ounce. However, silver’s high-beta characteristics mean that once major resistance levels are breached, price movements tend to accelerate more rapidly than those of gold,” said Ravinder Sharma, Senior Commodity Research Analyst at SMC Global Securities.

According to experts, silver is well-poised to touch the $100 mark in the coming year.
"As markets look ahead to 2026, the long-discussed $100 per ounce level is no longer viewed as a purely speculative projection," said Ravinder Sharma, Senior Commodity Research Analyst at SMC Global Securities.

“Scarcity is no longer theoretical,” Stephen Innes of SPI Asset Management said in a report. “China sits at the center of global silver refining, and when the world's top refiner starts tightening the valve, downstream users feel it immediately.”

China, which refines about two-thirds of global supplies, has scrapped an export quota system, replacing it with an export licensing system effective Jan. 1.

After climbing to a new peak of $82.615 per ounce in the early morning session, the silver futures pared all its morning gains and turned red by 10:30 AM. Silver futures are currently quoting $75.355 per ounce, around 2.37% lower than Friday's close.

Spot silver settled higher for a fifth consecutive week, recording its largest weekly gain on record at nearly 20%.

Traders still expect two US Fed rate cuts next year as they await the release of the Fed's December meeting minutes for further policy cues.

Spot silver was up 4.6% at $75.47 per ounce, after retreating from an all-time high of $83.62 hit earlier in the session.

In the physical retail market, the silver rate today in Delhi for 10 gm coins is ₹2,387. Silver rate today in Chennai for 100 gm coin is ₹23,873, whereas silver rate today in Delhi for 1 kg bar is ₹2,38,730 (source: bullions.co.in).

In the physical retail market, the silver rate today in Delhi for 10 gm coins is ₹2,377. Silver rate today in Kolkata for 100 gm coin is ₹23,772, whereas silver rate today in Delhi for 1 kg bar is ₹2,37,720 (source: bullions.co.in).

In the physical retail market, the silver rate today in Delhi for 10 gm coins is ₹2,380. Silver rate today in Mumbai for 100 gm coin is ₹23,804, whereas silver rate today in Delhi for 1 kg bar is ₹2,38,040 (source: bullions.co.in).

In the physical retail market, the silver rate today in Delhi for 10 gm coins is ₹2,380. Silver rate today in Jaipur for 100 gm coin is ₹23,800, whereas silver rate today in Delhi for 1 kg bar is ₹2,38,000 (source: bullions.co.in).

Silver rate today in Delhi also witnessed strong correction after the strong opening in the early morning session. Silver rate today in Delhi is now at ₹2,369 for 10 gm, ₹23,691 for 100 gm and ₹2,36,910 for 1 kg.

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US President Donald Trump said on Sunday that he and Ukrainian President Volodymyr Zelenskiy were "getting a lot closer, maybe very close" to an agreement to end the war in Ukraine.

"A combination of profit-taking and seemingly productive talks between Trump and Zelensky regarding a potential peace deal have put gold, silver on the back foot," said KCM Trade Chief Market Analyst Tim Waterer.

“MCX gold rate has crucial support placed at ₹2,40,000 to ₹2,35,000 zone. A decisive breakout above ₹2,55,000 could trigger the next leg of the rally, targeting ₹2,60,000 to ₹ ₹2,75,000 over the medium term. The trend continues to strongly favour accumulation on dips,” said Ponmudi R, CEO at Enrich Money.

“Stocks can continue their party into 2026 because rate cuts are coming, global growth is robust, and the worst of the tariff threats seems to be already in the price,” said Nirgunan Tiruchelvam, an analyst at Aletheia Capital.

Donald Trump said he made “a lot of progress” in talks with Ukrainian President Volodymyr Zelenskiy over a possible peace deal, but that it might take a few weeks to get it done and there’s no set timeline.

After climbing to a new peak of $82,615 per ounce, the COMEX silver price made an intraday low of $74.573 per ounce, logging more than $8 per ounce dip from the record high.

After hitting a new peak of ₹2,54,174, MCX silver rate today traded red for the first time at around 10:30 AM, when it made an intraday low of ₹2,33,120 per kg, around ₹21,000 away from the record high.

Despite a big dip in the silver prices from record highs, an ounce of silver is now worth more than a barrel of crude oil. Silver futures price is around $75 per troy ounce, whereas crude oil futures is priced at $57.50 per barrel.