Silver prices declined on Friday after the US refrained from putting import tariffs on critical minerals. Gold prices also traded lower as US dollar strengthened after weaker-than-expected weekly jobless claims and President Donald Trump moderating tone on Iran.
Silver rate today fell 0.8% to $91.6861 an ounce, but was still up 15% for the week on surging demand for precious metals. Gold rate dipped 0.3% to $4,603.49, but was up more than 2% for the week
US President Donald Trump said the administration would pursue bilateral agreements to secure adequate supplies of critical minerals, Bloomberg reported. He also floated the idea of imposing price floors on imports—rather than percentage-based tariffs—to support the development of supply chains, while not ruling out the possibility of levies at a later stage.
Meanwhile, gold prices also declined after hitting a record high in the previous session. Safe-haven demand for the precious metal eased amid reduced concerns over US tariffs, a softer tone from President Donald Trump on the Federal Reserve chair and Iran, and profit booking by investors.
Can MCX Silver Hit ₹4 lakh level?
MCX gold and silver prices continued their bull run and hit a record high in the previous session.
SAMCO Securities has made a prediction that MCX silver prices could rise to ₹3.94 lakh per kg, continuing its record rally after prices have already risen over 25% in 2026.
“The earlier resistance zone around ₹2,59,574 has now turned into an important support area in the event of any interim pullbacks. From a projection standpoint, Fibonacci extensions from the prior base indicate higher price objectives ahead. The 2.618 Fibonacci extension aligns near the ₹2,96,737 zone, which becomes the first major medium term target,” said Apurva Sheth, Head of Market Perspectives & Research, SAMCO.
Beyond this, the 3.618 Fibonacci extension points towards the ₹3,56,871 region, while an extended move in a strong momentum environment could even open up levels closer to ₹3,94,034 over time, she added.
It is not just precious metals, the entire commodity basket is going through a supercycle, the analyst said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
