Silver rate today: MCX silver prices crash ₹18,000 amid sharp slump in international market — How to trade?

Silver rate today LIVE: Multi-Commodity Exchange (MCX) data shows that the silver futures for the March 2026 contract were trading 5.6% lower or ₹14,066 per kg lower at ₹236,946 per kg as of 11:08 p.m. (IST), compared to ₹251,012 per kg at the previous market close.

Silver rate today LIVE: Navneet Damani, the Head of Research for Commodities at Motilal Oswal Financial Services, said that in 2025, the silver market has moved beyond a bull cycle and now has entered into a structural phase.

“The silver market in 2025 has moved beyond a conventional bull cycle and entered a structural phase, driven by prolonged physical supply deficits, inventory depletion, and policy-led supply constraints. The widening disconnect between paper pricing and physical availability highlights deeper stress in global price discovery mechanisms,” said the expert.

Proposed export licensing requirements in China starting 1 January 2026 further signal tighter control over outbound flows, restricting the availability of physical metal in global markets at a time when other inventory hubs are already under pressure.

Silver rate today LIVE: Multi-Commodity Exchange (MCX) data shows that the silver futures for the March 2026 contract, were trading 6.9% lower or ₹17,312 per kg lower at ₹233,700 per kg as of 6:46 p.m. (IST), compared to ₹251,012 per kg at the previous market close.

The rally in gold, silver, and copper through 2025 was more than a market surge—it was a signal of deeper economic shifts. A 79% increase in gold price and a historic 140% surge in silver reflected two major trends: countries moving away from holding dollars as reserves, and rising prices eroding the value of paper money worldwide. Copper's 40% climb signals the energy transition is no longer a buzzword but a supply-constrained reality with no viable substitutes at scale.

For India, the paradox is acute. The import duty cuts on gold and silver from 15% to 6% should have catalysed consumption; however, the unchanged 3% GST continues to limit retail demand. Meanwhile, 50% US tariffs on jewellery exports create headwinds that lower import tariffs cannot fully offset. India’s copper demand is poised to accelerate as data centre capacity expands to 4–8 GW by 2030.

Looking ahead to 2026, the key question is whether central banks’ sustained gold purchases can uphold valuations if a technical reset emerges. Nevertheless, the underlying drivers—inflation, currency weakness, and geopolitical uncertainty—remain strong enough to overcome any correction, keeping gold prices anchored in the USD 4,500–5,000 range.

— Rajeev Sharan, Head – Criteria, Model Development & Research, Brickwork Ratings

Persistent geopolitical concerns, US interest rate decreases, sustained central bank purchases, and increased holdings in gold-backed ETFs all boosted gold prices. Silver achieved several milestones in 2025, thanks to its status as a vital US commodity, supply constraints, low stocks, and increased industrial and investment demand.

Meanwhile, the Federal Reserve's December meeting minutes, released on Tuesday, showed that most officials believe more rate cuts are justified if inflation continues to decline, while they disagreed on the timing and extent of prospective reductions.

On the geopolitical front, uncertainties around a Russia-Ukraine peace accord, rising hostilities in the Middle East, and tensions between the United States and Venezuela are driving up demand for the safe-haven commodity.

Silver is leading the downside amid elevated volatility, trading near $72–$72.30 per ounce after a sharp 7.2% single-session decline, retreating significantly from recent record highs of $82–$84. The correction has been driven primarily by CME margin hikes, forced deleveraging, year-end tax harvesting, and thin liquidity conditions, keeping near-term sentiment cautious despite the intact broader trend.

Technically, the prior session formed a bearish engulfing candle, but prices have not yet broken below the previous candle’s low keeping the broader consolidation intact. As long as $70.40 holds, the trend remains corrective rather than bearish. A break below $70.40 could trigger a short-term reversal toward $65, while a decisive move above $78.67 would invalidate the bearish setup and signal trend continuation toward fresh highs. Volatility is expected to remain elevated within this range.

MCX Silver futures are trading sharply lower near ₹2,37,000– ₹2,38,000 today, following a close at ₹2,32,723 in the previous session, reflecting the recent steep correction in global markets. Despite the near-term pressure, the longer-term bullish framework remains intact. Prices are finding initial support near the rising channel and the 20-day EMA around ₹2,08,994, with deeper declines continuing to attract accumulation interest. A sustained rebound above ₹2,36,000 could trigger fresh upside toward ₹2,45,000– ₹2,60,000 over the medium term. The broader trend continues to favour accumulation on dips.

— Ponmudi R, CEO at Enrich Money

Spot silver lost 5.6% to $72.20 per ounce on Wednesday after hitting an all-time high of $83.62 on Monday. Silver has gained over 140% year-to-date, far outpacing gold, and is set for its best year ever.

(Source: Reuters)

Silver prices are expected to consolidate between $70 (~ ₹223,000) and $78 (~ ₹250,000), after the sharp rally and sell off this week, said Augmont.

• International Silver Support Level: $70/oz
• International Silver Resistance Level: $78/oz
• Indian Silver Support Level: ₹223,000/kg
• Indian Silver Resistance Level: ₹250,000/kg

Geojit Financial in its 2026 asset allocation, recommended investors to put 60% in large caps, 15% in Mid caps & 10% in Small caps. The brokerage further suggested reducing the mix on gold & silver to 5% and for debt to 10%.

“The silver demand destroys supply rather than replenishing it. That reality combined with collapsing inventories and inelastic industrial demand, is what underpins silver’s dramatic 178% surge and explains why this move represents a structural repricing, not a fleeting rally. Silver is no longer just a high-beta cousin of gold. It is emerging as a strategic industrial and monetary asset,” said Sugandha Sachdeva of SS WealthStreet.

In a post on X dated December 29, Robert Kiyosaki posed a blunt question that immediately caught investor attention: “SILVER BUBBLE ABOUT to BURST?” While reiterating his long-standing affection for the metal, he cautioned investors against chasing prices blindly amid fear of missing out.'

“US Fed's minutes, released on Tuesday, lowered the possibility of an aggressive rate cut in 2026. This is expected to put a cap on the precious metals rally in 2026,” said Anuj Guipta of Ya Wealth.

“This transfer from weak hands to strong hands is pivotal. Once it reaches critical mass, market structure changes-and pricing power shifts decisively to physical buyers. In October alone, China exported a record 660 tonnes of gold, the largest single-month outflow on record. When visible inventories are drained at this pace, prices do not adjust gradually-they gap higher,” Sugandha said.

The MCX silver rates have pared some early morning losses and currently quoting around ₹2,38,400 per kg, nearly ₹14,700 below its yesterday's close.

The COMEX silver rate bounced back strongly after coming close to the crucial support of $70 per ounce, when it made an intraday low of $70.315. Currently, the COMEX price is quoting around $71.850 per ounce levels.

Speaking on the outlook of MCX silver price, Anuj Gupta of Ya Wealth said, “If the bears manage to push MCX silver rates below ₹2,30,000 per kg levels, then chances are high that MCX silver price may try to test the ₹2,22,000 to ₹2,20,000 band.”

“As I mentioned earlier, the COMEX silver price has a crucial support level at $70 per ounce. If this support is breached, the precious white metal may try to test $68 and $65 levels in the near term,” said Anuj Gupta, adding, “One should maintain a strict stop loss and avoid any selling position until the COMEX silver price is above $70. One should take a short position only when the white metal sustains below the current intraday low for at least 30-minutes to an hour.”

“The white metal rally has not vanished; it has migrated from paper traders who rarely take delivery to industrial users who must secure supply to keep production lines running, to long-term investors and private vaults across Asia, London, and Singapore, away from exchange warehouses and outside the banking system,” said Sugandha Sachdeva, Founder of SS WealthStreet.