Silver rate today: Silver prices on the Multi-Commodity Exchange (MCX) rose nearly 2.5% to a fresh record high as the bull run in the white metal showed no signs of abating.
MCX silver rate opened slightly lower at ₹3,06,499 per kg, down from the previous close of ₹3,10,275 per kg. However, the white metal soon pared losses and jumped to a new high of ₹3,19,949 per kg.
Meanwhile, on the international front, Comex silver touched a record high of $94.740 per ounce.
What's driving the silver prices today?
Silver prices rose due to increased safe-haven demand and a weaker US dollar, following Trump’s intensified efforts to claim Greenland from fellow NATO ally Denmark, which led the European Union to consider retaliatory measures.
According to a Bloomberg report, financial markets have been shaken by the US’s more confrontational approach toward its NATO allies, boosting demand for safe-haven assets and reviving interest in the so‑called “Sell America” trade.
Focus has now turned to how Europe will respond. French President Emmanuel Macron is preparing to push for the activation of the European Union’s anti‑coercion mechanism, while German Chancellor Friedrich Merz has emphasised caution and urged restraint.
This market disruption, followed by the US’s capture of Venezuela’s leader, has further fueled the already strong rally in precious metals.
More gains ahead for silver?
Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures, believes that silver is driven by the strength of gold as well as strong investment demand due to geopolitical tensions.
“Silver is extending its powerful rally and touching new all-time highs. Silver’s strength despite high levels of volatility suggests strong investor conviction, maintaining the overall outlook firmly positive for the short term,” Kamboj said.
According to Ponmudi R, CEO of Enrich Money, price action reflects strong dip absorption, making silver a high-beta outperformer in the precious metals space.
“Sustained trade above ₹2,95,000 keeps the upside momentum intact. A decisive breakout beyond ₹3,05,000 can open targets toward ₹3,15,000 and higher. On the downside, dips below ₹2,90,000 may test ₹2,85,000, where strong buying interest is likely to emerge,” Ponmudi said.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
