Silver rate today: Silver prices crash ₹12,411 on MCX after hitting record high — Check latest white metal target

Silver rate today LIVE: The silver prices crashed 4.79% or ₹12,411 per kilogram during the afternoon commodity market session on Wednesday, 7 January 2026, as investors booked profit after the precious metal hit its record high level earlier this week.

Multi-Commodity Exchange (MCX) data showed that the silver futures for the March 2026 contract lost 4.79% or ₹12,411 per kilogram to hit the intraday low of ₹246,400 per kilogram (kg), compared to ₹258,811 per kg at the previous market close.

Silver prices, after a strong rally in 2025, are witnessing some resistance near $80 per ounce. Silver prices have recently gained momentum with a build-up in speculative long positions on expectations of higher industrial demand and supply shortage fears.

Silver may continue to benefit from its dual role as a precious and industrial metal. The strong demand outlook and supply worries are supporting the fundamentals for a bullish trend. However, we believe year-end profit booking, portfolio rebalancing, and revisions in demand–supply figures in 2026 may trigger a price correction.

At current levels, investors may remain cautious with fresh investments and may look to invest in silver through SIP or staggered modes, considering the volatile nature of the commodity.

— Tata MF

India's silver imports surged to an estimated USD 9.2 billion in 2025, marking a 44 per cent increase from the previous year despite a sharp rise in global prices.

Global Trade Research Initiative (GTRI) warn that the country's heavy dependence on imports, combined with limited domestic processing capacity, could become a strategic vulnerability as global demand tightens and geopolitical risks rise, as per an ANI report.

(Source: ANI)

Spot gold eased about 1% to trade near the $4,460 area as investors booked profits after a brief rally to multi-session highs. Silver also fell over 2% to trade near $79.3, pressured by a firmer U.S. dollar trading near multi-week highs, which makes dollar-priced assets more expensive for overseas buyers.

Market attention has now shifted firmly to key U.S. economic data due this week, including ADP private payrolls, JOLTS job openings, and the crucial non-farm payrolls report on Friday. These releases will be closely watched for signals on the Fed’s rate path, with markets currently pricing in at least two rate cuts later this year.

While near-term upside may be capped by dollar strength, ongoing geopolitical risks and expectations of a more accommodative Federal Reserve policy continue to support a positive medium-term outlook for gold and silver.

— Kotak Securities

Silver prices on MCX retreated after hitting record high. As per latest data, MCX silver prices were trading at ₹254472, down ₹4339/kg or 1.68%.

In alternate investment assets everything was UP – gold, silver, stocks, bonds, base metals and even VIX ! Copper is also extending its gains, catching up with precious metals – well past $13k/t for the first time ever.

Jaykrishna Gandhi - Head- Business Development - Institutional Equities - Emkay Global

Silver is moving further upwards from yesterday and thus supported by the strength seen in the ongoing rise. The increase in silver is a result of strong investment demand and positive expectations with regard to industrial demand. With silver holding well above recent levels, sentiment remains positive, though short-term volatility cannot be ruled out after the sharp move.

— Aksha Kamboj, Vice President at India Bullion and Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures

A key theme of the 2026 assessment is the role of commodities within the broader market and asset allocation framework. Precious metals performed strongly in 2025, supported by a weaker dollar, geopolitical uncertainty, and shifting monetary dynamics. Gold demand increased meaningfully, driven by central bank purchases, reinforcing its role as a strategic portfolio diversifier. Silver prices also saw a sharp run-up amid global supply concerns and geopolitical developments, including renewed tensions between the US and China and discussions around classifying silver as a critical or rare metal. Given the recent rally, Client Associates remains underweight on silver and is advising clients against taking fresh positions at current levels, as the risk-reward balance is presently unfavourable.

COMEX Silver is advancing toward the $82–$83 zone, trading decisively above its short- and medium-term moving averages. The breakout from recent consolidation confirms sustained buyer dominance, supported by strong industrial demand from solar, EVs, and AI infrastructure, alongside safe-haven flows. Resistance is placed at $83–$85, and a clear breakout above this zone could open the path toward $90 on a medium-term basis. Strong accumulation support remains in the $78–$80 region, with 2026 projections continuing to target $90–$100 amid structural supply-demand imbalance.

— Ponmudi R, CEO of Enrich Money

MCX Silver is trading near ₹2,58,836, sustaining its bullish channel with every pullback attracting aggressive buying interest. Holding above ₹2,55,000 keeps the upside momentum firmly intact. Sustained strength above ₹2,59,000 could drive a swift move toward ₹2,64,000– ₹2,75,000, while the ₹2,55,000– ₹2,52,000 band remains a key accumulation zone. Silver continues to outperform as a high-beta play within the broader precious metals uptrend.

— Ponmudi R, CEO of Enrich Money

In the near term, Silver and Gold are expected to remain well supported due to strong safe-haven demand arising from geopolitical uncertainty and global economic risks. Industrial demand for Silver and continued central bank interest in Gold add to the positive outlook. However, upside may be capped at higher levels as investors stay cautious and book profits after sharp rallies. Price volatility is likely to remain high, with frequent geopolitical developments, trade policy updates, supply-related news, margin changes, and speculative activities may cause sudden price swings. Investors are advised to follow a disciplined asset allocation approach, with around 15–20% allocation to precious metals, and consider systematic investments, which may be a better option at current elevated price levels.

— Satish Dondapati, Fund Manager, Kotak Mutual Fund

The impact on silver would be more complex. In the short term, rising uncertainty would likely mean silver moves higher alongside gold, but its position linked to strong industrial demand means that prolonged instability or a slowdown in global growth could weigh on its price relative to gold.

— Ross Maxwell, Global Strategy Operations Lead, VT Markets

Spot gold and silver hit one-week highs of $4,497/oz and $81.40/oz, supported by safe-haven inflows after the U.S. capture of Venezuela’s president heightened geopolitical uncertainty. Meanwhile, silver’s surge of more than 6% was buoyed further by China’s silver export controls and Trump’s threats to resource-rich nations like Greenland, Cuba, and Mexico following strikes on Venezuela, underscoring intensifying competition for critical resources.

The rally in silver prices has been supported since last year amid a growing structural supply-demand imbalance, constrained mine output, and rising industrial usage when supply remains limited. Today, gold eased below $4,460/oz and silver trades 2% lower below $80/oz, as traders look ahead to U.S. jobs data for clues on monetary policy following December FOMC minutes suggesting officials remain divided on timing and scale of rate cuts.

— Kaynat Chainwala, AVP Commodity Research, Kotak Securities

Global commodity markets have witnessed remarkable shifts, with silver leading the surge by soaring ~161% year-over-year, outpacing not only traditional assets but also Bitcoin and the S&P 500. Platinum followed with an impressive ~135% rise, while palladium climbed ~72%, gold advanced ~66%, and copper gained ~44%.

Despite value buying at lower levels during the early morning sessions, COMEX silver succumb to the profit-booking trigger at higher levels. The precious white is currently trading red at $78,665 per ounce, around 3.10% lower than yesterday's close.

Over the past five years, strong silver industrial and investment demand has been met by pricing out jewelry, pricing in scrap, and getting stockholders to sell. This scenario is currently in-play in China with retail demand declining and destocking driving down silver premiums.

Between 2010- 24, cumulative Indian bar and coin demand stood at 840 Moz (26,100t). In 2025, India becomes the largest silver retail investment market, last seen in 2019. Germany and Australia also seeing gains this year, however US continues to struggle, despite recent uplift in demand.

India is the second-largest physical silver investment market, but it has occasionally eclipsed the US, which has traditionally been the largest physical silver market. The country has a long-standing tradition of owning physical silver, typically in the form of silver bars, which in 2024 comprised 70% of total retail demand.

Over the past 15 years, physical silver investment has jumped from a low of 157.2 million ounces (Moz) in 2017 to a record high of 337.6 Moz in 2022. Physical silver investment is concentrated in four countries: the United States, India, Germany, and Australia. These countries account for almost 80% of the world’s market for bars and coins.

In 2025, the global mined silver supply was projected to be around 813 million ounces (Moz), staying relatively flat, with higher output from Mexico balancing declines in Peru and Indonesia. Total supply, including recycling, faced a significant deficit, with estimates suggesting around 180 Moz from recycling. Both primary mine production and recycling were insufficient to meet record industrial demand, creating a structural deficit for the fifth consecutive year, driven by green energy and tech use.

In 2025, the global silver market faced a significant structural deficit, with demand exceeding supply by ~117.6 million ounces, driven by booming industrial use (especially in green tech/EVs) and investment, while by product-based supply struggled to keep pace. Total demand was estimated around 1.24 billion ounces against supply of ~1.01-1.16 Boz, continuing a multi-year trend of undersupply.

"Unlike other commodities, silver production cannot quickly scale to meet this need because ~70% of silver is mined as a by-product of other metals. With declining ore grades at major mines, rising extraction costs, and a lack of new mining projects, the gap between record industrial demand and stagnant production has never been wider," says Tata Mutual Fund report.

CME repeatedly raised margin requirements (the safety deposit needed to trade), forcing speculators who were artificially inflating prices to sell their positions. This mass selling, combined with an already overstretched silver rally (up 150-160% in a year), caused the price to crash in end of December 2025.

COMEX gold price is around $4,477 per ounce whereas COMEX silver price is around $79.50 per ounce. This means gold-silver ratio is around 56.

"At current levels, investors may remain cautions with the fresh investment and may look to invest in silver though SIP / staggered mode considering volatile nature of the commodity," Tata Mutual Fund report says.

"Silver prices after a strong rally in 2025 are witnessing some resistance near $80 per ounce. Silver prices have recently gained momentum with build-up in speculative long positions on expectations of Jan 2026 higher industrial demand and supply shortage fears. Silver may continue to get dual advantage of precious and industrial metal. The strong demand outlook, supply worries are supporting fundamentals for the bullish trend. We believe Year-end profit booking, portfolio rebalancing, revision in demand-supply figures in 2026 may trigger price correction," Tata Mutual Fund says.

"Global commodity markets have witnessed remarkable shifts, with silver leading the surge by soaring ~161% year-over-year, outpacing not only traditional assets but also Bitcoin and the S&P 500," says Tata Mutual Fund report.

"Ongoing tariff concerns, continued delivery issues between London and New York expectations of falling real interest rates made the metal an attractive asset to hold," Tata Mutual Fund report said.

"Indian silver bullion imports exceed 170 million ounces over first 10 months, down 20% y/y, but have surged in recent months where India imported ~2,600+ tonne in Sept-Oct, signaling strong demand," Tata Mutual Fund reports.

“MCX silver price is around ₹2,54,000 per kg levels. It is close to its crucial support placed at ₹2,42,000. On breaking below this support, the white metal may try to test crucial support of ₹2,38,000 per kg level,” said Anuj Gupta of Ya Wealth.

"In 2025, post May investors have turned bullish and have been aggressively buying silver. As such silver prices have been rising to new highs to find a price where the market will be balanced by stockholders and investors," says Tata Mutual Fund report.

"ETF inflows in late November more than offset October outflows, while inventories in London, China, and the US fell to multi-year lows, signaling scarcity," says Tata Mutual Fund report.

“MCX silver rates today have major support placed at ₹2,52,000. If the prices sustain above this level during the Opening Bell, then we can expect the precious white metal to first touch ₹2,60,000 then ₹2,65,000 per kg,” said Anuj Gupta of Ya Wealth.

During the early morning session, silver rate today on MCX opened downwards at ₹2,57,599 per kg levels and touched an intraday low of ₹2,57,001 per kg. However, the white metal soon gathered momentum and touched an intraday high of ₹2,59,480 per kg. Currently, MCX silver rate is quoting mnarginally higher at ₹2,59,433 per kg.

“The precious white metal is expected to move both ways. So, a flat to positive opening is what we are expectin during the Opening Bell on MCX,” said Anuj Gupta.

"Precious white metal price is skyrocketing amid supply crunch and soaring global demand,” said Tata Mutual Fund report.

"Due to China’s export restriction on silver, global silver deficit (currently 2,500+ tonnes/year) might widen to 5,000+ tonnes, pushing prices sharply higher," Tata Mutual Fund report says.

“The demand-supply gap in the industrial demand for the precious white metal is little complex. It is mined from the base metal mines, where silver is available as a byproduct of base metals like zinc, copper, etc. So, there is no such devoted silver mines where one can enhance exploration as we see OPEC members do when oil prices rise due to rise in demand,” said Anuj Gupta of Ya Wealth.

“MCX silver rates today have major support placed at ₹2,52,000. If the prices sustain above this level during the Opening Bell, then we can expect the precious white metal to first touch ₹2,60,000 then ₹2,65,000 per kg,” said Anuj Gupta of Ya Wealth.

“COMEX Silver is advancing toward the $78–$80 zone, staying well above its short-term moving averages and keeping the broader uptrend intact. Medium-term targets for 2026 remain $90–$100, backed by structural demand from energy transition themes,” said Ponmudi R, CEO at Enrich Money.

After climbing to a new peak of $82.548 per ounce, COMEX silver price witnessed strong profit-booking on the upper side, which pulled down the precious bullion by around 2% against its previous close. COMEX silver price is currently quoting $79.855 per ounce.

"If prices sustain above $82 per ounce levels, the next level to watch for is $84,” said Renisha Chainani, Head of Research at Augmont.

The white metal with 99.99 foneness ended at ₹2,57,370 per kg.

Ahead of the closing on Tuesday, MCX silver rates hit a new intraday peak of ₹2,59,322 per kg, which tuned out a new lifetime high for the silver price on the Indian exchange.

Silver rate today opened upside in the international market and touched a new high of $82.548 per ounce.