Silver rate today Highlights: MCX silver prices slump sharply from day's peak, trade at ₹2,47,000 per kg

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 price relative to gold.

— Ross Maxwell, Global Strategy Operations Lead, VT Markets

ICICI Direct, in a latest commodity outlook report, said that despite expected weakness, it does not see silver prices moving below the range of $55-$60. “As long as prices stays above $55 level, long-term bullish bias likely to remain intact. On upside, prices may move towards $85-$90.”

Looking toward 2026, sustained tensions involving the US could reinforce the broader trend of de-dollarisation and diversification of reserves, again supporting higher gold prices. Inflationary pressures stemming from energy supply disruptions or expanded defence spending could further enhance gold’s appeal as an inflation hedge.

Overall, a US attack on Venezuela would likely be another bullish catalyst for gold through 2026, while silver could experience higher volatility, balancing its safe-haven role against global growth and industrial demand.

— Ross Maxwell, Global Strategy Operations Lead, VT Markets

MCX silver prices fell by ₹3300 per kg from the day's peak of ₹251050 to ₹247675 as of 3.45 pm, showed latest data.

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.

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.

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, a position last seen in 2019. Germany and Australia are also seeing gains this year; however, the US continues to struggle despite a recent uplift in 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.

For the last five years, global silver demand has exceeded supply, creating consecutive deficits due to surging industrial use. Approximately 50% of silver demand now comes from industry, ranging from solar panels to electric vehicles.

Unlike other commodities, silver production cannot quickly scale to meet this need because around 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.

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.

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 in Jan 2026.

Silver may continue to get the dual advantage of being both a precious and an industrial metal. The strong demand outlook and supply worries are supporting the fundamentals for a bullish trend.

However, 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 a staggered mode, considering the volatile nature of the commodity.

— Tata Mutual Fund

Silver has experienced a historic surge in 2025, rising ~161% year-to-date. After hitting a record high of $86.62 this past Monday, prices retraced to $72 per ounce as investors locked in year-end profits and CME margin hikes took effect.

The massive rally is fueled by silver’s new status as a U.S. critical mineral, persistent supply shortages, strong industrial and investor demand, geopolitical tensions, and robust Indian demand.

Due to China’s export restrictions on silver, the global silver deficit (currently over 2,500 tonnes per year) could widen to more than 5,000 tonnes, potentially pushing prices sharply higher.

ETF inflows in late November more than offset October outflows, while inventories in London, China, and the U.S. fell to multi-year lows, signaling growing scarcity.

In 2025, especially after May, investors have turned bullish and aggressively accumulated silver. Prices have continued rising to new highs as the market searches for a level where supply from stockholders balances investor demand.

Indian silver bullion imports exceeded 170 million ounces in the first 10 months of the year, down 20% year-over-year. However, imports surged in recent months, with India importing over 2,600 tonnes in September–October, highlighting strong demand.

Ongoing tariff concerns, continued delivery issues between London and New York, and expectations of falling real interest rates have made silver an attractive asset to hold.

Global commodity markets have seen significant shifts, with silver leading the surge by rising ~161% year-over-year, outperforming traditional assets as well as Bitcoin and the S&P 500.

— Tata MF

Suggesting silver investors look down the memory lane, Anuj Gupta, Director at Ya Wealth, said, "Silver price has a history of crashing heavily after a strong bull trend. We saw this happen in 1980, when the Hunt Brothers reportedly accumulated around one-third of the global silver reserves. This forced exchanges to increase margin money, which has already begun as CDX has raised margin money by 25%. This triggered short-covering due to the liquidity squeeze, and silver prices fell from around $49.50 to around $11 per ounce. The same thing happened in 2011 when silver rates fell 75% after peaking at near $48 per ounce levels."

"Tesla CEO Elon Musk's alarm last week is something that can't be ignored. I personally believe that silver prices have either topped out or may rise for some time due to the short covering by institutions, and can either touch $100 per ounce by February 2026 or end up coming close to $100 levels,” said Amit Goel of Pace 360.

Amit Goel, Chief Global Strategist at Pace 360, said, “An industry can digest a raw material until it is economically viable for the survival of its business. Otherwise, it would start looking for an alternative. Amid skyrocketing silver prices, some of the industrial demand for silver has already been jeopardised as photovoltaic cells and solar industries have successfully moved from silver to copper. For solid-state batteries, too, efforts are underway to transition from silver coil binding to copper coil binding. Some companies in Israel, Taiwan, Australia, and China are actively seeking to replace silver with copper in solid-state batteries."

“Photovoltaic cells and solar panels have already moved towards copper, leaving silver behind. As for the batteries, efforts are being made to switch from silver to a copper binding technique,” said Amit Goel, Chief Global Strategist at Pace 360.

Some experts believe, the silver rate today has climbed to an alarming level, and its industrial demand may be jeopardised due to this price rally. Experts said that an industry would start looking at alternatives if its costs shoot up beyond a certain level.

The silver price in Delhi surged over ₹3,000 per kg on Tuesday. According to the information available on bullions.co.in, the silver rate in Delhi is ₹2,48,850 per kg. The silver rate today in Delhi for a 10-gram coin is ₹2,489, while it is ₹24,885 per 100 grams in Delhi.

"This is not a price production game but a big structural shift towards silver prices, and retail investors need to understand this as soon as they can because this structural shift may lift silver prices towards $100 per ounce levels in the short to medium term," said Anuj Gupta of Ya Wealth.

"It's not just industrial demand, which is widening the demand-supply gap for silver. Rising geopolitical tensions have disrupted the traditional Caribbean shipping route for silver following the escalation of US-Venezuela tensions. This has put pressure on the silver export of the world's biggest suppliers, Peru and Chad," said Anuj Gupta of Ya Wealth.

Anuj Gupta of Ya Wealth stated that global silver production currently stands at around 850 million ounces, while demand for silver is approximately 1.16 billion ounces. This demand-supply constraint is expected to rise further when the electronics giant Samsung begins producing solid-state batteries. Samsung's move towards solid-state batteries is likely to lift demand for silver by around 100 million. Apart from this, there are EVs, solar energy, white goods, etc., as well as industrial demand, which is also increasing with the passage of time.

“Recently, Samsung has declared that it is moving towards the mass production of solid-state batteries, which will replace lithium-ion batteries. The new battery will be significantly better than the existing one, as it will take only 10 minutes to charge your cell phone's battery fully, and solid-state batteries are expected to last for nearly two decades. Silver is a core raw material for making these solid-state batteries. Apart from this, there is also demand for silver in the EV, solar, and other industries. This is expected to create a huge gap in the demand-supply constraint,” said Anuj Gupta of Ya Wealth.

“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,” said Anuj Gupta of Ya Wealth.

“Gold-silver ratio today is around 57, which means gold prices are expected to outshine silver. In other words, silver rates may witness profit-booking at higher levels, and the white metal may have a limited upside movement,” said Amit Goel, Chief Global Strategist at Pace 360.

“Strong support is seen in the ₹2,42,000 to ₹2,40,000 zone. The overall structure continues to favour accumulation over profit-booking, positioning silver as a high-volatility yet high-reward companion to gold within the ongoing bullion bull cycle,” said Ponmudi R, CEO at Enrich Money.

The silver price in Delhi surged over ₹3,000 per kg on Tuesday morning. According to the information available on bullions.co.in, the gold rate in Delhi is ₹2,48,610 per kg. The silver rate today in Delhi for a 10-gram coin is ₹2,486, while it is ₹24,861 per 100 grams in Delhi.

“The metal is trading well above the 20-day EMA at $67.80, keeping the broader uptrend firmly intact. Resistance is now positioned in the $76–$80 zone, while medium-term projections for 2026 continue to target $90–$100, supported by structural demand from the renewables, EV, and technology sectors. Immediate support at $70–$68 offers attractive accumulation opportunities on corrections,” said Ponmudi R, CEO at Enbrich Money.

“MCX silver rate is facing a hurdle at the ₹2,50,000 per kg levels, making a strong support base at ₹2,42,000 to ₹2,40,000 per kg range. On breaking above ₹2,50,000 hurdle, the white metal may try to test ₹2,55,000 per kg peak,” said Anuj Gupta, Director at Ya Wealth.

“The metal is trading well above the 20-day EMA at $67.80, keeping the broader uptrend firmly intact. Resistance is now positioned in the $76–$80 zone, while medium-term projections for 2026 continue to target $90–$100, supported by structural demand from the renewables, EV, and technology sectors. Immediate support at $70–$68 offers attractive accumulation opportunities on corrections,” said Ponmudi R, CEO at Enrich Money.

Expecting a gap-up opening, Anuj Gupta of Ya Wealth said, “MCX silver rate is following the COMEX silver price movement these days. As the COMEX silver price is trading green by over one per cent margin, we can expect a gap-up opening for the precious white metal.”

Expecting a gap-up opening for the white metal on the MCX, Anuj Gupta, Director at Ya Wealth, said, “COMEX silver rate today is in a broader $72 to $78 per ounce zone, whereas MCX gold rate today is in a broader range of ₹2,42,000 to ₹2,50,000 per kg. On breaking above ₹2,50,000, the white metal may soon touch ₹2,55,000 per kg levels.”