Silver rate today Highlights: MCX silver crashes over ₹13,000/kg — Time to be cautious?

Silver rate today Live: Silver prices on the Multi-Commodity Exchange (MCX) crashed more than 5% or ₹14,000 per kilogram (kg) to hit its intraday low level of ₹236,044 per kg, compared to ₹250,605 per kg at the previous commodity market close.

As of 7:38 p.m. (IST) the silver prices for the March 2026 futures were trading 5.81% or ₹14,551 per kg lower at ₹236,054 per kg, compared to the previous market close, according to the MCX data.

"Precious metals saw profit-booking as traders locked in profits ahead of the US NFP (non-farm payroll) report as investors weighed mixed US economic data, while geopolitical risks remained a significant focus," Renisha Chainani, Head - Research at Augmont, said.

She added that investors are now turning to Friday's non-farm payrolls report for clues on the central bank's policy direction, with markets expecting two rate cuts this year.

(Source: PTI)

Spot gold and silver extended losses for a second consecutive session as markets brace for the annual rebalancing of major commodity indexes, a process expected to trigger billions of dollars in futures selling over the coming days. Passive index-tracking funds are reducing precious metals exposure from Thursday to align with revised weightings, magnifying pressure after last year’s sharp rallies.

Silver remains particularly exposed amid elevated volatility, with Citigroup estimating potential sales of around $6.8 billion in Comex silver futures—nearly 12% of open interest. Despite near-term headwinds, gold continues to find structural support from robust central bank demand, with net purchases of 45 tons in November and China extending its buying streak to 14 months. Geopolitical tensions and expectations around U.S. rate cuts could limit downside, keeping the medium-term outlook constructive despite short-term volatility.

— Kotak Securities

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.

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

In 2025, the global silver market faced a significant structural deficit, with demand exceeding supply by approximately 117.6 million ounces. This imbalance was driven by booming industrial use—especially in green technologies and electric vehicles—as well as strong investment demand, while by-product-based supply struggled to keep pace. Total demand was estimated at around 1.24 billion ounces against supply of roughly 1.01–1.16 billion ounces, continuing a multi-year trend of undersupply.

Silver prices recovered over ₹3,000 from day's low but was still down over ₹7,000 from last close. On MCX, silver futures were trading at ₹243368 in the afternoon session.

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. 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.

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

Hindustan Zinc shares fell over 6% after a sharp decline in silver prices. This is the worst fall for HZL in six months. The decline came as silver prices retreated sharply from recent highs, along with other metals, which appeared to impact investor sentiment towards the metal pack following a spectacular bull run in 2025. Silver contributed 41% to HZL’s earnings before interest and taxes (EBIT) in H1FY26, up from about 28% in FY23. Read more

COMEX Silver is trading near $77.93, comfortably above short- and medium-term moving averages after breaking out of recent consolidation. Buyer dominance remains evident, backed by robust industrial demand from solar, EVs, and AI infrastructure, alongside safe-haven inflows. Immediate resistance is seen at $80–$83, where intermittent profit booking is likely. A sustained breakout above $83 could open the next leg toward $85–$90 in the medium term. Strong demand continues to emerge in the $75–$77 zone.

— Ponmudi R, CEO of Enrich Money

MCX Silver is holding near ₹2,50,473, staying firmly within its bullish channel. Pullbacks continue to be absorbed aggressively, reinforcing strong underlying demand. Holding above ₹2,48,000– ₹2,50,000 keeps the upside momentum intact. A decisive breakout above ₹2,52,000– ₹2,55,000 could trigger a swift rally toward ₹2,60,000– ₹2,70,000. The key accumulation zone remains ₹2,45,000– ₹2,48,000, highlighting silver’s role as a high-beta outperformer within the precious metals complex.

— Ponmudi R, CEO of Enrich Money

Silver’s rally is strongly linked to record-high gold prices. As a fellow but more dominant precious metal, gold exerts a strong gravitational pull on silver, and silver often follows gold movements—higher or lower—at a lag. This is based on our view that gains in gold attract ancillary buying in silver, possibly by investors who have not taken full advantage of the gold rally.

Investment in the two metals tends to be the defining factor in setting the ratio, but gold almost always drives silver. This relationship is expressed by the gold:silver ratio. After hitting 87.4 on 7 January 2025, the ratio widened to a historical high of 106.6 on 22 April, breaking the previous high of 105.1 in May 2020, in the wake of an unremitting gold rally which propelled silver up also, but at a lag to gold.

The ratio narrowed toward 83:1 by early October. Since then, while both metals have rallied, silver has notably outpaced gold and the ratio narrowed further to 57:1 by late December and more recently 55:1. This denotes that silver is less driven by gold and more by its own market dynamics. With the recent pullback, the ratio has widened back to 63:1.

Silver is at the low end of the gold:silver range, which has generally moved between 50:1 and 80:1 for most of the past 30 years.

— (Source: HSBC)

Global silver mine output continues to rise, aided by primary and byproduct output. Lower ore grades and mine closures will be offset by new projects and facility expansions. Greater base metals and gold production will boost byproduct output.

Mining costs remain well below prices. Prices are an incentive to raise output wherever possible.

Recycling levels are rising notably as high prices, as well as greater electronic, environmental, and other recovery efforts, boost supply. Hedge supply is also rising.

HDBC raised average price forecasts across the board to USD68.25/oz in 2026 and USD57.00/oz in 2027; soft USD, mild production / consumption deficits can provide underlying support. However, the targets are below the current levels.

Gold and silver declined as investors braced for the annual rebalancing of major commodity indexes, a move that could trigger the sale of futures contracts worth billions of dollars in the coming days.

According to a Bloomberg report, passive tracking funds are expected to sell precious metals futures to align with revised index weightings—a typically routine exercise that has taken on added significance this year following gold and silver’s sharp rallies in 2024.

Silverappears particularly vulnerable to a sharper selloff amid heightened volatility. Citigroup Inc. estimates, as cited by Bloomberg, that about $6.8 billion worth of silver futures could be sold to meet rebalancing requirements, equivalent to roughly 12% of open interest on Comex.

(Source: Bloomberg)

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.

— Client Associates

Tightness in the London market and extreme backwardation on the CME futures markets underscore the near-term shortage of deliverable silver. This may not be resolved until later in 2026. While we regard prices as fundamentally overvalued, we expect conditions to remain volatile, with likely upside spikes, until near-term tightness is alleviated.

— HSBC Global Investment Research

The US President Donald Trump has reportedly approved the Russia Sanctions Bill that allows massive duties on the countries importing crude oil from Russia. The act threatens to impose tariffs of at least 500% on such countries.

— Sugandha Sachdeva, founder of SS WealthStreet

Whether it is the beginning of a big dip widely awaited in silver prices, one will have to wait for some time. The COMEX silver has major support at $75.50, and the white metal is holding above this. Likewise, MCX silver rates have major support at the ₹2,35,000 level. Breaking below this level would mean a big sell-off for the next ₹15,000 correction.

— Sugandha Sachdeva, Founder of SS WealthStreet

Following 3% crash in the COMEX silver price, the MCX silver rate witnessed sharp selling and touched an intraday low of ₹2,40,605 per kg, recording a ₹10,000 fall from the previous day's close. However, the white metal witnessed some value buying at the lower levels.

Silver reached a record high of $83.60 in December 2025 amid thin trading conditions before retracing. Gold prices are providing key support, but are not the primary driver of silver, as they were in past rallies.

— HSBC Global Investment Research

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%.

The silver price has crashed below ₹2,50,000 per kg and has fallen further, hitting a new intraday low of ₹2,47,529 per kg. The white metal support is now priced at ₹2,42,000 to ₹2,40,000 per kg. On breaking below this crucial support, MCX silver rates may try to test the ₹2,25,000 levels.

Anuj Gupta, Director at Ya Wealth

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

After trading flat during the opening bell, MCX silver rates came under selling pressure and crashed below ₹2,50,000 per kg levels. The white metal is currently trading at 2,48,500 per kg levels following global cues. The COMEX silver has also turned red and touched an intraday low of $77.318 per ounce.

Gold demand increased meaningfully, driven by central bank purchases, reinforcing its role as a strategic portfolio diversifier.

— Client Associates

The gold-silver ratio in the international market stands at approximately 57, indicating higher demand for gold compared to silver. So, in the case of bounce back, gold is expected to give better returns in comparison to silver.

— Amit Goel, Chief Global Strategist at Pace 360

A key theme of the 2026 assessment is the role of commodities within the broader market and asset allocation framework.
— Client Associates

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.

Following global market cues, MCX silver rates opened flat on Thursday. The white metal opened at ₹2,51,041 and touched an intraday high of ₹2,51,889.

In the international market, the COMEX silver erased early morning gains and is currently quoting marginally higher at $77.780 per ounce.

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 regarding 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 IBJA

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)

The COMEX silver has erased its early morning gains and the white silver may have a flat opening on the Multi Commodity Exchange (MCX).

Anuj Gupta, Director at Ya Wealth

After rising around 1.50% during the Opening Bell, the COMEX silver has been under profit-booking pressure after hiutting an intraday high of $78.875 per ounce. The COMEX silver is currently quoting $77.771 per ounce.

COMEX silver price is currently quoting $77.771 per ounce, while the COMEX gold price is quoting $4451.50 per ounce. Hence, gold-silver ratio today in the internationa market is slightly above 57.

The ₹2,55,000 to ₹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 at Enrich Money

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.

— Kaynat Chainwala, AVP Commodity Research, Kotak Securities

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.

— Kotak Securities

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, 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

“The MCX silver rate has immediate support placed at ₹2,50,000 per kg levels, while the white metal is crucial suppoprt placed at ₹2,42,000 per kg. On breaking below ₹2,42,000 support, the precious metal may tray to test ₹2,38,000 per kg,” said Anuj Gupta.

“COMEX silver price is trading in small $75 to $79 range, whereas the broader range of COMEX silver is $72 to $82 per ounce,” said Anuj Gupta, Director at Ya Wealth.

On Wednesday, the MCX silver rate finished over ₹7,000 lower at ₹2,51,500 per kg.

The COMEX silver price opened with an upside gap and touched an intraday high of $78.875 per ounce, logging an intraday gain of around 1.50% on Thursday.