Silver rate today: Silver price retraces from record highs. Opportunity to buy silver or silver ETF?

Silver prices in India continue to hit record highs following gains in international bullion prices, led by safe-haven buying on heightened tensions between the US and NATO over Greenland, and rising industrial demand for the white metal.

On Wednesday, MCX silver rate jumped by more than 3%, or by ₹11,000, to scale a fresh record high of ₹3,34,840 per kg. MCX gold price also surged over 5% to touch a new high of ₹1,58,339 per 10 grams.

In the international market, spot gold price surged 2.1% to $4,862.46 per ounce, after scaling a record $4,865.73 earlier in the session. US gold futures for February delivery climbed 2% to $4,861.20 per ounce. Spot silver price eased 0.1% to $94.48 an ounce, after hitting a record high of $95.87 on Tuesday.

The gains in gold and silver prices came as investors sought safety in precious metals after US President Donald Trump said there was “no going back” on his goal to control Greenland, refusing to rule out taking the Arctic island by force and lashing out at NATO allies.

Why are silver prices rising?

Escalating global geopolitical risks, fiscal pressures, and weakness in the US dollar have bolstered safe-haven appeal for gold and silver prices amid debasement concerns.

Additionally, central banks have quadrupled gold purchases since 2022, with most reserve managers planning further increases. Expectations of policy easing and lower interest rates, especially by the US Federal Reserve, have also supported the bullion prices. Bullion prices tend to perform well in a low interest rates environment.

Silver’s Dual Demand

Silver stands out due to its dual-demand profile, offering both monetary protection and robust industrial usage. Demand from solar panels, electric vehicles, data centres, and broader electrification trends now accounts for more than half of total consumption.

Persistent supply deficits — driven by subdued mine output and limited recycling — continue to highlight market tightness. This structural backdrop positions silver to potentially outperform gold during growth phases, while still serving as an effective hedge during periods of economic or financial stress.

Comex Silver Price Outlook

Comex silver price is consolidating between $92.57 – $95.73 after a brief phase of profit booking.

“The breakout above the critical $90–$92 zone stands well confirmed, with prices holding above all major moving averages within a steep rising channel. Structural demand from solar, EVs, AI infrastructure, and electronics remains exceptionally strong, adding to safe-haven and inflation-hedge flows. Immediate support lies at $92.00–$90.00, followed by a stronger base near $88–$89,” said Ponmudi R, CEO of Enrich Money.

According to him, a decisive breakout above $95.73 – $96.5 can rapidly push silver prices toward $99 – $100+.

“The medium-to-long-term outlook remains exceptionally bullish, with scope toward $110 – $120 in 2026 under sustained supply constraints and industrial demand,” he added.

MCX Silver Price Outlook

MCX Silver price continues to outperform with a powerful breakout and strong follow-through buying. The rising channel remains very steep, with the 20-day EMA near ₹3,17,000 acting as reliable dynamic support.

“Sustained trade above ₹3,26,000 keeps momentum decisively bullish. Immediate upside targets are placed at ₹3,30,000 – ₹3,32,000, with scope to extend toward ₹3,35,000 – ₹3,50,000 over the coming months. Any dip toward ₹3,15,000 – ₹3,13,000 should be viewed as a high-conviction accumulation opportunity,” said Ponmudi R.

Silver vs Silver ETFs

Akshat Garg, Head - Research & Product of Choice Wealth advises new investors to consider taking positions in Silver ETFs as part of building a diversified multi-asset portfolio, capitalizing on the metal’s robust structural drivers.

“Existing Silver ETF holders should avoid exiting at current levels, as the supportive forces remain intact. Gold and silver are very important for investors due to central bank accumulation, monetary easing tailwinds, and silver’s surging industrial demand,” said Garg.

Portfolio Positioning

For new investors, Garg advises a target 5-10% allocation to silver or gold ETFs within a broader multi-asset framework alongside equities, debt, and other assets — treated as diversification, not a momentum play.

He advises existing holders to stay put through swings. “Conviction flows from institutions and ETFs signal staying power. Dips remain buying opportunities for long-term portfolios,” Garg said.

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.