Silver rate today: When will silver price rally top out? Explained

Silver rate today: After remaining under pressure in the first few sessions last week, the COMEX silver price finally finished at $79.341 per ounce, after recording an intraday gain of 5.59% on Friday. This rise in the precious white metal was mainly driven by the ease in the US Dollar (USD), which witnessed profit-booking on the weekend after remaining strong throughout the week. After finishing at $79.341 per ounce, the precious white metal recorded a weekly gain of 11.27% against the previous week's close of $71.300 per ounce—the MCX silver rates for the March 2026 futures expiry ended around ₹2,52,000 per kg.

The weekly gain following the retracement from the record high of $82.37 has fueled speculation about whether silver prices will reach $100 in the near term or take some time to do so. Similarly, traders on the MCX are also holding their breath to see whether silver rates in India will reach ₹3 lakh or not.

According to commodity market experts, the silver rate today is on an upward trend due to a structural shift in the demand-supply balance. They stated that these structural shifts include disruptions in export supply from Peru and Chad due to the escalating US-Venezuela conflict, as well as China's shadow ban on silver exports, effective January 1, 2026. The rising demand for EVs, solar, and electronic goods has widened the demand-supply gap, leading to a sharp increase in silver prices. However, they maintained that commodity prices are cooling down and the silver price rally is also expected to top out soon. However, they maintained that there is still a possibility that MCX silver rates may reach ₹3 lakh per kg before topping out and predicted the COMEX silver price to peak around $100.

US Supreme Court's tariff decision in focus

On why silver prices rose last week, especially on Friday, Amit Goel, Chief Global Strategist at Pace 360, said, "The US Supreme Court's decision on Trump's tariffs was expected on Friday, but the US Supreme Court is set to issue its next round of rulings on 14 January 2026, i.e., on Wednesday next week. There is speculation in the market that the US Supreme Court's ruling on tariffs may go against Donald Trump, and uncertainties such as a trade war and tariff hikes may be alleviated. However, the US Supreme Court set the issue in its next hearing, which fueled silver and gold prices."

Anuj Gupta, Director at Ya Wealth, said, "At the beginning of last week, silver prices were under pressure due to the strong US Dollar. However, the US currency came under pressure from profit booking, which fueled bullion and base metal prices.

Can COMEX silver touch $100?

Asked about the chances of the COMEX silver rates hitting $100 per ounce in the near-term, Amit Goel of Pace 360 said, "Before looking at a target, we need to look at the possibility of topping out. Every rally tops out, and bullion won't be an exception to it. We saw strong selling in the base metals last week. Bullions were also under pressure, but their Friday rally put them in the green zone. Bullion may top out by the end of February. Hence, there is still a possibility for the white metal to touch the magic figure. However, we need to remain vigilant about the crucial support placed at $70. If the COMEX silver price breaks below $70 on a closing basis, without touching the $100 figure, then it would be a significant dent for the bulls. Upon reaching the $100 mark, the COMEX silver has two tremendous hurdles to overcome, positioned at $84 and $90. If the white metal breaks decisively above these two hurdles, we can expect it to reach a peak above or around the $ 100-per-ounce level. However, all these things w

Amit Goel stated that crucial support for the MCX silver rate is at ₹2,30,000. The precious white metal slipping below this support without touching the ₹3 lakh per kg mark may eclipse the fancy of hitting the ₹3 lakh levels. On the upside, the MCX silver rate has two major hurdles placed at ₹2,65,000 and ₹2,90,000. If the silver price breaks above these hurdles in the next one to one and a half months, the MCX silver rate may touch ₹3 lakh, said Amit Goel.

Silver rate today: Near-term outlook

"COMEX Silver is holding firm and comfortably above its short- and medium-term moving averages following a consolidation breakout. Momentum remains buyer-driven, supported by rising industrial demand from solar, EVs, and AI-linked applications, alongside ongoing safe-haven flows. The $80–$83 zone may invite intermittent profit-booking; however, a sustained breakout above $83 would likely trigger the next medium-term leg toward $85–$90. Strong demand is visible in the $75–$77 support zone," said Ponmudi R, CEO at Enrich Money.

On the outlook of the MCX silver rates, Enrich Money expert added, “MCX Silver continues to be firmly entrenched in a bullish channel. Dips are being absorbed aggressively, highlighting strong underlying demand and positioning silver as a high-beta outperformer within the precious metals space. Sustained strength above ₹2,48,000 to ₹2,50,000 keeps the upside momentum intact. A breakout beyond ₹2,52,000 to ₹2,55,000 could accelerate gains toward ₹2,60,000 to ₹2,70,000. On the downside, a break below ₹2,44,000 would expose supports in the ₹2,43,000 to ₹2,38,000 zone, where fresh buying interest is likely to emerge.”

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