Silver Rate Today Highlights: MCX silver price jumps over ₹9,000 amid bullish global trend — How to trade?

Silver Rate Today LIVE: Multi-Commodity Exchange (MCX) data showed that the silver futures for the March 2026 contract were trading 0.44% or ₹1,029 per kilogram higher at ₹236,902 per kilogram as of 11:17 p.m. (IST), according to the official data.

Silver prices closed ₹235,873 per kilogram, in the previous commodity market session, MCX data shows.

We continue to maintain a buy-on-dips stance with a staggerd approach for investment in silver, in light of the factors discussed above. The initial target of $75 on COMEX has been achieved; we remain committed to the previously stated target of $77 on COMEX which is ₹ 2,46,000 on domestic front. Any further revisions to levels will be guided by evolving market conditions and will be communicated in reports to follow.

— Views by MOSL

The 2025 silver market tells a story of policy-driven supply restrictions, breakdown of arbitrage due to vault depletion, and a widening gap between paper prices and physical reality. COMEX’s liquidity model is being tested, major holders and bullion bankers wield outsized influence over inventory availability, and physical scarcity is fundamentally reshaping price discovery in a way that appears likely to persist into 2026 and beyond.

— MOSL

Gold and Silver surged over the past year on the back of a powerful mix of macro stress, structural demand, monetary policy changes, and overall unrest. Meanwhile, silver, along with safe-haven buying, was also supported by industrial demand and physical tightness. We continue to believe these factors, along with a change in BOJ’s policy, a change in Fed governor, and the ripple effect of tariff’s could be possible themes impacting bullion in 2026. ETF inflows could remain influential, while speculative positioning and macro drivers such as currency dynamics and global growth prospects will dictate shorter‑term trends.

— Ajay Menon, MD & CEO, Motilal Oswal Financial Services.

Silver prices in Mumbai were priced as follows:

10 gram: ₹2440

100 gram: ₹24403

1 kilogram: ₹244,030

Silver climbed to around $73 per ounce on the first trading day of 2026, building on its strongest year on record.

The precious metal surged 148% last year, breaking through several key levels, supported by its designation as a critical US mineral, tight supply conditions, low stockpiles, and strengthening industrial and investment demand.

The rally has also been reinforced by the rollout of broad US trade tariffs and expectations of looser US monetary policy.

Minutes from the FOMC’s December meeting, released earlier this week, showed growing openness to rate cuts if inflation continues to ease, although policymakers remain divided over the timing and scale.

Geopolitics also continued to lift safe-haven appeal, as the US tightened restrictions on Venezuela’s oil exports and renewed Russia-Ukraine attacks over the New Year period damaged Black Sea ports and key energy infrastructure.

MCX Silver March prices are likely to appreciate to ₹242,000/kg.

— Jigar Trivedi, Senior Research Analyst at Reliance Securities

The rally in gold, silver, and copper through 2025 was more than a market surge—it was a signal of deeper economic shifts. A 79% increase in gold price and a historic 140% surge in silver reflected two major trends: countries moving away from holding dollars as reserves, and rising prices eroding the value of paper money worldwide. Copper's 40% climb signals the energy transition is no longer a buzzword but a supply-constrained reality with no viable substitutes at scale.

For India, the paradox is acute. The import duty cuts on gold and silver from 15% to 6% should have catalysed consumption; however, the unchanged 3% GST continues to limit retail demand. Meanwhile, 50% US tariffs on jewellery exports create headwinds that lower import tariffs cannot fully offset. India’s copper demand is poised to accelerate as data centre capacity expands to 4–8 GW by 2030.

Looking ahead to 2026, the key question is whether central banks’ sustained gold purchases can uphold valuations if a technical reset emerges. Nevertheless, the underlying drivers—inflation, currency weakness, and geopolitical uncertainty—remain strong enough to overcome any correction, keeping gold prices anchored in the USD 4,500–5,000 range.

— Rajeev Sharan, Head – Criteria, Model Development & Research, Brickwork Ratings

Silver prices declined by almost 6% as investors booked profits, following a stellar yearly gain of around 150%, the best since 1979. Strong industrial demand in EV, Solar panel, etc, coupled with supply-side deficit, is expected to support silver prices at the lower level. Meanwhile, ETF inflow and export curbs from China remain key drivers of white metal prices in 2026

“The multi-year structural bull trend remains firmly intact, supported by continued central bank accumulation, persistent geopolitical risks, and expectations of Fed rate cuts this year. Importantly, recent overbought conditions have cooled off, allowing momentum to rebuild in a healthier manner,” said Ponmudi R of Enrich Money.

“A breakout above ₹2,42,000 could trigger fresh upside toward ₹2,46,000– ₹2,55,000 in the medium term. The broader structure continues to signal aggressive accumulation, reinforcing silver’s role as a high-beta companion to gold in the current cycle,” said Ponmudi R, CEO at Enrich Money.

“MCX silver is recovering toward ₹2,42,000 after recent volatility. Despite sharp swings, the long-term bullish channel remains firmly intact, with consistent buying emerging on declines,” said Ponmudi R of Enrich Money.

“The impulsive long-term uptrend remains intact, supported by strong industrial demand from solar energy, EVs, electronics, and sustained investment flows. Immediate resistance is seen in the $76–$80 zone, while the broader 2026 outlook leaves room for $90–$100 over the medium term. Strong support is placed at $68–$70, making corrective declines attractive for staggered accumulation,” said Ponmudi R, CEO at Enrich Money.

On reasons that are fueling silver rates today, Ponmudi R, CEO at Enrich Money, said, “Silver is holding near $73.35/oz after a sharp year-end correction from highs above $78, largely driven by CME margin hikes, forced position unwinding, and thin holiday liquidity. Prices have since rebounded from oversold levels while continuing to trade above the 20-day EMA near $68, reinforcing trend stability.”

Following the rally in the COMEX silver, the silver price skyrocketed over ₹7,000 per kg during the early morning session on MCX. After a gap-up opening, the MCX silver rate today touched an intraday high of ₹2,43,443 per kg.

Meanwhile, the COMEX silver price has gained further and inched close to $ 73 per ounce levels, logging an intraday gain of over 3% during Friday's dealings.

“The MCX silver rate today has successfully broken above the minor resistance placed at the ₹2,36,000 to ₹2,37,000 band. Now, position holders are advised to upgrade their stop loss at ₹2,34,000 and wait for the next upside move. The white metal may soon touch ₹2,50,000 if it sustains above the ₹2,37,000 levels for the next two to two-three hours,” said Anuj Gupta of Ya Wealth.

Following the COMEX silver price rally, silver prices on the MCX opened upside and touched an intraday high of ₹2,40,957 per kg, recording an intraday high of over ₹5,000 against yesterday's close.

Following the strong global cues, the MCX silver rate today opened upside at ₹2,39,041 per kg and touched an intraday high of ₹2,40,500 per kg within a few minutes of the Opening Bell.

The Shanghai silver price (XAG) is trading at a half-per cent premium against the COMEX silver price. This signals the Chinese intention to raise the silver rates today, despite the CME increasing the margin percentage by 25%.

“The key driver today is the CME raising margins for the second time in just a few days,” said Ross Norman, chief executive officer of Metals Daily, a pricing and analysis website. The higher collateral requirements are “cooling the markets off,” he told Reuters.

“Silver is trading marginally lower near ₹2,35,500 to ₹2,36,000, remaining in a healthy consolidation phase after the late-2025 correction. Immediate resistance is seen in the ₹2,37,000 to ₹2,38,000 zone,” said Ponmudi R, CEO at Enrich Money.

According to Reuters, silver has notched up a gain of more than 140% during the year, driven by speculative buying but also by industrial demand. The metal is used extensively in electronics, solar panels and electric cars. In October, it soared to a record as tariff concerns drove imports into the US, tightening the London market and triggering a historic squeeze.

“The COMEX silver is trading in $70 to $75 band. A bullish or bearish trend can be assumed on the breakage of either side of this range. MCX silver is expected to follow the COMEX silver price movement in the Opening Bell,” said Sugandha Sachdeva, Founder of SS WealthStreet.

“MCX silver rate today has immediate support placed in the ₹2,32,000 to ₹2,30,000 band, and on breaking above ₹2,36,000 hurdle, we can expect the MCX silver price to touch ₹2,50,000 soon,” said Anuj Gupta, Director at Ya Wealth.

“The COMEX silver is trading green by more than 2% early morning gains. This means MCX silver may have a gap-up opening,” said Anuj Gupta of Ya Wealth.

The COMEX silver price has further extended its early morning gains, regaining the psychological $ 72-per-ounce mark. The white metal is quoting $72.040 per ounce, around 2.05% higher than the previous close.

“Buying digital gold or silver is dangerous, as people have short positions, which are much higher than the actual existing silver. For example, American Citibank had a short position of around 1 billion tons of silver, whereas BofA had a short position of around 3.4 billion tons of silver. However, the actual production of silver is only around 850 billion. If a big institution requests physical delivery, then from where will the exchange be able to arrange that much silver? Off course from the physical market of those who have a high silver reserve,” said Anuj Gupta of Ya Wealth.

“Amid soaring silver rates, US investors want the prices to come down as they have huge short positions, whereas Chinese investors have strong buying positions, which is evident in the Shanghai silver price trading at a premium against the COMEX silver price,” said Anuj Gupta, Director at Ya Wealth.

“Precious metals are entering 2026 on a steady to mildly softer note, with gold and silver consolidating near recent closing levels following the sharp year-end corrective phase. This pause comes after the extraordinary rally witnessed through 2025. Importantly, the broader long-term bullish structure remains intact, underpinned by persistent supply constraints—particularly in silver—robust industrial demand from solar, EV and AI-linked sectors, continued central-bank accumulation of gold, and expectations of further global rate cuts. In this context, near-term consolidation should be viewed as a healthy reset rather than a trend reversal,” said Ponmudi R of Enrich Money.

The COMEX silver price extended the early morning gains and regained the psychological $72 per ounce mark. The precious white metal is currently quoting $72.347 per ounce, 2.45% higher than the previous close price.

“Over the last two sessions, price action has formed inside-range candles, indicating balance and the absence of aggressive directional positioning. This sideways movement reflects consolidation rather than weakness, as the larger impulsive bullish structure remains intact,” Ponmudi R of Enrich Money said.

On the outlook of MCX silver rates today, Ponmudi R, CEO at Enrich Money, said, “Supported by both safe-haven demand and accelerating industrial usage, silver continues to hold strong long-term potential. Immediate support is seen in the ₹2,33,000 to ₹2,30,000 zone, while upside potential remains open toward ₹2,37,000 to ₹2,38,000 in the near term as global participation normalises. Silver remains well-positioned for relative outperformance through 2026.”

The COMEX silver price has opened upside on Friday and the white metal is quoting $71.987 per oucne, logging around 2% intraday gain against the previous close.

MCX silver futures closed the session on Thursday at ₹235800, down ₹73 per kg or 0.03%. There is no evening session on the MCX today. The trading will now resume on Friday.