Silver rate today rises 1% on MCX, hits fresh record high. Is it the right time to buy?

Silver rate today: After opening in the negative territory on Tuesday, January 13, silver prices rebounded sharply, hitting fresh record highs in the domestic futures market.

Silver prices traded marginally lower on Tuesday, falling ₹270 or 0.10% to ₹2,68,700 on the Multi-Commodity Exchange (MCX) in opening trade. However, the white metal took a U-turn and turned positive, rallying 1.2% to ₹2,72,202 — also its record high.

Meanwhile, on the international front, spot silver was down 1.6% to $83.62 per ounce after hitting an all-time high of $86.22 on Monday, driven by concerns over the Federal Reserve’s independence following threats of a criminal indictment by the Donald Trump administration.

What's driving silver prices on Tuesday, January 13?

Fresh geopolitical concerns, along with a weak US dollar, lent support to the silver prices today. US President Donald Trump said on Monday that any nation that continues to trade with Iran would be hit with a 25% tariff on its commerce with the US.

Bullion prices also found support from a softer US dollar, as uncertainty intensified around a potential criminal investigation by the Trump administration into Federal Reserve Chair Jerome Powell.

The dollar remained under pressure but stayed close to one-month highs after the Trump administration launched a criminal probe into Powell—a move that has raised concerns over the Fed’s independence and investor confidence in US assets. The decision sparked strong criticism on Monday from former Fed leaders as well as several prominent Republican lawmakers.

Is it the right time to invest in silver?

According to Ponmudi R, CEO of Enrich Money, MCX Silver continues to trade near ₹2,69,000– ₹2,70,000, firmly embedded within a strong bullish channel.

“Dips are being met with aggressive absorption, highlighting powerful underlying demand and positioning silver as a high-beta leader within precious metals,” Ponmudi said.

He said that a sustained strength above ₹2,70,000 keeps upside momentum intact for silver.

“A breakout beyond ₹2,72,000 could propel prices toward ₹2,85,000– ₹3,00,000. On the downside, any corrective move below ₹2,60,000 may test the ₹2,55,000– ₹2,45,000 support zone, where fresh buying interest is expected to emerge,” he said.

Meanwhile, Rahul Kalantri, VP Commodities, Mehta Equities Ltd, believes that silver has support at $83.10-80.75 while resistance is at $88.15-89.40. In INR terms, the white metal has support at Rs2,60,810, 2,54,170, while resistance is at ₹2,71,810, 2,74,470.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.