Silver rate today hits all-time high following gold's record climb — What is silver's next target?

Silver rate today: Silver prices scaled an all-time high on Monday, extending their rally as growing expectations of further US interest rate cuts and sustained safe-haven demand lifted precious metals across the board. Gold prices, too, touched a record high in trade today.

On the Multi Commodity Exchange (MCX), Silver March futures rose 2.39% to trade at ₹2,13,412 per kg around 9:15 am, after hitting a fresh lifetime high of ₹2,13,844 per kg earlier in the session. Gold prices also remained firm, with MCX Gold February futures up 0.77% at ₹1,35,224 per 10 grams.

In the international market, spot silver climbed 2.7% by 03:44 GMT to touch a historic high of $69.23 per ounce. Spot gold gained 1.2% to scale a new record of $4,391.92 per ounce.

The rally extended to other precious metals as well. Platinum jumped 4.1% to $2,054.25, marking its highest level in over 17 years, while palladium advanced 4% to $1,781.32, hitting a near three-year high.

Silver has surged 138% on a year-to-date basis, significantly outperforming gold. The sharp rise has been supported by strong investment inflows and ongoing supply constraints, which continue to tighten the market even as demand remains robust.

“Silver extended its remarkable rally driven by a combination of tight physical supply conditions, rising safe-haven demand, strong inflows into silver-backed ETFs, and growing expectations of US Federal Reserve rate cuts. Investment demand remains robust as silver-backed ETFs continue to attract buying interest, with global holdings on pace for a sixth consecutive week of inflows. Momentum has been further amplified by reports that China plans to restrict silver exports from 2026, a development that could disrupt a key supply source and intensify pressure on the global market,” explained Kaynat Chainwala, AVP Commodity Research, Kotak Securities.

Chainwala further added that with Chinese silver inventories already at their lowest levels in a decade, any export curbs risk worsening the physical squeeze, reinforcing the bullish narrative and potentially sustaining elevated prices in the near term.

Silver prices: What's the next target?

As per NS Ramaswamy, Head of Commodity & CRM, Ventura, silver could rally to $100 an ounce (approx. ₹3lakhs per kg) in 2026. It's poised to play a pivotal “next generation metal” role across industries critical to the green energy transition and digital transformation over the coming decade, he added.

However, he cautioned that history reminds us that spectacular rallies can be followed by epic declines too, no stranger to the booms and busts.

YES Bank, on the other hand, has a more muted target. It sees silver prices pushing up to $69 /oz.

"Silver has delivered a whopping return in CYTD. Like gold, while silver serves as a safe-haven, it has other significant drivers. It is integral to transformational forces such as the AI boom and the data centre build-out, as well as the clean energy transition and applications, including photovoltaics and EVs. Silver also plays a critical role in defence programs amid rising military spending. Thus, silver demand is expected to stay strong in 2026 alongside a rise in retail investment demand. A severe supply squeeze that started in October can therefore continue to pinch global markets while the US government designated silver a critical mineral, adding strategic importance to the metal. Chinese inventories have also dropped to decade lows and are aiding the silver price surge," YES Bank said.

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.