Silver futures for March delivery surged by Rs 13,553, or 4.71 percent, on the Multi Commodity Exchange (MCX), reaching a record of Rs 3,01,315 per kilogram.
MCX Silver Price Today Hits Record High, Crosses ₹3 Lakh per Kg
New Delhi: Strong investor demand and positive sentiment toward precious metals around the world helped silver prices soar on Monday, surpassing the Rs 3 lakh-per-kg milestone in futures trading for the first time. Silver futures for March delivery surged by Rs 13,553, or 4.71 percent, on the Multi Commodity Exchange (MCX), reaching a record of Rs 3,01,315 per kilogram.
Silver futures increased by almost 14%, or Rs 35,037, over the previous week. Strong purchasing interest was also seen in gold futures, which set new records. For the February contract, the yellow metal increased by Rs 2,983, or 2.09 percent, to Rs 1,45,500 per 10 grams.
Over the past week, the metal has increased by Rs 3,698, or 2.7%. During the Asian trading session, Comex silver futures for March delivery increased by USD 5.81, or 6.56%, to reach a record of USD 94.35 per ounce in the global market.
Additionally, gold for February delivery increased by USD 102.6, or 2.23 percent, to reach an all-time high of USD 4,698 per ounce.
Globally, increased geopolitical tensions and a weak US currency helped both metals gain momentum last week, with silver rising USD 9.2, or 11.6%, and gold rising USD 94.5, or 2.09%. According to analysts, increased industrial demand and supply concerns have helped silver’s advance surpass that of gold in recent sessions.
FAQs on Silver Price Surge in India
1. Why did silver prices cross ₹3 lakh per kg on MCX?
Silver prices surged due to strong investor demand, positive global sentiment toward precious metals, rising industrial demand, and supply-side concerns. Weakness in the US dollar and geopolitical tensions also boosted buying interest.
2. What is the latest silver futures price on MCX?
Silver futures for March delivery on the Multi Commodity Exchange (MCX) hit a record high of ₹3,01,315 per kilogram, rising by ₹13,553 or 4.71% in a single session.
3. How much have silver prices increased over the past week?
Over the last week, silver futures jumped by nearly ₹35,037 per kg, marking an increase of around 14%, indicating strong bullish momentum in the market.
4. How are global silver prices performing?
In the global market, Comex silver futures for March delivery rose to a record USD 94.35 per ounce, gaining USD 5.81 or 6.56% during the Asian trading session.
5. What impact did gold prices have on the silver rally?
Gold prices also hit record highs, strengthening overall sentiment in precious metals. Gold futures for February delivery rose to ₹1,45,500 per 10 grams on MCX, supporting silver’s upward trend.
6. Why is silver outperforming gold recently?
According to analysts, strong industrial demand, especially from renewable energy and electronics sectors, along with supply constraints, has helped silver outperform gold in recent trading sessions.
7. What global factors are driving precious metal prices higher?
Key global drivers include geopolitical tensions, a weak US dollar, inflation concerns, and increased safe-haven buying, all of which have pushed both silver and gold prices to record levels.
8. Should investors be cautious at current silver price levels?
Experts advise investors to remain cautious due to high volatility at record levels. While long-term fundamentals remain strong, short-term corrections cannot be ruled out after such sharp gains.
9. What role did industrial demand play in the silver price rally?
Silver’s extensive use in industries such as solar panels, electric vehicles, electronics, and semiconductors has significantly boosted demand, contributing to its sharper rise compared to gold.
10. How did geopolitical tensions influence silver prices?
Rising global geopolitical risks increased safe-haven demand, prompting investors to move funds into precious metals like silver and gold.
11. How did the US dollar impact silver and gold prices?
A weak US dollar made precious metals cheaper for overseas buyers, increasing demand and pushing global prices higher.
12. Are supply constraints affecting silver prices?
Yes, concerns over limited mine supply, lower inventories, and production challenges have added upward pressure on silver prices.
13. How volatile is silver compared to gold?
Silver is generally more volatile than gold, meaning it often shows sharper price movements during rallies as well as corrections.
14. What is the outlook for silver prices in the near term?
Analysts expect silver prices to remain volatile but supported, driven by strong fundamentals, industrial demand, and global economic uncertainty.
15. Is this the highest silver price ever recorded in India?
Yes, the silver futures price of ₹3,01,315 per kg on MCX marks an all-time high in the domestic futures market.
16. How did gold prices perform over the past week?
Gold prices increased by ₹3,698 per 10 grams, or 2.7%, over the last week, also reaching record levels.
17. Should long-term investors consider silver now?
Long-term investors may consider silver due to its dual role as a precious and industrial metal, but experts recommend staggered investments due to current volatility.
18. Can silver prices correct after such a sharp rise?
Yes, after a rapid surge, profit-booking and technical corrections are possible, even though the long-term trend remains positive.
19. How does inflation impact silver prices?
High inflation often drives investors toward precious metals as a hedge, supporting silver prices.
20. What should traders watch next?
Traders should monitor US inflation data, Federal Reserve policy signals, global economic indicators, and geopolitical developments for future price direction.
