Silver price jumps by Rs 3,500 in just 2 days. Is a new all-time high in sight soon?

Silver prices have surged sharply over the last two trading sessions, rising by Rs 3,500 to cross the Rs 1 lakh per kilogram mark on the Multi Commodity Exchange (MCX). On Tuesday, silver July contracts touched an intraday high of Rs 1,00,555/kg, while in the previous trading session, the same settled at Rs 1,01,011/kg, up more than 4% in a single day.

This was largely driven by a wave of safe-haven buying that also pushed global silver prices to a two-month high. The silver July contracts made a lifetime high of Rs 1,03,704/kg earlier in March this year.

The sharp rally in silver has been fueled by renewed geopolitical and economic concerns, prompting investors to turn to bullion for stability. Rising tensions between Russia and Ukraine, including escalated military activity ahead of peace talks, have heightened global uncertainty.

Additionally, market sentiment turned defensive after U.S. President Donald Trump announced plans to double tariffs on steel and aluminium imports, while accusing China of violating a trade truce related to critical minerals.

These developments, combined with bearish sentiment in the U.S. Dollar Index and subdued economic confidence, have made silver increasingly attractive as a store of value.

The metal is widely seen as a safe-haven asset during times of geopolitical unrest and monetary policy uncertainty, particularly in low-interest-rate environments.Also read: Crash time is now: Kiyosaki urges dumping ‘fake money’ for silver, predicts 3x surge

Are silver prices heading towards lifetime high soon?

Analysts believe that silver may continue its upward trajectory in the near term. Rahul Kalantri, Vice President at Mehta Equities, stated that silver has support at Rs 100,260–99,350 and sees resistance emerging in the range of Rs 1,01,750–1,02,550.

Axis Securities echoed a bullish outlook, recommending a buy on MCX Silver above Rs 98,500 with targets of Rs 1,01,500 and Rs 1,03,000, which is near its all-time high. Their technical view suggests a “sideways to mildly positive bias” despite a bearish crossover on the MACD indicator, with the 20-week SMA acting as a key support during pullbacks.

Adding to the momentum, Robert Kiyosaki, author of Rich Dad Poor Dad, described silver as “the biggest bargain today” and suggested it “may 3X” by 2025. He emphasized that silver remains 60% below its all-time highs and is still trading around $35 an ounce, presenting what he called the “biggest bargain today” in the face of a potential crash in global stock, bond, and real estate markets.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)