Silver’s record-breaking rally accelerates. Is the Rs 2 lakh mark now in sight?
Silver prices hit uncharted territory on Wednesday, marking fresh all-time highs on both domestic and global platforms. On the Multi Commodity Exchange (MCX), March futures climbed to Rs 1,90,799 per kilogram, extending their recent rally.
Internationally, COMEX silver crossed the $62 per troy ounce mark, bolstered by supply constraints, investor interest, and anticipation surrounding the U.S. Federal Reserve’s policy outcome.
The renewed momentum follows a brief pause earlier this month, but gained strength again as investors aggressively added exposure through silver ETFs.
According to Manav Modi, Commodities Analyst – Precious Metal Research, Motilal Oswal Financial Services, “Silver rose to hit an unprecedented $60 milestone amid supply constraints and investor demand.”
He noted that silver bulls staged a strong comeback, with a jump of more than Rs 6,000 in a single day, adding, “Amidst a sharp rally in Silver, the Gold/Silver ratio has dropped down below the 70 level.”
The momentum is supported by robust exchange-traded fund (ETF) inflows as well. “Silver ETF is also witnessing record inflows, iShares added 324 tonnes of silver in the past week — its largest weekly inflow since July,” Modi added.
Further strengthening the rally are expectations of a potential rate cut from the U.S. Federal Reserve. Rahul Kalantri, VP Commodities, Mehta Equities, observed that the physical delivery shortages and strength in industrial metals continue to support silver prices. “Markets are pricing in a 90% chance of a 0.25% U.S. interest rate cut from the Fed this week,” he stated.Silver has now entered what analysts are calling “parabolic territory.” Kalantri noted that COMEX Silver “has entered parabolic territory after breaking above $60 with strong volume,” and is currently trading near $61.08.
He identified resistance zones at $61.95–$62.45, with further upside potential toward $63, $65, and even $68–$70 in the coming weeks.
From a domestic perspective, the near-term trajectory also appears strong.
“MCX Silver futures have confirmed a historic breakout above Rs 1,90,000 and are now trading near Rs 1,90,295 with exceptional momentum,” said Kalantri. As long as Rs 1,83,000 holds as short-term support, he added that the next upside is seen toward Rs 1,92,000–Rs 1,95,000, followed by Rs 2,00,000+ into early 2026.
Jigar Trivedi, Senior Analyst – Commodities & Currencies at Reliance Securities, echoed the bullish undertone. “The outlook is bullish. The market is expecting a rate cut and focus is on the economic projections and dot chart. Trade uncertainties are still supporting the bullish outlook,” he said.
He noted that on the MCX, silver futures are now eyeing a resistance at Rs 1,93,000, followed by Rs 1,95,000 and eventually at the Rs 2,00,000 mark.
Also read: Silver reaches new all-time high of Rs 1,90,374/kg; will gold follow suit?
The Fed’s policy announcement, due later in the day, remains a key macro trigger for precious metals. Traders are expected to closely watch comments from Chair Jerome Powell and the dot plot projections for any clues on the future rate trajectory, which could further influence gold and silver prices globally and in India.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times