Silver futures breach ₹3 lakh/kg for first time; gold hits record high
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Silver prices surged to an all-time high on Monday, crossing the ₹3 lakh-per-kg mark in futures trade for the first time, driven by strong investor demand, robust global cues, and heightened interest in precious metals. On the Multi Commodity Exchange (MCX), silver futures for March delivery soared by ₹13,553, or 4.71%, to hit a record ₹3,01,315 per kilogram. The metal has witnessed a sharp rally over the past week, gaining nearly 14% or ₹35,037, underscoring strong bullish sentiment in the market.
Gold futures scale fresh record levels
Gold futures also mirrored the upbeat trend and scaled fresh record levels amid sustained buying interest. On MCX, gold futures for February delivery rose by ₹2,983, or 2.09%, to touch ₹1,45,500 per 10 grams. Over the past week, gold prices have climbed by ₹3,698, or 2.7%, reflecting increased safe-haven demand.
International markets further reinforced the rally. On the Comex, silver futures for March delivery jumped by $5.81, or 6.56%, during Asian trading hours to hit a record high of $94.35 per ounce. Gold futures for February delivery also surged by $102.6, or 2.23%, to scale an all-time high of $4,698 per ounce.
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Why silver prices jumped
Last week alone, silver gained $9.2, or 11.6%, in the global market, significantly outperforming gold, which rose by $94.5, or 2.09%. Analysts attributed the sharp rise in silver prices to a combination of rising geopolitical tensions, a weakening US dollar, supply-side concerns, and strong industrial demand, particularly from green energy and electronics sectors. Silver’s recent rally has notably outpaced that of gold, highlighting its dual role as both a precious and industrial metal.
Check prices in cities
In the physical markets across Indian cities, silver prices remained elevated. Chennai and Hyderabad saw silver trading at ₹3,01,350 and ₹3,00,950 per kg, respectively. Bengaluru followed closely at approximately ₹3,00,710 per kg while Kolkata reported prices near ₹3,00,080 per kg.
Gold prices also remained firm across major metros. In Mumbai, 24-carat gold was retailing at around ₹1,45,270 per 10 grams while Kolkata reported prices of ₹1,45,080. Delhi trailed marginally at ₹1,45,020. Southern cities continued to command a premium, with Chennai leading at ₹1,45,690 per 10 grams, followed by Hyderabad at ₹1,45,480 and Bengaluru at ₹1,45,360, keeping the regional price gap intact.