Silver prices in global markets saw a significant drop after hitting a new high of $84 per ounce on Monday. The decline, up to 8%, was attributed to profit-taking, halting a potential seventh consecutive day of gains. Meanwhile, March silver futures on MCX showed a 4.22% increase, trading at Rs 2,49,282 per kilogram.
The white metal’s global futures peaked at $82.67 an ounce, marking a 7% rise early in the trading day following an 11% surge on Friday, the most robust single-day increase since 2008. Despite the drop, silver’s rally has surpassed the supply constraints witnessed in October, with analysts noting that holiday trading thinness intensified price fluctuations.
Silver’s recent surge, surpassing 180% in 2025, with three trading sessions left, positions it for its best annual performance since 1979, when gains exceeded 200%. Factors such as a weaker dollar index, expectations of Fed rate cuts, and escalating geopolitical tensions have bolstered the rally, according to Rahul Kalantri, VP Commodities at Mehta Equities Ltd.
China’s proposed silver export limitations from January 2026 triggered a sharp uptick in silver prices, while ongoing global uncertainties continue to steer investment flows towards precious metals. Kalantri highlighted support levels at Rs 2,38,810-Rs 2,37,170 and resistance levels at Rs 2,41,810- Rs 2,43,470 for silver.
