MCX silver prices hit record Rs 1,90,374 per kg as global rally intensifies

Silver Price Today: Silver extended its record-setting run on Wednesday, scaling a new all-time high on the MCX, while gold held steady amid firm global cues and expectations of a US Federal Reserve rate cut.

On the MCX, silver surged to Rs 1,90,374 per kg, its highest level ever, supported by heavy buying interest and tight physical supply. Prices have been on a steep climb in recent sessions, tracking an extraordinary global rally that has pushed silver past $60 an ounce for the first time, with intraday highs of $61.48.

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Internationally, silver has jumped from the $50 mark in just 12 trading sessions, with traders citing strong industrial demand, supply constraints and renewed investor appetite for precious metals.

Gold was more measured in comparison, but still managed to hold firm. February gold futures on MCX settled at Rs 1,30,107 per 10 grams, edging slightly higher. Overseas, gold stayed above $4,200 an ounce, aided by a softer US dollar and caution ahead of key commentary from Fed Chair Jerome Powell.

Market participants say gold’s steady tone reflects a mix of safe-haven buying and expectations that the Fed may shift towards a more accommodative policy track, which has kept bullion well-supported.

Analysts attribute silver’s sharp move to a confluence of factors — tight supply, strong industrial offtake, and renewed speculative interest. The metal has increasingly drawn attention from sectors such as solar, electronics and green technology, adding momentum to the rally.

Gold, meanwhile, continues to benefit from expectations that the Federal Reserve may trim rates, though the central bank is widely expected to signal caution after a volatile spell in the US economy.

Traders are now watching for Powell’s remarks later this week. Any shift in tone — whether dovish or cautious — could sway near-term sentiment for both gold and silver. For now, the broader outlook remains constructive, with silver at record highs and gold steady above Rs 1.30 lakh.