Due to forecasts of US interest rate reduction and gold's record levels, silver prices reached an all-time high, jumping 2.39% to ₹2,13,412 per kg. Platinum and palladium also saw notable increases, with spot silver hitting USD 69.23 per ounce.
The current price of silver: As growing hopes of additional US interest rate reduction and persistent demand for safe havens boosted precious metals overall, silver prices reached an all-time high on Monday, continuing its climb after gold hit record highs.
After reaching a new all-time high of ₹2,13,844 per kg earlier in the session, silver March futures on the Multi Commodity Exchange (MCX) increased 2.39% to trade at ₹2,13,412 per kg at 9:15 am. Additionally, gold prices held steady.
Spot silver reached a record high of USD 69.23 per ounce at 03:44 GMT, up 2.7% on the global market. Spot gold reached a fresh high of USD 4,391.92 per ounce, up 1.2%.
Other precious metals also saw a surge. Palladium increased 4% to USD 1,781.32, reaching a nearly three-year high, while platinum surged 4.1% to USD 2,054.25, reaching its best level in more than 17 years.
Silver has outperformed gold by 138% so far this year. Strong investment inflows and persistent supply restrictions, which keep the market tight even as demand is strong, have contributed to the notable increase.
Strong inflows into silver-backed ETFs, tight physical supply conditions, growing expectations of US Federal Reserve rate reduction, and rising safe-haven demand all contributed to silver's incredible surge. Investment demand is still strong as buyers continue to show interest in silver-backed exchange-traded funds (ETFs), with worldwide holdings expected to increase for the sixth week in a row. Reports that China intends to limit silver exports starting in 2026 have added momentum, which could disrupt a vital supply source and increase pressure on the world market, according to Kaynat Chainwala, AVP Commodity Research at Kotak Securities.
Chainwala went on to say that since Chinese silver stocks are already at their lowest points in ten years, any export restrictions run the danger of exacerbating the physical squeeze, supporting the positive narrative, and possibly maintaining high prices in the foreseeable future.
What is Silver's next objective?
According to Ventura's Head of Commodity & CRM, NS Ramaswamy, silver might reach $100 per ounce (about Rs. 3 lakhs per kg) in 2026. Over the next ten years, it will play a crucial "next generation metal" role in several industries that are essential to the shift to green energy and digital transformation, he continued.
He did, however, issue a warning, pointing out that history is no stranger to booms and busts and that spectacular rallies can also be followed by epic drops.
"So far this year, silver has produced incredible results. Similar to gold, silver has additional important features in addition to being a safe haven. It is essential to the clean energy transition, applications like photovoltaics and electric vehicles, and transformative forces like the AI boom and the expansion of data centers. In light of growing military spending, silver is also essential to defense initiatives. As a result, it is anticipated that demand for silver will remain high in 2026 along with an increase in demand for retail investments. Therefore, while the U.S. government identified silver as a key commodity, increasing strategic significance to the metal, a severe supply constraint that began in October may continue to pinch world markets. Additionally, Chinese inventories have fallen to decade lows, contributing to the rise in silver prices.
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