Silver prices rose by ₹6,911 to reach ₹2.26 lakh per kilogram in futures trading on Friday, March 27, as investors re-entered the market after a brief reduction in tensions between the US and Iran.
On the Multi Commodity Exchange (MCX), the white metal for May delivery surged by ₹6,911, or 3.14%, to ₹2,26,785 per kg. In the last session, silver futures dropped by ₹14,960, or 6.37%, finishing at ₹2,19,874 per kg.
In a similar vein, gold prices surged by ₹1,997 to reach ₹1.41 lakh per 10 grams in futures trading on Friday, influenced by gains in global markets and purchasing by traders looking for bargains following a significant drop.
On the MCX, the yellow metal for April delivery rose by ₹1,997, equivalent to 1.43%, bringing the price to ₹1,41,490 per 10 grams. Previously, it had closed at ₹1,39,493 per 10 grams, experiencing a decline of ₹4,604, or 3.2%, on Thursday.
The commodity markets were closed during the morning session due to Ram Navami and resumed trading in the evening session on Thursday, March 26.
In the international market, silver futures for the May contract increased by USD 2.02, or 3%, reaching USD 69.96 per ounce on the Comex.
In the global market, April gold for delivery on the Comex increased by USD 89.1, or 2.04%, reaching USD 4,465.4 per ounce. The June contract also saw a rise of USD 80.55, or 1.83%, settling at USD 4,489.55 per ounce.
Experts indicated that gold and silver prices rose following President Donald Trump’s decision to postpone military actions against Iran’s energy sector for 10 days, indicating a potential opportunity for diplomatic efforts between Washington and Tehran.
Can MCX Silver reclaim ₹300,000 a kg in the near-term?
Jigar Trivedi, Senior Research Analyst at IndusInd Securities explained that silver had surged past ₹3,00,000 per kg in January 2026 and even touched extreme levels of ₹4,00,000 during a blow-off phase, but has since corrected sharply to around ₹2,40,000, marking a nearly 40% decline from its peak.
Trivedi highlighted that while ₹3,00,000 is not structurally far, reclaiming it may not be easy in the near term. He noted that after a 170%+ rally in 2025, silver has entered a mean reversion phase, which typically requires consolidation before the next uptrend. Much of the bullish positioning, including ETF and leveraged longs, has already unwound, placing the market in a digestion phase.
The US dollar and bond yields remain key drivers, with recent weakness linked to a stronger dollar and delayed rate cuts. However, a shift toward Fed easing, along with geopolitical tensions, rupee depreciation, and strong demand from solar and AI infrastructure, could support prices over the longer term, according to Trivedi.
“The outlook hence is bullish and ₹200,000 a kg is a strong supporter,”added Trivedi.
Similarly, Nirpendra yadav Sr. Research Analyst at Bonanza, said that short-term trend in MCX Silver may remain sideways as short-term oversold price condition after a sharp pullback may give support to the prices, while recently formed supply zone may put pressure on prices thus trend is likely to remain sideways in the near term. Silver has resistance at ₹258,000 and support at ₹200,000.
Further, Yadav added that MCX Silver can reclaim ₹3,00,000, it is already crossed this level earlier in Jan 2026 so ₹3 lakh is not a new level, it’s a previous resistance/psychological zone— but timing depends on a breakout trigger.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
