Silver rate today: After climbing to an all-time high of ₹4,20,088 per kg on the Multi Commodity Exchange (MCX), the silver rate today in India is at ₹2,32,600 per kg, around ₹1,87,500 or 45% below the record high. After the outbreak of the US-Iran war, the market was expecting a sharp rally in gold and silver prices, but the precious metals have remained sideways to negative over the last five weeks.
According to market experts, gold and silver prices have remained sideways to negative during the US-Iran war because the war led to a surge in crude oil prices, which strengthened the US dollar. This negated the chances of a US Fed rate cut in the near future due to the renewed fears of inflation as the majority of the countries rely on oil imports through the Strait of Hormuz, which Iran blocked after the Israel and US attacks. Experts believe the US-Iran war will have a long-term impact on the supply chain as the overstretched war has destroyed the oil infrastructure in the Middle East countries, especially those that signed the Abraham Accords in 2020 and the following years.
However, experts maintained the MCX silver rate won’t fall below ₹2 lakh in the current slide. They said that US President Donald Trump has significantly toned down and is now focused on opening the Strait of Hormuz. Sooner or later in the next one to two weeks, themarket is expecting a ceasefire in the US-Iran war. This would fuel industrial demand for silver, and in this rally, we may expect silver prices to touch the ₹2,80,000 to ₹3,00,000 per kg band.
Silver rate today: Why won’t it fall below ₹2 lakh?
Expecting the silver prices to sustain above ₹2 lakh in the current sell-off, Amit Goel, Chief Global Strategist at PACE 360, said, “Gold and silver prices crashed after climbing to the record high on 29 January 2026 due to the rise in the margins and the margin money volume in the futures trade. So, the fall was expected after the increase in the margins for gold and silver. However, after silver prices fell by around 45%, margin money has decreased by around 50% from its peak, and the margin required to trade has also decreased. So, value buying by the retail investor is comparatively easier in the current market than in the January to February 2026 period.”
The PACE 360 expert said the market is expecting a ceasefire in the US-Iran war in the next one to two weeks, as Donald Trump is not in the mood to overstretch the war, as it would fuel inflation he can’t afford due to the fast-approaching midterm US elections.
“In the current sell-off, the MCX silver rate won’t fall below ₹2,00,000 per kg, and the COMEX silver price won’t fall below $62 per ounce,” said Amit Goel of PACE 360.
Industrial demand to fuel silver prices
Anuj Gupta, a SEBI-registered market expert, believes industrial demand for silver will rise after the announcement of a ceasefire in the US-Iran war.
“After the ceasefire is announced, buzz for the industrial demand for silver is expected to fuel silver prices, and we may expect the precious white metal to break the current hurdle placed at ₹2,55,000 and scale up to ₹2,80,000 per kg levels,” Anuj Gupta said.
Echoing with Anuj Gupta’s views, Amit Goel of PACE 360 said, “Traditionally, after crashing from the record-high levels, there would be a second rally, which is still awaited. We are expecting the second round of rallies after the ceasefire announcement in the US-Iran war. Until the ceasefire is announced, silver prices are expected to remain in the broader range of ₹2,20,000 to ₹2,55,000 per kg.”
“In this second round of relief rally, silver prices are expected to break above ₹2,55,000 and touch ₹2,80,000 or maybe ₹3,00,000 per kg. However, after scaling to these levels, the white metal may go down towards ₹1,80,000 to ₹1,75,000 per kg levels by the end of 2026 in the next round of crash as the crude oil supply chain problem is expected to exist for some time and it is expected to hit industrial output and the global economies, including the US economy.
Outlook for the silver rate today
Speaking on the outlook of the silver price today, Ponmudi R, CEO at Enrich Money, said the COMEX silver rate today is consolidating within the $71–$73 range. The broader structure reflects a gradual loss of momentum, with safe-haven demand and industrial support providing only a limited cushion, resulting in a fragile base. A sustained move above $74 would signal renewed strength and could push prices toward $76–$78, where selling pressure is likely to re-emerge. However, failure to hold above $70 may accelerate downside momentum toward $68–$67, with stronger support placed in the $64–$61 zone.
On the outlook of the MCX silver rate today, the Enrich Money CEO said that on the upside, ₹2,33,000 to ₹2,34,000 now acts as the immediate resistance band. A sustained breakout above this zone could trigger a recovery toward ₹2,37,000 to ₹2,40,000.
“On the downside, a decisive break below ₹2,30,000 may accelerate the decline toward ₹2,26,000 to ₹2,28,000, with further downside extending toward ₹2,22,000,” said Enrich Money expert.
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.
