Silver rate today: The white metal jumped around 1% on Monday, extending gains for the second consecutive session. However, on the other hand, gold prices slipped marginally on 11 May.
MCX silver futures for July 2026 delivery jumped ₹3,000, or 1.1%, to ₹2,64,922 per kg, continuing their upward momentum after the white metal had gained ₹3,500 in the previous trading session.
Meanwhile, MCX gold futures for June 2026 delivery declined by ₹532, or 0.3%, to ₹1,52,000 per 10 grams, weighed down by rising crude oil prices and a firmer US dollar as traders adjusted their positions.
On the international front, spot silver gained 0.3% to trade at $80.57 per ounce, while spot gold slipped 0.8% to $4,676.02 per ounce. Meanwhile, US gold futures for June delivery declined 1% to $4,684.50.
What’s driving silver prices today?
Rising crude oil prices and stalled US-Iran negotiations have intensified inflation concerns, reinforcing market expectations that the US Federal Reserve may refrain from cutting interest rates this year.
The ongoing US-Iran tensions continue to pose a significant challenge for both gold and equity markets. US President Donald Trump rejected Iran’s peace proposal, calling it unacceptable.
According to media reports, Trump stated that the US remains committed to seizing Iran’s remaining enriched uranium. Israeli Prime Minister Benjamin Netanyahu said Iran’s nuclear programme continues to be a major threat despite recent military actions.
The dollar index gained 0.20% after Brent Crude, the global oil benchmark, surged 5% to trade above the $105-a-barrel mark.
At the same time, Prime Minister Narendra Modi on Sunday appealed to Indians to use petrol, gas, diesel and similar resources judiciously, and also advised people to refrain from buying gold for a year amid the continuing West Asia crisis.
Anuj Gupta, market expert, said that PM Modi’s statement on gold could influence gold prices. In the near term, gold may lose some momentum as buyers could delay purchases for up to a year, depending on their requirements.
“Gold is a global commodity, and India remains one of its largest consumers. Global developments, geopolitical tensions, and international events will continue to play a major role in driving gold demand. Since India is a key consumer of gold, a slowdown in domestic buying could lead to a correction in gold prices,” Gupta said.
Is it the right time to buy silver after PM Modi’s speech?
Mahesh M Ojha, AVP – Research at Kantilal Chaganlal Securities, said that silver continues to hold strong long-term potential due to its extensive industrial applications across sectors such as solar energy, electronics, electric vehicles, and manufacturing.
“Any meaningful correction in silver prices can be viewed as an opportunity for gradual accumulation by long-term investors rather than a reason for concern,” said Ojha.
Meanwhile, on the technical outlook, Ponmudi R, CEO of Enrich Money, said that MCX Silver is trading below the ₹2,63,000 zone, consolidating below key resistance after a sharp recovery from recent lows, with the fragile macro outlook keeping sentiment cautious.
“Immediate resistance stands at ₹2,65,000; a sustained move above this level could extend the rally toward ₹2,66,000– ₹2,68,000. On the downside, ₹2,61,000 acts as immediate support, with ₹2,59,000– ₹2,58,000 as a stronger base should selling pressure resurface. The near-term bias remains cautiously bearish, with a deteriorating macro backdrop continuing to weigh on sentiment and cap recovery attempts,” Ponmudi said.
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.
