MCX silver rate today: Silver prices are recouping some of their recent losses following a historic plunge in late January that wiped out nearly 50% of earlier gains. The March delivery contract on MCX rebounded by ₹37,213 per kilogram over eight trading sessions through Wednesday, reaching the ₹2,63,018 level.
Despite the attempted recovery, silver prices remain down by ₹1,57,000 from the record peak of ₹4,20,048 registered on January 29.
Silver had been on a record-breaking rally before the sharp correction. In 2025, it gained about 170% on MCX, with the surge being driven by safe-haven demand, Fed rate cut hopes and growing industrial use, along with speculative flows, leveraged positioning, and options-driven trading.
Compared with gold, silver’s market size is significantly smaller, which tends to amplify volatility.
The tailwinds that supported the rally have gradually started to fade. These include easing geopolitical tensions, a strengthening US economy that has reduced expectations of aggressive rate cuts by the US Federal Reserve, and the nomination of Kevin Warsh as the next Fed Chair.
These factors have led to a sharp rise in the US dollar index, making dollar-denominated commodities more expensive for holders of other currencies. Nevertheless, both silver and gold continue to trade at elevated levels, following substantial gains in recent months.
Meanwhile, the latest US jobs data presented a mixed picture. The US economy added 130,000 jobs in January, surpassing forecasts of 75,000, while the unemployment rate eased to 4.3%.
However, the Bureau of Labor Statistics, in a major revision, stated that the US added only 181,000 jobs in total for 2025, significantly lower than the previously reported 584,000, as per the media reports.
Silver price outlook — Can recent gains sustain?
Ponmudi R, CEO of Enrich Money, said that MCX silver futures are trading near the ₹2,50,000– ₹2,70,000 zone after a sharp correction from record highs around ₹4,20,000. Although the long-term bullish structure remains intact, prices have slipped below key moving averages, indicating ongoing short-term corrective pressure.
He noted that silver has strong support in the ₹2,25,000– ₹2,60,000 band, aligned with prior structural bases. A sustained hold above this region, followed by a decisive recovery, could trigger upward momentum towards ₹3,00,000– ₹3,25,000, he added.
“Dips towards support may continue to offer accumulation opportunities for positional participants, though a decisive break down below this zone could extend the correction further,” he further stated.
Hareesh V, Head of Commodity Research, Geojit Investments Limited, said that the technical picture for silver appears increasingly range‑bound, with prices likely to consolidate in a tight band near current levels. Momentum signals remain muted, suggesting sideways movement until a clear breakout above resistance or a breakdown below key support emerges, he added.
The expert said that the recent rebound looks more like a technical recovery than a trend reversal. “While the bounce may stretch a bit, it’s unlikely to break the recent highs soon. Prices may consolidate in a narrow range, but the broader fundamentals remain bullish,” he noted.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
