Silver price today: Extending its record run, silver prices on MCX hit a fresh record high, jumping to ₹1,06,065 per kilogram (kg) in the evening session on Friday, June 6.
Rising in line with firm global trends, MCX silver prices surged 1.55% over the last close. With today’s gain, the white metal has gained almost 22% so far in 2025, catching up with gold’s nearly 27% rally.
Analysts believe that supply deficits, along with institutional demand, are driving silver prices. Additionally, they believe that the ongoing uncertainty amid geopolitical risks is keeping the safe-haven demand for precious metals like gold and silver intact.
“Silver has seen a structural turnaround since its 2020 lows, driven by a combination of safe-haven demand during global crises, rising geopolitical tensions, and booming industrial use in clean energy technologies,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
All eyes on US data
“After underperforming against gold, silver has suddenly attracted interest from investors, catching up to gold’s pace. The gold/silver ratio reversed from the recent highs and marked a low of 94 in yesterday’s session. Holdings into silver-backed ETFs are up 2.2moz on Wednesday,” Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services.
He added that now the market participants will focus on the US non-farm payroll and unemployment rate data due today, which could decide further direction for both metals. According to a Reuters report, non-farm payrolls likely increased by 130,000 jobs in May, while the unemployment rate is expected to remain steady at 4.2%.
Silver price outlook & strategy
Trivedi believes that the outlook for silver remains strong. “Silver has surged nearly 60% over the past two years. With continued volatility in global markets and robust demand from sectors like solar and EVs, and geopolitical problems on the war front between Russia & Ukraine, silver remains poised to test ₹1,10,000– ₹1,20,000 this year,” Trivedi said.
With the outlook bullish, he recommended a buy-on-dips strategy.
Commenting on the short-term technical outlook for silver, Kalantari of Mehta Equities said that silver has support at $35.55-35.30 while resistance is at $36.22-36.55. Meanwhile, in rupee terms, he sees support for silver prices at ₹103,560-102,750 and resistance at ₹1,05,850-1,06,750.
Disclaimer: This story is for educational purposes only. 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.
