Silver rate today: After hitting a new peak during early morning deals on Monday, silver prices witnessed strong selling pressure after the profit-booking trigger. MCX silver rates touched a new peak of ₹2,54,174 per kg, but finally finished around ₹30,000 lower at ₹2,24,429 per kg. COMEX silver futures contract touched a new peak of $82.615 per ounce but finished around $12 per ounce lower than this peak.
According to market experts, this occurred due to the divergence between the Shanghai silver futures and the COMEX silver futures prices. Silver rates in India and other countries skyrocketed due to the Shanghai Futures showcasing $5 per ounce premium for the silver price print. However, experts maintained that correction on the white metal is an opportunity for those who missed to ride the bus on time. They advised bottom fishing if the silver price in India comes around ₹2,18,000. Likewise, they advised global market investors to buy silver at $70 levels.
Pointing towards the divergence in silver price print at Shanghai Futures and COMEX Futures, Sugandha Sachdeva, Founder of SS WealthStreet, said, “During the Christmas holiday period, when Western benchmark markets such as COMEX and LBMA were closed, silver prices continued to trade actively in Asia. The result was a striking divergence: physical silver in Shanghai surged close to USD 82, while COMEX prices were trading significantly lower. It highlights a growing disconnect between paper-based price discovery and the real conditions of physical supply and demand. When Western markets went offline, the physical market spoke clearly, Silver is scarce, inventories are depleted, and buyers are willing to pay a substantial premium for immediate delivery.”
