Silver prices in India extended rally to hit fresh record high on Tuesday amid volatility in international white metal prices. Spot silver price hit an all-time high of $86.22 in the previous session.
On Tuesday, silver price on Multi Commodity Exchange of India (MCX) opened higher at ₹2,69,701 per kg as against its previous close of ₹2,68,970 level. It surged 1.20% to a record high of ₹2,72,202 level. MCX silver price was trading higher by ₹1,577, or 0.59%, at ₹2,70,547 per kg. Silver prices jumped more than 6% in the last session.
The rally in bullion prices came amid escalation of global geopolitical tensions and the Trump administration opening a criminal investigation into Federal Reserve Chair Jerome Powell. The industrial demand for silver also remains high with sustained safe-haven flows, supporting higher prices.
Further fuelling geopolitical worries, US President Donald Trump said on Monday any country that does business with Iran will face a 25% tariff on trade with the US.
Non-yielding assets tend to do well in a low-interest-rate environment and when geopolitical or economic risks spike.
“Silver continues to trade with a strong structural bias, with medium-term targets seen above $100 during 2026, supported by persistent supply deficits and accelerating demand from industrial and green-energy applications. Momentum remains firmly buyer-driven. Structural demand from solar energy, EVs, AI infrastructure, electronics, combined with sustained safe-haven flows, continues to support higher prices,” said Ponmudi R, CEO of Enrich Money.
Meanwhile, Citi raised its three-month price targets to $100 per ounce for silver, citing strong investment momentum and the multitude of bullish drivers now likely to remain intact during the first quarter.
“The ongoing physical market shortages on silver and platinum group metals could also marginally worsen in the short term due to a potential delay in the Section 232 tariff decisions, which eventually pose large binary risks on trade flows and prices,” Citi said in a note.
Technical Outlook
Comex silver price is holding firm near $85 after marking a fresh lifetime high, trading comfortably above its short- and medium-term moving averages following a decisive breakout from consolidation.
According to Ponmudi R, while the $85 zone may invite intermittent profit-taking, a clear breakout above $86 – $88 could trigger the next impulsive move toward $90 – $95. Strong support is seen in the $80–$83 zone.
MCX Silver Price Outlook
The dips in MCX silver price are being met with aggressive absorption, highlighting powerful underlying demand and positioning silver as a high-beta leader within precious metals.
“Sustained strength above ₹2,70,000 keeps upside momentum intact. A breakout beyond ₹2,72,000 could propel prices toward ₹2,85,000 – ₹3,00,000. On the downside, any corrective move below ₹2,60,000 may test the ₹2,55,000 – ₹2,45,000 support zone, where fresh buying interest is expected to emerge,” said Ponmudi R.
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.
