Silver prices in India surged sharply on Monday, breaching the ₹3 lakh per kilogram mark in futures trade for the first time, buoyed by strong global cues, robust investor demand and a weaker US dollar.
On the Multi Commodity Exchange (MCX), silver futures for March delivery jumped ₹13,553, or 4.71%, to touch a record high of ₹3,01,315 per kg.
The rally mirrored gains in overseas markets. In the international market, March silver futures climbed $5.81, or 6.56%, to hit a record $94.35 per ounce. Spot silver also traded near record levels, supported by heightened geopolitical tensions and safe-haven demand.
What’s driving silver prices
Analysts attributed the sharp rise to a combination of factors:
- Strong industrial demand, with silver benefiting from its extensive use in electronics, renewable energy and emerging technologies.
- A weakening US dollar, which typically supports dollar-denominated commodities.
- Safe-haven buying, as global investors reacted to escalating trade and geopolitical risks.
Precious metals broadly rallied after US President Donald Trump threatened tariffs on several European nations amid tensions over Greenland, stoking fears of a wider trade conflict between the US and Europe. The prospect of tariffs weighed on the dollar and pushed investors toward hard assets.
Broader metals rally
The surge in silver came alongside strength across the metals complex. Gold scaled fresh record highs near $4,660 per ounce, while copper extended gains toward $13,000 a tonne on the London Metal Exchange, supported by supply constraints and demand linked to the artificial intelligence and renewable energy sectors.
{{/usCountry}}The surge in silver came alongside strength across the metals complex. Gold scaled fresh record highs near $4,660 per ounce, while copper extended gains toward $13,000 a tonne on the London Metal Exchange, supported by supply constraints and demand linked to the artificial intelligence and renewable energy sectors.
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