Silver Prices Smash Through Rs 3 Lakh Barrier on MCX
Silver extended its remarkable rally on Monday, decisively crossing the Rs 3 lakh-per-kilogram mark for the very first time on the Multi Commodity Exchange (MCX). This historic move represents a significant milestone for the precious metal in Indian markets.
Record-Breaking Performance
The March contract for silver soared to an unprecedented all-time high of nearly Rs 3.1 lakh during trading hours. This surge continues a powerful upward trend that began gaining momentum in 2025 and has carried forward strongly into 2026.
In Delhi's physical markets, spot silver prices were actively quoting at Rs 3,04,500 per kilogram. This marks a substantial increase from the previous closing level of Rs 2,94,500, demonstrating the intensity of the buying pressure.
Global Factors Fueling the Rally
The dramatic price movement received powerful support from two key international factors. First, global silver prices experienced a sharp upward jump. Second, the Indian rupee weakened against major currencies, effectively magnifying the gains for domestic investors and traders.
Internationally, spot silver prices briefly sprinted past the $94 per ounce threshold before showing some easing during Asian trading hours. The entire precious metals complex, including gold, pushed to fresh record levels as investors sought safe-haven assets.
Silver opened approximately 5% higher than Friday's closing levels in global markets and maintained that firm stance throughout the trading day, showing remarkable resilience.
Expert Analysis on Market Drivers
Saumil Gandhi, a senior analyst at HDFC Securities, provided insight into the market dynamics. He explained that the latest spike in precious metals prices was primarily driven by escalating tariff uncertainty.
This uncertainty emerged after former US President Donald Trump threatened to impose additional duties on several European countries over the weekend, specifically mentioning Greenland in his statements. Such geopolitical tensions typically drive investors toward traditional safe-haven assets like silver and gold.
The combination of international price movements, currency fluctuations, and geopolitical concerns created perfect conditions for silver's record-breaking performance in Indian markets.
