Silver Shines Bright: MCX Prices Approach Historic Peaks
The Multi Commodity Exchange (MCX) witnessed significant activity in silver trading on Friday, with prices hovering at ₹1,61,366 per kilogram, showing a decline from the previous session. However, the broader picture reveals a substantial upward trend that has captured investors' attention across markets.
Global Momentum Fuels Domestic Rally
Silver futures on MCX displayed remarkable strength, with December contracts climbing to ₹1,65,078 per kilogram while March 2026 agreements reached ₹1,67,319 per kilogram, approaching the historic highs established earlier in 2025. Currently, MCX silver trades approximately 5.2% below its all-time peak, suggesting significant room for upward movement.
The international markets echoed this positive sentiment, with silver trading at $53 per ounce on the global platform. The white metal registered its strongest weekly performance since September 2024, demonstrating an impressive 9.7% increase according to market reports.
Comex silver achieved record-breaking levels, with the December contract touching $54.42 per ounce on November 13, 2025, extending this week's gains to nearly 12%. This international momentum has created a powerful tailwind for domestic prices.
Economic Uncertainty Drives Safe-Haven Demand
Rahul Kalantri, VP Commodities at Mehta Equities Ltd., explained the driving forces behind this surge. "The sharp rise comes as investors flock to safe-haven assets amid heightened global uncertainty and weakening economic indicators in the United States", he stated.
The recent boost followed soft US labor data, which strengthened expectations of Federal Reserve rate cuts in the coming months. Lower interest rates typically enhance the appeal of precious metals like silver, and the market has responded with strong upward momentum according to Kalantri.
Supply-side concerns are adding further fuel to the rally. Robust seasonal demand from India's wedding season has tightened physical markets, while reports of possible US tariffs on silver imports have sparked worries about future supply disruptions.
Analysts Bullish on Silver's Prospects
Jigar Trivedi, Senior Research Analyst at Reliance Securities, noted that "MCX silver prices are entering a powerful phase as Comex prices hover near historic highs, supported by firm industrial demand, tight supply and expectations of easier global monetary policy."
In India, MCX silver price has already echoed this strength, trading above ₹160,000 per kg and maintaining a clear premium due to a softer rupee and steady festival-season buying.
With Comex challenging the $50 per ounce zone, Trivedi believes MCX silver rates are positioned to stay elevated and could push towards previous peaks if global momentum persists. He projects that MCX silver price for December expiry may rise to ₹1,70,000 per kg in November itself, while identifying ₹145,000 per kg as a strong support level.
Kalantri shares this optimistic outlook, stating that with global cues supportive and domestic fundamentals strong, MCX silver prices are expected to touch new lifetime highs in the coming days.
While short-term volatility remains possible after the sharp run-up, analysts agree that the broader trend remains constructive. Unless currency conditions or industrial trends reverse abruptly, MCX silver price is likely to track global cues and retain its upward bias, offering investors continued opportunities in the precious metals space.
