The silver market is witnessing an unprecedented bull run, with prices of the precious white metal scaling fresh lifetime peaks both in India and on global exchanges. This surge represents a monumental rise from its lows, driven by a fundamental structural shift in its demand-supply dynamics.
Historic Rally in Global and Domestic Markets
On the international front, COMEX Silver (March 2026 contract) skyrocketed to a record high of $79.67 per ounce. This staggering level marks an astonishing gain of approximately 190% from its 52-week low of $27.545 per ounce. Mirroring this global momentum, the domestic futures market saw MCX Silver touch a new peak of ₹2,39,397 per kilogram on Friday.
Market analysts attribute this powerful uptrend to one core factor: a structural shift that is alleviating long-standing demand-supply constraints. They are confident that this shift is now in play and forecast that silver prices could reach the $100-per-ounce mark in the short to medium term.
Expert Insight: The Forces Driving the Rally
Ponmudi R, CEO at Enrish Money, commented on the explosive movement. He noted that COMEX Silver witnessed a sharp rally, jumping nearly $12 in just one week from the $67 zone to around $79.67 per ounce. "This pace of appreciation significantly exceeds historical weekly moves, highlighting the intensity of the current bull market phase," he stated.
He identified the key drivers as robust industrial demand amidst tight supply, rising investment appetite, and persistent structural deficits. While volatility remains high, the upward trajectory is firmly intact. He sees support in the $75–$72 range, with potential for prices to climb towards $85–$90. "Dips continue to offer accumulation opportunities within this powerful long-term bull cycle," Ponmudi added.
Investment Strategy for Indian Investors
For Indian market participants, Ponmudi R provided a detailed outlook. MCX Silver extended its sharp advance to ₹2,40,935 per kg, registering a steep weekly rise of nearly ₹30,000. "The broader rising channel continues to support the move, reinforcing the trend's strength," he explained.
He identified immediate support between ₹2,23,000 to ₹2,20,000, which should attract buyers during any corrections. A sustained hold above ₹2,40,000 could potentially accelerate the rally towards ₹2,50,000 to ₹2,60,000 in the coming months. Given the strong fundamentals—rising industrial demand coupled with persistent supply deficits—the recommended approach remains a 'buy-on-dips' strategy into 2026.
Silver Rates Today in Major Indian Cities (Retail)
In the physical retail market, prices vary slightly across cities. Here are the latest rates for silver coins and bars:
- Delhi: ₹2,401 (10 gm), ₹24,013 (100 gm), ₹2,40,130 (1 kg bar).
- Mumbai: ₹2,406 (10 gm), ₹24,055 (100 gm), ₹2,40,550 (1 kg).
- Chennai: ₹2,413 (10 gm), ₹24,125 (100 gm), ₹2,41,250 (1 kg).
- Kolkata: ₹2,402 (10 gm), ₹24,023 (100 gm), ₹2,40,230 (1 kg).
- Bengaluru: ₹2,407 (10 gm), ₹24,074 (100 gm), ₹2,40,740 (1 kg).
- Hyderabad: ₹2,409 (10 gm), ₹24,093 (100 gm), ₹2,40,930 (1 kg).
- Jaipur: ₹2,405 (10 gm), ₹24,013 (100 gm), ₹2,40,520 (1 kg).
The current market scenario underscores a period of significant growth for silver, fueled by industrial demand and supply shortages. Investors are advised to monitor corrections for potential entry points, as the long-term fundamentals appear strongly supportive. The regional price differences across Indian cities reflect local taxes and making charges.
