On Friday, silver prices on the Multi Commodity Exchange exceeded the significant threshold of Rs 2 lakh per kg, following a brief period of consolidation below this level during the early stages of the trading session. The March 2026 silver futures contract, having initially declined to Rs 1,97,637 due to early profit-taking, subsequently experienced a robust recovery, surpassing Rs 2,00,000, indicative of persistent bullish sentiment. The action comes in the wake of silver reaching a record high of Rs 1,99,220 on the MCX during Thursday’s session, highlighting the recent momentum of the metal. Analysts assert that silver is poised to reach elevated levels, bolstered by strong global indicators, solid industrial demand, and a depreciating rupee.
Ponmudi R. remarked that “Silver continues to outperform gold in both global and domestic markets,” further indicating that the rally was supported by a “strong trend acceleration driven by industrial demand and broader dollar softness.” Rahul Kalantri, expressed agreement with the prevailing positive sentiment, noting that “silver hit another record and is edging toward $65/oz.” He further emphasized that strong global fundamentals and a weaker rupee “will keep domestic bullion prices elevated.”
On the technical front, Manoj Kumar Jain indicated that silver is anticipated to trade within the range of Rs 1,96,600 and Rs 2,04,000 in the near term, highlighting that the Rs 2 lakh level serves as a significant pivot point. The firm recommended waiting for “some corrective dips for initiating fresh long positions in gold and silver and also suggest for strictly avoiding short selling in both precious metals.”
With silver surpassing the Rs 2 lakh threshold, market analysts suggest this may be indicative of the forthcoming phase of the rally, particularly if support levels are maintained and new buying activity materializes.