Silver price today: Silver prices breached the Rs 2 lakh per kg threshold on Friday, propelled by strong investor appetite and positive global market dynamics. The white metal futures extended their rally for the fourth consecutive session, with March delivery contracts climbing Rs 1,420, or 0.71 per cent, to hit an unprecedented peak of Rs 2,00,362 per kg on the Multi-Commodity Exchange (MCX). On the international front, Comex silver futures displayed strength by touching a fresh high of USD 64.74 per ounce.
Silver Price Crosses Rs 2 Lakh! What’s the Outlook?
Market analysts predict silver will scale greater heights, supported by global factors, industrial requirements and rupee weakening.
Ponmudi R., CEO of Enrich Money told ET, “Silver continues to outperform gold in both global and domestic markets”, highlighting that the surge was underpinned by a “strong trend acceleration driven by industrial demand and broader dollar softness.”
He provided further technical analysis: “Sustaining this breakout keeps targets of Rs 2,00,000–Rs 2,03,000 active. Support sits at Rs 1,90,000, with deeper support at Rs 1,86,000, though the larger trend remains decisively upward.”
Echoing the optimistic sentiment, Rahul Kalantri from Mehta Equities confirmed that “silver hit another record and is edging toward $65/oz,” while observing that strong international drivers and rupee depreciation “will keep domestic bullion prices elevated.”
Offering a technical viewpoint, Manoj Kumar Jain of Prithvi Finmart Commodity Research projected silver’s trading band between Rs 1,96,600 and Rs 2,04,000 in the near term, with Rs 2 lakh acting as a key benchmark.
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He advised 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.”
Experts expect further upward movement, especially if price supports hold steady and fresh buying interest emerges.
(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of Mumbai Samachar)
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