Silver surges past Rs 2 lakh/kg, gold prices jump nearly 2 pc
Silver touched the Rs 2 lakh mark to hit an all-time high of Rs 2,013,88 per kilogram on the Multi-Commodity Exchange (MCX) during the intraday trade on Friday.
The price of the future contract expiring on March 5, 2026, rose over Rs 2,400 during the day before settling at Rs 2,00462, up Rs 1,520 against the previous session's closing of Rs 1,98,942.
The precious metal witnessed a sharp rally in the retail market as well, surging from Rs 8,000 to Rs 1,95,180 per kg. According to the Indian Bullion Jewellers Association (IBJA), silver closed at Rs 1,86,988 per kg on Thursday.
Silver extended its golden run in 2025 after delivering more than 20 per cent return in 2024. Prices posted their highest yearly gain of more than 100 per cent since 1979.
"Silver has broken out of a multi-year consolidation phase, signalling the early stages of a long-term structural uptrend. The monthly chart highlights a massive Rounding Bottom breakout formation stretching from 2011 to 2025," Axis Securities said in a report.
In the international market, the silver price surpassed the $64 per ounce mark.
"The white metal has broken the neckline resistance at the $50 level, and surged to a new all-time high of $64," the report added.
The report further said that silver has decisively broken out of a decade-long bottoming structure.
"A sustained monthly close above $67 could trigger a multiyear uptrend targeting $76–$80. Consolidation may occur near resistance around $65, but the overall structure remains strongly bullish in the long term," the domestic brokerage firm noted.
Meanwhile, the gold future contract expiring on February 5 surged 1.87 per cent to close at Rs 1,34,948 per 10 grams on MCX. In the retail market, the 24-carat gold price settled at Rs 132,710 per 10 grams, up over Rs 4,600 from the previous day's closing of Rs 1,28,596 per 10 grams, according to the IBJA.
