Mumbai (IANS): Silver prices surged to a fresh lifetime high on Monday on the Multi Commodity Exchange (MCX), with the precious white metal breaching the psychological Rs 3 lakh per kg mark during intra-day trade. The sharp rally was driven by strong safe-haven demand amid escalating global uncertainties, with gold also scaling new record highs alongside silver.
The MCX silver futures contract for March 2026 expiry opened with a strong upside gap at Rs 2,93,100 per kg and quickly extended gains to touch an intra-day peak of Rs 3,01,315 per kg, marking an all-time high on the domestic exchange.
Market analysts said the bullish momentum remains intact despite some profit booking at higher levels. “In INR terms, silver has support at Rs 2,85,810 and Rs 2,82,170, while resistance is seen at Rs 2,94,810 and Rs 2,96,470,” an analyst noted.
Even after mild cooling from the day’s highs, MCX silver prices continued to trade firmly, sustaining above the crucial Rs 3 lakh per kg zone, reflecting strong underlying demand.
Gold prices also witnessed a sharp upward move. The MCX gold futures contract for February 2026 expiry opened at Rs 1,43,321 per 10 grams and surged to an intra-day high of Rs 1,45,500 per 10 grams within minutes of the opening bell.
According to analysts, “Gold has support at Rs 1,41,650 and Rs 1,40,310, while resistance is placed at Rs 1,44,150 and Rs 1,45,670.” Although prices eased slightly after early gains due to profit-taking, gold continued to trade at elevated levels, signalling sustained investor interest.
In the international market, gold prices on the COMEX are finding immediate support near $4,620 per ounce, with a stronger support zone around $4,580 per ounce. On the upside, analysts see potential targets at $4,730 and $4,780 per ounce if bullish momentum persists.
Back in the domestic market, MCX gold is receiving support around Rs 1,42,000 and Rs 1,40,000 per 10 grams. “On the higher side, gold is facing resistance near Rs 1,48,000 per 10 grams. A decisive breakout above this level could push prices towards the psychological Rs 1.50 lakh per 10 grams mark in the near term,” an expert said.
Market participants said the continued rally in precious metals reflects heightened risk aversion globally, with investors increasingly turning to gold and silver as safe-haven assets amid geopolitical and economic uncertainties.
