MCX silver pares gains after hitting record high above ₹2.54 lakh/kg; crosses $80/ounce globally

The white metal has been witnessing robust buying interest from traders, tracking firm trends in international markets, a weak dollar, expectations of US Federal Reserve rate cuts in 2026, and strong industrial demand.

However, at around 1:20 pm, silver contracts (for March) were trading 0.75% or ₹1,787 lower at ₹2,38,000 per kilogram on the MCX.

Similarly, silver futures for expiry on May 5, 2026, declined by ₹1,048 or 0.43% to trade at ₹2,42,794 per kilogram. Earlier, it had reached a fresh record high of ₹2,58,236 per kilogram.

The white metal (March expiry) soared by ₹31,348, or 15.04%, over the past week, on the commodities bourse. During the calendar year, silver prices have delivered stellar returns, soaring by ₹1,66,941, or 191.4%, from ₹87,233 per kg recorded on December 31, 2024.

On the Comex, silver futures crossed the $80-per ounce mark for the first time, with the March contracts climbing by $5.47, or 7.09%, to touch a record level of $82.67 per ounce. Over the past week, the white metal has climbed by $9.71, or 14.4%, on the Comex.

Gold futures

Meanwhile, gold futures hovered near all-time highs in the domestic futures market before slipping into the negative territory.

On the MCX, the yellow metal for February delivery was trading ₹1,367, or 0.98% lower at ₹1,38,497 per 10 grams, at around 1:20 pm.

It had scaled a fresh peak of ₹1,40,465 per 10 grams on Friday.

In the international markets, gold futures opened on a positive note but later trimmed all its early gains to trade lower at $4,536.80 per ounce, down by $15.90, or 0.35%, as investors booked profits after last week's rally.

So far this year, gold has surged more than 70%, and is on track for its strongest annual gain since 1979.