Mumbai: Silver prices surged to a fresh lifetime high on the Multi Commodity Exchange (MCX) Monday, with the precious white metal touching the Rs 3 lakh per kg mark during the intra-day session.
The rally was driven by strong safe-haven demand amid rising global uncertainties. The rally in silver came alongside fresh record highs in gold.
The silver futures contract on MCX for March 2026 expiry opened with a strong upside gap at Rs 2,93,100 per kg and quickly extended gains to hit an intra-day high of Rs 3,01,315 per kg.
“In INR silver has support at Rs 2,85,810, 2,82,170 while resistance at Rs 2,94,810, 2,96,470,” an analyst stated.
This marked a new all-time peak for silver on the domestic exchange. Even after some profit booking from higher levels, MCX silver prices managed to trade firmly and sustain above the crucial Rs 3 lakh per kg zone.
Gold prices also witnessed a sharp move higher. The gold futures contract on MCX for February 2026 expiry opened at Rs 1,43,321 per 10 grams and touched an intra-day high of Rs 1,45,500 per 10 grams within minutes of the opening bell.
“Gold has support at Rs 1,41,650-1,40,310 while resistance at Rs 1,44,150-1,45,670,” as per the analyst.
Although prices later cooled off slightly, gold continued to trade at elevated levels, showing resilience after mild profit-taking.
In the international market, COMEX gold prices are finding immediate support near $4,620 per ounce, while a stronger support zone is placed around $4,580 per ounce.
On the upside, analysts see potential targets at $4,730 and $4,780 per ounce if momentum continues.
Back home, 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 break above this level could push prices towards the psychological Rs 1.50 lakh per 10 grams mark in the near term,” an expert said.
IANS
