NEW DELHI– Silver prices surged to record highs on Friday, crossing the Rs 2 lakh per kilogram mark for the first time, while gold prices also posted a sharp rise of nearly 2 percent across domestic markets.
On the Multi-Commodity Exchange, silver touched an all-time intraday high of Rs 2,01,388 per kilogram. The March 5, 2026 futures contract gained more than Rs 2,400 during the session before settling at Rs 2,00,462, up Rs 1,520 from the previous close of Rs 1,98,942.
The rally was also reflected in the retail market, where silver prices jumped sharply to Rs 1,95,180 per kilogram. According to data from the Indian Bullion Jewellers Association, silver had closed at Rs 1,86,988 per kilogram on Thursday.
Silver has continued its strong momentum in 2025 after delivering returns of more than 20 percent in 2024. Prices have now recorded their strongest annual gains since 1979, rising more than 100 percent during the period.
“Silver has broken out of a multi-year consolidation phase, signaling the early stages of a long-term structural uptrend,” Axis Securities said in a report. “The monthly chart highlights a massive rounding bottom breakout formation stretching from 2011 to 2025.”
In the international market, silver prices crossed the $64 per ounce level, marking a fresh all-time high. The brokerage noted that the metal has decisively broken through key resistance levels.
“The white metal has broken the neckline resistance at the $50 level and surged to a new all-time high of $64,” the report said, adding that silver has moved out of a decade-long bottoming phase.
Axis Securities said a sustained monthly close above $67 could trigger a multi-year uptrend with potential targets between $76 and $80 per ounce. While some consolidation may occur near resistance around $65, the long-term outlook remains strongly bullish, the report added.
Gold prices also posted strong gains. The February 5 futures contract on MCX rose 1.87 percent to close at Rs 1,34,948 per 10 grams. In the retail market, 24-carat gold settled at Rs 1,32,710 per 10 grams, up more than Rs 4,600 from the previous close of Rs 1,28,596 per 10 grams, according to IBJA data.
The surge in precious metal prices reflects continued investor interest amid global market uncertainties and strong technical momentum in both gold and silver. (Source: IANS)
