Silver prices grabbed market attention on Monday, December 29, after extending their rally for a fifth consecutive session before retreating sharply from
record highs. However, MCX March silver futures tumbled Rs 21,000 per kg to an intraday low of Rs 2,33,120 within just one hour in the afternoon session, as traders locked in profits following a retreat in geopolitical-driven safe-haven demand. Earlier, prices had touched a record high of Rs 2,54,174. Despite the pullback, analysts believe the broader trend remains constructive, supported by global cues, supply constraints, and strong industrial demand, as per a Livemint report. Global Silver Rally Hits Record Levels The recent surge in silver prices has been driven by a combination of tightening supply conditions and renewed investor interest. MCX Silver mirrored international trends, extending its sharp advance to Rs 2,40,935 per kg. This marked a steep jump of nearly Rs 30,000 over the past week, pushing domestic prices to fresh lifetime highs. Market observers note that silver continues to trade within a rising channel, which has so far reinforced the strength of the ongoing uptrend. Even though prices corrected from their peak, the broader technical structure remains intact, suggesting that volatility may persist, but the long-term bias could stay positive. Key Levels To Watch Commenting on the outlook for silver prices, Ponmudi R, CEO of Enrich Money, said in a Livemint report, “Immediate support is placed at Rs 2,23,000– Rs 2,20,000, which is likely to attract buying interest on any correction. A sustained hold above Rs 2,40,000 could accelerate the rally toward Rs 2,50,000– Rs 2,60,000 in the coming months. Strong fundamentals, including rising industrial demand combined with persistent supply deficits, continue to favour a buy-on-dips approach into 2026.” Another Enrich Money expert echoed similar optimism despite near-term volatility. “Despite elevated volatility, the upward channel remains firmly intact. Support is seen in the $75–$72 range, while renewed strength could propel prices toward $85–$90 and beyond. Dips continue to offer accumulation opportunities within this powerful long-term bull cycle,” the expert said, as per the report. City-Wise Silver Prices Across India In the physical retail market, silver prices in the national capital remained firm. The silver rate today in Delhi for 10-gram coins is Rs 2,402. For larger quantities, silver is priced at Rs 24,017 per 100 grams, while a 1 kg silver bar costs Rs 2,40,170, according to data from bullions.co.in. Silver rates vary slightly across major Indian cities due to local taxes and demand. In Jaipur, silver is priced at Rs 2,532 for 10 grams and Rs 2,53,150 per kg. Mumbai reports rates of Rs 2,514 per 10 grams and Rs 2,51,370 per kg. In Kolkata, silver trades at Rs 2,510 per 10 grams and Rs 2,51,030 per kg. Chennai sees silver priced at Rs 2,517 for 10 grams and Rs 2,51,740 per kg, while Bengaluru reports Rs 2,512 per 10 grams and Rs 2,51,210 per kg. Hyderabad’s rates stand at Rs 2,514 for 10 grams and Rs 2,51,410 per kg. Nashik and Rajkot record relatively lower prices, with silver trading at Rs 2,406 and Rs 2,409 per 10 grams, respectively.
