Silver scales fresh peak of Rs 2.42L/kg in futures trade

Silver prices rallied over 15 per cent last week to scale a fresh record high of Rs 2.42 lakh per kg in the futures market, driven by strong industrial demand, expectations of US interest rate cuts next year and mounting concerns over supply disruptions.

The rally in the do-mestic market mirrored the white metal’s record run in global markets, where it hit an all-time high of $79.70 per ounce, surging over 11 per cent in a single day on Friday.

Rising for the fifth consecutive day on MCX, silver futures for March 2026 delivery zoomed by Rs 18,210, or 8.14 per cent, to touch a new record of Rs 2,42,000 per kilogram, before settling at Rs 2,39,787 per kg on Friday. In a holiday-shortened week, the white metal soared by Rs 31,348, or 15.04 per cent, from Rs 2,08,439 per kilogram, since December 19, reflecting ag-gressive buying by traders amid heightened volatility.

During the calendar year, silver prices have delivered stellar returns, rising by Rs 1,52,554, or nearly 175 per cent, from Rs 87,233 per kg, recorded on December 31, 2024.

“Silver is no longer trading merely as a precious metal like gold. Its indispensable role in high-performance technology, combined with shrinking above-ground stocks and non-negotiable industrial de-mand, is reshaping its fundamentals,” Rahul Kalantri, VP, Commodities at Mehta Equities, told.