Bullion futures stages sharp recovery

New Delhi: Silver prices staged a strong comeback, surging by over 4 per cent to Rs 2,34,019 per kg in futures trade on Tuesday after witnessing a steep fall as traders adjusted positions following aggressive profit-booking from record highs.

On the Multi Commodity Exchange (MCX), silver futures for March 2026 delivery soared by Rs 9,590, or 4.27 per cent, to Rs 2,34,019 per kilogram in a business turnover of 11,915 lots. The white metal had skyrocketed by Rs 14,387, or 6 per cent, to touch a record high of Rs 2,54,174 per kilogram on Monday. Later, heavy profit-booking by investors dragged prices lower by Rs 15,358, or 6.40 per cent, to close at Rs 2,24,429 per kg.

“Silver prices rose on Monday, stabilising after a steep drop in the previous session, as traders adjusted positions following aggressive profit-taking. The rebound came after a sharp retreat from record highs, with holiday-thinned liquidity amplifying recent price swings,” Jigar Trivedi, Senior Research Analyst at Reliance Securities, said. Gold futures, too, witnessed robust buying on the MCX.

The yellow precious metal for February contract jumped by Rs 826, or 0.61 per cent, to Rs 1,35,768 per 10 grams in 15,953 lots. In the international markets, gold futures for February delivery traded higher at $4,380.70 per ounce, up by $37.10, or 0.85 per cent, on the Comex. Silver futures also rebounded on value buying after a sharp decline.

The white metal for March 2026 contract gained $3.44, nearly 5 per cent, to $73.90 per ounce. On Monday, silver had hit a lifetime high of $82.67 per ounce in overseas trade before tumbling by $6.73, or 8.73 per cent, to close at $70.46 per ounce. Trivedi said the recent sell-off was amplified by the CME group’s decision to raise margin requirements on silver futures, forcing leveraged traders to reduce exposure after prices became technically overstretched.