Silver prices staged a sharp rebound across domestic and global markets, rising 3.5 per cent to Rs 2,44,955 per kg on the Multi Commodity Exchange (MCX) by Friday afternoon. The move comes after a volatile phase that saw prices correct steeply from record highs earlier this year.
March silver futures on MCX had already gained Rs 4,556, or 2 per cent, to Rs 2,33,339 per kg in the previous session, while international prices extended their winning streak. On COMEX, silver rose 1.7 per cent in the prior session and advanced another 3.8 per cent to $78.3, supported by safe-haven demand, geopolitical undercurrents, and resilient US economic data.
Despite the rebound, MCX silver continues to trade within a broad Rs 2,30,000–Rs 2,50,000 consolidation band, significantly below its all-time high near Rs 3,79,983 per kg (January 29, 2026). The recent price action suggests stabilisation rather than an outright reversal of the longer-term bullish structure.
Ponmudi R, CEO of Enrich Money, noted that COMEX silver is currently hovering in the $73–$80 zone after a sharp correction from record highs above $121. While the broader uptrend remains intact on higher timeframes, prices have slipped below key moving averages, reflecting short-term corrective pressure.
He highlighted strong buying interest in the $65–$70 support band, aligned with previous swing lows and long-term structural support. A sustained rebound and close above the $85–$92 zone could revive bullish momentum toward $95–$105, with the potential to retest earlier peaks. However, elevated volatility is likely to persist in the near term.
On the domestic front, MCX silver futures have formed a visible support base in the Rs 2,25,000–Rs 2,35,000 range. According to market participants, holding above this zone is crucial for maintaining structural stability. A decisive recovery from current levels could open the path toward Rs 3,00,000–Rs 3,25,000 in the medium term. Conversely, a breakdown below support may accelerate downside pressure and extend the corrective phase.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, characterised the present trend as consolidation rather than structural weakness. He observed that downside is being cushioned by safe-haven demand and central bank buying, advising investors to stagger fresh allocations and maintain disciplined risk management in choppy conditions.
The broader commodity landscape is also showing constructive signals. Apurva Sheth, Head of Market Perspectives and Research, Samco Securities, stated that the recent rebound in West Texas Intermediate (WTI) crude from the $55 level carries both technical and structural importance. In a research note, he observed that crude has established a pattern of higher highs and higher lows, indicating a developing bullish trend, and is advancing toward the $66 level. Immediate support is seen in the $62–$63 range, with a stronger base around $59.
Sheth added that the relative strength index remains above the 50 mark, signalling sustained positive momentum despite short-term volatility. He described crude’s current formation as a flag consolidation beneath a downward-sloping trendline. A decisive breakout above $66 could trigger a rally toward $72–$73 in the near term.
For silver, investors remain focused on key technical thresholds and global macro cues. Although prices remain well below January 2026 highs of ₹3.79 lakh per kg on MCX, analysts believe that as long as structural support zones hold, the medium- to long-term outlook remains constructive, particularly for investors with a multi-year horizon.