Silver Price Today LIVE: The momentum in the silver futures market was subdued as silver prices closed on a lacklustre note on the MCX on Thursday evening. After kicking off the New Year trade on a firm note, silver futures failed to sustain momentum and slipped into losses amid thin trading volumes. Bull’s convictions may get strengthened today as the COMEX silver price is trading green by a big margin during the early morning session on Friday and sustaining above the crucial support placed around $70 per ounce.
The March silver contract declined by ₹73, or 0.03%, to ₹235,800 per kilogram. From its record high of ₹2,54,174 per kg, hit on December 29, silver prices are down almost ₹19,000.
Traders said bullion prices remained range-bound as the domestic market was open only for the day session, with MCX closed for the evening session on Thursday. Moreover, the lack of cues from the international market also kept the silver prices in a tight range. The international markets will open today and likely influence domestic prices.
On Wednesday, silver futures dropped sharply by $7.33, or 9.37%, to settle at $70.89 per ounce in the international market.
Silver price outlook
Speaking on the outlook of MCX silver rates, Ponmudi R, CEO at Enrich Money, said, “Despite the near-term pressure, the longer-term bullish framework remains intact. Prices are finding initial support near the rising channel and the 20-day EMA around ₹2,08,994, with deeper declines continuing to attract accumulation interest. A sustained rebound above ₹2,36,000 could trigger fresh upside toward ₹2,45,000 to ₹2,60,000 over the medium term. The broader trend continues to favour accumulation on dips.”
Track this space for LIVE updates on silver price today