Silver prices in India surged to an all-time high on Monday, with futures breaching the ₹3 lakh per kilogram mark for the first time, driven by strong global cues, rising investor demand and a weakening US dollar.
On the Multi Commodity Exchange (MCX), silver futures for March delivery jumped ₹13,553, or 4.71%, to hit a record ₹3,01,315 per kg. The sharp rally reflected similar strength in overseas markets, where March silver futures climbed $5.81, or 6.56%, to a historic $94.35 per ounce. Spot silver also hovered near record levels.
The surge in prices has been attributed to a mix of robust industrial demand, increased safe-haven buying, and a softer US dollar, which typically supports dollar-denominated commodities. Silver continues to benefit from its widespread use in electronics, renewable energy, and emerging technologies.
Geopolitical and trade-related concerns further fuelled the rally. Precious metals gained after US President Donald Trump threatened tariffs on several European nations, escalating fears of a broader trade conflict between the US and Europe. The developments weakened the dollar and pushed investors toward hard assets.
Silver’s rally was part of a broader metals uptrend. Gold scaled fresh record highs near $4,660 per ounce, while copper advanced toward $13,000 per tonne on the London Metal Exchange, supported by supply constraints and rising demand from artificial intelligence and renewable energy sectors.