Precious metals extended their extraordinary rally on Monday, sending shockwaves through India’s bullion markets as silver breached the historic ₹3 lakh-per-kilogram mark in futures trading for the first time, while gold surged past the long-anticipated ₹1.39 lakh level per 10 grams.
Silver Shatters All-Time Record
Silver futures contracts for March 2014 delivery jumped sharply on the Multi Commodity Exchange (MCX), rising by ₹13,553 — a gain of 4.71 per cent — to hit a record high of ₹3,01,315 per kg. This marks the highest level since the inception of silver futures trading on the exchange.
Market data indicate that silver has surged by more than ₹65,000 per kg over the past year, climbing from ₹2,35,701 at the close of 2025. The rally was even more pronounced in the spot market, where silver prices in key trading hubs such as Delhi touched ₹3,04,500 per kg.
Gold Follows Suit, Breaks Psychological Barrier
Gold prices mirrored silver’s momentum, with 24-carat gold breaching the crucial ₹1.39 lakh per 10-gram mark. In several Indian cities, prices climbed further to the ₹1.46–1.48 lakh range, underlining the strength of the ongoing uptrend.
Bullion traders said the rise confirms gold’s status as a preferred safe-haven asset during periods of heightened uncertainty.
Global Uncertainty Fuels Safe-Haven Demand
Analysts attribute the relentless rally in precious metals to growing global economic and geopolitical anxieties. Key triggers include the United States reinstating tariffs on European countries under President Donald Trump, escalating geopolitical tensions, and persistent concerns over global growth.
A weakening Indian rupee has also amplified gains in domestic markets by making imports costlier. On the global front, silver prices are nearing the $94–$100 per ounce range, adding further momentum to Indian benchmarks.
Predictions of Correction Prove Wrong
Contrary to earlier forecasts of a price correction, the metals have continued to defy gravity. Market experts note that robust industrial demand, particularly for silver, combined with increased investor flight to safety, has sustained the rally.
“Silver is emerging as both an industrial and investment asset, which is why corrections are being quickly absorbed,” an analyst said.
What Lies Ahead for Silver?
With silver now trading above ₹3 lakh per kg, jewellers and investors are closely watching whether prices will extend towards the ₹3.23 lakh level or witness a near-term pullback. Volatility is expected to remain high as global cues continue to dominate sentiment.
Precious Metals Reaffirm Safe-Haven Status
Monday’s record-setting session reinforces the importance of gold and silver as ultimate hedges in turbulent times. As economic uncertainty deepens and geopolitical risks persist, precious metals appear poised to remain at the centre of investor attention.