In a stunning market move, silver prices shattered records on the MCX today, crossing ₹3 lakh per kg for the first time ever. Triggered by worldwide instability, the March 2026 contract surged ₹15,413 or 5.36% to ₹3,03,175 per kg by afternoon. It peaked intraday at ₹3,04,200, dwarfing Friday’s close of ₹2,87,762 by over ₹16,000.
Spot trading saw silver at ₹2,93,650 per kg per IBJA’s midday quote, gaining ₹11,760 from the morning figure of ₹2,81,890. The association’s bi-daily pricing keeps jewellers and investors in sync with fluctuations.
Gold joined the frenzy: 24-carat soared ₹2,385 to ₹1,43,978/10g; 22-carat to ₹1,31,884/10g from ₹1,29,699; and 18-carat to ₹1,07,984/10g up from ₹1,06,195.
Global cues amplified the trend, with gold up 1.66% at $4,672/oz and silver blasting 4.61% to $92.59/oz all-time high. Analysts point to President Trump’s fresh tariffs on Europe as the catalyst, sparking fears of trade wars and inflating demand for gold and silver as hedges.
For investors, this milestone underscores precious metals’ resilience in choppy waters. Yet, with spot prices lagging futures, a pullback remains possible. Stay tuned as these levels reshape India’s bullion landscape.