The BRICS TimesSilver rate witnessed a massive jump on Monday. On December 29, the Multi Commodity Exchange (MCX) saw silver prices cross the ₹2,50,000 mark for the very first time.
The first trading session of the week saw a huge jump in silver rate on Monday. On December 29, the Multi Commodity Exchange (MCX) recorded silver prices crossing the ₹2,50,000 level for the first time.
International markets also saw a sharp rise in silver prices, similar to the Indian market. Today, the price of silver crossed the 80 dollar mark for the first time. However, this massive rally led to profit-taking in the white metal. This correction caused a subsequent drop in prices. Let us now understand the reasons behind this significant rise in silver prices.
Silver’s Latest Price on the Multi Commodity Exchange
The domestic future market witnessed a rocketing trend in silver prices on Monday, December 29. The silver future contract with a March 5, 2026, expiry opened at ₹2,47,194 (per kg) on the Multi Commodity Exchange (MCX). On its last trading day, silver closed at ₹2,39,787 on the MCX.
By 10:00 AM on the morning of December 29, silver was trading at ₹2,48,982 on the MCX. This indicates a jump of approximately ₹9,200 from the previous closing price. MCX Silver hit a high of ₹2,54,174 during early trade.
The Reason Behind This Surge in Silver
Demand for silver in the industrial sector is continuously increasing. Its use in solar panels, electric vehicles, and semiconductors has strengthened prices. In current conditions, nearly 60% of global silver demand comes from industries. The growing gap between silver production and demand is also a reason for this price hike.
Furthermore, a weaker dollar is supporting the market. Signals of interest rate cuts from the US Federal Reserve are also providing support. In such a scenario, investors are moving towards safe-haven assets. This directly affects the prices of gold and silver on the MCX.
