Silver prices on the Multi Commodity Exchange (MCX) touched a fresh record on Monday, crossing the Rs 1.33 lakh per kg mark for the first time. The rally came amid firm global trends and strong domestic demand.
At 9:10 am, silver contracts for December delivery were trading at Rs 1,32,209 per kg, higher by Rs 2,371 or 1.83 per cent. During intraday trade, prices touched Rs 1,33,000 per kg, marking a historic milestone.
Gold prices in India have also surged to fresh record highs, with October futures on the Multi Commodity Exchange (MCX) touching Rs 1,10,698 per 10 grams on September 22 and the December contract climbing to Rs 1,11,820. The rally comes amid global uncertainties, investor bets on further rate cuts by the US Federal Reserve and consistent demand from households and central banks.
Add Zee Business as a Preferred Source
Why silver is rising
The rally in bullion is being driven by a weaker US dollar, safe-haven flows amid geopolitical uncertainties and growing expectations of interest rate cuts by major central banks later this year.
Jewellery industry under pressure
Jewellers are among the first to feel the heat when prices rise. Consumers cut back, choosing lighter ornaments or lower-carat pieces, which hurts sales volumes. Big retailers say demand tends to soften in such periods, though cultural occasions and festivals often provide a short-term boost.
In India, seasonal jewellery demand and investment buying have further lifted sentiment, with silver seeing an intraday gain of nearly Rs 3,300 in the domestic market.
