Silver Price Jumps 3% on MCX; Can It Reach ₹3 Lakh per Kg?

Silver Prices Surge on MCX, Reaching ₹2.26 Lakh per Kilogram

On March 27, silver prices rose by ₹6,911 to reach ₹2,26,785 per kilogram in futures trading on the Multi Commodity Exchange (MCX). This represents a gain of 3.14%. The white metal had dropped by ₹14,960, or 6.37%, in the previous session, finishing at ₹2,19,874 per kilogram.

Gold Prices Rise on MCX, Influenced by Global Markets

Gold prices also surged on the MCX, rising by ₹1,997 to reach ₹1,41,490 per 10 grams. This represents a gain of 1.43%. The yellow metal had declined by ₹4,604, or 3.2%, in the previous session.

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International Market Trends

In the international market, silver futures for the May contract increased by USD 2.02, or 3%, reaching USD 69.96 per ounce on the Comex. Gold prices also rose, with the April contract increasing by USD 89.1, or 2.04%, reaching USD 4,465.4 per ounce. The June contract also saw a rise of USD 80.55, or 1.83%, settling at USD 4,489.55 per ounce.

Expert Analysis

Jigar Trivedi, Senior Research Analyst at IndusInd Securities, believes that gold and silver prices rose following President Donald Trump's decision to postpone military actions against Iran's energy sector for 10 days. Trivedi highlighted that while ₹3,00,000 is not structurally far, reclaiming it may not be easy in the near term due to a mean reversion phase.

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₹200,000 is a strong support level, according to Trivedi. Similarly, Nirpendra Yadav, Sr. Research Analyst at Bonanza, believes that the short-term trend in MCX Silver may remain sideways due to a recent oversold price condition and supply zone. Silver has resistance at ₹2,58,000 and support at ₹2,00,000.