Silver Price Remains Steady at ₹2 Lakh: Factors Contributing to Its Stability

Silver Rate Today: Experts Predict Uptrend After US-Iran War Ceasefire

The silver rate in India has been on a downward trend since reaching an all-time high of ₹4,20,088 per kg on the Multi Commodity Exchange (MCX). Currently, the silver rate today stands at ₹2,32,600 per kg, a decline of ₹1,87,500 or 45% from the record high. This downturn can be attributed to the ongoing US-Iran war, which has led to a surge in crude oil prices, strengthening the US dollar and negating the chances of a US Fed rate cut in the near future.

Market experts believe that the US-Iran war will have a long-term impact on the supply chain, particularly in the Middle East countries that have signed the Abraham Accords. However, experts predict that the MCX silver rate won't fall below ₹2 lakh in the current slide. They anticipate a ceasefire in the US-Iran war in the next one to two weeks, which will fuel industrial demand for silver and lead to a rally in prices.

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According to Amit Goel, Chief Global Strategist at PACE 360, the market is expecting a ceasefire in the US-Iran war, which will lead to a second rally in silver prices. He predicts that silver prices will touch the ₹2,80,000 to ₹3,00,000 per kg band in this rally. Anuj Gupta, a SEBI-registered market expert, also believes that industrial demand for silver will rise after the announcement of a ceasefire, leading to a break in the current hurdle placed at ₹2,55,000 and scaling up to ₹2,80,000 per kg levels.

On the outlook of the silver price today, Ponmudi R, CEO at Enrich Money, stated that the COMEX silver rate is consolidating within the $71–$73 range. A sustained move above $74 would signal renewed strength and could push prices toward $76–$78, where selling pressure is likely to re-emerge. However, failure to hold above $70 may accelerate downside momentum toward $68–$67, with stronger support placed in the $64–$61 zone.

The MCX silver rate today is expected to face resistance at ₹2,33,000 to ₹2,34,000, and a decisive break below ₹2,30,000 may accelerate the decline toward ₹2,26,000 to ₹2,28,000, with further downside extending toward ₹2,22,000.