Silver retreats after hitting a record intraday high of over $84 an ounce

Mumbai: Silver prices fell sharply in the global market after hitting a new intraday record of $84 per ounce in the spot market on Monday. Heavy profit booking caused the white metal to fall 8% from its peak, snapping its seventh consecutive day of gains.
March silver futures on MCX were trading 4.22% higher at Rs 2,49,282 per kg by 10:10 am. Globally, futures had reached an intraday high of $82.67 per ounce in early trade, up 7% on top of Friday’s 11% gain—the strongest single-day gain since 2008.
At those price levels, silver continued its rally, surpassing even the historic supply shortage seen in October.
Analysts said that thin holiday trading exacerbated the rally, as low volumes increased price volatility. Low stocks and bonds that could expire soon are supporting this rally.

They note that silver doesn’t have the reserve that gold has, as the London Gold Market holds approximately $700 billion in bullion that can be lent if there’s a bond shortage.

Although silver is expected to rise nearly 180% so far in 2025, there are still three trading sessions remaining, putting it on track for its best index gain since 1979, when the gain exceeded 200%.

Rahul Kalantri, VP Commodities at Mehta Equities Ltd., said, “A weak dollar index, Fed rate-cut expectations, and rising geopolitical tensions supported the rally. The dollar index fell for the fifth consecutive week on further expectations of US monetary easing. Renewed tensions between the US and Venezuela also fueled safe-haven buying.”

Silver has rallied sharply due to China’s ban on silver exports from January 2026, while global uncertainties are driving investment flows into precious metals. “Silver has support at Rs 2,38,810-2,37,170, while resistance is at Rs 2,41,810-2,43,470,” he said.