On Friday, Multi Commodity Exchange (MCX) was trading at ₹1,61,366 per kilogram, lower than its previous session. MCX silver experienced a significant surge, with December futures rising to ₹ 1,65,078 per kilogram, while March 2026 contracts reached ₹ 1,67,319 per kilogram, just shy of historic highs established earlier in 2025. MCX silver is currently down about 5.2% from its all-time high price per kilogram.
On Friday, Silver was trading at $53 per ounce on the global market and was nearing its strongest weekly performance since September 2024, showing an increase of 9.7%, as per reports. Comex silver hit a record high, with the December contract reaching $54.42 per ounce on November 13, 2025, and extending this week’s increase to nearly 12%.
“The sharp rise comes as investors flock to safe-haven assets amid heightened global uncertainty and weakening economic indicators in the United States. The latest boost followed soft US labor data, which strengthened expectations of Federal Reserve rate cuts in the coming months. Lower interest rates typically enhance the appeal of precious metals, and silver has responded with strong upward momentum,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Supply-side concerns are also adding fuel to the rally as robust seasonal demand from India’s wedding season has tightened physical markets, while reports of possible US tariffs on silver imports have sparked worries of future supply disruptions.
Will MCX Silver Price Hit Record High?
MCX silver typically mirrors the movements of Comex, although the speed of this response can be influenced by fluctuations in the rupee and regional demand.
As Comex silver reaches unprecedented highs, investors wonder whether MCX silver is likely to reach or surpass its historical peaks, unless there is an unexpected appreciation of the rupee or government actions affecting the bullion markets.
Analysts expect the silver prices to remain firmly in bullish territory, led by a slew of supportive factors.
“MCX silver prices are entering a powerful phase as Comex prices hover near historic highs, supported by firm industrial demand, tight supply and expectations of easier global monetary policy. In India, MCX silver price has already echoed this strength, trading above ₹160,000 per kg and holding a clear premium due to a softer rupee and steady festival-season buying,” noted Jigar Trivedi, Senior Research Analyst at Reliance Securities.
With Comex challenging the $50 per ounce zone, Trivedi believes MCX silver rates are positioned to stay elevated and could push towards previous peaks if global momentum persists.
However, short-term volatility is possible after the sharp run-up, but the broader trend remains constructive. Unless currency conditions or industrial trends reverse abruptly, Trivedi believes MCX silver price is likely to track global cues and retain an upward bias.
According to Trivedi, MCX silver price for December expiry may rise to ₹1,70,000 per kg in November itself. “On the flip side ₹145,000 per kg is a good support,” he said.
Kalantri also believes that with global cues supportive and domestic fundamentals strong, MCX silver prices are expected to touch new lifetime highs in the coming days.