Silver prices in India surged to a fresh all-time high on Wednesday, with the metal climbing to Rs 4,07,456 per kg on the Multi Commodity Exchange (MCX), marking a sharp gain of over 6% in a single session.
The rally in domestic silver prices mirrored strength in global markets, where spot silver traded near record levels above $118 per ounce, supported by strong safe-haven demand, geopolitical uncertainty, and spillover momentum from gold, which has also been scaling new highs.
So far in 2026, silver has emerged as one of the best-performing commodities, rising more than 60% year-to-date, driven by a combination of investment inflows, supply tightness, and aggressive momentum buying. Analysts noted that silver’s dual role as both an industrial metal and a precious metal has amplified its gains amid global economic and policy uncertainty.
On MCX, the sharp surge was accompanied by heightened volatility and strong volumes, reflecting sustained buying interest. However, market participants cautioned that the rapid pace of the rally has pushed momentum indicators into overbought territory, which could lead to short-term consolidation even as the broader trend remains firm.
The spike in prices has also intensified cost pressures for India’s gems and jewellery sector, particularly for manufacturers and exporters, as elevated silver prices add to already rising input costs.
