Silver prices extended their upward momentum on the Multi Commodity Exchange (MCX) on Tuesday, building on the sharp gains recorded in the previous session. The continuous silver futures contract was trading around Rs 2,70,400 per kg, up nearly 1%, as the broader rally in precious metals continued to support sentiment.
Strong follow-through after 6% jump on Monday
The modest rise today comes after a powerful rally on Monday, when MCX silver futures surged over 6% in a single session, touching fresh record levels. The sharp move reflected strong global cues and aggressive buying interest after silver hit new highs in international markets.
Global silver prices near record highs
In overseas markets, silver remained elevated after an explosive rally earlier in the day. As of 9:50 a.m. EST on Monday, silver was trading around $84.72 per ounce, up nearly 7%, though slightly below its record high of $85.75 per ounce touched earlier in the session.
Gold also surged sharply alongside silver, trading near $4,613.40 per ounce, up almost 3%, after hitting an all-time high of $4,630.80 per ounce earlier in the day.
Safe-haven demand drives precious metals
The rally across precious metals has been driven largely by a renewed wave of safe-haven demand. Analysts attributed Monday’s surge to heightened uncertainty after Federal Reserve Chair Jerome Powell disclosed that the US Justice Department served subpoenas related to the renovation of the Fed’s headquarters and his testimony on the matter.
The development unsettled markets and prompted investors to move aggressively into hard assets such as gold and silver, which are traditionally viewed as hedges during periods of political and institutional uncertainty.
Momentum remains strong after last year’s rally
Precious metals have been on a strong upward trajectory since last year, but the latest spike highlights how quickly prices can react to geopolitical and policy-related shocks. With silver holding firm after Monday’s surge, MCX prices continue to track elevated global levels, reflecting sustained interest in the metal despite bouts of volatility.