Silver prices remained largely flat on the MCX in early trade on Thursday, January 8, after witnessing heavy profit booking in the previous session. The white metal had ended Wednesday’s session sharply lower in the domestic market, even as international prices showed signs of recovery during early Asian hours.
On Wednesday, MCX silver prices declined steeply, with the contract settling ₹7,311 lower at ₹2,51,500 per kg, as traders locked in profits after the recent rally. The sharp fall came despite supportive cues from overseas markets earlier in the day.
In the international market, silver prices saw value buying during early trade on Thursday. On the COMEX, silver opened with an upside gap and climbed to an intraday high of $78.875 per ounce, registering an intraday gain of nearly 1.5% at its peak.
However, the strength in global prices failed to translate into sustained gains in the Indian market, as domestic traders remained cautious following Wednesday’s steep correction. Market participants attributed the earlier decline largely to profit booking, especially ahead of key global macroeconomic cues.
At the start of Thursday’s session, MCX silver futures were trading around ₹2,51,099 per kg, showing marginal gains and indicating a consolidation phase after the sharp fall. Traders are now closely tracking global cues, including movements in the U.S. dollar and upcoming U.S. labour market data, for further direction in precious metals.
The near-term outlook suggests range-bound movement in silver as markets balance global recovery signals against domestic profit-taking pressures.
