Silver prices on the Multi Commodity Exchange (MCX) opened sharply higher on Thursday, surging nearly 3.7% within the first minute of trade to hover close to the Rs 4 lakh per kilogram mark.
The continuous silver futures contract (SILVER1!) was trading around Rs 3,99,488 per kg, up more than Rs 14,000, reflecting strong buying interest right at the opening bell. The swift move came amid a global rally in precious metals, with silver overseas trading close to record highs near the $120 per ounce level.
The sharp spike highlights elevated volatility and aggressive momentum buying in silver, driven by a combination of tight global supply, strong investor demand as a cheaper alternative to gold, and spillover strength from record-setting moves in international markets.
With silver already up over 60% year-to-date globally, market participants are closely tracking MCX price action as domestic contracts react rapidly to global cues and rising investor participation.