Silver rate today: Silver prices surged sharply on Friday, with MCX silver rate jumping nearly 4% to hit a fresh all-time high of ₹3,39,927. The rally was driven by a weaker US dollar, rising geopolitical tensions, and renewed concerns over the Federal Reserve’s independence, all of which helped push precious metals to record levels.
Gold prices also extended their upward momentum in the domestic market. MCX gold price climbed to its record high of ₹Rs 1,59,226 per 10 grams, reflecting strong safe-haven demand.
In the international market, silver jumped 2.5% to $98.60 an ounce, while gold rose 0.4% to $4,956.08 an ounce. Platinum gained 0.5%, after earlier hitting a record high of $2,690.08 an ounce.
Silver and platinum both scaled fresh records as the US dollar index, a key measure of the greenback’s strength, fell 0.8% so far this week, making precious metals cheaper for buyers holding other currencies. Gold also remained firmly bid, with bullion prices climbing above USD 4,967 an ounce on Friday, putting the metal on track for a weekly gain of nearly 8%, supported by sustained dollar weakness.
Geopolitical Tensions Rise
On the geopolitical front, market sentiment was influenced by recent developments involving the US. While President Donald Trump walked back earlier warnings of imposing trade tariffs on European nations, a separate agreement aimed at defusing the Greenland crisis included the stationing of US missiles on the island, granting mining rights, and strengthening the security presence of the North Atlantic Treaty Organization (NATO).
Investors are also closely watching developments around US monetary policy. Markets are awaiting Trump’s pick for the next Federal Reserve chair, after he said he has completed interviews and has a candidate in mind. Expectations of a more dovish Fed leadership have fueled bets on further interest-rate cuts later this year, following three consecutive rate reductions. Such a scenario is typically supportive for non-yielding assets like gold and silver, adding further momentum to the ongoing rally in precious metals.
Will the Silver Price Rally continue?
Silver’s sharp rally has prompted market participants to reassess the near-term outlook, with analysts flagging the possibility of consolidation after the recent surge. ICICI Direct says, “Historical data shows that sharp rallies in silver are often followed by periods of consolidation rather than immediate reversals. Past episodes driven by monetary easing, industrial demand, and supply disruptions have seen cooling phases before the broader trend resumes.”
According to the brokerage, the current upcycle mirrors earlier phases in which strong investment demand and supply constraints were key drivers, suggesting that any near-term pause may be part of a broader upward trend rather than a change in direction. Silver is set to enter 2026 after one of its strongest rallies in decades, following exceptional gains in 2025.
While returns in the coming year are expected to be more moderate compared with 2025, analysts believe the structural fundamentals remain intact. Factors such as market deficits, steady investment demand, expectations of interest-rate cuts, and long-term industrial usage continue to provide solid support to prices.
At the same time, ICICI Direct cautioned that high volatility and elevated price levels warrant a more measured approach from investors. Despite these risks, the brokerage said silver remains a relevant asset class, offering a unique combination of precious metal safe-haven appeal and exposure to industrial growth themes, particularly at a time when the global macro environment remains uncertain.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
