Silver Price Today: After touching Rs 2 lakh, MCX silver slips Rs 8,000 on profit-booking; gold also trims gains

Silver Price Today: Silver prices saw a wild swing on the Multi-Commodity Exchange (MCX) on Friday, with an early-afternoon surge taking the metal past the Rs 2 lakh per kg mark for the first time before a sharp late-evening reversal erased most of the gains.

After a largely muted first half, the March silver futures contract spiked to Rs 2,01,388 per kg, driven by aggressive buying in over 10,000 lots and strong global cues. The contract had risen Rs 1,420, or 0.71 per cent, at the day’s peak. However, sentiment shifted dramatically as traders booked profits into the late-night session. By 23:42, silver had slipped to Rs 1,92,379 per kg, down Rs 6,563, or 3.3 per cent, from the intraday high.

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Gold, meanwhile, also touched record levels earlier in the day but held steadier than silver. The February gold futures contract hit an all-time high of Rs 1,35,199 per 10 grams, supported by continued ETF inflows, central bank purchases and expectations of further US Federal Reserve rate cuts. At 23:41, gold was quoted at Rs 1,33,505 per 10 grams, up Rs 1,036, or 0.78 per cent.

Why Silver and Gold prices are surging?

Market participants attributed the initial rally to tight global inventories, a sustained rise in industrial demand, and silver’s recent addition to the US critical minerals list, which has improved its long-term demand outlook. But with the contract hitting psychological milestones, traders said short-term players moved quickly to lock in profits, triggering a swift pullback.

Analysts said bullion has benefitted from broader macro uncertainty, including concerns around global growth and geopolitical tensions, which have kept safe-haven demand elevated.

Both metals have logged exceptional gains this year—domestic gold is up roughly 70 per cent, while silver has surged around 115 per cent. Commodity desks expect volatility to remain elevated next week, particularly in silver, as speculative activity remains high and supply-side constraints continue to influence prices.