New Delhi: Silver prices continue their upward momentum, reaching record highs and marking the best performance in 46 years. This year alone, silver has surged nearly 120%, driven by its extensive use in emerging industries such as electric vehicles (EVs), solar energy, and electronics.
On the Multi Commodity Exchange (MCX), silver for March 5 delivery opened at ₹1,99,201 per kg and surged to ₹2,06,111 per kg, up over ₹8,000 from the previous session’s close of ₹1,97,755. By 2:07 PM, silver was trading at ₹2,04,098 per kg, reflecting a 3.35% gain (₹6,629).
Experts say that strong demand from rapidly growing industries has pushed silver prices higher, while supply has not increased proportionally. Although minor profit-booking is expected, silver is likely to remain strong in the near term.
Gold Prices
In contrast, gold has seen a slight decline. The February 5 delivery of gold opened at ₹1,35,079 per 10 grams, compared to the previous close of ₹1,34,409. By 2:12 PM, gold was trading at ₹1,34,151 per 10 grams, down ₹258. Intraday, prices fluctuated between ₹1,33,373 and ₹1,35,249 per 10 grams.
Silver also reached a record $66 per ounce internationally, leaving crude oil behind in performance over the past 45 years. Analysts note that this surge highlights silver’s growing importance in industrial applications, further bolstering investor confidence.
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