Global jitters propelled silver to dizzying heights on Monday, with MCX futures smashing through ₹3 lakh per kg—a historic first. The 05 March 2026 contract rocketed 5.36% or ₹15,413 to ₹3,03,175/kg at 2 PM, after hitting ₹3,04,200 intraday versus prior close of ₹2,87,762.
In physical markets, IBJA reported silver at ₹2,93,650/kg by noon, up ₹11,760 on ₹2,81,890. Their twice-daily bulletins are a staple for the trade.
Gold prices mirrored the momentum: 24-karat up ₹2,385 to ₹1,43,978/10g (from ₹1,41,593); 22-karat to ₹1,31,884/10g (ex-₹1,29,699); 18-karat at ₹1,07,984/10g (from ₹1,06,195).
Overseas, gold gained 1.66% to $4,672/oz, silver leaped 4.61% to record $92.59/oz. Trump’s tariff salvoes against Europe are blamed, intensifying uncertainty and boosting safe-haven buying.
This rally reflects broader flight to quality amid trade frictions. While futures lead, spot lags slightly, hinting at consolidation ahead. Bullion enthusiasts see long-term upside, but volatility demands vigilant strategies.