Silver in bullion market of Delhi-NCR Rs. 1,00,000 has been reached. A 10% increase was seen by Diwali

Silver prices in bullion market of Delhi-NCR rose by 3% in just three weeks or Rs. 8,200 to over Rs. 1 lakh per kg has been touched. Commodity experts expect a 3-5% rise in prices in the days leading up to Dhanteras.

Meanwhile, on the MCX, December silver contracts traded at Rs. 2019 or with an increase of more than 2% to Rs. It hit a new lifetime high of 99,475. March 2025 futures Rs. 1,847 or up 1.85% to Rs. 1,01,688 were being traded.

For silver ETFs, DSP Silver ETF, Aditya Birla Sun Life Silver ETF, Axis Silver ETF and others were trading with gains of up to 1%.

Commenting on the rally in silver, Anuj Gupta, Head Commodities and Currencies, HDFC Securities, said that silver is setting new records and in the physical markets of Delhi-NCR, it was Rs. has crossed the 1,00,000 mark.

Gupta said silver’s appeal is growing because of industrial demand and its safe haven alongside its more expensive cousin, gold. It sees a further 3-5% rise in early Dhanteras.

Gupta informed that, on a year-to-date basis, silver has increased by 33% or Rs. 25,036 per kg.

“Silver prices have continued their rapid upward movement, crossing the Rs 100,000 mark in the physical Indian markets, a rapid rally suggesting that prices may touch Rs 110,000 before Diwali. As retail investors rush to buy silver Gold prices seem to be relatively affordable at Rs 100,000 per kg, while gold is now trading at Rs 78,000 per kg,” said Jatin Trivedi, Vice President – Commodity & Currency, LKP Securities. was

Concurring with Gupta’s view, Trivedi said global demand for silver is being driven by the electric vehicle (EV) industry and the growing use of photovoltaic technology in renewable energy is contributing to a sustainable rise in the value of silver.

This strong demand outlook, coupled with macroeconomic uncertainty and geopolitical tensions, has provided further support to silver’s rally. On the MCX, silver touched the ₹99,000 mark, buoyed by Comex silver, which touched $34.40. A breach of the $34 level has sparked fresh buying interest, reinforcing silver’s bullish trend.

Trivedi said that in the short term, silver will be worth Rs. 1,00,000- Rs. 1,01,000 faces resistance around Rs. 110,000 in view of the next target, Trivedi said. Silver support Rs. 96,000- Rs. 96,500 is seen in the range.

Trading Strategy by Anuj Gupta

Rs. 1,00,300 with a target of Rs. 96,000 buy December silver futures and Rs. 95,240 with a stop loss.

(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)