- Silver prices dropped nearly 3% to Rs 2.32 lakh per kg in futures trade on Monday
- Silver hit a record Rs 2,54,174 per kg before profit booking caused a sharp decline
- Gold futures fell 1.07% to Rs 1,38,376 per 10 grams after a four-day rally ended
Silver prices retreated from record highs to trade lower by nearly 3% at Rs 2.32 lakh per kg in the futures trade on Monday as investors booked profits after sharp gains amid weak global trends.
In a highly volatile session on Monday, silver touched a lifetime high of Rs 2,54,174 per kg in early trade, prompting investors to take profits.
Silver futures plummeted by Rs 7,124, or 2.97%, to hit a low of Rs 2,32,663 per kg on the Multi-Commodity Exchange. In the last week, the white metal soared by 15.04%, or Rs 31,348, on MCX.
Gold opened higher but pared gains due to profit-booking, snapping a four-day rally. Gold futures depreciated Rs 1,497, or 1.07%, to Rs 1,38,376 per 10 grams. It had scaled a fresh peak of Rs 1,40,465 per 10 grams on Friday.
"Gold and silver prices retreated from record highs in the European trading session on Monday as traders booked profit after a record-breaking rally," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
Gandhi further stated that both gold and silver are in overbought territory on higher time frames, which is indicated as a caution sign and a need for healthy correction before the rally continues.
"We expect bullion prices to face further corrective pressure as investors adjust and re-balance positions at month-end and year-end," he said.
On the global front, the March 2026 contract of silver retreated sharply from its record levels. On the Comex, the white precious metal declined by $3.49, or 4.51%, to $73.71 per ounce. Earlier in the session, silver futures breached the $80-per-ounce mark for the first time, reaching a record $82.67 per ounce, up by $5.47, or 7.09%.
Meanwhile, gold for February delivery was trading lower by $72.55, or 1.59%, to $4,480.15 per ounce. In the intraday session, it hit a high of $4,581.3 per ounce. On Friday, the yellow metal had touched a new record of $4,584 per ounce.
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