Multi Commodity Exchange September silver futures have hit a fresh record high of Rs 1,07,495 per kilogram on Monday. The July silver contracts have also soared to a record high of Rs 1,06,436 per kg.
The previous record high for the commodity was during the previous week on June 5, when the commodity's futures prices rose to Rs 1,04,947.
The rally is driven by strong technical momentum, robust industrial demand, and deepening supply deficits, according to experts.
"The precious metal's critical role in clean energy and electronics underpins over half of global demand, while the Silver Institute projects a narrower—yet persistent—deficit in 2025. Investors are also drawn to silver as a safe haven amid economic uncertainty," said Amit Gupta, senior research analyst at Kedia Advisory.
Also zooming out to global cues, Gupta said that the growing bets on a Fed rate cut in September, spurred by soft US data despite solid non-farm payrolls, have further fueled the rally.
"From a technical perspective, silver has exhibited noteworthy strength, gaining approximately 8.7% in the first week of June following a decisive breakout past critical resistance levels," Tejas Shigreka, chief technical research analyst at Angel One Ltd., said. "Surpassing the closing price of Rs 102,132/kg noted in August 2020 has attracted momentum-driven traders and solidified confidence in the bullish trend."
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