Silver prices surged on Monday, outperforming gold across both international and domestic markets, as traders bet the white metal may finally be emerging from a prolonged correction phase triggered earlier this year.
In the international market, spot silver prices rose more than 3% to $82.91 per ounce at 18:09:13 IST, while spot gold slipped 0.49% to $4,691.70 per ounce at 18:12:40 IST.
Domestically, silver futures on the Multi Commodity Exchange of India climbed 3.30% to Rs 2,70,597 per kg for the July 3, 2026 contract as of 18:13 IST, backed by strong volumes and long build-up positions.
Gold futures on MCX, however, traded relatively subdued, rising just 0.22% to Rs 1,52,882 per 10 grams for the June 5, 2026 contract at 18:14 IST.
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According to Reuters, the sharp divergence between gold and silver comes after the white metal endured a brutal selloff earlier this year. Silver had plunged nearly 50% from its all-time high of $121.64 per ounce touched on January 29 to a three-month low of $60.94 in March amid global risk aversion and renewed geopolitical tensions during the Iran conflict.
However, recent technical indicators suggest sentiment may be turning. Over the last six weeks, silver has climbed above two key downtrend lines, a technical signal often interpreted by traders as a weakening bearish trend.
The latest breakout came during a three-day rally that pushed silver close to April's high of $83.04, an important resistance zone that has repeatedly capped gains in recent months.
Market analysts tracking technical charts say a sustained move above the $82-$83 range could strengthen expectations of a broader recovery and potentially pave the way toward the psychologically significant $90 level. A further breakout could even open the door for a retest of the March high near $96.38.
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The recovery attempt is particularly significant because it could break the pattern of lower highs that has defined silver's price action since the January crash, a pattern widely viewed as a negative signal in technical analysis.
At the same time, analysts caution that failure to decisively breach the April peak could reinforce bearish sentiment and trigger another correction, especially if prices fall back towards the $70-$71 range.
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