Silver hits a fresh record on MCX
March-delivery silver on the Multi Commodity Exchange (MCX) climbed ₹1,420, or 0.71%, to close at a new lifetime high of ₹2,00,362 per kg. This marked the metal’s fourth straight day of gains, underscoring growing momentum in the domestic futures market.
What drove the jump?
Traders and market watchers point to a mix of factors that typically support bullion prices:
- Safe-haven demand: Geopolitical uncertainty and inflation concerns often push investors toward precious metals.
- Global cues: International silver and gold trends can lift domestic futures on MCX.
- Currency moves: A weaker rupee can make imports costlier, nudging local prices higher.
- Technical momentum: Consecutive daily gains can attract short-term buyers and speculative flows.
What it means for investors and consumers
For investors, the record suggests continued interest in silver as a portfolio diversifier. For industries that use silver, higher prices may raise input costs if the trend persists. Short-term traders may look for profit-taking or consolidation after a string of gains, while long-term buyers will likely watch global fundamentals and domestic currency moves closely.
Takeaway
Silver’s march to new highs on MCX reflects a blend of domestic and international pressures. While the immediate momentum favors bulls, market participants should monitor broader economic indicators and currency trends for clues about sustainability.