Silver Skyrockets Past $83, Indian Futures Hit Record ₹2.6 Lakhs
Overview
Silver prices have surged to all-time highs, with Comex spot reaching $83.785 per ounce and MCX futures soaring to ₹2,63,000 per kilogram. Geopolitical tensions and softer U.S. jobs data are driving investors toward the safe-haven asset, pushing commodity markets higher.
Silver prices surged dramatically on January 12, shattering previous records as geopolitical tensions and shifting economic data propelled the white metal to new heights. Comex spot prices climbed to $83.785 per ounce, marking a significant 4.79 percent gain.
The momentum carried over to domestic markets, with MCX silver futures opening at an all-time peak of ₹2,63,000 per kilogram for 999 purity. Despite a slight retreat to ₹2,61,802 by mid-morning IST, the futures contract registered a 3.59 percent increase from its prior close. This surge surpasses the previous peak recorded on January 7, 2026.
Geopolitical Drivers Fuel Rally
The surge is largely attributed to escalating global geopolitical risks. Washington's reported preparations for long-term control of Venezuelan petroleum sales and detentions of Venezuela-linked vessels have heightened market anxieties. Further unsettling developments include discussions about seizing Greenland, potentially involving military actions.
Economic Data Bolsters Safe-Haven Appeal
Economic indicators from the United States also played a crucial role. U.S. job vacancies declined more than anticipated in November, and private payrolls climbed less than predicted in December, according to ADP data. These reports suggest a cooling labor market, increasing expectations that the Federal Reserve may enact rate cuts sooner rather than later. Investors now await Friday's nonfarm payrolls report for further policy clues.
Analyst Outlook and Price Targets
Market analysts note the formation of a double top pattern, with the potential for further upside. Augmont Bullion reported that if silver breaks its previous top again, the next resistance levels to watch are $84 per ounce (approximately ₹2,66,000) and $88.5 per ounce (around ₹2,80,000).
Domestic Price Snapshot
Silver rates across major Indian cities exhibited minimal variation, reflecting local taxes, jeweler margins, and logistics. Prices for 1 kilogram of 999 purity silver hovered around ₹2,59,900 in metropolitan hubs like Mumbai, Delhi, Kolkata, and Bangalore, while cities such as Chennai and Hyderabad saw prices closer to ₹2,74,900.
