Mumbai: Silver prices surged to a fresh lifetime high on the Multi Commodity Exchange (MCX) on Monday, with the precious white metal touching the Rs 3 lakh per kg mark during the intra-day session. 

Safe-haven buying drives sharp rally in silver and gold prices

The rally was driven by strong safe-haven demand amid rising global uncertainties. The rally in silver came alongside fresh record highs in gold.

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The silver futures contract on MCX for March 2026 expiry opened with a strong upside gap at Rs 2,93,100 per kg and quickly extended gains to hit an intra-day high of Rs 3,01,315 per kg.

“In INR silver has support at Rs 2,85,810, 2,82,170 while resistance at Rs 2,94,810, 2,96,470,” an analyst stated.

Analyst view: Key support and resistance levels for Silver and Gold

This marked a new all-time peak for silver on the domestic exchange. Even after some profit booking from higher levels, MCX silver prices managed to trade firmly and sustain above the crucial Rs 3 lakh per kg zone.

Gold prices also witnessed a sharp move higher. The gold futures contract on MCX for February 2026 expiry opened at Rs 1,43,321 per 10 grams and touched an intra-day high of Rs 1,45,500 per 10 grams within minutes of the opening bell.

“Gold has support at Rs1,41,650-1,40,310 while resistance at Rs1,44,150-1,45,670,” as per the analyst.

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Although prices later cooled off slightly, gold continued to trade at elevated levels, showing resilience after mild profit-taking.

In the international market, COMEX gold prices are finding immediate support near $4,620 per ounce, while a stronger support zone is placed around $4,580 per ounce.

On the upside, analysts see potential targets at $4,730 and $4,780 per ounce if momentum continues.

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Back home, MCX gold is receiving support around Rs 1,42,000 and Rs 1,40,000 per 10 grams.

“On the higher side, gold is facing resistance near Rs 1,48,000 per 10 grams. A decisive break above this level could push prices towards the psychological Rs 1.50 lakh per 10 grams mark in the near term,” an expert said.

(IANS)