Silver prices on India's Multi-Commodity Exchange (MCX) soared to a historic peak during intraday trading on Tuesday, 6 January 2026. The dramatic surge, driven by escalating geopolitical tensions following a United States attack on Venezuela, saw prices climb by more than ₹9,600 per kilogram.
Record-Breaking Rally on MCX
According to the latest exchange data, the MCX silver prices for the March 2026 contract jumped by 3.9% or ₹9,645 per kilogram. This propelled the price to a fresh all-time high of ₹255,800 per kilogram. This marks a significant increase from the previous market close of ₹246,155 per kilogram. The sharp uptick underscores how global political instability is directly influencing domestic commodity markets.
Expert Views on the Price Surge and Outlook
Market analysts have linked this unprecedented rally directly to the crisis between the United States and Venezuela. Ross Maxwell of VT Markets commented that the precious metal is anticipated to rise further in the short term alongside gold, fueled by increasing global uncertainty. He noted, however, that silver's dual role as both a precious and industrial metal creates a complex dynamic. Its price is supported by strong industrial demand, but prolonged global instability or an economic slowdown could pressure its performance relative to gold.
Providing specific technical levels, Renisha Chainani, Head of Research at Augmont, pointed out that silver is facing resistance at $79 per ounce, which translates to approximately ₹251,000 per kilogram. She emphasized that if prices manage to sustain above this critical level, the next targets would be $82 (₹255,000 per kg) and $84 (₹260,000 per kg). "If prices sustain above this resistance, the next level to watch for is $82 (₹255,000) and $84 (₹260,000)," Chainani stated.
Is Now the Right Time to Invest in Silver?
The record-breaking run naturally leads investors to question whether it is an opportune moment to enter the silver market. The current price movement is heavily influenced by a geopolitical risk premium, which can be volatile. While experts like Maxwell see short-term upside due to uncertainty, the long-term trajectory will also depend on industrial demand trends and broader global economic health. Investors are strongly advised to conduct thorough research and consider their risk appetite. Market conditions can change rapidly, and consulting with certified financial experts before making any investment decision is crucial.
Disclaimer: This analysis is for informational purposes only. The views and recommendations mentioned are those of individual analysts or broking firms. Investors should consult certified experts before making any investment decisions, as market conditions are subject to change.
