Silver price today: Silver hits new record high, crosses Rs 1.78 lakh; will it hit Rs 2 lakh mark soon?

The recent decline in currency value has bolstered domestic market momentum. (AI image)

The upward trend continues amidst worldwide increases in silver prices, driven by anticipated US Federal Reserve rate cut, declining US dollar index values, and investors seeking secure assets.Commenting on the development, Manoj Kumar Jain of Prithvifinmart Commodity Research noted a significant technical advancement. “Silver gives a strong price breakout after 45 years of consolidation and prices first crossed $55 per troy ounce levels in the international markets,” he observed, further stating that silver presently “in the limelight after strong industrial demand and continuous deficit of physical material for the last 4 years,” he told ET.Additionally, Jain highlighted a significant policy development, stating, “Recently US included Silver in its critical mineral list and after this, it caught the eyes of other countries to create reserves.”The recent decline in currency value has bolstered domestic market momentum. According to Rahul Kalantri, Vice President Commodities at Mehta Equities, the unprecedented depreciation of the rupee against the US dollar has strengthened both gold and silver valuations.Kalantri stated, “Silver hits fresh record high amid Fed rate cut expectations and profit taking in the dollar index.” Analysing the market trends, he noted, “The technical charts for silver have turned more bullish in the past week or so, and that’s inviting the chart-based speculators to the long side of the silver market.”Additionally, Enrich Money’s CEO Ponmudi R provided insights stating, “Immediate resistance is seen at Rs 1,79,000–Rs 1,80,000, and a breakout above this zone can push silver toward Rs 1,81,000–Rs 1,85,000.” He also indicated that the metal maintains substantial support at Rs 1,72,000–Rs 1,68,300, emphasising that “as long as silver holds above this band, the bullish trend stays firmly in place.”

When will silver hit Rs 2 lakh?

As prices surpass historical records, market observers are monitoring whether silver can reach the Rs 2 lakh threshold in the approaching weeks and months.Jain offered a short-term perspective, noting that “current trend remains continuous in the short term and prices are likely to test $62–65 per troy ounce range in this month.” Regarding MCX, he indicated that “March contract of silver is likely to test Rs 1,85,000–Rs 1,90,000 in this month. And silver is expected to hit a psychological level of Rs 2,00,000 in the first quarter of 2026 in the domestic markets.”He described the overall silver trend as exceptionally positive.From a global viewpoint, Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, observed that silver has developed a “classic cup and handle structure” following weeks of price movement between $46 and $54 per ounce.“A sustained close above the USD 54 mark will confirm a fresh breakout. The height of the pattern suggests that silver has room to add roughly eight to nine dollars from the breakout point, which opens the path towards levels of $63–64/ounce,” Sheth stated in his note.

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