The silver market just went insane. MCX silver contracts for March hit a record high near ₹1,92,000 per kg this morning. Gold is rallying too, but the real kicker is silver—it has surged over 108% this year, while gold is up 68%. The question everyone is asking: Will silver touch the ₹2 lakh mark in December?
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Silver Price Rockets Past ₹1.91 Lakh
The massive price jump—a 2% spike in just one morning session—is driven by a cocktail of global tensions and economic bets.
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The Cause: Geopolitical tensions are still brewing, central banks keep buying, and there are heavy inflows into exchange-traded funds (ETFs). Also, the gold-to-silver ratio is around 68–69, which is the lowest it’s been in years. And then the metal followed. This ratio is a major bullish indicator for silver, signaling it’s undervalued compared to gold.
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The Numbers: Last New Year’s Eve, spot silver was around ₹85,851 per kg. Yesterday, it hit ₹1,78,861. Spot gold followed a similar spike, from ₹75,913 to ₹1,27,762 per 10 grams in the same period.
Can Silver Hit ₹2 Lakh This Month?
Let’s be real, experts think it’s possible, or nothing.
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The Bull Case: Jigar Trivedi, Senior Research Analyst at Reliance Securities, is pushing the boundaries. He says ₹2.10 lakh is possible by December-end. Why? Because industrial demand is robust, supplies are tight, and expectations of multiple US Federal Reserve interest rate cuts next year are strong. Trivedi expects three rate cuts in 2026, which is always supportive for bullion.
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Another View: Anuj Gupta, a SEBI-registered analyst, agrees, expecting MCX silver to hit ₹2 lakh by the end of this year.
The Immediate Threat: The US Fed
The only thing that could stop this train is the US Federal Reserve meeting.
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If the Fed’s “dot plot” (economic projections) signals only one or two rate cuts next year instead of the expected three, Trivedi warns there could be a sharp correction in both gold and silver prices.
However, the overall trend remains positive. Investors who missed the huge rally are likely to buy aggressively on any small dips. The consensus range for silver this month is expected to be between ₹1,80,000 and ₹2,00,000 per kg.
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