Silver rebounds on MCX; analysts map higher targets
Silver rebounds on MCX; analysts map higher targets
Silver prices jump on MCX and COMEX, with cautious optimism as safe-haven demand persists and US data stays solid; analysts see potential upside ahead.
Silver prices staged a sharp rebound across domestic and international markets, rising 3.5 percent to Rs 2,44,955 per kg on MCX by Friday afternoon. The rally follows a volatile spell that had pulled prices back from their record highs earlier this year. On the global front, COMEX silver jumped 3.8 percent to around $78.3 after a 1.7 percent rise in the prior session, buoyed by safe-haven demand, geopolitical tensions, and resilient US economic data.
Despite the bounce, MCX silver remains trapped in a wide consolidation band of roughly Rs 2,30,000 to Rs 2,50,000, well below the all-time peak of about Rs 3,79,983 per kg hit in January 2026. The latest action points more to stabilization than a full reversal of the longer-term uptrend.
Analysts note the price path is susceptible to volatility in the near term. COMEX silver has hovered in a $73–$80 zone after plunging from record highs above $121 earlier this year. Buying interest has concentrated in the Rs 65–70 support area on the domestic side, aligning with prior swing lows and long-run support.
Ponmudi R, CEO of Enrich Money, said the broader uptrend remains intact on higher timeframes, though the price has slipped below key moving averages, signaling short-term corrective pressure. If the market sustains a close above the $85–$92 resistance zone, risk-takers could see a move toward $95–$105, with the potential to retest earlier peaks.
Traders say the near-term outlook hinges on risk sentiment, US data, and geopolitical developments. In the meantime, the domestic base around Rs 2,25,000–Rs 2,35,000 could provide a foundation for further attempts to push higher if buyers maintain interest.
Overall, the rebound signals stabilisation rather than a dramatic reversal, leaving investors cautiously optimistic about the metal's ability to ride out volatility while staying sensitive to macro news.
