Silver price today remained firm near ₹2,95,000 per kilogram in major northern and western hubs, LatestLY reported, while Chennai, Hyderabad and Kerala traded around ₹3,20,000 per kilogram.
A separate market report said Indian physical silver jumped by about ₹10,000 per kilogram in a single session after US and Israeli strikes on Iranian targets triggered intense safe-haven buying.
On the international front, LatestLY reported spot silver ended the trading week near USD 90 per ounce, while another market report put spot at USD 94.50 per ounce, reflecting varied quotes across sources.
The market report noted MCX futures for the near contract were trading below physical levels near ₹2,79,000 per kilogram, showing strong bullish momentum in derivatives relative to spot physical prices.
Market Drivers And Near Term Outlook
LatestLY and market commentary pointed to a geopolitical risk premium after strikes in the Middle East, which offset some pressure from a stronger US dollar and sustained buying interest in bullion.
LatestLY cited market experts who said industrial demand remains robust amid the green energy transition, and that 2026 marks the sixth consecutive year of a structural global supply deficit with inventories at exchanges like COMEX below critical levels.
Retail dynamics in India were noted as well, with steady wedding season demand and a shift by some consumers toward digital silver and ETFs to avoid high making charges on physical items, the report said.
The market commentary added technical support at about ₹2,85,000 per kilogram, with immediate resistance in the ₹3,00,000 to ₹3,10,000 zone and a higher February peak near ₹3,50,000 per kilogram, indicating key levels traders will watch.
Traders will also be watching the opening of the Multi Commodity Exchange and incoming US economic data, both cited as potential near term catalysts for further moves in silver.
