Silver futures drop Rs 24,000 today, slip below Rs 2.5 lakh per kg; what's ahead?

Silver price today: MCX silver futures for March delivery plunged 8 per cent or about Rs 24,000 per kg in Thursday’s trade, falling below the Rs 2.50-lakh mark. The precious metal hit a low of Rs 2,44,654 per kg in early trade. It was later trading down Rs 21,898, or 8.16 per cent, at Rs 2,46,952, tracking a fall in global silver prices.

Silver’s recent sharp rally was driven by structural supply constraints amid rising industrial demand from solar, electric vehicles and technology, though its higher volatility warranted a more measured approach in 2026, Motilal Oswal Private Wealth said. In its portfolio strategy, the wealth management company advised retaining exposure to silver, while recommending partial profit-booking for portfolios with large allocations and staggered accumulation on corrections for investors with no to low exposure.

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Ponmudi R, CEO at Enrich Money said the Rs 2,20,000-2,35,000 zone remains a strong structural base for silver futures. Immediate resistance is seen at Rs 2,90,000-Rs3,00,000, with potential extension toward Rs3,25,000 if momentum sustains. "Dips continue to offer accumulation opportunities for positional participants," he said. 

UBS in a note earlier this week said the nomination of Kevin Wash as the new US Federal Reserve chair
to replace Powell has eased the tail risk concerns that had previously supported the silver market. In recent quarters, gold—and by extension, the entire precious metals sector— has served as a preferred
asset for investors worried about Fed independence. 

"We generally expect the FOMC’s consensus-driven approach to remain intact. However, we also anticipate that pressure from President Trump on the Fed to cut rates will persist, and it remains to be seen how this dynamic will evolve after Powell’s departure. Additionally, the US continues to run substantial twin deficits. As a result, concerns about debt sustainability in major economies and the
strategies to address them are unlikely to dissipate," it said.