Silver rate today: MCX futures stay above Rs 2.50 lakh mark; what’s ahead?

MCX silver futures for March delivery jumped over 1 per cent on Tuesday, hitting a high of Rs 2,50,723 per kg in trade by 9.20 am. Silver futures opened at Rs 2,50,450 per kg. They were last up Rs 3,441 or 1.4 per cent at Rs 2,49,220. 

Silver is known for its volatility and sharp swings, which makes its vulnerable for pullbacks. ICICI Direct said after a 140 per cent extraordinary rally in silver in 2025, returns in 2026 are likely to moderate. 

"We believe that current levels are not favourable for fresh investments and risk-reward ratio seems unfavourable. One can use pullbacks towards Rs 1,50,000-1,65,000 as an opportunity for accumulation. On upside prices may move towards Rs 2,60,000-2,75,000," it said.

The brokerage in its Outlook 2026 note said demand for silver in industrial segment is expected to flatten this year after making series of record high in last four years amid global economic uncertainty and potential thrifting due to soaring silver prices.

"Increased margin requirement at major exchanges would force trades to cut positions and COMEX inventories remains comfortable, signalling no immediate supply stress However, primary factors remain intact and data continues to indicate potential further upside in 2026," it said adding that silver market is likely to remain in deficit for 6th consecutive year.

ICICI Direct said investment demand may surge amid monetary easing in US and hopes for more stimulus packages from China

"Despite expected weakness, we don’t see silver prices moving below the range of $55-$60. As long as prices stays above $55 level long-term bullish bias likely to remain intact. On upside prices may move towards $85-$90," it said on international prices. 

Global silver market is projected to see another deficit in 2026, marking sixth consecutive year. Market deficit for 2025 is expected to be around 118 million
ounces. 

Demand for silver in industrial segment is expected to flatten this year after making series of record high in last 4 years amid global economic uncertainty and potential thrifting due to soaring silver prices. Marginal loss is forecasted in PV sector in this year but demand in electrical & electronics is expected to grow.

"In the long-term, demand for silver in industrial sector will continue to rise amid increase in global solar installations, gains in automotive end-use, power grid investment and consumer electronics. Along with that silver’s use in AI chips, data center cooling, and power distribution would be supportive for prices," ICICI Direct said.

It noted that US tariff uncertainty has led the flow of metal from London to US triggering historic squeeze, leading decline in available silver stocks in London. Additionally, stockpiles in Shanghai had hit their lowest in nearly decade in 2025. Market fears that there is a risk of US tariff on Silver after the inclusion of Silver in US Geological survey list of critical minerals.

"Additionally, China has announced restrictions on silver exports from 2026, requiring companies to obtain export licenses. This move could disrupt supply chain Going ahead, demand for ETF may continue to rise in 2026 amid expectation of further weakness in dollar, geopolitical tension, rate cut from US Federal Reserve and hopes for more stimulus packages from China," ICICI Direct said.