Silver prices hit $70 for the first time ever on Tuesday, December 23, driven by positive global cues. Rising U.S.-Venezuela tensions and a weaker dollar supported the rally, while expectations of further U.S. interest rate cuts boosted investor sentiment.
On the domestic front, MCX silver climbed 1.7% to a record ₹2,16,596 per kg, while MCX February gold futures rose 1.1% to an all-time high of ₹1,38,300 per 10 grams. Spot silver also touched a new peak of $70.0055 during intraday trading.
Silver has outpaced gold this year, surging 140% compared to gold’s 76% rise in the domestic spot market. Analysts attribute the sharp gains to mining disruptions, limited inventories, and persistent supply shortages. A potential U.S. rate cut, weaker dollar, and geopolitical risks are expected to maintain strong safe-haven and speculative demand.
Renisha Chainani of Augmont highlighted that silver remains in a bullish, cyclical boom phase, though a correction could occur. She identified the next upside target near $72 (₹2.22 lakh) and support around $64.50 (₹2 lakh).
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