Silver Price Jumps ₹3,100 Per Kg Above ₹2.30 Lakh; Key Levels To Watch

Silver prices rose sharply on Friday, October 9, with MCX futures gaining more than ₹3,100 per kg as softer US Treasury yields and a pause in the dollar's recent rally supported precious metals.

MCX December silver futures were trading around ₹2,32,295 per kg in morning trade, up ₹3,107, or 1.36%. In the international market, spot silver climbed 1.7% to $61.16 an ounce, extending its recovery after the sharp swings seen over the past few sessions.

The rebound comes after silver slipped towards the $60 level earlier this week as rising US yields and a stronger dollar weighed on prices. Friday's move has brought the metal closer to a key resistance zone, making the $62 mark important for determining whether the recovery has further room to run.

US Treasury yields eased for a second straight session, while the dollar paused after its recent advance. Traders are now looking towards upcoming US economic data for fresh signals on the Federal Reserve's interest-rate path.

Silver Price Rebounds After Recent Volatility

Silver has seen sharp price swings in recent sessions, with the metal coming under pressure as global bond yields moved higher. The latest decline had taken international prices towards $60-$60.50 before buyers returned.

Unlike gold, silver's price is also influenced by industrial demand, making moves in manufacturing activity and the broader base-metals market important alongside the dollar and interest rates.

Anindya Banerjee, Head of Research – Currency, Commodities and Interest Rates at Kotak Neo, sees $60.50 as the first resistance level for silver, followed by $62.

A clear break above $62 would indicate that the recent downtrend has ended. Until then, the rebound remains within the broader correction seen over the past few sessions.

Silver Price Levels To Watch

With silver trading back above $61 internationally, the immediate focus is on whether prices can move past the $62 resistance.

On the downside, Banerjee sees support around $59, followed by $57. A failure to hold the $59 level could therefore bring the lower support zone back into focus.

For domestic silver, the move above ₹2.30 lakh puts the recent price range back in focus after this week's volatility. Movements in international silver and the rupee will determine how much of the overseas move is reflected in MCX prices.

For now, silver has recovered from its recent lows, but a sustained break above $62 remains the key level to watch for a clearer change in the short-term trend.

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