Silver pulls back after record surge on weak global cues, profit taking

New Delhi: Silver prices retreated from the record levels on Thursday, declining by Rs 751 to Rs 2,06,684 per kg in the futures trade, as traders booked profits amid weak global cues.

On the Multi Commodity Exchange (MCX), silver futures for March 2026 delivery depreciated by Rs 751, or 0.36 per cent, to Rs 2,06,684 per kg. Silver prices had zoomed by Rs 10,078, or 5.10 per cent, to hit a record high of Rs 2,07,833 per kg in the previous session.

Gold prices also eased, with the February contract of the metal falling by Rs 580, or 0.43 per cent, to Rs 1,34,314 per 10 grams.

Analysts said precious metals retreated due to weak global cues.

In international markets, Comex gold futures for February delivery dropped by USD 12.6, or 0.29 per cent, to USD 4,361.3 per ounce. Silver futures for March 2026 delivery fell by USD 1.18, or 1.76 per cent, to USD 65.72 per ounce.

"Gold has made its biggest jump since the 1979 oil crisis in 2025, with prices doubling in the last two years and silver has crossed all barriers, posting gains of more than 120 per cent and breaking USD 65 as well," Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, said.

"Backwardation in silver rises once again, difference in spot and futures rose once again to 50-60 cents, suggesting supply tightness and speculative buying driving prices at such a high pace," Modi added. The white metal on Wednesday scaled a fresh peak of USD 67.18 per ounce.

"Silver made history by closing at an all-time record high, reaffirming that it's far more than just a runner-up to gold," Vijay Kuppa, Chief Executive Officer, InCred Money, said.

He added that investors are no longer viewing silver only through the lens of jewellery or industrial use.