Mumbai’s commodity markets witnessed an unprecedented surge in silver prices on Monday, breaching the ₹3 lakh per kilogram mark for the first time amid global economic turbulence. The Multi Commodity Exchange (MCX) recorded the March 2026 silver contract soaring 5.36% or ₹15,413 to ₹3,03,175 per kg by 2 PM. Intraday, it touched an all-time high of ₹3,04,200 per kg, up sharply from the previous close of ₹2,87,762.
While spot market prices hovered just below ₹3 lakh, the India Bullion and Jewellers Association (IBJA) pegged silver at ₹2,93,650 per kg at noon, a jump of ₹11,760 from ₹2,81,890 earlier. IBJA updates gold and silver rates twice daily, reflecting real-time market dynamics.
Gold prices also rallied impressively. 24-karat gold climbed ₹2,385 to ₹1,43,978 per 10 grams from ₹1,41,593. 22-karat gold rose to ₹1,31,884 per 10 grams, up from ₹1,29,699, while 18-karat hit ₹1,07,984 from ₹1,06,195.
Internationally, gold advanced 1.66% to $4,672 per ounce, and silver skyrocketed 4.61% to a record $92.59 per ounce. Experts attribute this rally to recent tariff announcements by US President Donald Trump targeting major European nations, fueling global uncertainty and driving investors towards safe-haven assets like precious metals.
This dramatic upswing signals heightened volatility in commodities, with market watchers advising caution amid potential corrections. As geopolitical tensions persist, silver’s breakout above ₹3 lakh could herald a new era for bullion investments in India.