The long running trend of silver came to a sudden halt today. On Thursday, due to global support, the stock market moved positive. Similarly, a huge fall was seen in the prices of silver. In the initial trading, the stock market started trading with a rise of about 900 points.
At the same time, the price of silver in the futures market had come down by about Rs 9000. Around 11 am, the price of silver on MCX had fallen by Rs 9146 per kg to Rs 309346. Which was about Rs 26,175 less than its all-time high. Meanwhile, Silver ETF also declined by 20 percent. However, later Silver also made a slight recovery. The price of silver contract expiring on March 5, 2026 fell badly today. Till the time of writing the news, silver made a good recovery and reduced the margin of its fall by about Rs 7000 but the fall continued.
Indian silver exchange-traded funds fell as much as 20% on Thursday, eroding their premium over international and physical markets as investors fled amid increased volatility in the precious metal. Nippon India Silver ETF, ICICI Prudential Silver ETF, and Kotak Silver ETF declined 19-20% in morning trade and fell below their indicative net asset values.
On Wednesday, the price of silver for March delivery fell 1.79% in the international market and closed at $ 92.94 per troy ounce. At the same time, on the domestic MCX, March silver fell by 1.60% and closed at Rs 3,18,492 per kg. According to experts, in the international market, silver may get support around $ 84 per troy ounce, while on the upside there may be resistance between $ 94.60 to $ 96.80. The support level for silver on MCX is Rs 3,14,000 to Rs 3,06,000, while resistance is visible between Rs 3,24,000 to Rs 3,28,000.
If the price of silver remains above Rs 3,15,000, the rise may continue. In such a situation, levels ranging from Rs 3,35,000 to Rs 3,50,000 can be seen. However, if the price goes below Rs 3,00,000, the downside may extend to Rs 2,90,000 to Rs 2,80,000.
