New Delhi | January 9, 2026
Silver prices staged a strong comeback in the domestic commodity market on Friday, rebounding sharply after two consecutive sessions of heavy profit booking. Value buying at lower levels lifted silver futures on the Multi Commodity Exchange (MCX) by more than 2%, while gold prices also moved higher, supported by firm global cues and ongoing geopolitical tensions.
Silver Prices Near ₹2.5 Lakh on MCX
March delivery silver futures on MCX jumped by ₹5,898, or 2.42%, to trade at ₹2,49,222 per kilogram. The contract had settled at ₹2,43,324 per kg in the previous session.
The rebound comes after silver witnessed a steep correction earlier this week. From its recent peak of ₹2,58,811 per kg on Tuesday, prices had fallen nearly ₹15,500, or about 6%, over two trading sessions. Friday’s buying erased a significant portion of those losses, indicating renewed investor interest at lower levels.
Gold Prices Also Edge Higher
Gold followed silver’s upward momentum. The February gold contract on MCX rose by ₹783, or 0.57%, to ₹1,38,525 per 10 grams.
In international markets, Comex gold for February delivery climbed by $21.74, or 0.49%, to $4,482.44 per ounce. Prices remained supported near the $4,480 level as investors tracked geopolitical developments and awaited key U.S. employment data.
Strong Performance in Global Silver Markets
Silver prices also posted strong gains overseas. The March silver contract jumped by $2.82, or 3.76%, to $77.96 per ounce.
The rebound followed a sharp 5% decline on Thursday, triggered by annual rebalancing in major commodity indices, which led to large-scale liquidation of futures positions. Earlier this week, silver tested its previous high of $82.60 per ounce, forming a technical double-top pattern.
Market analysts noted that profit booking had pushed prices toward the $74 level. Key support is now seen around $70 and $68.50, while a decisive breakout above the previous high could open the door for targets near $84 and $88.50 per ounce.
US Policy Developments Add to Market Volatility
Commodity markets also reacted to political developments in the United States. The U.S. Senate passed a resolution seeking to restrict further military action against Venezuela without congressional approval, while the administration signaled continued monitoring of the situation.
Additionally, investors remained cautious ahead of a U.S. Supreme Court ruling on the president’s emergency tariff powers, adding to short-term volatility across global markets.
Despite geopolitical uncertainty, Friday’s rebound suggested that underlying bullish sentiment in precious metals remains intact, with investors continuing to view gold and silver as key hedges against global risk.
