Silver Rate In India At Rs 2,60,000: How Will Silver Perform In Festive Week? Makar Sankranti, Pongal Ahead

Silver rates in India are unchanged on January 11, after a volatile trading week. 1Kg silver price stood at Rs 2.60 lakh mark. This comes after the international spot silver price rallied by 4% last week on Friday due to weaker US job creation, which further heightens hope for a rate cut from US Federal Reserve in the upcoming policy. In the coming week, a sustained breakout above $82 levels could push spot silver to near $90 levels. While at MCX silver price could range from Rs 2.6 lakh to the Rs 2.70 lakh mark.

Silver Rates In India:

1kg silver price stood at Rs 2,60,000 on January 11, unchanged from the previous day. Silver rates in 100 grams and 10 grams stood at Rs 26,000 and Rs 2,600 respectively. While 8 grams silver is at Rs 2,080 and 1 gram silver is priced at Rs 260.

In some cities like Chennai, Hyderabad, and Kerala, 1Kg silver is at Rs 2.75 lakh. In other metro cities like Mumbai, Delhi, Kolkata, Pune, and Ahmedabad, 1Kg silver is at Rs 2.6 lakh.

MCX Silver Price:

Last week, on Friday, MCX silver price closed at Rs 2,52,002 per 1KG, down by Rs 723 or 0.29%. The silver price is away by couple of thousands from its all-time high of Rs 2,59,692 per 1Kg.

Spot Silver Price:

Silver rose nearly 4% toward $80 per ounce on Friday as weaker US job creation reinforced expectations for Fed rate cuts, triggering renewed demand for precious metals after index driven selling pressure eased. December nonfarm payrolls rose by just 50,000, well below forecasts, while the unemployment rate fell to 4.4%, confirming a low hiring, low firing labor market that aligns with an outlook for lower interest rates rather than renewed tightening, as per Trading Economics data.

Further, the data added that this shift reduced real yield pressure and encouraged fresh long positioning and short covering in silver futures once mechanical selling linked to annual commodity index rebalancing began to subside. Geopolitical risks around Venezuela and East Asia provided secondary support, but the rebound was chiefly driven by the repricing of US rates, with thin liquidity amplifying the upside move after two sessions of sharp liquidation.

Silver Price Prediction:

Silver could see steady demand next week due to massive festivals such as Makar Sankranti and Pongal. In general terms, the demand for precious metals are high during festive season in India.

Meanwhile, analysts at SMC Global Securities said that silver hit a record high of 259,692 before shedding some of its weekly gain, a move further exacerbated by its reduced weighting in the commodity index. Accordingly, for next week, they expect MCX silver price to perform between 236,000-260,000 levels.

On the other hand, Ponmudi R, CEO of Enrich Money believes MCX silver's strong support is placed at Rs 2,40,000- Rs 2,45,000. A sustained move above Rs 2,53,000 could trigger further acceleration toward Rs 2,60,000- Rs 2,70,000 in the coming weeks. Structural fundamentals, including persistent supply deficits and rising demand from solar, EV, and electronics sectors, continue to favor aggressive accumulation on pullbacks.

In the near term, according to Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd, silver could touch the targets of $95-100 (~Rs 300,000 - 325,000), aided by industrial demand and tight supply.

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