Silver prices retreated from record-high levels on Thursday amid profit-booking by traders as global stock markets showed weak trends.
The white metal’s prices declined by ₹751 to ₹2,06,684 per kg in the futures trade, after zooming by 10,078, or 5.10 per cent, to hit a record high of ₹2,07,833 per kg in the previous session.
On the Multi Commodity Exchange (MCX), silver futures for March 2026 delivery depreciated by ₹751, or 0.36 per cent, to ₹2,06,684 per kg.
“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,” said Manav Modi, Commodities Analyst at Motilal Oswal Financial Services.
The white metal on Wednesday scaled a fresh peak of USD 67.18 per ounce.
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Meanwhile, gold prices also eased, with the February contract of the metal falling by ₹580, or 0.43 per cent, to ₹1,34,314 per 10 grams.
“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,” Modi added.
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 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.
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