Silver prices retreated from record highs to trade lower by nearly 3 per cent at Rs 2.32 lakh per kg in the futures trade on Monday as investors booked profits after sharp gains amid weak global trends.
In a highly volatile session on Monday, silver touched a lifetime high of Rs 2,54,174 per kg in early trade, prompting investors to take profits. Silver futures plummeted by Rs 7,124, or 2.97 per cent, to hit a low of Rs 2,32,663 per kg on the Multi-Commodity Exchange (MCX). In the last week, the white metal soared by 15.04 per cent, or Rs 31,348, on MCX.
Gold opened higher but pared gains due to profit-booking, snapping a four-day rally. Gold futures depreciated Rs 1,497, or 1.07 per cent, to Rs 1,38,376 per 10 grams. It had scaled a fresh peak of Rs 1,40,465 per 10 grams on Friday.
Gold and silver prices retreated from record highs in the European trading session as well on Monday as traders booked profit after a record-breaking rally. Both gold and silver are in overbought territory on higher time frames, which is indicated as a caution sign and a need for healthy correction before the rally continues.
On the global front, the March 2026 contract of silver retreated sharply from its record levels. On the Comex, the white precious metal declined by USD 3.49, or 4.51 per cent, to USD 73.71 per ounce. Earlier in the session, silver futures breached the USD 80-per-ounce mark for the first time, reaching a record USD 82.67 per ounce, up by USD 5.47, or 7.09 per cent.
Meanwhile, gold for February delivery was trading lower by USD 72.55, or 1.59 per cent, to USD 4,480.15 per ounce. In the intraday session, it hit a high of USD 4,581.3 per ounce. On Friday, the yellow metal had touched a new record of USD 4,584 per ounce.
Also read: Silver soars ₹9,350 to reach record ₹2.36 lakh
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