Gold and silver prices recorded a sharp rise on the Multi Commodity Exchange on Monday, recovering part of the losses seen over the past few sessions, though both metals continue to trade well below their record highs.
At the opening of trade, gold prices rose by around ₹3,000, while silver prices jumped by nearly ₹15,000 per kilogram. The rebound followed a steep correction in recent days, during which both metals had slipped sharply from their peak levels.
Despite the sharp intraday gains, gold and silver remain significantly below their all-time highs recorded in January. Market participants continue to debate whether the current move represents a sustained recovery or a technical rebound following the recent decline.
Silver prices for the 5 March expiry on MCX surged immediately after the opening bell. From the previous close of ₹2,49,892 per kilogram, silver climbed to ₹2,64,885 per kilogram, marking a gain of ₹14,993 in a single session.
Even after the sharp rise, silver continues to trade well below its record level. On 29 January, silver crossed the ₹4 lakh per kilogram mark for the first time, with an all-time high of ₹4,20,048 per kilogram recorded on MCX. Following that peak, prices declined steadily and fell to around ₹2.25 lakh per kilogram within a few days.
Compared with its lifetime high, silver is currently trading more than ₹1,55,000 per kilogram lower, despite the latest rebound.
Gold prices also registered a sharp increase alongside silver. The 24-carat gold contract for 2 April expiry on MCX rose by around ₹3,000 at the opening. Gold had settled at ₹1,55,451 per 10 grams on Friday and climbed to ₹1,58,500 per 10 grams in early Monday trade, reflecting a gain of ₹3,049.
Even after the rise, gold remains substantially below its all-time high. At current levels, gold is trading more than ₹34,500 per 10 grams lower than its record price, indicating that prices have yet to fully recover from the recent correction.
