Silver Hits Record Rs 1,70,415 on MCX, Gains Nearly 20% in October Amid Festive Rush

Silver prices on the MCX have surged to an all-time high of Rs 1,70,415 per kilogram, marking nearly a 20% gain in October. The rise comes ahead of the festive season, driven by strong demand from investors, jewellers, and industrial buyers, reflecting heightened market activity and optimism in precious metals.

Experts attribute the rally to a combination of factors including increased buying during Diwali, inflationary concerns, and global trends in silver demand. The surge is also fueled by investors seeking a hedge against market volatility, making silver an attractive alternative investment.

In Tier 2 cities, the rise in silver prices is particularly significant for households and small traders who traditionally invest in physical silver during festivals. Jewellery stores and bullion traders have reported increased footfall, with many consumers opting for coins, bars, and traditional ornaments to mark the festive season.

Analysts caution that while the rally may continue in the short term, prices can be volatile, influenced by global metal trends, currency fluctuations, and changes in domestic demand. Investors are advised to consider long-term strategies and not just short-term gains.

The record surge in silver highlights the enduring appeal of precious metals as both an investment and a cultural asset during festivals. For buyers and traders, it reinforces the importance of timely decisions and careful market monitoring to maximize benefits amid seasonal demand.