Silver Price Today: Surges Past Crude Oil, Hits Key Levels on MCX

Market Performance

Silver prices in India continue to command attention as the precious metal overtakes WTI crude oil for the first time since the early 1980s. On the MCX, silver traded at ₹1,99,100 per kilogram, showing a slight dip from the previous session’s ₹2,03,000 per kg but maintaining strong bullish momentum.

• MCX Silver: ₹199.10 per gram, ₹1,99,100 per kg
• Spot Silver: $62.88 per ounce, down 1.7% from last week’s record of $64.65
• Spot Gold: $4,289.17 per ounce, down 0.3% but up 64% year-to-date

This shift reflects a significant re-pricing across commodities, with silver outperforming oil dramatically.

Main News: Silver Surpasses Oil

In a historic market reversal, silver prices have surged ahead of WTI crude oil. Currently, one ounce of silver trades at $63.80, while WTI crude is at $57.30 per barrel. This contrasts sharply with mid-2022 levels, when oil near $95 was more than 4.5 times costlier than silver at $20.

Key highlights:

• Silver up 150% in 2025, its strongest annual performance since 1979
• Since early 2020, silver has risen by over 220%, while oil has declined by 44%
• WTI crude is down around 20% in 2025, heading toward its worst annual drop since 2020

The divergence underscores changing dynamics in the commodity market, driven by industrial demand, monetary factors, and supply constraints for silver versus oversupply and weaker demand for oil.

Why Silver Is Soaring While Oil Slumps

Silver’s remarkable rise is fueled by several structural and monetary factors:

• Industrial Demand: Growth in solar, electronics, EVs, and data-center applications
• Monetary Drivers: Cooler US inflation, expectations of Fed rate cuts, and a weaker dollar
• Supply Tightness: Stagnant mine output and declining above-ground stocks over five years

In contrast, crude oil faces structural pressures:

• Oversupply and rising inventories
• Softening global demand, especially in Europe and China
• Uneven OPEC production strategies and efficiency gains in energy use

This combination has pushed silver ahead, highlighting its growing importance as both an industrial and investment metal.

Outlook: Silver’s Growing Role

Silver is increasingly seen as a “next-generation metal,” crucial for the green energy transition and digital transformation. Its unique combination of industrial and monetary demand continues to support prices, even amid minor corrections.

Year-to-date, silver remains highly volatile but firmly in a bullish trend, reclaiming the ₹2 lakh per kg mark on MCX. The market dynamics suggest that silver could continue to play a pivotal role in investment and industrial sectors throughout 2026.