Overview
- India’s MCX March silver futures fell as much as Rs 10,000–12,500 intraday to Rs 2,40,605 per kg before partial recovery, while Delhi spot rates dropped Rs 12,500 to about Rs 2,43,500.
- Global prices extended a two‑day drop of up to 5.5% as passive funds sold futures to match new index weights, with Citi estimating roughly $6.8 billion of silver contracts to be offloaded, about 12% of Comex open interest.
- Silver‑backed ETFs saw their biggest one‑day outflow since October, reinforcing liquidity‑driven moves during the annual Bloomberg and S&P GSCI rebalances.
- Goldman Sachs expects extreme swings to persist due to low London inventories, large holdings in US COMEX vaults and new Chinese export controls that risk fragmenting supply and amplifying localized squeezes.
- HSBC lifted its 2026 average silver forecast to $68.25 an ounce within a $58–$88 range but projects a correction in the second half of the year, as traders watch US jobs data, dollar moves and potential tariff rulings for near‑term cues after December’s record $83.60 high.