Overview
- Spot silver spiked to roughly $84 an ounce early Monday before dropping more than 5% as the record-setting run gave way to volatile retracement, according to market data and Reuters.
- In India, MCX March futures hit an all-time high of Rs 2,54,174 per kg, then sank by about Rs 21,000 within an hour at one point as traders rushed to lock in gains.
- Analysts cited thin holiday liquidity, profit-taking and reports of higher CME margin requirements as immediate drivers of the pullback, with safe-haven demand easing after comments on progress in Trump–Zelenskiy talks.
- The broader bull case remains anchored in tight inventories, strong industrial demand from solar, EVs and electronics, ETF and central-bank buying, a weaker dollar and expectations of further Fed easing into 2026.
- Policy factors stayed in focus, including China’s move to require export licences for silver from January 1, 2026 and a U.S. critical-minerals review that could affect trade flows and availability.