Silver prices extended their decline on Monday, with both COMEX and MCX contracts opening sharply lower, deepening a corrective phase that has now wiped out a significant portion of the metal’s earlier gains amid a broad global risk-off selloff.

COMEX Silver opened with a gap-down but held above the $64 support level. The metal, which had earlier tested highs near the $93–$97 resistance zone, is now trading in the $62–$70 range, reflecting a sustained breakdown in price structure. The formation of lower highs and lower lows points to continued bearish momentum, with any recovery likely to face stiff resistance at higher levels.

On MCX, Silver opened sharply lower and is currently trading within the ₹2,12,000–₹2,14,000 support zone. The contract had previously retreated from highs in the ₹2,20,000–₹2,30,000 range amid heavy profit-booking and corresponding weakness in global prices. Immediate resistance is placed at ₹2,18,000–₹2,20,000, while a breakdown below ₹2,12,000 could accelerate losses toward ₹2,08,000–₹2,10,000, with further support near ₹2,00,000–₹2,05,000.

The selloff is part of a wider dislocation across asset classes, where a sharp global risk-off wave has weighed simultaneously on equities, bonds, and precious metals. Notably, the correction in safe-haven assets including gold and silver has in some measures been sharper than in equity markets, underscoring the scale of the unwinding.

Silver’s dual character — as both a safe-haven asset and an industrial metal — has offered limited insulation. While industrial demand has provided some intermittent support, macro uncertainty and a stronger US dollar continue to suppress recovery attempts. The USD/INR pair is trading above 93.9, adding further pressure on domestic commodity prices by elevating import costs and dampening investor appetite for rupee-denominated assets.

On COMEX, a sustained hold above the $64–$65 zone remains critical. A decisive breakdown below this band could drag prices toward $57–$59. On the upside, a breakout above $70 would be needed to trigger any meaningful recovery toward $72–$74.

According to the weekly outlook by Ponmudi R, CEO of Enrich Money, a SEBI-registered wealthtech firm, silver’s broader bullish trend remains intact only as long as the $60–$65 zone on COMEX and ₹2,00,000 on MCX are not decisively breached. Near-term momentum indicators point to a slightly bearish bias, with elevated volatility expected to persist amid ongoing macroeconomic and geopolitical uncertainty.

Published on March 23, 2026