Silver prices surged to a historic high in futures trade on Thursday, crossing the Rs 4 lakh per kilogram mark on the Multi Commodity Exchange (MCX), while gold also touched a lifetime high, driven by strong investor demand and firm trends in global markets.

On the MCX, silver futures for March delivery jumped Rs 22,090, or 5.73 per cent, to hit an all-time high of Rs 4,07,456 per kilogram during the session.

Gold futures also saw heavy buying interest. The yellow metal for February delivery surged Rs 14,586, or 8.8 per cent, to touch a new peak of Rs 1,80,501 per 10 grams on the domestic exchange.

Global markets support bullion rally

In the international market, gold futures on the Comex crossed the USD 5,600 per ounce level for the first time. The April delivery contract rose USD 286.6, or 5.4 per cent, to scale a fresh record high of USD 5,626.8 per ounce.

Silver futures on the Comex also advanced sharply, touching a new lifetime high of USD 119.51 per ounce in overseas trade.

Demand, weak dollar and safe-haven buying lift prices

Analysts attributed the sharp rise in silver prices to strong industrial demand and a weaker US dollar, noting that silver has been outperforming gold in recent trading sessions.

They also said continued safe-haven buying amid economic uncertainties and rising geopolitical tensions has supported the sustained rally in precious metal prices globally.

Maharashtra will bid its final farewell to Deputy Chief Minister and Nationalist Congress Party (NCP) chief Ajit Pawar on Thursday, with his last rites scheduled to be held at 11 am in Baramati. The state government has announced full state honours for the senior leader, who died in a plane crash on Wednesday morning.

Ajit Pawar, widely known as ‘Dada’, was travelling to Baramati when the aircraft crashed during a landing attempt. The incident took place in poor visibility conditions, according to preliminary information shared by authorities.

The aircraft was carrying five people, including Ajit Pawar, his personal security officer Vidip Jadhav, flight attendant Pinky Mali, Pilot-in-Command Sumit Kapur and Second-in-Command Shambhavi Pathak. All five lost their lives in the crash.

Senior political leaders have begun arriving in Baramati to attend the funeral. NCP (SP) chief Sharad Pawar reached the Vidya Pratishthan grounds ahead of the last rites, while Maharashtra Navnirman Sena chief Raj Thackeray also arrived in the town to pay his respects. Prime Minister Narendra Modi and Union Home Minister Amit Shah are expected to attend the funeral.

Union Civil Aviation Minister Ram Mohan Naidu Kinjarapu said a transparent investigation would be conducted into the crash. He stated that preliminary inputs suggest visibility was poor at the time of landing, which took place around 8:48 am.

The tragedy has left a deep void in Maharashtra’s political landscape. Ajit Pawar, 66, was among the state’s most experienced leaders and had served multiple terms as Finance Minister, known for his fast-paced administrative style and firm grip over state finances.

An emotional Sharad Pawar on Wednesday ruled out any conspiracy in the plane crash that killed his nephew and Maharashtra Deputy Chief Minister Ajit Pawar, saying the incident was a tragic accident with no political angle.

Speaking publicly for the first time since the crash, Sharad Pawar said the loss was irreparable for the state and urged people not to attach politics to the tragedy. He described Ajit Pawar as a capable leader whose absence would be deeply felt across Maharashtra.

“Everything is not in our hands. Some incidents have no politics behind them. This was purely an accident,” Sharad Pawar said, adding that the pain of the loss would remain forever.

Aircraft crash details

Ajit Pawar was travelling in a Bombardier Learjet 45 operated by private aviation firm VSR Aviation. The aircraft was flying from Mumbai to Baramati in Pune district when it crash-landed near the runway and caught fire.

Television visuals from the site showed thick smoke rising from the wreckage shortly after the incident.

According to aviation authorities, Ajit Pawar was accompanied by his personal security officer, an assistant, and two crew members at the time of the crash. All were on board when the aircraft went down.

Poor visibility during landing attempt

The government, in a statement, said the aircraft had attempted a landing after being cleared by air traffic control following a go-around due to poor visibility. However, after receiving final clearance, the aircraft reportedly did not provide a mandatory read-back to the ATC.

Moments later, it burst into flames near the edge of the runway.

Civil Aviation Minister K Rammohan Naidu said preliminary information indicated that visibility was poor during the landing attempt. He confirmed that investigation teams from the Directorate General of Civil Aviation and the Aircraft Accident Investigation Bureau had reached the site to examine the cause of the accident.

In aviation procedures, a go-around is considered a standard safety step when conditions are not suitable for landing, while a read-back ensures clear communication between pilots and air traffic controllers.

Operator rules out technical failure

VSR Aviation owner VK Singh said the aircraft was well maintained and there was no known technical issue with the jet.

“As far as we know, there was absolutely no technical failure,” he told reporters, adding that the plane had undergone regular maintenance checks.

Investigators are expected to analyse flight data, communication records, and weather conditions to determine the exact sequence of events that led to the crash.