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.

The second day of the Budget Session of Parliament is set to see key developments, with Prime Minister Narendra Modi likely to address the media at Parliament House on Wednesday morning.

The Prime Minister is expected to speak around 10:15 am, ahead of the presentation of the Economic Survey of India 2025–26 in the Lok Sabha later in the day.

Finance Minister Nirmala Sitharaman is scheduled to table the Economic Survey at 12 pm in the Lower House. The document provides an overview of the state of the Indian economy, key macroeconomic indicators for the 2025–26 financial year, and an outlook for the coming fiscal.

Prepared by the Economic Division of the Department of Economic Affairs under the Ministry of Finance, the Economic Survey is formulated under the supervision of the Chief Economic Adviser. It serves as an important reference document ahead of the Union Budget, offering insights into growth trends, sectoral performance, and broader economic challenges and opportunities.

Before the tabling of the Economic Survey, the Lok Sabha will take up Question Hour from 11 am to 12 pm.

The Budget Session, which began on Tuesday, is expected to witness discussions on economic priorities, fiscal strategy, and policy direction in the days leading up to the presentation of the Union Budget 2026.

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.