New Delhi, Jan. 16 -- Silver's rise over the last year has been phenomenal, and the rally appears to have further steam left, driven by strong industrial demand amid constrained supply.

Silver prices have jumped by more than Rs.32,000, or over 14% in the domestic spot market. On the MCX, March futures prices touched a fresh record of Rs.2,92,865 per kg on Friday, January 16. Experts believe silver rates may hit the Rs.4 lakh per kg mark.

"The 2.618 Fibonacci extension aligns near Rs.2,96,737, which becomes the first major medium-term target. Beyond this, the 3.618 Fibonacci extension points towards the Rs.3,56,871 level. An extended move in a strong momentum environment could even open up levels closer to Rs.3,94,034 over time," said Ap...