A silver futures contract on commodity derivatives exchange hit the ₹100,000-per-kg mark for the first time on Monday, rising in tandem with record-high gold prices, buoyed by a cut in one-year prime loan rate by China to boost its sagging economy and a higher gold-silver ratio, which increases headroom for silver to outperform the precious metal.

Silver for 5 March delivery hit a record high of ₹100,564 per kg on MCX as of 5:13 pm IST and traded at ₹100,304, up 2.7% from Friday closing, at the time of writing on Monday. Mint had on 22 May written about prices of the white metal heading to a historic ₹100,000-mark.

MCX trading runs from 9 am to 11:30 pm during normal session and till 11:55 pm during daylight savings.

"It's historic to see a six-digit figure but will be interesting to see whether the near month contract on MCX hits the lakh mark," said Viral Shah, head of brokerage at 360 ONE Wealth.