Mumbai, June 17 (IANS) Silver futures on the Multi Commodity Exchange (MCX) touched a new all-time high of Rs 1,09,250 per kilogram on Tuesday, as investors rushed to safe-haven assets amid rising tensions between Israel and Iran.
The July 2025 silver contract jumped 2.5 per cent, gaining Rs 2,686 compared to the previous close of Rs 1,06,564 per kilogram.
In the evening trade, silver futures were trading 2.23 per cent higher at Rs 1,08,945 per kilogram, according to official MCX data.
The sharp rise in silver prices reflects growing uncertainty in the global financial markets, where investors tend to move away from high-risk assets like equities and instead put their money into relatively safer options such as gold, silver, and government bonds.
Gold futures also witnessed an uptick during Tuesday’s trading session. The gold contract for August 5, 2025, edged up by 0.02 per cent to Rs 99,202. On Monday, gold had settled at Rs 99,178 per 10 grams.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by Rs 226 to Rs 99,147 per 10 grams, down from Rs 99,373.
Similarly, 22-carat gold declined to Rs 90,819 per 10 grams from Rs 91,026. The price of 18-carat gold also slipped, from Rs 74,530 to Rs 74,360 per 10 grams.
Experts attribute the upward movement in precious metals to global uncertainty and investor focus on the US Federal Reserve’s upcoming decision on interest rates.
“With the current macro setup, geopolitical tensions, currency volatility, and potential central bank pivoting, silver’s appeal as a hedge is rising,” Apurva Sheth of SAMCO Securities said.
“Retail and institutional interest is building, and technically, the setup is textbook bullish,” Sheth added.
On the international front, gold and silver prices were moving in opposite directions. At the time of reporting, gold on COMEX was down 0.40 per cent at $3,404.67 per ounce, while silver was up 1.65 per cent at $37.055 per ounce.
Since January 1, the price of 24-carat gold has surged by Rs 22,985 or 30.17 per cent, rising from Rs 76,162 to Rs 99,147 per 10 grams.
Similarly, silver has gained Rs 19,543 or 26.83 per cent, climbing from Rs 86,017 to Rs 1,09,100 per kilogram.
The surge in prices of both gold and silver indicates heightened investor concern over global instability and the ongoing conflict in the Middle East.
Market experts believe that as long as geopolitical risks remain elevated, demand for precious metals is likely to stay strong.
–IANS
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