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Informist, Tuesday, Jun. 10, 2025

By Ashutosh Pati

MUMBAI – Futures contracts of silver Tuesday rose to a record high for the fourth straight session on the Multi Commodity Exchange of India, tracking a rise in contracts on COMEX, where prices of the metal are trading at multi-year highs. Robust industrial demand, supply deficits in the global market, and optimism around easing trade tensions between China and the US are supporting prices of the precious metal.

At 1708 IST, the most-active July SILVER contract on the MCX was 0.1% higher at INR 107,234 per kilogram. Prices rose to a record high of INR 107,369 per kg on the MCX earlier in the day. The same-month contract on COMEX was 0.3% higher at $36.92 per ounce.

On Monday, US President Donald Trump said the meeting with China was going well and he was "only getting good reports" from his team in London. "We're doing well with China. China's not easy," Trump said, without providing further details. "The first day of negotiations reportedly went well and while there hasn't been a breakthrough yet, rumours are circulating that the US could make concessions on tech exports in exchange for China easing its rare earth metal export restrictions," Swissquote Bank's Ipek Ozkardeskaya was quoted by Dow Jones as saying in a note.

Gold contracts were steady on the MCX and COMEX as market participants are waiting for the US consumer price index Wednesday for further cues on interest rate trajectory in the US. They will also be closely watching the ongoing trade talks between US and China in London. At 1728 IST, the most-active August GOLD contract on COMEX was steady at $3,357.4 per ounce. The most-active August gold contract on the MCX was steady at INR 97,160 per 10 grams.

Outlook for the rest of the session:

--MCX gold seen at INR 95,249–INR 98,713 per 10 grams

--COMEX gold seen at $3,251.8–$3,405.5 an ounce

--MCX silver seen at INR 104,341-INR 109,375 per kg

--COMEX silver seen at $35.46-$37.80 an ounce 

End

US$1 = INR 85.60

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Nishant Maher

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