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Informist, Tuesday, Jun. 17, 2025

By Ashutosh Pati

NEW DELHI – Futures contracts of silver on the Multi Commodity Exchange of India hit another record high Tuesday, tracking a rise in contracts on COMEX, where prices of the metal are at multi-year highs. A fall in the rupee against the dollar, robust industrial demand, and supply deficits in the global market are supporting prices of the metal.

At 1730 IST, the most-active July SILVER contract on the MCX was 2% higher at INR 108,674 per kilogram. Prices rose to a record high of INR 109,250 per kg on the MCX earlier in the day. The same-month contract on COMEX was 2.3% higher at $37.46 per ounce.

"Silver prices hovered above $37 per ounce on Tuesday, approaching their highest levels since 2012. The rally is driven by strong industrial demand – particularly from the solar and electronics sectors – and persistent supply shortages, with 2025 marking the fifth straight year of global deficit," Kedia Advisory said in a note.

"Heightened geopolitical risks, especially amid Middle East (West Asia) tensions and US policy uncertainty, are also boosting silver's appeal as a safe-haven asset," the brokerage said.

Futures contracts of gold on the Multi Commodity Exchange of India rose Tuesday as the rupee fell to a near 10-week low against the dollar. However, gold contracts on the COMEX fell as investors booked profits for a second consecutive session, analysts said.

The rupee settled at a near 10-week low of 86.2400 a dollar on Tuesday. When the rupee depreciates against the dollar, prices of precious metals such as gold and silver adjust in the domestic market as it is priced in rupee terms. At 1716 IST, the most active August GOLD contract on the MCX was up 0.3% at INR 99,470 per 10 grams. The most active August gold contract on COMEX was at $3,413.7 per ounce, down 0.1% from the previous close. 

"Comex gold futures are currently trading in a narrow range near $3,410 per ounce, with investors closely monitoring Middle East (West Asia) hostilities. Recent reports suggest Israeli strikes may have delayed Iran's nuclear programme by several months.

Market participants are waiting for the US core retail sales data and industrial production data later in the day.

Outlook for the rest of the session:

--MCX gold seen at INR 97,087–INR 101,135 per 10 grams

--COMEX gold seen at $3,310.9–$3,461.9 an ounce

--MCX silver seen at INR 105,071-INR 109,659 per kg

--COMEX silver seen at $35.63-$37.53 an ounce

End

US$1 = INR 86.24

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

Edited by Avishek Dutta

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