India Bullion
Silver hits fresh record high on MCX as rupee weak; gold flat
This story was originally published at 18:38 IST on 18 June 2025
Register to read our real-time news.Informist, Wednesday, Jun. 18, 2025
By Ashutosh Pati
NEW DELHI – Futures contracts of silver hit another record high on the Multi Commodity Exchange on Wednesday, tracking a rise in contracts on COMEX. 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 1801 IST, the most-active July SILVER contract on the MCX was 0.2% higher at INR 109,159 per kilogram. Prices rose to a record high of INR 109,748 per kg on the MCX earlier in the day. The same-month contract on COMEX was 0.1% higher at $37.17 per ounce.
Silver hit record high on MCX, supported by resilient industrial demand, tight supply, and geopolitical tensions. The metal's growing importance in green technologies--like solar energy and electronics--now makes up over half of total global demand, Kedia Advisory said in a note. "Supply remains under pressure, with 2025 marking the fifth straight year of deficit despite a projected 21% narrowing. Safe-haven demand strengthened as (US) President Trump issued aggressive rhetoric toward Iran, intensifying global market caution," the brokerage added.
Prices also rose as the rupee fell against the dollar. The rupee ended at a 10-week low against the dollar Wednesday with the conflict in West Asia prompting importers and foreign portfolio investors to continue buying the greenback. The rupee settled at 86.4775 a dollar, against 86.2400 Tuesday. When the rupee depreciates against the dollar, silver prices adjust in the domestic market as the commodity is priced in rupee terms.
Futures contracts of gold were steady on the MCX and the COMEX as investors remain cautious ahead of the US Federal Reserve's policy decision later in the day. Market participants expect the US Fed to leave its benchmark overnight interest rate unchanged in the 4.25-4.50% range, but they will be closely monitoring any forward looking statements from the officials.
At 1806 IST, the most-active August GOLD contract on the MCX was steady at INR 99,532 per 10 grams. The most-active August gold contract on the COMEX was steady at $3,405.6 per ounce.
"Today, gold remained steady above the $3,400 mark as rising risks of a broader war in the Middle East continued to lend safe-haven support. Investors are also focused on today's FOMC meeting," Kaynat Chainwala, associate vice president-commodity research, Kotak Securities, said in an emailed note.
Outlook for the rest of the session:
--MCX gold seen at INR 98,180–INR 100,700 per 10 grams
--COMEX gold seen at $3,329.9–$3,442.1 an ounce
--MCX silver seen at INR 103,575-INR 113,535 per kg
--COMEX silver seen at $35.36-$38.34 an ounce
End
US$1 = INR 86.48
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
