Silver futures down on thin trading; rate cut hopes limit losses
This story was originally published at 10:48 IST on 16 February 2026
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MUMBAI – The March futures contract of silver on the Multi Commodities Exchange of India fell, tracking COMEX on Monday, due to thin trading as US markets were shut on account of Presidents' Day, analysts said. However, the fall in prices could be limited due to hope of a rate cut by the US Federal Reserve.
At 1039 IST, the most-active March silver contract on the MCX was down 3% at INR 236,756 per kilogram, and the same-month contract on COMEX was down 4% at $75.18 per ounce.
Friday's softer-than-expected US CPI data has led the market to price in a more aggressive rate-cutting cycle from the Fed. According to the Labor Department's Bureau of Labor Statistics, the US Consumer Price Index increased 0.2% in January following an unchanged 0.3% rise in December. Economists surveyed by Reuters had predicted that the CPI would rise 0.3%. "Markets are now pricing in slightly more than two rate cuts from the Fed in 2026, with the first expected in the June-July period," Dow Jones quoted Sucden Financial's Research team as saying.
Rising safe-haven demand due to geopolitical uncertainty could also limit the fall in prices. The US military is preparing for the possibility of sustained, weeks-long operations against Iran if President Donald Trump orders an attack, in what could become a far more serious conflict than previously seen between the countries, Reuters quoted two US officials as saying. End
US$1 = INR 90.69
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Reshma Ravi
Edited by Avishek Dutta
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