Silver prices surge as renewed trade tensions fuel safe-haven demand
This story was originally published at 14:35 IST on 23 February 2026
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--MCX March silver contract up 3.8% at INR 262,589 per kg
MUMBAI – Futures contracts of silver surged to a near two-week high on the Multi Commodity Exchange of India Monday, tracking gains on COMEX, as renewed trade tensions lifted safe-haven demand for the metal. Silver prices climbed over the $87 per ounce mark on COMEX and INR 268,000 per kg on the domestic bourse.
US President Donald Trump announced new temporary tariffs and quickly raised them after the original tariffs imposed last year were struck down by the US Supreme Court. The court Friday struck down Trump's original slate of tariffs announced in April, saying the president had exceeded his authority by invoking the International Emergency Economic Powers Act without the approval on the US Congress.
Shortly after the ruling, Trump imposed a new 10% global levy under another trade law before increasing it to 15% Saturday. The new provision, under section 122 of the Trade Act of 1974, allows tariffs of up to 15% for 150 days without congressional approval.
"Silver climbed above $86 per ounce on Monday, marking a fourth consecutive session of gains as renewed trade tensions lifted safe-haven demand," Kedia Advisory said in a note earlier in the day. At 1331 IST, the March silver contract on the MCX was up around 4% at INR 262,895 per kg, after rising to a nearly two week high of INR 268,875 per kg earlier in the day. On COMEX, the same month contract was up 4.2% at $85.82 per ounce.
MCX Silver March is expected to move higher towards INR 274,000 per kg as long as it holds above INR 260,000 per kg, according to ICICI Direct. Prices could move towards INR 282,000 per kg only if it crosses INR 274,000 per kg, it said. End
US$1 = INR 90.84
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Rajeev Pai
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