MCX silver surges to fresh record high on weak rupee, safe-haven appeal
This story was originally published at 16:58 IST on 14 July 2025
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--MCX Sept silver contract hits new record high of INR 115,136 per kg
--MCX Dec silver contract hits new record high of INR 116,813 per kg
MUMBAI – Futures contracts of silver broke fresh record highs on Monday, as concerns about a global trade war fuelled the safe-haven appeal of the precious metal. Domestic prices of the metal also rose due to a fall in the rupee against the dollar. Silver prices on the COMEX are also trading near 14-year highs.
The most active September silver contract on the MCX rose to a fresh record high of INR 115,136 per kilogram. Similarly, the December Silver contract also rose to a record high of INR 116,813 a kg. At 1556 IST, the most active September silver contract on the MCX was up 1.6% at INR 114,815 per kg. On the COMEX, the most active September silver contract was up 1.3% at $39.44 per ounce.
The rupee ended at a near-three-week low of 85.9850 against the dollar on Monday. Silver is imported mostly, and when the value of the rupee falls against the dollar, the price of the metal rises in rupee terms.
On Saturday, US President Donald Trump announced the US will impose a 30% tariff on goods imported from the European Union and Mexico, effective Aug. 1. Over the weekend, Trump also said he will send Patriot air defence missiles to Ukraine. Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace talks with Ukraine. Last week, Trump had said he plans to make a "major statement" on Russia on Monday.
"This bullish breakout follows renewed tariff tensions between the US and Canada, which have increased market uncertainty and driven demand for precious metals. A standout development is the nearly 20% collapse in the gold-silver ratio—from a peak of 107 on April 22 to 86.20—indicating strong silver outperformance," Kedia Advisory said in a note.
Further fuelling the rally is the deficit in the global silver market. The global silver market is expected to be in a deficit for the fifth straight year in 2025 at 117.6 million ounces, according to the Silver Institute. Total demand is projected to fall slightly to 1.15 billion ounces, and total supply of the metal is estimated to rise by 1.5%, led by higher mine production. End
US$1 = INR 85.99
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Saji George Titus
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