Silver Lining
MCX Dec silver contract hits record high on weak rupee, safe-haven appeal
This story was originally published at 15:11 IST on 22 July 2025
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--MCX Dec silver contract hits new record high of INR 116,896 per kg
MUMBAI – Futures contracts of silver rose to a fresh record high on the Multi Commodity Exchange of India Tuesday as the rupee fell to a near-one-month low against the dollar. Heightened trade tensions between the US and the European Union also aided the safe-haven demand of the metal.
On the MCX, the silver contract for December delivery rose to a fresh record high of INR 116,896 per kilogram earlier in the day. At 1430 IST, the most-active September silver contract was down 0.1% at INR 116,627 per kg on the MCX. On the COMEX, silver contracts were trading near a 14-year high. Earlier in the day, the rupee fell to a near-one-month low of 86.3950 a dollar as banks persistently purchased the greenback on behalf of importers.
"Investors are closely watching high-stakes EU-US trade talks this week, with (US) President (Donald) Trump threatening to impose sweeping 30% tariffs on most EU exports starting August 1 if no deal is reached. In response, the EU is preparing a broader package of possible countermeasures," Kedia Advisory said in a note.
According to the Silver Institute, the global silver market is expected to be in a deficit for the fifth straight year in 2025, at 117.6 million ounces. 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 86.37
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Ashish Shirke
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