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Informist, Wednesday, Jul. 23, 2025

 

--MCX Sept silver contract hits new record high of INR 116,275 per kg 

--MCX Dec silver contract hits new record high of INR 118,010 per kg 

 

MUMBAI – Future contracts of silver hit fresh record highs on the Multi Commodity Exchange of India on Wednesday as the rupee opened at a near-one-month low against the dollar for the second consecutive day. Prices also rose due to safe-haven demand for the metal as markets assessed fresh signals on the US' trade policies and uncertainty surrounding its tariff talks with major economies.

 

Earlier in the day, the silver contract for September delivery on the MCX rose to a fresh record high of INR 116,275 per kilogram, while the December contract rose to a high of INR 118,010 per kg. At 1021 IST, the most-active September silver contract was up 0.3% at INR 116,032 per kg on the MCX and the December contract was also up 0.3% at INR 117,758 per kg. On the COMEX, silver contracts were trading near 14-year-highs. 

 

In early trade, the rupee fell to a one-month low of 86.47 a dollar as banks persistently purchased the greenback on behalf of importers.  

 

Uncertainty surrounding the US's tariff talks with major economies is aiding the safe-haven demand for the white metal. The Trump administration is more concerned with the quality of trade agreements than their timing, US Treasury Secretary Scott Bessent said Monday, ahead of the Aug. 1 deadline for countries to secure trade deals or face steep tariffs, Reuters reported.

 

The European Union is exploring a broader set of possible counter-measures against the US as prospects fade for an acceptable trade agreement with Washington, EU diplomats told Reuters. US President Donald Trump had threatened a 30% tariff on EU imports if no deal was reached. Additionally, prospects of an interim trade deal between the US and India before that deadline have also dimmed, Reuters reported.

 

Meanwhile, US and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, Bessent said Tuesday.

 

Prices of the September silver contract could hit a high of INR 120,000 per kg in the near term, Amit Gupta, senior research analyst at Kedia Advisory, said.

 

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 86.38

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Shreya Shetty

Edited by Tanima Banerjee

 

 

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