MCX silver contracts hit record high as rupee falls, tracking COMEX prices
This story was originally published at 17:52 IST on 23 July 2025
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--MCX Sept silver contract hits new record high of INR 116,551 per kg
--MCX Dec silver contract hits new record high of INR 118,270 per kg
MUMBAI – Futures contracts of silver hit fresh record highs on the Multi Commodity Exchange of India on Wednesday as the rupee ended at a near-one-month low against the dollar and fell for the sixth consecutive day. Silver prices on MCX also rose tracking COMEX prices, which rose due to a weak dollar index.
On Wednesday, the rupee ended at 86.4075 a dollar, against 86.3675 on Tuesday. The local unit moved in a range of almost 13 paise during the day. With a fall of almost 0.1%, the rupee was an outlier among its emerging market peers, which rose 0.1-0.4% against the dollar.
The most active September silver contract on the MCX rose nearly 1% from its previous close to INR 116,551 per kg. Similarly, the December Silver contract also rose nearly 1% from the previous close to INR 118,270 a kg. At 1656 IST, the most active September silver contract on the MCX was up 0.6% at INR 116,363 per kg. On the COMEX, the most active September silver contract was up 0.4% at $39.71 per ounce.
According to Kedia Advisory, silver prices held firm above $39 per ounce on Wednesday, hovering near their highest point in over a decade as a weaker US dollar and falling Treasury yields continued to drive investor demand for precious metals. At 1704 IST, the dollar index, which measures the strength in the greenback against a basket of six major currencies, was 97.45, against 97.40 Tuesday and 97.85 Monday. End
Reported by J. Navya Sruthi
Edited by Akul Nishant Akhoury
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