Silver Price Dips Marginally on MCX Amid Global Trade Uncertainty

Silver Prices on MCX Dip Amid Global Tariff Uncertainty

Key Figures:

• 0.14%: decline in domestic futures price of metal on February 24
• Rs 2,64,972: domestic futures price of metal per kilogram on February 24
• $86.27: spot metal price on Comex per ounce on February 24
• 0.34%: decline in spot metal price on Comex from previous close
• Rs 2,64,075: standard silver price per 10 grams of 999 purity as pegged by IBJA on February 23

Market Analysis

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The domestic futures price of silver on MCX declined marginally on February 24, mirroring the international market amid global tariff uncertainty. The domestic futures price of metal opened the Tuesday trade at Rs 2,64,972 per kilogram, a decline of 0.14% from the previous day. The spot metal on Comex was trading at $86.27 per ounce, down 0.34% from its previous close.

The Indian Bullion Jewellers Association (IBJA) pegged the standard silver price at Rs 2,64,075 per 10 grams of 999 purity at its evening rate session on February 23. Markets await the minutes of the Fed's January meeting decision for clearer signals on the future trajectory of interest rates, which may determine the next direction for precious metals.

Silver Price Movement

Silver prices have posted strong rebounds in recent sessions, outperforming by nearly 10% driven primarily by heightened safe-haven demand amid macro and geopolitical uncertainty. The US Court blocked President Trump's reciprocal tariff framework, though the administration has retained a flat 15% import tariff under executive powers.

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The Augmont Bullion report estimates that silver prices are gradually approaching the resistance level around $92 (approximately Rs 2,80,000). Unless a strong breakout occurs above this zone, silver may remain range-bound with intermittent volatility.

City-wise Silver Prices in India

Silver rates across India's major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.