Silver Price Edges Higher Amid Global Trade Tensions

Silver Prices Dipped Amid Global Tariff Uncertainty

On February 24, silver prices on the international market marginally declined due to ongoing global tariff uncertainty. The spot metal on the Comex was trading at $86.27 per ounce, down 0.34% from its previous close.

Domestic Futures Price: In contrast, the domestic futures price of metal closed the Monday trade 0.01% higher at Rs 2,65,350 per kilogram. 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.

Market Outlook: Markets are awaiting the minutes of the Fed's January meeting for clearer signals on the future trajectory of interest rates, which may determine the next direction for precious metals.

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Recent Price Movement: A kilogram of silver has shown mixed performance, with prices fluctuating due to various market factors.

Safe-Haven Demand: Despite trading lower today, silver has posted strong rebounds in recent sessions, outperforming by nearly 10% driven primarily by heightened safe-haven demand amid macro and geopolitical uncertainty.

Resistance Level: According to the Augmont Bullion report, published on February 23, 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.

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