Silver Price Sees Near 2% Gain on MCX Amid Key Market Developments

Indian Silver Market Update

February 25, 2024

The MCX silver futures price surged marginally, mirroring the international market, amidst global tariff uncertainty. On February 25, the domestic futures price of silver opened at Rs 2,77,509 per kilogram, a 1.97% gain from the previous close. The spot price of silver traded at $89.59 per ounce, up 2.32%.

Market Outlook

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Markets are awaiting the minutes of the Federal Reserve's January meeting decision for clearer signals on interest rate trajectory, which may influence the direction of precious metals. The Indian Bullion Jewellers Association (IBJA) pegged the standard price of silver at Rs 2,62,912 per kilogram of 999 purity on February 24, down 0.44% from the previous close.

Silver Price Movement

The Augmont report, published on February 24, noted that silver rose to a three-week high, driven by renewed safe-haven buying. The report forecast that silver has met its target of $85 (Rs 2,60,000) and is now moving toward the next resistance levels of $90 (Rs 2,70,000) and $92 (Rs 2,80,000).

City-wise Silver Prices

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities

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