Silver Price Surges 2% on Comex Amid Key Market Developments

Silver Prices on MCX Dip Amid Global Tariff Uncertainty

On February 24, silver prices on the Multi Commodity Exchange (MCX) marginally dipped, mirroring the international market. The spot metal on the Comex was trading at $88.31 per ounce, up 1.92%.

Gold prices in India, however, closed the Tuesday session at Rs 2,60,000 per kilogram, a decline of 0.29% from the 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.

Market Outlook

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Markets are awaiting the minutes of the Federal Reserve's January meeting decision for clearer signals on the future trajectory of interest rates. This may determine the next direction for precious metals. The Augmont report, published on February 24, noted that silver rose to a three-week high, driven by renewed safe-haven buying.

Silver Price Outlook

According to the report, silver has met its target of $85 (Rs 2,60,000) and is now steadily moving toward the next resistance levels of $90 (Rs 2,70,000) and $92 (Rs 2,80,000).

City-Wise Silver Prices in India

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

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