Silver jumps 4% to all-time high on MCX amid geopolitical tensions in Iran
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Silver prices jumped nearly 3.8%, to hit a fresh record high, on Monday, driven by gains on the international front, led by the US dollar, which weakened following threats from the US Justice Department to criminally indict the Federal Reserve, with ongoing geopolitical strains fueled by escalating protests in Iran.
On the Multi Commodity Exchange (MCX), silver futures rallied, with the March contract surging by ₹11,271, or 4.46%, to reach a lifetime high of ₹2,63,996 per kilogram on Monday. The white metal zoomed by ₹16,409, or 6.94%, last week.
Meanwhile, on the international front, silver prices climbed 4.85% to $83.19, after 10% rally last week, with prices touching a record high of $83.88 today.
Hindustan Zinc gains over 3%
Shares of Hindustan Zinc gained over 3% on Monday as silver prices rebounded after a sharp plunge earlier last week. At 11:16 AM, the shares of the company were 2.9% higher at ₹624.20 on the BSE.
Gold prices remain firm while silver continues to see sharper ups and downs
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In India, gold prices remain firm while silver continues to see sharper ups and downs. These levels have made buyers cautious, especially those looking at jewellery purchases or small investments rather than short-term trading.
Silver prices jumped to fresh record highs as investors flocked to safe-haven assets amid escalating geopolitical risks and mounting expectations around US monetary policy. Here are the key drivers.
Geopolitical tensions lift demand
Widespread protests across Iran, reportedly leading to heavy casualties, unsettled global markets. The exchange of strong rhetoric between US and Iranian officials further heightened tensions, lifting demand for traditional safe havens such as precious metals.
US rate-cut expectations
Weaker-than-anticipated job growth in the latest US payrolls data strengthened market bets that the Federal Reserve may cut interest rates later this year. While rates are likely to remain unchanged in the near term, expectations of eventual easing continue to underpin bullion prices.
Weakness in dollar
The US dollar retreated after a brief uptick as investors weighed growing concerns over the Federal Reserve’s independence alongside softer economic indicators.
"The bullions are expected to continue their positive momentum and corrective moves should be a buying opportunity, as focus again will remain on the US Supreme court hearing in the Trump's trade tariffs case and the geopolitical issues surrounding US President Donald Trump's actions & comments," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, told news agency PTI.