MCX silver futures hit fresh record of ₹2.72 lakh per kg amid geopolitical jitters, gold declines

At the time of writing, the contract for the March expiry was trading 0.60% or ₹1,607 higher at ₹2,70,577 per kilogram. In the last two trading sessions, the white metal prices have skyrocketed by ₹19,477, or 7.7%, from ₹2,52,725 per kg on Friday.

Silver futures for delivery in May also rallied to an all-time high of ₹2,78,450 per kilogram.

On the Comex, silver futures for the March contract were trading marginally higher at $85.20 per ounce, after crossing the $86-per-ounce mark for the first time in the previous session.

Meanwhile, gold futures saw mild profit-booking after their record highs.

On the MCX, the yellow precious metal for the February contract slipped by ₹544, or 0.38%, to ₹1,41,488 per 10 grams after touching a record of ₹1,42,500 per 10 grams in the previous session.

In the international market, gold futures on the Comex also eased, declining by $15.26, or 0.33%, to $4,599.44, after scaling a new peak of $4,640.26 per ounce on Monday.

This comes as the US President Donald Trump on Monday said the United States will impose sweeping new tariffs on countries that do business with Iran, threatening a 25% levy on all trade with the US as his administration escalates economic pressure on Tehran amid unrest there.

In a post on his Truth Social platform, Trump said that “effective immediately,” any country doing business with Iran would face a 25% tariff on “any and all business being done with the United States of America,” calling the order “final and conclusive.”

The White House has not released details on how the tariffs would be implemented or enforced.

Meanwhile, investors will also focus on the criminal probe into the Federal Reserve Chief Jerome Powell regarding a multi-year project to renovate historic Federal Reserve office buildings.