MCX Silver May contract trades above ₹99,600, rises for the 3rd consecutive day; check key details

MCX Silver futures traded higher in the afternoon session on March 27, 2025, extending the gains for the third consecutive day amid a rise in demand for the safe haven assets.

As of 2:00 pm, the contract for the May delivery was trading at ₹99621, up by 0.14% or ₹135 from its previous closing of ₹99486. The open interest of the contract stood at 19685 lots. Meanwhile, the contract for the July delivery was trading at ₹101437, up by 0.2% or ₹247 from its previous closing of ₹101183. The open interest of the contract stood at 2434 lots on MCX.

MCX Silver futures extended gains amid a rise in safe-haven demand fuelled by growing trade friction and on rising expectations of US Federal Reserve policy easing. Moreover, the ease in the US dollar index also supported the silver prices.

In the international markets, silver prices traded around $34.42 per troy ounce, up 0.59%. Precious metals prices are on the rise amid a rebound in demand for the safe haven assets after US President Donald Trump imposed 25% trade tariffs on all automobile imports. Besides auto tariffs, the US government is all set to impose a host of reciprocal tariffs starting from April 2 against as many as 15 major countries.

Many countries have threatened retaliatory measures against these tariffs, which could lead to a global trade war and dent economic growth. As a result, demand for gold, silver and other safe haven assets is on the rise.