New Delhi, Feb 23: Silver futures surged sharply on Monday, rising almost 5 per cent to ₹2,65,282 per kg on the Multi Commodity Exchange (MCX), driven by heightened global tariff concerns and rising demand for safe haven assets.
March delivery silver contracts jumped ₹12,338, or 4.88 per cent, trading in 6,024 lots. Internationally, Comex silver for the March contract climbed 5.58 per cent, reaching USD 86.93 per ounce.
“Renewed global tariff tensions have pushed investors toward safe-haven metals, extending silver’s gains for the fourth consecutive session,” said Jigar Trivedi, Senior Research Analyst at Indusind Securities.
The US Supreme Court recently struck down previous “reciprocal” tariffs, prompting President Donald Trump to raise global levies from 10 per cent to 15 per cent, stoking market uncertainty. Talks between India and the US for an interim trade deal have also been delayed.
Trivedi added that geopolitical risks, including potential US military action against Iran amid stalled nuclear negotiations, further strengthened silver’s appeal. Analysts expect higher trading volumes in precious metals this week as Chinese markets reopen after a long holiday.