Silver Price Today: MCX Silver Jumps 4.2% to ₹2.78 Lakh as Dollar Weakens; Gold Also Gains
Silver Price Today: Silver prices surged sharply on Tuesday, supported by a weaker US dollar and falling crude oil prices after US President Donald Trump signaled that the ongoing Middle East conflict could end soon. The easing geopolitical tension helped improve investor sentiment and boosted demand for precious metals.
On the Multi Commodity Exchange (MCX), silver prices climbed 4.2% to ₹2,78,339 per kg, while gold prices rose nearly 1% to ₹1,61,791 per 10 grams during trading.
Global Precious Metals Market
In the international market, spot silver advanced about 3% to $89.60 per ounce, while spot gold increased 0.8% to $5,179.52 per ounce as of 02:33 GMT.
Meanwhile, US gold futures for April delivery jumped 1.7% to $5,188.70 per ounce.
Other precious metals also traded higher:
Why Silver and Gold Prices Are Rising Today
The rally in precious metals came after comments from Donald Trump, who suggested that the conflict in the Middle East could be resolved “very soon.” The statement helped ease global market anxiety and supported safe-haven assets like gold and silver.
However, Trump also warned that the US could take strong military action if Iran attempts to block tanker traffic through the Strait of Hormuz, one of the world’s most important oil routes that carries nearly 20% of global oil supply.
At the same time, the US dollar weakened, making gold and silver cheaper for investors holding other currencies. The dollar index slipped about 0.1%, extending its previous decline.
Oil Price Volatility and Market Impact
Earlier, tensions in the Middle East had pushed oil prices sharply higher after Iranian missile strikes targeted energy infrastructure, raising concerns about inflation and supply disruptions.
The near-closure of the Strait of Hormuz disrupted tanker traffic for over a week, leaving several oil shipments stranded and forcing some producers to reduce output as storage facilities filled up.
However, oil prices fell more than 10% after Trump hinted that the conflict might end sooner than expected, easing fears of prolonged disruptions in global oil supply.
Previous Session Decline
In the previous trading session, both gold and silver prices had declined as rising energy costs increased inflation concerns. This also reduced expectations that the US Federal Reserve might cut interest rates in the near future.
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