The July silver contracts on the MCX rose by Rs 860 per kg or 0.80% while those on the COMEX were higher by $0.132 per 0.36% troy ounce and hovering around $36.64.
Anuj Gupta, Head Commodity & Currency at HDFC Securities said that China’s May retail sales boosted the prospects of silver today.
Gupta highlighted silver’s impressive rally in 2025 so far, making investors earn handsome gains of 23% or Rs 20,254 per kg. On the month-to-date basis, the gains are to the tune of 11% or 10,473.
Silver Outlook
Silver is consolidating in a range of Rs 1,06,000 ($36.5) to Rs 107,000 ($37) after a sharp rally and the next target is Rs 111,000 ($38) if this positive momentum continues, Renisha Chainani, Head – Research at Augmont said.
He sees support level for MCX July silver at Rs 105,000 per kg while resistance at Rs 111,000 per kg.Geopolitics & tariffs will continue to fuel the uptrend in bullion, according to Jateen Trivedi, Vice President – Commodity Research at LKP Securities and gold’s haven appeal will likely take a northward trajectory amid growing tensions between Israel and Iran. Moreover, the tariffs remain a big conundrum as we are weeks behind the July deadline.
The economic data from the US and India data will remain the catalyst as silver also remains a hedge against uncertainty like its shinier cousin gold. The Street will be watching the developments around the Federal Reserve’s FOMC meeting which begins today. The Central Bank will announce its policy decisions on Wednesday.
“Any dovish or hawkish surprises can swing gold decisively,” Trivedi said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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