Commodity markets on the Multi Commodity Exchange of India (MCX) showed mixed trends on Tuesday, with silver emerging as the top gainer while crude oil witnessed a sharp decline during the session.
Silver futures traded around Rs 2,75,592 per kilogram, rising Rs 8,432 or 3.16%, making it the strongest performer among major commodities today. The rally in silver aligns with strength in global prices, where the metal has been trading near $86–$88 per ounce in international markets.
Silver leads gains on safe-haven demand
The surge in silver prices is being supported by a combination of geopolitical tensions and macroeconomic factors. Continued uncertainty linked to the US–Israel–Iran conflict has increased demand for safe-haven assets, pushing investors toward precious metals.
Silver often reacts more strongly than gold in such situations because it serves both as an investment asset and an industrial metal. A softer US dollar during parts of the session also supported prices, as dollar-denominated commodities become cheaper for global buyers.
Additionally, strong industrial demand from sectors such as solar energy, electric vehicles, and electronics continues to underpin long-term bullish sentiment in silver markets.
Gold and industrial metals show modest gains
Gold futures on MCX were trading near Rs 1,61,699, up Rs 1,400 or 0.87%, reflecting safe-haven demand but with less volatility compared with silver.
Industrial metals also posted modest gains. Copper futures rose to around Rs 1,201, gaining 0.63%, supported by expectations of continued demand from renewable energy and electric vehicle supply chains. Zinc prices were slightly higher at Rs 326.40, up 0.37%, reflecting steady demand from infrastructure and galvanizing industries.
Crude oil declines sharply
Crude oil futures were among the biggest losers in the session, trading near Rs 8,330, down Rs 458 or 5.21%.
The decline comes after a recent surge triggered by geopolitical concerns. Oil prices are now correcting as markets price in potential supply stability and profit-taking after earlier gains linked to Middle East tensions.
Other commodities
Natural gas remained largely unchanged at Rs 290.7, posting only a marginal 0.10% gain, while aluminium futures declined to Rs 332.05, falling 1.16% amid concerns about global industrial demand.
Overall, the commodity market today reflects a divergence between safe-haven metals and energy prices, with investors rotating toward precious metals while crude oil sees a pullback after recent volatility.