Monday, March 2 — Silver prices on the Multi Commodity Exchange (MCX) moved higher in early trade as escalating geopolitical tensions in the Middle East boosted demand for precious metals.
As of 09:01 AM, MCX Silver Futures (continuous contract) were trading at Rs 2,90,693 per kg, up Rs 8,049 or 2.85%.
The gains come after major U.S.–Israel strikes on Iran and subsequent retaliatory developments heightened global uncertainty. Rising tensions have triggered a broader risk-off sentiment across financial markets, prompting investors to increase allocations to safe-haven assets.
Silver tracked gold higher as bullion demand strengthened amid concerns about prolonged instability in the region. Fears of disruptions in the Strait of Hormuz — a key global energy transit route — have also pushed crude oil prices sharply higher, adding to inflationary concerns and supporting precious metals.
Silver has already been benefiting from a strong rally this year, driven by global political uncertainty, expectations of monetary easing and steady investment flows into precious metals. The latest geopolitical developments have further intensified buying momentum.
Market participants are now monitoring further developments in the Middle East and upcoming global economic data for cues on volatility and directional trends in commodity markets.
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