Silver prices surged sharply on the Multi Commodity Exchange of India (MCX) on Monday, rising nearly 4% to trade around Rs 2,59,137 per kg, tracking a strong overnight rally in global markets driven by renewed safe-haven demand.
The rally in domestic futures mirrored sharp gains in international prices, where spot silver jumped over 4.5% to above $81 per ounce, as investors moved into precious metals amid heightened geopolitical uncertainty surrounding nuclear negotiations between the United States and Iran.
Market sentiment turned risk-averse after mixed signals emerged from the talks, with a lack of clear progress reigniting concerns about potential escalation in the Middle East. Investors interpreted the uncertainty as a near-term geopolitical risk, boosting demand for safe-haven assets such as silver.
Silver’s gains outpaced other precious metals due to its higher volatility and sensitivity to shifts in risk appetite. While gold also benefited from the risk-off environment—rising 0.86% to $4,997.61 per ounce—silver outperformed as traders sought leveraged exposure to safe-haven flows.
In contrast, industrial precious metals lagged the rally. Platinum slipped 0.89%, while palladium fell 0.22%, highlighting that the move was driven primarily by safe-haven buying rather than industrial demand.
The sharp move on MCX underscores how global geopolitical developments continue to trigger outsized price swings in silver, with domestic futures closely tracking international momentum during periods of elevated risk sentiment.