Hot Commodities: MCX Silver scales up highs above Rs 109000 per kg, India's Silver import value zooms 600% in May-25

COMEX Silver futures soared to a fresh 13-year high today, breaking above $37 per ounce mark as Gold stayed supported and traders kept an eye on developments in the Middle-east. Escalating tensions between Israel and Iran are keeping bullion futures well supported and Silver also took a lift from extremely firm Indian demand trends. Data out yesterday showed that Silver imports spiked around 600% on year to Rs 4823 crore in May-25. This was in stark contrast to Indian Gold imports value which came in at Rs 21721 crore in May-25, falling around 10.72% compared to May 2024. On a monthly basis too, Gold imports fell around 18% while Silver imports gained by around 252%. Silver imports in first two months of FY25 have witnessed a jump of 271%. This has triggered a sharp spike in Silver today and the metal currently trades at $36.91 per ounce, up 1.25% on the day. On the MCX, Silver scaled up impressively to hit fresh highs above Rs 109000 per kg and currently trades at Rs 108245 per kg, up 1.58% on the day. Weak Indian Rupee also kept Silver well supported in local markets. The INR declined near 86.30 against the US dollar-testing its lowest level in two-months.

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