Silver prices rose sharply on Tuesday, with MCX silver futures climbing more than ₹11,000 per kilogram as the US dollar weakened and crude oil prices cooled. Gold prices also moved higher, although silver led the gains by a wide margin.
The move followed fresh comments from US President Donald Trump, who said the conflict involving Iran could end sooner than expected, helping reduce some of the market’s immediate inflation fears.
On the Multi Commodity Exchange, silver futures touched ₹278,339 per kg after jumping about 4.2% during the session. MCX gold futures also advanced, trading above ₹1.61 lakh per 10 grams and touching an intraday high above ₹1.62 lakh. In the global market, spot silver traded near $88.73 an ounce, while spot gold rose to about $5,174.49 an ounce.
The main trigger came from currency and energy markets. The US dollar fell about 0.4%, which made dollar-priced bullion cheaper for buyers using other currencies. That supported fresh buying in both gold and silver.
At the same time, oil prices fell after Trump suggested the Middle East conflict may not last as long as markets had feared. Lower crude prices eased concerns about a prolonged inflation shock.
That shift mattered because precious metals had faced pressure a day earlier when surging oil prices raised fears of stickier inflation and higher interest rates. On Tuesday, the mood changed. Investors responded to the weaker dollar and the drop in oil by moving back into bullion. Silver outperformed gold in percentage terms, which pointed to stronger momentum in the white metal during the session.
Trump’s remarks, however, did not remove the geopolitical risk completely. He also warned that the US could intensify military action if Iran attempts to block tanker traffic through the Strait of Hormuz.
Reportedly, Iran said the blockade would continue until attacks stop, which means traders still face a volatile backdrop. That risk keeps bullion markets sensitive to every headline from the region.
Domestic bullion prices mirrored the global rebound. MCX silver opened strongly and extended gains through the session, while gold futures also stayed firm. Market data showed silver gained faster than gold, suggesting traders preferred silver for higher-beta exposure during the rebound. The sharp rise also came after recent swings in precious metals linked to war concerns, oil volatility and US rate expectations.
Other precious metals showed a mixed but mostly positive trend. Platinum rose around 0.7% to 1.2%, depending on the time of the quote, while palladium traded near flat to slightly lower. That broader pattern showed investors returned to the precious metals complex, but silver attracted the strongest immediate demand.
The next move in silver and gold may depend less on today’s rebound and more on incoming macro data. Markets now watch upcoming US inflation numbers, including the consumer price index and the Fed’s preferred PCE reading. Cooler inflation could support bullion by reducing pressure for higher interest rates. A hotter reading could cap gains, especially after such a quick rise.
For MCX silver, analysts tracking the domestic market see ₹2.80 lakh per kg as an immediate resistance zone, while support sits near ₹273,100. That suggests the market remains bullish in the near term, but traders may face sharp pullbacks if the dollar rebounds or if geopolitical signals change again. Gold also remains tied to the same drivers: the dollar, oil, US inflation data and developments around the Strait of Hormuz.