Silver Futures Hit Fresh Record High—Check Latest Rates In Delhi, Mumbai, And Other Cities

MCX Silver futures for Sept. 5 have hit a fresh record high of Rs 1,14,875 during trade on Monday. The silver futures for December have also hit a high of Rs 1,16,566 according to the Multi Commodity Exchange.

The spot price for silver stands at Rs 114,940 according to the India Bullion Association. The surge followed President Donald Trump’s aggressive new tariff measures, including a 35% levy on Canadian imports starting August 1 and plans for blanket tariffs of 15% to 20% on other major trading partners. These add to the earlier 50% tariffs imposed on copper and Brazilian goods, alongside fresh tariff notifications for countries like Japan and South Korea.

"While heightened geopolitical risk supported silver’s bullish momentum, a firmer US dollar capped additional gains as investors weighed the Federal Reserve’s policy outlook. Comments from Chicago Fed President Austan Goolsbee reinforced the Fed’s focus on employment and inflation rather than debt costs, hinting at steady rates in the near term," commented Amit Gupta, Research Support at Kedia Stocks & Commodities Research.

In Delhi, silver prices were higher at Rs 1,14,470 per kg and were trading at Rs 114,660 in Mumbai. Cities like Chennai saw the spot price at Rs 115,000 while the rates in Bangalore stood at Rs 114,750. The spot rates in Kolkata stood at Rs 114,510.

Prices of industrial metals on the London Metal Exchange due to trade tensions and a negative outlook for demand. Copper was down 0.4%, and aluminium was down 0.2%. Other commodities like nickel were down 0.6%, while zinc and lead were also down over 1%.