Silver price today dip marginally on MCX near Rs 2.65 lakh amid global tariff uncertainty

Silver price on Feb 24

• Silver prices dipped 0.14 percent on MCX amid global uncertainty
• Markets await Fed minutes for cues on precious metals' direction
• Silver nears $92 resistance, may remain range-bound

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Silver prices on MCX dipped marginally on February 24, mirroring the international market amid global tariff uncertainty.

The domestic futures price of metal opened the Tuesday trade 0.14 perent lower at Rs 2,64,972 per kilogram. The spot metal on Comex was trading at at $86.27 per ounce, down 0.34 percent from its previous close.

The Indian Bullion Jewellers Association (IBJA) pegged the standard silver price at Rs 2,64,075 per 10 grams of 999 purity at its evening rate session on February 23.

Markets await the minutes of the Fed's January meeting decision for clearer signals on the future trajectory of interest rates, which may determine the next direction for precious metals.

Here's how a kilogram of silver has moved.

Silver prices up — what lies ahead?

Though silver is trading lower today, the metal has posted strong rebounds in recent sessions, outperforming by nearly 10 per cent, driven primarily by heightened safe-haven demand amid macro and geopolitical uncertainty.

The US Court blocked President Trump’s reciprocal tariff framework, though the administration has retained a flat 15 percent import tariff under executive powers. This mixed development has revived uncertainty around global trade dynamics, prompting renewed safe-haven buying in bullion.

The Augmont Bullion report, published on February 23, estimates that silver prices are gradually approaching the resistance level around $92 (approximately Rs 2,80,000). "Unless a strong breakout occurs above this zone, silver may remain range-bound with intermittent volatility.:

City-wise silver prices in India today

Silver rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.