Silver price today rallies near 6% on MCX; key signals investors should track

• Silver prices rise 5% due to geopolitical tensions, strong dollar
• Markets await Fed minutes for clues on future interest rates
• Analysts suggest silver may consolidate between $70–$90 per ounce

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Silver prices surged higher on February 23 amid rising geopolitical tensions and US-imposed global tariffs. The domestic futures price of metal opened the Monday trade higher at Rs 2,67,673 per kilogram, which is a 5.82 percent gain from the previous close.

The spot metal on Comex was trading at at $86.90 per ounce, up 5.65 percent from its previous close.

Meanwhile, the Indian Bullion Jewellers Association (IBJA) pegged the standard silver price at Rs 2,50,314 per kilogram of 999 purity, up 2.26 percent from the previous close.

Markets await the minutes of the Fed's January meeting 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?

Silver is witnessing a large drawdown of inventories across all warehouses, especially Comex, which is very significant, indicating tight supply and a surge in demand as China remains shut. Focus this week will be on US factory orders, consumer confidence, and PPI data," said Manav Modi, Commodities Analyst at Motilal Oswal Financial Services.

The Augmont Bullion report, published on February 20, noted that silver prices moved higher as investor prefered safe-haven assets. The US dollar strengthened, emerging as the dominant factor influencing price action.

While January’s softer inflation data supported expectations of multiple rate cuts this year, strong nonfarm payroll numbers, steady private hiring, and continued economic growth have reduced the likelihood of an aggressive or immediate easing cycle. This shift in expectations has supported the dollar and created headwinds for gold and silver.

Geopolitical developments — including renewed US–Iran nuclear talks and ongoing Russia–Ukraine negotiations — continue to underpin gold’s safe-haven appeal.

Markets are now awaiting the minutes of the Federal Reserve’s January meeting for clearer signals on the future interest rate path, which will likely guide the next move in precious metals.

The report predicts silver will trade weak and consolidate in the $70–$90 range (Rs 2,25,000–Rs 2,85,000). A breakdown below $70 may trigger further downside toward $64 (Rs 2,00,000). "Traders should follow a buy-on-dips, sell-on-rallies strategy."

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.