Overview

• Silver futures on MCX climbed to Rs1,11,000 per kg for September contracts and Rs1,09,748 for July on tight supply and robust industrial uptake
• Escalating conflict between Israel and Iran and President Trump’s calls for Iran’s surrender prompted a surge in safe-haven purchases of precious metals
• The Federal Reserve’s decision to keep rates at 4.25–4.50% strengthened the US dollar and contributed to gold’s dip to Rs1,00,560 per 10 grams and spot prices near $3,366 per ounce
• After its record rally, silver eased back to around Rs1,07,200 per kg on June 19, underscoring persistent volatility in the metals complex
• The gold-silver ratio fell to about 91, highlighting silver’s relative strength and a cautiously bullish outlook ahead of further US monetary policy signals