Silver rate today climbs to a new peak on weak US dollar. US-Iran news, Jerome Powell criminal investigation in focus

Silver rate today: Following weakness in the US Dollar (USD) caused by the reports of US Fed Chair Jerome Powell facing a criminal investigation and escalation in the US-Iran conflict, the COMEX silver rates today climbed to a new peak of $83.880 per ounce within a few minutes of the Opening Bell in the international market. The US Dollar Index also slipped around 0.30% during the Opening Bell in the Forex Market.

The citizens of Iran have filled the streets of the national capital, Tehran, as the anti-government protests intensified on Saturday night amid the internet shutdown in the country and the Ayatollah Ali Khamenei-led government's crackdown.

According to commodity market experts, the MCX silver rate today may have a gap-up opening and may touch ₹2,60,000 per kg levels.

MCX Silver price outlook for Monday

Anuj Gupta, a SEBI-registered commodity expert, said that the latest developments related to the tensions over the Iran protests and the United States' involvement in the conflict are likely to drive up the precious metal prices. He said that weakness in the US Dollar against major currencies in the Forex Market is also providing support to the silver price rally.

“Silver rates may try to touch $85 per ounce, while in the MCX, it may hit ₹256,000 and ₹260,000 per kg,” said Gupta.

Experts suggest that the silver price outlook for the upcoming week remains constructive for the investors' sentiments. The silver prices have been rising due to the increasing demand for solar, EVs and AI infrastructure amid the geopolitical risks.

Key levels for COMEX and MCX silver

On the technical front, Ponmudi R, the CEO of Enrich Money, a SEBI-registered online trading and wealthtech firm, said that the silver prices on MCX are set to witness a strong support at the range of ₹240,000 to ₹245,000 per kilogram (kg).

If the silver prices breach the ₹253,000 per kg level, then the move is likely to trigger a further rise to the range of ₹260,000 to ₹270,000 per kg levels in the upcoming weeks due to the rising demand from solar, EV, and electronic sectors amid aggressive accumulation on pullbacks.

MCX silver price surged to ₹252,725 per kg last week, and the precious metal's recent breakout from its consolidation range indicates a strong bullish channel for the commodity.

On the global front, the COMEX silver prices noted a sharp rebound to $79.79 per ounce, and its immediate support level now stands at $75–$78 per ounce zone coinciding with recent swing lows and channel support.

The commodity market expert also highlighted that if silver prices sustain above the $82 per ounce mark, then the precious metal has the potential to rally to $85 to $90 per ounce range.

Silver prices have “further upside possible as supply constraints and green-energy-driven demand continue to underpin the broader bull phase. Corrections, if any, are expected to remain shallow and short-lived,” said Ponmudi R.

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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.