COMEX Silver, traded on CME Group's COMEX division in USD per troy ounce, is the international benchmark from which MCX Silver in India is directly derived — the exact parallel to how COMEX Gold drives MCX Gold.
The ranges below aren't a prediction of where COMEX Silver (SI) will land — they're what its own typical daily move (1.6–2.2%) implies, projected forward from the live price above. Read them as a probability band, the same way you would the Tomorrow Prediction section.
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The formula: MCX Silver (₹/kg) ≈ [COMEX Silver (USD/oz) ÷ 31.1035] × 1,000 × USD/INR + import duty + bank premium. Worked example: COMEX Silver at $32/oz, USD/INR at 85 — divide $32 by 31.1035 to get $1.029/gram, multiply by 1,000 for the per-kg basis to get $1,029, multiply by 85 to get ₹87,465, then add import duty to arrive at the approximate MCX Silver rate. This is the identical logic used to convert COMEX Gold to MCX Gold, just with silver's different contract units.
Silver's total market value is a fraction of gold's, meaning the same dollar flow of buying or selling moves silver's price by a proportionally larger percentage. Silver also has genuine industrial demand — solar panels, electronics, EV components — layered on top of its investment demand, giving it two separate demand channels that can occasionally pull in different directions and add to volatility versus gold's comparatively simpler investment-driven profile.
The Gold-Silver ratio — how many ounces of silver it takes to buy one ounce of gold — has historically ranged between roughly 15 and 100, with 60–80 considered a more typical modern range. When the ratio pushes to the high end of its historical range, some traders view silver as statistically cheap relative to gold and watch for silver to "catch up" during precious metals bull phases, though the ratio can remain elevated for extended periods and is not a precise timing tool on its own.
MCX Silver (₹/kg) ≈ [COMEX Silver (USD/oz) ÷ 31.1035] × 1,000 × USD/INR + import duty and bank premium — the same conversion logic used for MCX Gold.
Like gold, COMEX Silver futures positioning is published weekly in the CFTC Commitment of Traders report. The "managed money net long" figure for silver is watched closely because silver's smaller market size means extreme speculative positioning (either very long or very short) has historically preceded sharper reversals than in the deeper, more liquid gold market — silver's COT data is often considered a higher-signal, higher-noise version of the same gold positioning read.
Exactly as with MCX Gold, a weaker Rupee (higher USD/INR) mechanically raises the Rupee price of MCX Silver even if COMEX Silver in USD terms is completely unchanged. This means Indian silver traders need to track two variables simultaneously — the international COMEX Silver price shown live on this page, and the separate USD/INR rate — rather than assuming MCX Silver only reflects the global silver market.
Risk Disclaimer: Commodity futures trading involves substantial risk of loss. The data and analysis on MCX Trends are for educational purposes only and do not constitute investment advice. Always consult a SEBI-registered investment advisor.