Silver prices jump Rs 3,371 to Rs 2.51 lakh/kg in futures trade amid strong global cues
Silver prices jumped Rs 3,371 to Rs 2.51 lakh per kilogram in the futures trade on Friday, tracking gains in global markets as easing geopolitical tensions in West Asia and a weak US dollar boosted investors’ sentiment.
On the Multi Commodity Exchange, the white metal for May delivery climbed Rs 3,371, or 1.36 per cent, to Rs 2,51,999 per kg.
Analysts said silver gained on the back of a weaker US dollar and easing geopolitical tensions.
“Silver rose over 1 per cent on Friday, buoyed by a weak dollar and easing geopolitical tensions, particularly expectations of progress in the US-Iran situation, have lifted sentiment,” Hareesh V, Head of Commodity Research, Geojit Investments Ltd, said.
The white metal’s industrial demand also adds an extra layer of support to its outlook, he added. Globally, Comex silver futures for the May contract gained 1.11 per cent to $79.58 per ounce in New York. Silver prices held steady near $79 per ounce, marking a fourth straight weekly increase, Renisha Chainani, Head of Research at Augmont, said.
This rise is driven by improving prospects of a permanent US-Iran ceasefire, which has reduced inflation concerns and lowered expectations of further central bank interest rate hikes, she added.
US President Trump stated that Iran has agreed to key conditions, including abandoning its nuclear weapons programme, providing free oil, and keeping the Strait of Hormuz open.
However, Iranian officials have not yet confirmed these terms.
Separately, Israel’s cabinet convened earlier this week to evaluate a potential ceasefire in Lebanon, more than six weeks into its ongoing conflict with Hezbollah, further easing geopolitical concerns, analysts said.
