Silver prices climb to Rs 2.40 lakh amid fresh positions

Silver prices rose 0.42% to Rs 2,40,019 per kg in futures trading on the Multi Commodity Exchange (MCX) on Tuesday, supported by fresh position-building by market participants.

The December silver contract gained Rs 1,003 during the session, with a business turnover of 1,708 lots. Analysts attributed the rise primarily to the creation of fresh positions in the futures market.

In international trade, silver futures were marginally lower at USD 66.13 per ounce. More broadly, precious metals remained supported by a weaker US dollar, while markets were also awaiting key US inflation data for signals on the Federal Reserve’s interest-rate outlook.

Silver has remained volatile in recent weeks, with MCX prices moving sharply amid changing expectations around interest rates, currency movements and global economic conditions.

with inputs from PTI