Silver surges Rs 10,368 to Rs 2.54 lakh/kg in futures trade
Silver prices surged by Rs 10,368 to Rs 2.54 lakh per kilogram in futures trade on Wednesday, tracking strong global cues and easing inflation concerns after oil prices declined.
On the Multi Commodity Exchange, the white metal for July delivery soared by Rs 10,368, or 4.24 per cent, to Rs 2,54,684 per kilogram in a business turnover of 7,193 lots.
“Silver prices have recovered from key support levels as Middle East de-escalation signals pressured oil prices, reducing inflation concerns,” Renisha Chainani, Head — Research at Augmont, said.
In the global markets, Comex silver futures for the July contract rose USD 4.41, or 6.01 per cent, to USD 78 per ounce in New York. Chainani said the US dollar weakened against major currencies following indications of progress in US-Iran negotiations, while the Japanese yen strengthened to a two-month high amid intervention expectations.
Meanwhile, US President Donald Trump announced a temporary pause in “Project Freedom,” the American military’s escort operation for commercial vessels through the Strait of Hormuz, to facilitate ongoing negotiations with Iran.
Trump also confirmed via Truth Social that negotiations have advanced significantly towards a comprehensive deal.
Market participants are now focusing on upcoming US non-farm payrolls data for cues on the Federal Reserve’s policy stance and near-term direction for precious metals, Chainani added. On the outlook, she said silver is expected to trade in the range of USD 77-78 per ounce globally, translating to Rs 2.54-2.56 lakh per kilogram level in the domestic market.
