Silver Futures Rise on Spot Demand - PTI
May 06, 2024 14:54
Silver prices climbed Rs 1,427 to Rs 82,470 per kilogram in futures trade on Friday, driven by strong spot demand. Analysts cite positive domestic trends and higher global prices.
New Delhi, May 6 (PTI) Silver prices on Friday climbed Rs 1,427 to Rs 82,470 per kilogram in futures trade as participants widened their bets on a firm spot demand.
On the Multi Commodity Exchange, silver contracts for July delivery increased Rs 1,427 or 1.76 per cent to Rs 82,470 per kg in 24,029 lots.
Analysts said the rise in silver prices was mainly due to fresh positions built up by participants on a positive domestic trend.
Globally, silver was trading higher 2.23 per cent at USD 27.29 per ounce in New York.
According to Rahul Kalantri, Vice President- Commodities at Mehta Equities Ltd, "...Silver showed very high volatility and recovered from lows after downbeat US job data but unable to hold its gains due to easing geo-political tensions. The dollar index and the US bond yields also slipped from their highs after disappointing US data and supporting the precious metal.
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