Silver Price Soars on Middle East Tensions, Weak Dollar

New Delhi, Sep 10 (PTI) Silver prices on Wednesday continued their upward trend, by jumping Rs 671 to Rs 1,25,132 per kilogram in the domestic futures market, driven by escalating tensions in the Middle East and a weakening US dollar.

On the Multi Commodity Exchange, the white metal futures for December delivery appreciated Rs 671 or 0.54 per cent to Rs 1,25,132 per kg in a business turnover of 17,714 lots.

According to commodities market experts, silver continued to edge higher amid increasing tensions in the Middle East region after Israel conducted an strike on senior Hamas leadership in Doha, Qatar.

"Traders will focus on US macroeconomic data, including producer price inflation data to be released later in the day, and consumer price inflation data on Thursday, which may offer guidance into the Federal Reserve's interest rate cycle," an expert said.

In the overseas markets, Comex silver futures was trading 1.02 per cent higher at USD 41.76 per ounce.

On Tuesday, silver surpassed USD 42 per ounce for the first time in 14 years in the global markets. However, it pulled back from following the release of US employment revision data.