Silver Futures Fall: Weak Global Trends Impact Prices

New Delhi, Apr 9 (PTI) Silver prices retreated by Rs 2,895 to Rs 2.37 lakh per kilogram in futures trade on Thursday, tracking weak global trends and profit booking after recent gains.

On the Multi Commodity Exchange, the white metal for May delivery declined by Rs 2,895, or 1.21 per cent, to Rs 2,37,023 per kilogram in a business turnover of 5,793 lots.

Analysts said silver witnessed selling pressure following a sharp rally triggered by easing geopolitical tensions in West Asia.

Silver saw a notable decrease on Thursday after a recent surge sparked by President Donald Trump's announcement of a two-week ceasefire between the US and Iran, which had eased inflationary pressures and supported precious metals, Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.



However, crude oil prices rebounded by nearly 4 per cent to trade around USD 98 per barrel in the international market, driven by renewed supply concerns amid lingering geopolitical tensions which weighed on silver prices, he added.

In the overseas markets, Comex silver futures for the May contract fell USD 1.31, or nearly 2 per cent, to USD 74.07 per ounce in New York.

Axis Securities in a note, said silver trimmed its early gains to trade near USD 73.9 per ounce in the global markets after rallying sharply following a ceasefire between Washington and Tehran.

The announcement includes reopening of Strait of Hormuz and the suspension of US military strikes on Iran's power plants and other civilian infrastructure, which intially supported precious metals before profit booking set in, the brokerage firm said.