Silver price today: Silver jumps Rs 2,270 on MCX, touches Rs 2.38 lakh per kg
Silver price hike: Silver prices witnessed a strong rise in the domestic futures market on Monday, supported by positive global cues and continued interest in precious metals.
On the Multi Commodity Exchange (MCX), silver futures for September delivery climbed Rs 2,270, or 0.96 per cent, to reach Rs 2,38,194 per kg.
The latest rise comes as investors and traders continue to build fresh positions in silver, while international market trends are also providing support to prices.
The September silver contract saw active trading on MCX during the session. A total of 1,412 lots were traded. Market analysts said the increase in silver prices was largely linked to the creation of new positions by traders and investors.
Silver has remained in focus in the commodities market as investors closely track global economic developments, currency movements and expectations surrounding financial markets.
The positive trend was not limited to the Indian market. In the international market, silver futures rose 1.64 per cent to $65.74 per ounce.
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Silver prices have been supported by a combination of global market factors and investor demand. Fluctuations in currency markets and uncertainty surrounding the global economic outlook have encouraged some investors to look towards precious metals.
Gold and silver are often considered relatively safe assets during periods of market uncertainty. As demand for these metals increases, their prices can also come under upward pressure.
The latest movement in silver suggests that investor interest in the precious metals segment remains firm.
Market participants are expected to keep a close watch on global economic developments, currency movements and international precious metal prices in the coming sessions. If the positive global trend continues, silver could remain in demand in the near term. However, prices in the commodity market can change quickly depending on global economic and financial conditions.
For now, both MCX silver prices and international silver futures are showing a strong upward trend, keeping the precious metal firmly in focus among traders and investors.
- PTC NEWS
