Silver Prices Rise to Rs 2.13 Lakh Per Kg on Value Buying Trend
Silver prices rose by Rs 175 to Rs 2.13 lakh per kg in futures trading on Thursday. The increase was driven by bargain hunting and value buying on the Multi Commodity Exchange, supported by a rise in global Comex silver futures to USD 57.53 per ounce.
Highlights
- •Silver prices increased by Rs 175 to reach Rs 2.13 lakh per kg in futures trade.
- •The rise was fueled by value buying after the metal hit multi-month lows.
- •MCX data shows the July delivery contract recorded a 0.08 percent gain.
- •Global Comex silver futures also saw a rise of 0.21 percent to USD 57.53 per ounce.
The domestic commodities market witnessed a modest uptick in silver prices on Thursday, as the precious metal climbed by Rs 175, reaching Rs 2.13 lakh per kilogram. This positive movement in futures trade was largely driven by a surge in value buying among active market participants, who sought to capitalize on lower price levels.
According to data from the Multi Commodity Exchange (MCX), the contract for the white metal, specifically for July delivery, recorded a rise of Rs 175. This represents a percentage increase of 0.08 percent, with the total trading activity encompassing a business turnover of 2,591 lots. This rebound comes after a period of sustained downward pressure that had previously pushed prices toward multi-month lows.
Drivers Behind the Rise in Silver Prices
Market analysts monitoring the situation noted that the recent recovery was primarily fueled by strategic bargain hunting. After facing significant selling pressure in preceding sessions, the metal became attractive to investors looking to enter at more favorable price points. This influx of demand helped stabilize the market and initiated a gradual recovery for silver prices in the domestic arena.
The sentiment in the Indian futures market also found support from global trends. In the overseas markets, Comex silver futures experienced an upward trajectory, reflecting a broader global interest in the metal. Specifically, these international contracts saw an increase of 0.21 percent, reaching a level of USD 57.53 per ounce. The alignment between domestic value buying and positive performance in international exchanges has provided a clearer outlook for the metal's performance.
As the market continues to react to both local economic factors and global supply-demand dynamics, participants remain attentive to further price volatility. While the current rise in silver prices is a notable shift, the market remains sensitive to fluctuations in the broader commodities landscape. For now, the focus remains on whether this trend of value buying will sustain further momentum or if the metal will face renewed selling resistance in the coming trading days. Investors are closely watching both the MCX performance and global Comex movements to gauge the stability of the current valuation.
