New Delhi, February 27 Silver prices rose by more than 3 per cent to Rs 2.67 lakh per kilogram in futures trading on Friday, driven by renewed demand for safe-haven assets amid escalating geopolitical tensions and uncertainty over US trade policy.
On the Multi Commodity Exchange, the price of silver for March delivery surged by Rs 8,231, or 3.17 per cent, to Rs 2,67,900 per kg in a trading volume of 3,352 lots.
"Silver, in contrast, outperformed and saw a sharp increase, with MCX futures moving into the upper Rs 2.6-2.7 lakh per kg range amid heightened geopolitical tensions and renewed demand for safe-haven assets," said Gaurav Garg, a research analyst at Lemonn Markets Desk.
He added that market sentiment remained cautious ahead of the release of key US economic data and the next round of talks between the US and Iran. Expectations of strong industrial demand for silver, particularly from the solar and electronics sectors, also continued to support prices.
In the overseas market, Comex silver futures rose by USD 1.82, or 2.06 per cent, to USD 90.11 per ounce.
Garg said that precious metals are likely to remain volatile but well-supported in the near term, with price movements largely driven by upcoming US macroeconomic data and geopolitical developments.
