New Delhi, February 19 Silver prices rose by Rs 1,037 to Rs 2,45,305 per kg in futures trading on Thursday, driven by firm global trends.
On the Multi Commodity Exchange, silver contracts for March delivery increased by Rs 1,037 or 0.42 per cent to Rs 2,45,305 per kg in a business turnover of 1,589 lots.
Analysts said that the rise in silver prices was due to fresh positions built up by participants.
Globally, silver was trading at USD 78.32 per ounce in New York, up 1.46 per cent.
Jigar Trivedi, Senior Research Analyst at Indusind Securities, said that silver remained above USD 77 per ounce after climbing roughly 5 per cent in the previous session, as the broader metals market rebounded even as the dollar rallied on robust US economic data and hawkish signals from the Federal Reserve.
Minutes from the Fed’s January meeting revealed a split among policymakers, and traders slightly trimmed expectations for Fed rate cuts this year but still anticipate two 25 basis point reductions before year-end.
Silver and other precious metals were further supported by rising geopolitical tensions, as the US increased its military presence in the Middle East amid concerns of potential conflict with Iran, and peace talks between Ukraine and Russia concluded without a breakthrough.
