New Delhi, April 6 Silver prices surged by Rs 2,273 to Rs 2.34 lakh per kilogram in futures trading on Monday, driven by firm global trends amid geopolitical tensions in West Asia.
On the Multi Commodity Exchange, the white metal for May delivery rose by Rs 2,273, or 1 percent, to Rs 2,34,768 per kg.
Analysts said the gains in silver prices were due to investors closely monitoring developments in West Asia following fresh warnings from US President Donald Trump regarding the Strait of Hormuz.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, said crude oil prices edged down to USD 111.33 per barrel, reflecting a slight decrease, as traders remain cautious amid geopolitical uncertainties.
In international markets, silver futures for the May contract increased by 0.2 percent to USD 73.06 per ounce on the Comex.
Silver prices have remained volatile since Trump issued a fresh ultimatum to Iran and warned of strikes on its power plants and other civilian infrastructure if the Strait of Hormuz is not reopened, Renisha Chainani, Head of Research at Augmont, said.
However, Tehran has rejected the latest ultimatum and continues to target energy assets across West Asia.
On the domestic front, the government's move to restrict imports of gold, platinum, and silver jewellery from April 1 also supported prices.
In a notification, the Directorate General of Foreign Trade revised the import policy for precious metal jewellery from "Free" to "Restricted," requiring prior approval for importers for shipments.
Chainani said the move is structurally positive for domestic silver prices as it tightens the supply of imported jewellery.
