New Delhi, February 23 Silver prices rose by nearly 5% to Rs 2,65,282 per kg in the futures market on Monday as renewed global trade tensions boosted demand for safe-haven assets.
On the Multi Commodity Exchange (MCX), silver futures for March delivery jumped by Rs 12,338, or 4.88%, to Rs 2,65,282 per kg in 6,024 lots.
In the international market, Comex silver futures for the March contract rose by 5.58%, or USD 4.5, to USD 86.93 per ounce.
Silver climbed to trade above 5%, extending gains to a fourth session as renewed trade tensions boosted demand for safe-haven assets, said Jigar Trivedi, Senior Research Analyst at Indusind Securities.
Meanwhile, US President Donald Trump raised a global levy from 10% to 15% following the US Supreme Court's rejection of his "reciprocal" tariffs.
Amid this, India delayed talks aimed at finalising an interim deal with Washington.
"Investors also grappled with growing fears that the Trump administration could initiate military action against Iran amid stalled nuclear negotiations, although diplomats are set to reconvene in Geneva on Thursday. Silver and other metals may see higher trading volumes this week as Chinese markets reopen following a long holiday," he added.