Silver Soars: Unprecedented Futures Surge

Silver prices soared, surpassing Rs 3 lakh-per-kg for the first time on strong investor demand and favorable global trends. On the MCX, March silver futures rose 4.71%, while the international market saw a 6.56% jump. Analysts cite robust industrial demand and a weak US dollar as key drivers.

Silver made history on Monday, with prices on the Multi Commodity Exchange (MCX) crossing the Rs 3 lakh-per-kg landmark, bolstered by strong investor interest and international market trends.

The MCX saw silver futures for March delivery leap by Rs 13,553, equivalent to a 4.71 per cent gain, reaching an unprecedented Rs 3,01,315 per kilogram. The international market mirrored this surge, with the March silver futures contract climbing by USD 5.81, a 6.56 per cent rise, to achieve a record USD 94.35 per ounce.

Market analysts attribute this phenomenal rise to robust industrial demand combined with a weakening US dollar, noting that silver has outperformed gold in recent trading sessions.

(With inputs from agencies.)