Silver Prices Skyrocket Amidst Global Uncertainty

Silver prices soared by $10,975 in the national capital, influencing gold prices to rise as well. Strong global trends, geopolitical developments, and a weakened US dollar contributed to the surge. Market analysts provide insight, attributing the movement to international tensions and fluctuating oil prices affecting investor sentiment.

In a significant market shift, silver prices surged by Rs 10,975 to Rs 2.79 lakh per kilogram in the national capital on Tuesday, closely following global trends and a weakening US dollar's impact on precious metal demand.

Gold also saw an uptick, rising by Rs 400 to Rs 1,64,700 per 10 grams, driven by geopolitical developments that instigated inflation fears amid rising crude oil prices, according to industry experts.

Internationally, silver traded higher at USD 88.33 per ounce, with gold nearing a 1% hike. Analysts attribute the recovery to a pullback in the US dollar and Treasury yields, bolstering precious metals amidst volatile market conditions.

(With inputs from agencies.)