Silver Prices Soar Amid US-Iran Ceasefire Confidence

Silver prices soared by Rs 15,028 per kilogram in futures trade driven by strong global trends and investor sentiment after a US-Iran ceasefire announcement. Despite rebounding, prices remain lower than pre-conflict levels. Supportive macro conditions, including a softer US dollar, further boosted momentum. RBI's rate decision aligns with market expectations.

Silver prices experienced a significant surge of Rs 15,028 to reach Rs 2.46 lakh per kilogram in futures trade on Wednesday, mainly driven by strong global trends and improved investor sentiment following the announcement of a two-week ceasefire between the US and Iran.

The white metal for May delivery soared by 6.5 percent on the Multi Commodity Exchange, influenced by the uncertainty created by US-Iran tensions, leading investors toward safe-haven assets like gold and silver, according to Gaurav Garg, a Research Analyst at Lemonn Markets Desk.

On the domestic front, the Reserve Bank of India maintained its key policy rate unchanged, adopting a cautious stance amid uncertainties from the six-week Iran conflict, as USD 120 per barrel Indian crude basket prices and rupee depreciation increase economic risks.

(With inputs from agencies.)