Silver Futures Bounce Back on Weak Crude Oil Prices
Silver futures rebounded by nearly 2% on Friday as weak crude oil prices lifted bullion demand, according to HDFC Sky.
On the Multi Commodity Exchange (MCX), the white metal for September delivery rose Rs 4,149 to Rs 2.44 lakh per kilogram, while the December contract advanced Rs 3,760 to Rs 2,51,569 per kg.
Traders said silver futures recovered from early weakness as crude oil prices moved lower, easing inflationary concerns and supporting demand for bullion.
Gaurav Garg, Head of Research at Lemonn Markets Desk, noted that investors remained cautious ahead of Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium, with market participants looking for clarity on the US central bank's monetary policy path.
Comex silver futures for the September contract rose a little over 2% to trade at USD 70.87 per ounce in New York, while analysts said silver futures rebounded to hover around USD 70 per ounce in the overseas markets.