Silver Futures Soar to Four-Week High Amid Global Market Gains

Silver futures have reached a four-week high of Rs 2.26 lakh per kg due to gains in global markets, driven by hopes of easing inflation pressures.

The September contract for silver surged by Rs 4,545, or 2.05%, to hit the four-week high on August 6th.

This price is similar to what it was on July 9th, when it traded at Rs 2,26,377 per kilogram on the commodities bourse.

Renisha Chainani, Chief Research Officer at Augmont, attributes this increase in silver prices to investors weighing reports of a possible deal to reopen the Strait of Hormuz, which would calm inflation worries and reduce the odds of the Federal Reserve raising interest rates in the near term.