Commodities
Silver Futures Surge as Crude Oil Weakness Eases Inflation Fears
Silver futures on the Multi Commodity Exchange (MCX) rebounded by nearly 2% to reach Rs 2.44 lakh per kilogram, driven by weak crude oil prices and easing inflation fears.
Traders pointed out that falling crude oil prices had boosted demand for bullion, leading to a surge in silver futures from early losses.
The September contract on the MCX rose by Rs 4,149, while the December contract advanced by Rs 3,760.
Gaurav Garg, Head of Research at Lemonn Markets Desk, cautioned that investors remained cautious ahead of Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium.
A hawkish stance from Warsh could lead to a strengthening dollar and higher US Treasury yields, negatively impacting precious metals like silver and gold.