Silver Futures Surge Nearly 2% on Easing Oil Supply Concerns

Silver futures on the Multi Commodity Exchange (MCX) rose nearly 2% to Rs 2.44 lakh per kilogram on Friday, tracking gains in global markets.

The September delivery contract climbed by Rs 4,149, while the December contract advanced Rs 3,760, or 1.52%, to Rs 2,51,569 per kg.

Traders attributed the rebound to easing oil supply concerns, which supported bullion demand and led to a decline in crude oil prices.

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, looking for clarity on the US central bank's monetary policy path.