Silver Futures Surge Nearly 2% on Easing Oil Supply Concerns

Silver futures rallied on Friday, rising nearly 2% to Rs 2.44 lakh per kilogram as easing concerns over oil supply disruptions supported bullion.

The white metal for September delivery climbed by Rs 4,149 to Rs 2,44,800 per kilogram on the Multi Commodity Exchange (MCX), 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.

Globally, Comex silver futures for the September contract rose over 2% to trade at USD 70.87 per ounce in New York.