Silver Prices Soar on Easing Oil Supply Concerns
Silver futures rose nearly 2% on the Multi Commodity Exchange (MCX) 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.
The December contract also advanced by Rs 3,760, or 1.52%, to Rs 2,51,569 per kg on the commodities bourse. 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, seeking clarity on the US central bank's monetary policy path. Globally, Comex silver futures for the September contract rose a little over 2% to trade at USD 70.87 per ounce in New York.