Commodities
Silver Prices Surge on Weaker Dollar and Liquidity Support
Silver prices rose by 1.38% to Rs.246,597 due to a weaker US dollar and increased liquidity in the market following the US Treasury's surprise measures.
The US Treasury Secretary Scott Bessent hinted at further government Treasury buybacks, which boosted sentiment towards precious metals.
US retail sales declined 0.6% month-over-month (MoM) in July, while initial jobless claims increased by 9,000 to 209,000, exceeding market expectations.
Citi maintained a bullish outlook for silver, targeting $75/oz over the next three months and $90/oz over six to 12 months, citing stronger investor demand and a potentially favorable monetary-policy environment.