Silver Surges as Oil Prices Continue Downward Trend

Oil prices fell for a sixth consecutive session on September 23 after US President Donald Trump said American officials had a 'very good' meeting with Iranian representatives. This decline in crude oil prices provided support to precious metals.

Silver futures opened higher, while gold traded with modest losses in the domestic market. On the Multi Commodity Exchange (MCX), the benchmark October gold contract opened ₹141 lower at ₹1,52,575 per 10 gram. However, silver futures were trading near ₹2,40,312 per kg, which is ₹424 higher than its previous close.

In the international market, gold and silver futures were trading higher on Comex. Gold prices had touched a high of $5,586.20 per ounce earlier this year, while Comex silver futures opened at $67.61 per ounce.