Silver prices rise by ₹550 to reach ₹92,173 per kilogram on increased trader activity.
NEW DELHI (Economy India): Silver futures experienced a sharp rise on Wednesday as strong spot demand prompted traders to increase their positions. On the Multi Commodity Exchange (MCX), silver prices for December delivery surged by ₹550, or 0.6%, settling at ₹92,173 per kilogram.
Increased Trading Volume Boosts Prices
The renewed interest from traders and robust demand in the spot market played a crucial role in driving silver prices upward. A total of 26,829 lots were traded during the session, reflecting the heightened activity in the futures market.
Market Sentiment
Analysts believe that growing demand for silver as a safe-haven investment, along with seasonal and industrial requirements, is supporting the rise. “The demand for silver remains strong, especially with upcoming festivals and industrial consumption picking up. This is reflecting positively in the futures market,” a market expert noted.
Global Market Trends
Silver prices are also being influenced by global cues, with investors eyeing trends in precious metals amid fluctuating interest rates and geopolitical uncertainties. The strong demand in the domestic market is expected to sustain, keeping silver futures on an upward trajectory in the near term.
The 0.6% rise in silver futures highlights the optimistic sentiment in the market, with traders actively building their positions ahead of year-end demand. Experts suggest keeping an eye on international trends and currency fluctuations for future movements in silver prices.
(Economy India)
Source (PTI)
