Silver price update: In a big update in the commodity market, silver prices have gone up by 12 thousand in just few hours time. In the recent update, silver on the MCX made a strong comeback, leaving behind its previous sluggishness, seen in the recent few days. In the international market, Comex silver futures for March delivery gained USD 3.11, or 4 per cent, to USD 83.50 per ounce, while gold for April delivery rose by nearly 1 per cent to USD 5,071.86 per ounce. Here are all the details you need to know about the recent hike in silver prices.
Check recent Silver price update
“Gold and silver prices rose as US Treasury bond yields fell after data showed December retail sales growth stalled, signalling a softening economy ahead of key jobs data,” Manav Modi, Analyst, Commodities at Motilal Oswal Financial Services Ltd was quoted as saying in a report by PTI news agency.
Also, the dollar index fell 0.23 per cent to trade at 96.59, lending further support to bullion prices in the global markets, the news agency report said.
City-wise silver prices:
Shooting up from Rs 11,000 to Rs 12,000 per kilogram, the Silver prices have shown a massive volatility in the recent times. Check out the silver prices in your city here:
- Delhi: Rs 1,57,920 per 10 grams
- Mumbai: Rs 1,57,760 per 10 grams
- Chennai: Rs 1,58,220 per 10 grams
Why are silver prices moving upwards?
Market analysts say that as the US dollar weakens in the global market and economic data from the United States remains soft, investor confidence has once again turned toward safe-haven assets like gold and silver.
Should you invest in Silver now?
As a result, many are wondering whether prices will continue to climb or if another phase of profit-booking is ahead. Therefore, if you’re planning to buy gold or silver today, February 11, or are thinking about investing, you can keep checking India.com for all the latest updates.
