Silver Rates Today, February 12:Silver prices remained volatile this week, after a sharp rally on Wednesday and firm trends continuing into Thursday. On Thursday, silver futures on the Multi Commodity Exchange (MCX) were trading at Rs 2,62,701 per kg, up from the previous close of Rs 2,52,300 per kg.
In the global market, spot silver stood at USD 85.51 per ounce. A day earlier, it had surged USD 4.71, or nearly 6 per cent, to USD 85.51 per ounce. Silver had earlier touched record highs on January 29, hitting Rs 4,20,048 per kg in the domestic market, while another data point showed an all-time high of Rs 4,10,100 per kg the same day.
According to the Indian Bullion and Jewellers Association (IBJA), silver prices were at Rs 2,66,449 per kg on Thursday morning. As per Goodreturns data, silver prices were quoted at Rs 2,89,900 per kg.
Silver prices had jumped sharply in the physical market on Wednesday. According to the All India Sarafa Association, silver climbed Rs 4,000, or 1.5 per cent, to Rs 2,68,500 per kg (inclusive of all taxes) from Tuesday’s closing level of Rs 2,64,500 per kg in the national capital.
Explaining the rally, Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said, "Gold and silver advanced on Wednesday supported by growing expectations of a more aggressive rate cut by the Federal Reserve."
He added that the move followed softer US economic data, as December retail sales fell short of forecasts, signalling a slowdown in consumer spending and reinforcing concerns about moderating growth.
"Post-data markets have now raised the probability of three Fed rate cuts this year, up from two just a week ago, a lower interest rate scenario favours non-yielding metals like gold," Gandhi said.
Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said spot gold was trading higher on a weaker US dollar on Wednesday as investors awaited the crucial US nonfarm payroll data (January).
Anurag Kumar is an Assistant Editor at Times Now, where he plays a pivotal role on the News Desk, driving impactful coverage across national politics,...View More
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