SilverRates Today, February 13:Silver prices bounced back on Friday, February 13, after falling for two straight sessions. Buyers stepped in at lower levels as stock markets saw heavy selling on concerns around AI-related valuations. Despite stronger-than-expected US jobs data released on Wednesday, which reduced hopes of an early interest rate cut, the US dollar remained largely muted. This supported a recovery in precious metals.
MCX (India futures market):Silver futures on MCX rose as much as 2.2% to hit a day’s high of Rs 2,41,798 per kg.
International Market:Spot silver jumped 2.1% to $76.76 per ounce, recovering part of the sharp 11% fall seen earlier this week. The previous drop had shaken investor confidence, but the latest rise suggests buyers believe the correction may have been excessive.
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Silver prices in Delhi remained steady at Rs 2,68,500 per kilogram (inclusive of all taxes).
As per the Indian Bullion and Jewellers Association (IBJA), silver was priced at Rs 2,59,133 per kilogram as of Friday morning.
According to Goodreturns, silver was trading at at Rs 280 per gram and Rs 2,80,000 per kilogram on Friday morning.
For perspective, silver had touched an all-time high of Rs 4,10,100 per kilogram on January 29.
The recovery in silver and gold came even though the US jobs data was strong. Normally, strong economic data supports the dollar and pressures metals.
However, the dollar remained mostly flat. A stable or weak dollar makes commodities like silver cheaper for buyers using other currencies, helping demand.
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
