Silver futures rebound over 2%

New Delhi: Silver futures rebounded by Rs 5,898 to Rs 2,49,222 per kg due to value buying after two straight sessions of sharp profit booking, while gold advanced to Rs 1,38,525 per 10 grams amid firm global trends.

On the Multi Commodity Exchange (MCX), silver futures for March delivery surged by Rs 5,898, or 2.42 per cent, to Rs 2,49,222 per kilogram in 12,424 lots. The white metal on Thursday closed at Rs 2,43,324 per kg on the MCX. In the last two trading sessions, silver prices have crashed by Rs 15,487, or 6 per cent, from the closing level of Rs 2,58,811 per kg on Tuesday.

Meanwhile, gold futures for the February contract also increased by Rs 783, or 0.57 per cent, to Rs 1,38,525 per 10 grams in a business turnover of 14,767 lots.

In the international market, Comex gold futures for February delivery increased by $21.74, or 0.49 per cent, to $4,482.44 per ounce. “Gold hovered around $4,480 per ounce, holding most of its gains from the previous session (Thursday) as investors looked ahead to key US jobs data amid elevated geopolitical tensions,” Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.

Silver futures on Friday also recorded robust gains in the global markets, with the March contract appreciating by $2.82, or 3.76 per cent, to $77.96 per ounce. It had closed at $76.41 per ounce in the previous session.

“Silver fell 5 per cent on Thursday as investors braced for the yearly rebalancing of major commodities indices, which will result in billions of dollars in futures contracts being sold in the coming days,” Renisha Chainani, Head-Research at Augmont, said. She added that investors are closely monitoring the US Supreme Court’s ruling on President Donald Trump’s use of emergency tariff powers.

Market sentiment was also influenced by the developments in Washington, where the US Senate had approved a measure to prohibit further military action against Venezuela without Congress’s authorisation, despite the President’s remarks that US “oversight” of the Latin American nation could continue for years.