A statement by US President Donald Trump and a strong rise in the prices of gold and silver. Due to strength in the international market and weakening of the US dollar, silver prices rose by Rs 10,442 to Rs 2.77 lakh per kg in futures trade on Tuesday.
At the Multi Commodity Exchange, silver for delivery in May rose by Rs 10,442, or nearly four per cent, to Rs 2,77,602 per kg. 2,265 lots were traded in this.
gold also became expensive
Along with silver, there has also been a rise in the prices of gold. A rise of about Rs 2000 has been recorded in gold and it was seen trading at around Rs 1,62,000. So far, gold has made a low record of Rs 1,61,452 per 10 grams and a high record of Rs 1,62,149 per 10 grams.
Boom in foreign markets too
Market experts believe that after the fall in the previous session, silver prices rose due to weakness in the dollar and better sentiment in the international markets. In the overseas markets, silver futures for May contract in New York rose by US $ 5.07 or six per cent to $ 89.59 an ounce.
Silver picks up again
Earlier, silver recovered to around $90 after temporarily falling below $80 in the previous session, which was strengthened by the weakness of the US dollar. On Monday, US President Donald Trump had indicated that the military operation in Iran is nearing completion. After this statement of Trump, silver and gold gained momentum. According to market watchers, investors are now focusing on upcoming US inflation indicators including the Consumer Price Index (CPI) and Personal Consumption Expenditure (PCE) price index, which will provide further signals on inflation trends and possible monetary policy direction. It is believed that in the coming time, further rise in the prices of gold and silver can be seen.