Silver climbs nearly 1% to Rs 2.67 lakh/kg as Iran conflict fuels market uncertainty

New Delhi (PTI): Silver prices climbed Rs 1,844 to Rs 2.67 lakh per kilogram in futures trade on Thursday, driven by firm global trends as investors flocked to safe-haven assets amid escalating geopolitical tensions in the Middle East.

On the Multi Commodity Exchange (MCX), the white metal for May delivery climbed Rs 1,844, or 0.69 per cent, to Rs 2,67,404 per kilogram in a business turnover of 6,353 lots.

Analysts said the white metal tracked gains in international markets as concerns over a prolonged conflict involving Iran kept investors cautious, boosting demand for the precious metals.

However, gold futures for April delivery fell Rs 210, or 0.13 per cent, to Rs 1,61,315 per 10 grams in a business turnover of 7,445 lots.

Globally, Comex silver futures for the May contract gained USD 1.07, or 1.29 per cent, to USD 84.25 per ounce, while gold for the April delivery gained USD 29.56, or 0.58 per cent, to USD 5,164.26 per ounce in New York.

"Silver and gold rebounded from recent lows as safe-haven demand returned amid rising geopolitical and trade tensions," Renisha Chainani, Head - Research at Augmont, said.

The move comes as the US prepares to introduce a temporary 15 per cent global tariff, replacing the earlier 10 per cent levy after the Supreme Court struck down most of President Trump's previous tariffs, she said.