Silver surges Rs 8,231 to Rs 2.67 lakh/kg in futures trade amid global uncertainty

New Delhi (PTI): Silver prices climbed more than 3 per cent to Rs 2.67 lakh per kilogram in the futures trade on Friday, tracking renewed safe-haven buying amid escalating geopolitical tensions and uncertainty over US trade policy.

On the Multi Commodity Exchange, the white metal for March delivery surged Rs 8,231, or 3.17 per cent, to Rs 2,67,900 per kg in a business turnover of 3,352 lots.

"Silver, in contrast, outperformed and advanced sharply, with MCX futures moving into the upper Rs 2.6-2.7 lakh per kg range amid heightened geopolitical tensions and renewed safe-haven buying," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.

He added that market sentiment remained cautious ahead of key US economic data release and the next round of talks between the US-Iran. Expectations of strong industrial demand for silver, particularly from solar and electronic sectors, also continued to support prices.

In the overseas market, Comex silver futures increased USD 1.82, or 2.06 per cent, to USD 90.11 per ounce.

Garg said precious metals are likely to remain volatile but well-supported in the near-term, with price movements driven largely by upcoming US macroeconomic data and geopolitical developments.