Silver sees sharp price rise, jumps 5% to Rs 2.65 lakh/kg amid global tariff tensions

New Delhi (PTI): Silver prices on Monday rose nearly 5 per cent to Rs 2,65,282 per kg in the futures market as renewed global tariff tensions boosted demand for safe-haven assets.

On the Multi Commodity Exchange (MCX), silver futures for March delivery zoomed Rs 12,338, or 4.88 per cent, to Rs 2,65,282 per kg in 6,024 lots.

In the international market, comex silver futures for March contract rose 5.58 per cent, or USD 4.5, to USD 86.93 per ounce.

Silver climbed to trade above 5 per cent, extending gains to a fourth session as renewed tariff tensions boosted demand for safe-haven assets, Jigar Trivedi, Senior Research Analyst at Indusind Securities, said.

Meanwhile, US President Donald Trump raised a global levy from 10 per cent to 15 per cent following the US Supreme Court's rejection of his "reciprocal" tariffs.

Amid this, India delayed talks aimed at finalising an interim deal with Washington.

"Investors also grappled with growing fears that the Trump administration could initiate military action against Iran amid stalled nuclear negotiations, although diplomats are set to reconvene in Geneva on Thursday. Silver and other metals may see higher trading volumes this week as Chinese markets reopen following a long holiday," he added.