Gold and silver futures staged a recovery on Wednesday, mirroring stronger global trends as investors turned to safe-haven assets amid rising geopolitical uncertainty in the Middle East. The renewed buying followed indications from the U.S. administration that military action against Iran could extend for a month or longer.
On the Multi Commodity Exchange, silver contracts for May delivery advanced by Rs 6,410, or 2.42%, to Rs 2,71,728 per kilogram. In intraday trade, the metal surged as much as Rs 8,515, or 3.21%, reaching a session peak of Rs 2,73,833 per kg.
The rebound came after a sharp decline in the previous session. On Tuesday, silver had fallen Rs 13,163, or 4.73%, settling at Rs 2,65,318 per kg compared with Monday’s close of Rs 2,78,481 per kg.
Gold futures for the April contract also moved higher, gaining Rs 1,872, or 1.16%, to Rs 1,62,980 per 10 grams. During the session, prices touched an intraday high of Rs 1,63,800 per 10 grams.
