Traders said silver price surgged due to strong investor demand, a weak dollar against major currencies, heightened geopolitical tensions, and firm independent demand from the Eve and Salar sectors.
Gold of 99.9 per cent purity fell 280 to 97,780 per 10 grams (inclusive of all taxes) on monday. The precious metal had declined by 1,630 to 98,060 per 10 grams on saturday.
The yellow metal of 99.5 per cent purity dipped 250 to 97,350 per 10 grams (inclusive of all taxes). It had depreciated by 1,500 to 97,600 per 10 grams in the previous market close.
Globally, Spot Gold Rose Marginally to UsD 3,312.84 per oaunce.
“Gold consolidated in the lower end of its range on Monday amid mixed signs. The highly anticipated talks Disputes, which could reduce demand for safe haves “.
“Additional, the latest nonfarm payrols report in the US was strong, prompting traders to re-evaluate their expectations Regarding a potential easy of monetary by the federal reso Headwind for the Yellow Metal, “Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
Spot Silver Rose 0.9 per cent to usd 36.30 per oaunce in the International Market.
“Silver Price Stood Out With Strong Gains Hitting A 13-YEAR High on the Global Stage and Achieving Lifetime Highs in the Domestic Markets,” Mehta Equities’ Vice-Prescent, Commodities Rahul Kalantian Said.
“Improving Sentiment from Softer European Inflation and Trade Optimism Helped Silver Breach The UsD 36 per OUNCE Level, Breaking Out of a long-standing consolidation range,” Kalantri added.