News

Silver rate today on MCX climbed 4% on Wednesday, February 4, extending gains from the previous session as value buying emerged after the metal’s sharp correction from record levels. Gold also extended its recovery.

In the previous session, silver had jumped nearly 15% in intraday trade after the India–U.S. trade announcement, following a steep fall that had pulled prices down more than 46% from the peak within three sessions. Meanwhile, Gold prices had also advanced 6%.

On Tuesday, February 3, MCX silver rate jumped 4% to hit an intraday high of ₹2,78,735 per kg. MCX gold too witnessed strong buying, rising 3% to ₹1,58,420 per 10 gram.

In overseas markets as well, spot silver gained 2.1% to $86.90 as risk appetite improved and the US dollar softened. Gold also rose 2.1% in early trade after climbing over 6% in the previous session. By Tuesday’s close, gold was still around 12% below its record high touched on January 29, but remained nearly 15% higher for the year.

more to come…

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